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OIL FUTURES: WTI Halts Slide as U.S Stockpiles Seen Falling, By Melissa Cheok

(Bloomberg) — Oil halts losses below $48/bbl ahead of U.S.
government data forecast to show crude stockpiles extended
declines during a period of strong seasonal demand, trimming a
glut.
* Crude inventories probably fell by 3.6m bbl last week,
according to a Bloomberg survey before EIA data Wednesday
** EIA sees crude output at major U.S. shale plays reaching an
all-time high of 6.15m b/d in Sept.
* U.S. oil this month has been unable to hold rally above
$50/bbl as investors weigh rising global supply against output
cuts by OPEC and allies
* “The test for the market will be if the U.S. crude stockpile
declines that we’ve seen will continue after the seasonally
strong summer period, although at a lesser pace,” says David
Lennox, analyst at Fat Prophets in Sydney
** “At the moment, we’re seeing a balancing act between the
OPEC-led curbs in production and the increase from U.S. output”
* Sept. WTI +10c to $47.69/bbl on Nymex at 10:10am in Singapore;
total volume traded ~24% below 100-day average
** Prices -$1.23, or 2.5%, to $47.59 on Monday; the most since
July 7
* Oct. Brent +13c to $50.86 on ICE Futures Europe exchange
** Front-month Brent’s premium to Oct. WTI at $3.04/bbl
* READ: Oil ‘God’ Blames Worsening Market and Algos for Closing
of Fund

To contact the reporter on this story:
Melissa Cheok in Singapore at mcheok2@bloomberg.net
To contact the editors responsible for this story:
Pratish Narayanan at pnarayanan9@bloomberg.net
Ovais Subhani, Anna Kitanaka

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