Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2015-08-24 18:30:00

OIL PRICES DOWN

OIL PRICES DOWN

US crude prices plunged below $40 a barrel for the first time since the financial crisis on Friday, amid increasing signs the year long oil rout still has further to run.

Brent, the international benchmark, also fell to its lowest since March 2009, touching $45.10 a barrel.

The latest bout of selling came after Baker Hughes data showed an increase in the number of rigs drilling for oil in the US.

The resilience of the US shale industry has prolonged an oil glut that has sent the energy sector into turmoil, as many see low prices persisting for months if not years.

The world's biggest oil companies have slashed spending and jobs while the budgets of producers countries have been decimated.

West Texas Intermediate, the US benchmark, was primed for its eighth straight weekly decline, its longest losing streak in almost 30 years.

Oil extended its losses earlier on Friday after Chinese data showed a contraction in factory activity that rippled through global stock markets.

China's manufacturing sector shrank by the most in six and a half years, adding to fears of economic malaise in the world's biggest oil consumer. Although demand has remained strong as China takes advantage of cheap oil to bolster its strategic reserves, there are signs of weakness.

"China has sent shockwaves through global markets and raised numerous questions on the outlook," said analysts at Société Générale, who forecast a "prolonged period of weaker growth in a number of the major emerging markets".

European equity markets fell sharply following a steep sell-off in Asian stocks and emerging Asian currencies.

"The sour mood was largely mirrored on the oil markets with speculation of easing global demand weighing on the complex," said David Hufton at London-based oil broker PVM.

Brent crude, the global oil benchmark, was on track for its seventh weekly loss out of eight — down 8 per cent.

Its US counterpart West Texas Intermediate is set for its longest stretch of weekly losses since 1986 — down 6 per cent this week

Data earlier this week showed US crude inventories continued to rise. "WTI had never left a negative momentum but Brent is returning to it," said Olivier Jakob at consultancy Petromatrix.

Giovanni Staunovo, analyst at UBS, said he expects the oil price to remain weak in the short run as the market works off a surplus of around 1m barrels a day in the second half of this year.

Opec producers Saudi Arabia and Iraq are still pumping aggressively, while supplies from the US and other non-Opec countries have been more resilient than initially anticipated. Baker Hughes reported the number of rigs drilling for oil had risen by 2 last week

"A sharp increase in Opec crude production and/ or weaker oil demand from emerging Asia in 2016" could be a risk that looms, said Mr Staunovo.

ft.com

-----

More: 

PRICES: THE FASTEST GROWTH 

OIL PRICES 2015 - 16 

OIL DEMAND UP 

OIL PRICES: UNCHANGED 

OIL PRICES: UP TO AFRICA

 

 

 

Tags: OIL, PRICES

Chronicle:

OIL PRICES DOWN
2018, April, 20, 09:00:00

IRAN NEED NEW MARKETS

SHANA - The CEO of the Iranian Gas Commercial Company (IGCC) said his company, as the sole exporter of gas products in Iran, is currently seeking new markets for exporting liquefied petroleum gas (LPG).

OIL PRICES DOWN
2018, April, 20, 08:55:00

UZBEKISTAN - LUKOIL GAS

LUKOIL - LUKOIL has commissioned a Gas Processing Complex at the Kandym fields cluster in Uzbekistan. The official opening ceremony was attended by the President of the Republic of Uzbekistan Shavkat Mirziyoyev, Minister of Energy of the Russian Federation Aleksander Novak, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Uzbekistan Vladimir Tyurdenyov, Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to the Republic of Uzbekistan Kwon Yong Woo and the President of PJSC "LUKOIL" Vagit Alekperov.

OIL PRICES DOWN
2018, April, 20, 08:50:00

ENI INVESTMENT €7 BLN

ENI - Eni will invest €7 billion in Italy over the next four years, including €1 billion in green activities

OIL PRICES DOWN
2018, April, 20, 08:45:00

SEADRILL'S BANKRUPTCY OFF

REUTERS - Offshore oil driller Seadrill (SDRL.OL) plans to emerge from Chapter 11 bankruptcy in late June or early July to catch the rising wave of rig market activity, its chief executive told said on Wednesday.

All Publications »