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2015-08-25 18:25:00

OIL MARKET IS HEALTHIER

OIL MARKET IS HEALTHIER

The global oil market is healthier than it looks, signaling that crude's plunge to six-year lows has probably gone too far.

While futures tumbled below $45 a barrel in London for the first time since 2009, Morgan Stanley and Standard Chartered Plc say other measures suggest physical markets for crude have stabilized or even strengthened in recent weeks. China, the world's second-biggest oil consumer, will keep buying extra barrels to fill its strategic reserve this year, according to Goldman Sachs Group Inc.

"While oil fundamentals aren't strong, physical markets do not corroborate the substantial weakness in flat price," New York-based Morgan Stanley analyst Adam Longson said in a report Monday. The "latest oil pricing pressure appears more financial than physical."

A measure of returns from commodities sank to its lowest since 1999 Monday on concern that a slowing economy in China, the world's largest consumer of energy and raw materials, will exacerbate supply gluts. Brent crude, the international benchmark, has dropped more than 30 percent since May on the ICE Futures Europe exchange in London. Prices rebounded 3.1 percent to $43.98 a barrel at 11:10 a.m. in London.

 

OIL BRENT PRICES

bloomberg.com

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More: 

OIL PRICES DOWN 

RUSSIA WILL INCREASE 

OPEC OIL UP 120,000 

SAUDI OIL STRATEGY 

PRICES: THE FASTEST GROWTH 

GLOBAL OIL BALANCE 2015 - 16 

OIL PRICES 2015 - 16 

OIL DEMAND UP

 

Tags: OIL, MARKET, PRICES

Chronicle:

OIL MARKET IS HEALTHIER
2018, June, 20, 12:45:00

NORWAY'S OIL PRODUCTION 1.629 MBD DOWN 236 TBD

NPD - Preliminary production figures for May 2018 show an average daily production of 1 629 000 barrels of oil, NGL and condensate, which is a decrease of 236 000 barrels per day compared to April.

OIL MARKET IS HEALTHIER
2018, June, 20, 12:40:00

LIBYA'S OIL PRODUCTION DOWN 400 TBD

PLATTS - Libyan crude production has fallen around 400,000 b/d -- or nearly halved -- due to militia attacks on the eastern oil terminals of Ras Lanuf and Es Sider, the head of the country?s National Oil Corp. said Tuesday.

OIL MARKET IS HEALTHIER
2018, June, 20, 12:35:00

VENEZUELA'S OIL PRODUCTION DOWN

PLATTS - Venezuela's crude output averaged 1.36 million b/d in May, down from 1.41 million b/d in April, and 1.9 million b/d in May 2017, according to S&P Global Platts. The International Energy Agency said it could fall to 800,000 b/d or even lower next year.

OIL MARKET IS HEALTHIER
2018, June, 20, 12:30:00

NIGERIAN OIL SALES

PLATTS - Nigerian oil has been slow to sell this month as bidders for the country's July-loading heavy and light sweet crudes have been absent from the market. Market participants pegged the amount of unsold Nigerian barrels loading in July at 20 million-34 million barrels, amounting to roughly 40%-75% of what is produced in a month.

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