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Tuesday May 3, 2016

// May 3rd, 2016 // Daily News

Higher output pushes oil lower on supply glut fears

Reuters

Oil fell on Tuesday, as rising output from the Middle East and North Sea renewed concerns about a global supply overhang.
Futures had risen by more than 1 percent earlier on Tuesday as the dollar slipped to an 18-month low against the yen, potentially spurring fuel demand.
Brent crude futures were down 25 cents at $45.58 per barrel at 7:23 a.m. ET (1123 GMT). U.S. crude futures were fell 39 cents to $44.39 a barrel.
Iraq said its oil shipments from southern fields averaged 3.364 million barrels per day (bpd) in April, up from 3.286 million in March.
Production from top exporter Saudi Arabia was 10.15 million bpd in April, but sources said it may return to near-records of 10.5 million bpd soon.
Iran is also raising output following an end to sanctions in January, having increased its exports to almost 2 million bpd from a little over 1 million bpd at the start of the year.
Daily supply of North Sea Brent crude oil, which contributes to the futures benchmark, will rise in June to its highest in four months, up 17 percent from May, according to monthly loading programs provided by trading sources.
“There are enough supply stories out there to slow or temper any gains,” Richard Mallinson, analyst at Energy Aspects said, though he added lower supply from the United States should be supportive to prices in the longer term.
The Ocean Princess oil platform, operated by Diamond Offshore Drilling, in the Port of Cromarty Firth in Cromarty, U.K.
Analyst: Sorry, but oil isn’t going to hit $50
U.S. production has slumped from a peak of around 9.6 million bpd in June 2015 to below 9 million bpd now, according to government data.
This helped lift crude by nearly 70 percent from decade lows hit in early 2016.
Demand worries also returned to the horizon after China’s factory activity shrank for a 14th straight month in April.
Barclays said China’s oil demand grew by 180,000 barrels per day (bpd) in the first quarter, smaller than in previous years.
“A key area to watch is the Chinese car industry,” the bank said.
China’s car sales have been strong, but many analysts expect growth to fizzle as a government incentive scheme to support sales ends by the end of 2016.

Today’s Inspiration

A Key to Effective Prayer

by Joyce Meyer – posted May 03, 2016

I do not call you servants (slaves) any longer, for the servant does not know what his master is doing (working out). But I have called you My friends, because I have made known to you everything that I have heard from My Father.…
—John 15:15

One of the most important keys to effective prayer is approaching God as His friend. When we go to God believing that He sees us as His friends, new wonders are opened to us. We experience new freedom and boldness, which are both things to be extremely grateful for.

If we do not know God as a friend, we will be reluctant to be bold in asking for what we need. But if we go to Him as our friend, without losing our awe of Him, our prayers will stay fresh, exciting, and intimate.

A friendship involves loving and being loved. It means knowing that God is on your side, wanting to help you, cheering you on, and always keeping your best interest in mind. God loves you and desires your friendship!

Prayer of Thanks: Father, I am thankful that You have promised to be my friend. Help me to come to You in prayer, knowing that You love me and You are for me. Thank You, God, that I am never alone. You are my friend, and You are with me.