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.

2016-01-10 17:50:00

OIL PRICES DOWN $33.75

OIL PRICES DOWN $33.75

 

OIL PRICES 2014 - 2016

 

Light, sweet crude prices for February delivery settled Jan. 7 below $34/bbl on the New York market, which was the lowest settlement for the front-month contract since February 2004. Brent crude oil for February also settled below $34/bbl on the London market Jan. 7.

The prices for other types of crude also fell. Western Canadian Select, the benchmark for heavy crude from the Canadian oil sands, traded about $14/bbl below the New York oil futures benchmark Jan. 7.

The basket of 13 types of crude sold by members of the Organization of the Petroleum Exporting Countries fell to $29.71/bbl Jan. 6 and $27.85 Jan. 7.

Analysts blamed Chinese stock market volatility and a faster-than-expected weakening of the Chinese yuan for contributing to dropping oil prices worldwide. China is one of the world's largest oil consumers.

The Asian giant's central bank, the People's Bank of China, fixed the value of the yuan against the dollar on Jan. 7 after yuan values dropped 0.5% from Jan. 6, marking the biggest move since Aug. 13, when a devaluation of the yuan weakened the currency.

A weaker yuan could mean fewer Chinese crude oil imports. Oil traders noted investors already were nervous about China's economy because trading on Chinese stock markets was halted early 2 days this week.

Volatility triggered a circuit breaker mechanism, which Chinese regulators said has been suspended.

Martin O'Rouke of Saxo Bank said, "The [circuit breaker] decision is indicative of Beijing's inability to get to grips with market dynamics. Manipulating an economy is one thing—trying to manage markets is altogether another."

US natural gas futures prices jumped 11¢ to a rounded $2.38/MMbtu on Jan. 7 after the weekly government gas storage estimated that gas levels in underground storage across the Lower 48 fell more than analysts had expected.

The Energy Information Administration estimated levels at 3.643 tcf as of Jan. 1, which was a net decline of 113 bcf from the previous week. Stocks were 535 bcf higher than last year at this time and 464 bcf above the 5-year average of 3.179 tcf, the Gas Storage Report said.

Analysts and traders surveyed by The Wall Street Journal before the report's release had anticipated a 100-bcf withdrawal.

Typically, gas storage experiences withdrawals in early winter upon more gas demand for heating, but mild temperatures in recent months meant inventories were building until late November.

Energy prices

The February crude oil contract on the New York Mercantile Exchange dropped 70¢ to settle Jan. 7 at $33.27/bbl. The March contract was down 71¢ to settle at $34.49/bbl.

The NYMEX natural gas contract for February rose 11¢ to a rounded $2.38/MMbtu. The Henry Hub gas price held steady at $2.35/MMbtu for a second consecutive day Jan. 7.

Heating oil for February delivery dropped 1.5¢ to a rounded $1.07/gal. The price for reformulated gasoline stock for oxygenates blending for February was down 1.6¢ to a rounded $1.15/gal.

The February ICE contract for Brent crude dropped 48¢ to $33.75/bbl, and the March contract was down 54¢ to $34.09. The ICE gas oil contract was $316/tonne on Jan. 7, up $1.25.

The average price for the Organization of Petroleum Exporting Countries' basket of 12 benchmark crudes for Jan. 8 was $27.85, down $1.86. 

ogj.com 

----- 

More: 

OIL PRICES: M&A DOWN 

OIL PRICES: U.S. SHAKEN  

2015: OIL PRODUCTION, CONSUMPTION, PRICES  

2016: THE NEXT GLOBAL RECESSION  

2016: OIL & GAS INVESTMENTS DOWN TO $522 BLN  

2016: OIL RISKS & SPENDING

 

 

Tags: OIL, PRICES

Chronicle:

OIL PRICES DOWN $33.75
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

OIL PRICES DOWN $33.75
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

OIL PRICES DOWN $33.75
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

OIL PRICES DOWN $33.75
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

All Publications »