OIL PRICES UP
Crude oil prices for May delivery climbed for a sixth consecutive day on both New York and London markets Apr. 16, which analysts attributed to signs of a possible slowing in US oil production.
The US Energy Information Administration's latest weekly inventory report showed a rise of 1.3 million bbl in crude oil supplies for the week ended Apr. 10, but that increase was less than half of the analysts surveyed by the Wall Street Journal had expected.
Meanwhile, oil traders continued to monitor for signs of increased volatility in the Middle East.
Saudi Arabia started air strikes inside Yemen nearly 3 weeks ago. US President Barack Obama has scheduled a summit at Camp David in May where Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain are expected to attend. Iraqi officials have said they will not attend the summit.
Iraq's Prime Minister Haider al-Abadi said in Washington, DC, on Apr. 15 that Saudi Arabia's air strikes on Yemen made no sense. He urged world leaders to push for a ceasefire in Yemen.
Saudi Arabia reported to the Organization of Petroleum Exporting Countries that it increased its oil production by 658,000 b/d during March to an average 10.294 million, which confirmed earlier statements by Oil Minister Al-Naimi that Saudi production was 10.3 million b/d.
The New York Mercantile Exchange May crude oil contract rose 32¢ on Apr. 16 to $56.71/bbl. The June contract was up 42¢ to $58.11/bbl.
The natural gas contract for May rose 7¢ to $2.68/MMbtu. The Henry Hub, La., gas price on Apr. 16 held unchanged at $2.58/MMbtu.
Heating oil for May delivery rose nearly 2¢ to a rounded $1.91/gal. The price for reformulated gasoline stock for oxygenates blending for May was down a fraction of a penny to remain at a rounded $1.94/gal.
The June ICE contract for Brent crude combed 66¢ to $63.98/bbl, while the July contract was up 63¢ to $64.76/bbl. The ICE gas oil contract for May rose $11.50 to $572.25/tonne.
The average price for the OPEC's basket of 12 benchmark crudes was $58.88/bbl on Apr. 16, up $1.87.
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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.
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.
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.
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.