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2015-02-14 14:55:00

OIL PRICE: FIRSTLY $60/BBL

OIL PRICE: FIRSTLY $60/BBL

Oil rose above $60 a barrel on Friday for the first time this year, bringing gains this week to almost 4 percent, supported by signs that deeper industry spending cuts may curb excess supply.

Also supporting oil, euro zone economic growth accelerated unexpectedly in the final quarter of 2014 as the bloc's largest member, Germany, expanded at more than twice the expected rate.

The price of Brent crude collapsed from $115 in June to $45.19, the lowest in almost six years, in January due to oversupply. Since January, mounting signs of lower industry spending have helped prices rally by more than 30 percent.

Apache Corp <APA.N>, a top U.S. shale oil producer, said on Thursday it would cut capital spending and its rig count in 2015 following the price collapse, keeping its output growth mostly flat.

Brent for April delivery <LCOc1> was up $2.06 at $61.34 by 1305 GMT (08:05 a.m. EST). The March contract expired overnight. U.S. crude <CLc1> was up $1.39 at $52.60.

"During the last weeks, crude oil rebounded driven by improved market sentiment and by expectations that low prices will lead to lower supply growth in 2015," analyst said.

Besides Apache's update, Royal Dutch Shell's <RDSA.L> chief executive said on Thursday supply might not be able to keep up with growing demand as companies reduce budgets, and France's Total <TOTF.PA> announced investment and job cuts.

"Seeing today's prices, supply will probably not keep pace with this growth. It may even decline, as prices are close to cash costs," analyst said.

Still, analysts at JBC Energy in Vienna said in reference to Apache's moves that spending cuts can easily be reversed.

"While the company expects North American onshore production to be flat this year, they emphasize their flexibility to come back very quickly if the price environment or the cost structure changes sufficiently," JBC said.

"This is generally what makes most people doubt that the latest rally can be sustained."

A weaker U.S. dollar, which makes dollar-denominated commodities cheaper for holders of other currencies, has also supported oil this week, analysts say.

bakken.com

Tags: OIL, PRICE, BRENT

Chronicle:

OIL PRICE: FIRSTLY $60/BBL
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

OIL PRICE: FIRSTLY $60/BBL
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

OIL PRICE: FIRSTLY $60/BBL
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

OIL PRICE: FIRSTLY $60/BBL
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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