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2014-03-20 08:15:00

OIL FOR APRIL

OIL FOR APRIL

OGJ.  Crude oil futures prices for the April contract climbed above $100/bbl on the New York market on Mar. 19, which analysts attributed to positive indicators from US policymakers regarding the economic recovery.
The US Federal Reserve announced plans to taper its monthly bond purchases to $55 billion in April from $65 billion in February and March.
The Fed's stimulus measures have weakened the dollar, making oil less expensive for buyers using foreign currencies. The tapering of the bond-buying program indicates the Fed expects improved economic growth, which could lead to higher US demand for oil.
Fed officials also expect the US unemployment rate will fall faster in 2015-16 than it has in recent months. Separately, US natural gas storage levels have reached a 10-year low.
A weekly natural gas storage report released Mar. 20 showed gas storage in the Lower 48 has dropped below 1 tcf, which the US Energy Information Administration had expected (OGJ Online, Mar. 13, 2014).
EIA estimated stored gas levels for the week ended Mar. 14 at 953 bcf, marking a net decline of 48 bcf from the previous week. Stocks were 932 bcf less than last year at this time and 876 bcf below the 5-year average of 1.829 tcf.
Oil traders also kept watch on Ukraine's government, which plans to evacuate its military from Crimea. European Union leaders are discussing possible escalation in sanctions against Russia.
On Mar. 20, German Chancellor Angela Merkel said the Group of Eight is defunct until Moscow changes its tactics on Ukraine. Markel told Germany's parliament that she and European leaders would not attend a G8 summit that had been planned for June in Russia.
Energy prices
The New York Mercantile Exchange April crude contract gained 67¢ on Mar. 19, closing at $100.37/bbl. The May contract rose 29¢ to settle at $99.17/bbl.
The April natural gas contract rose 2.8¢ to a rounded $4.48/MMbtu. On the US spot market, the gas price at Henry Hub was $4.45/MMbtu, down 3.3¢.
Heating oil for April delivery declined 1.45¢ to a rounded $2.90/gal. Reformulated gasoline stock for oxygenate blending for April delivery gave up 3.4¢ to a rounded $2.87/gal.
In London, the May ICE contract for Brent crude delivery decreased 94¢, closing at $105.85/bbl. The June contract dropped 87¢ to $105.67/bbl. The ICE gas oil contract for April was down $4.50 to $887/tonne.
The Organization of Petroleum Exporting Countries reported its basket of 12 benchmark crudes declined 13¢ to $103.16/bbl on Mar. 18.

Tags: OIL

Chronicle:

OIL FOR APRIL
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

OIL FOR APRIL
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

OIL FOR APRIL
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

OIL FOR APRIL
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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