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2016-05-23 21:00:00

OIL PRICES DOWN TO $48

OIL PRICES DOWN TO $48

Oil prices slipped in Asian trade on Monday on a strong dollar and signs that global crude supply is holding up even as volumes hit by unplanned outages rise to at least five-year highs.

In a further indication of abundant supply, the number of rigs operated by U.S. drillers was steady last week for the first time this year.

Brent futures LCOc1 were down 18 cents at $48.54 a barrel as of 0421 GMT, after ending the previous session 9 cents down.

U.S. crude futures CLc1 fell 26 cents to $48.15 a barrel, having settled down 41 cents in the previous session.

The dollar index .DXY was marginally lower in early trade on Monday after gaining for a third straight week last week. A stronger greenback makes dollar-priced commodities more expensive for holders of other currencies.

That came as U.S. crude rose 3.3 percent last week, while Brent was up 1.7 percent, as unplanned supply outages rose to the highest since at least 2011 due to wildfires in Canada and losses in Nigeria, Libya and Venezuela.

But global oil supply has still outstripped demand by around 1.5 million barrels per day, Russian Energy Minister Alexander Novak said on Friday.

"It's hard to trade with the current volatility in oil prices," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance.

"We've run up from $44 a barrel on economic growth and outages. Are we now at the top end? Does that mean at $49-$50 a barrel we'll get U.S. oil shale production starting up?" he said.

"With the U.S. rig count steady, people are waiting to see whether producers will start turning some production back on."

Meanwhile, Goldman Sachs said it expected (shale) productivity gains through 2020, which will push average breakevens for shale plays below $50 per barrel for U.S. crude, the bank said in a research report on Monday.

It also raised its average Brent forecast to $45 per barrel this year, up from $39, while West Texas Intermediate would average $45 per barrel this year, up from $38 previously.

But greater U.S. and OPEC supply meant it lowered its forecasts for 2017, with an average of $55 per barrel for Brent, from $60 previously, and $53 per barrel for WTI, against $58 earlier.

Elsewhere, Iran plans to increase oil export capacity to 2.2 million barrels by the summer and has no plans to freeze its level of oil production and exports, its deputy oil minister was quoted as saying.

A meeting of the OPEC exporters' group, including Iran, is scheduled for June 2.

reuters.com

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Earlier:

OIL PRICES UP TO $48

U.S. ENERGY DEBT: $370 BLN

U.S. BANKRUPTCY UP - 2

OIL PRICE: $55

IEA: OIL DEMAND UP

OIL MARKET DEFICIT

OPEC: OIL DEMAND UP

OIL PRICES UP TO $47

 

 

Tags: OIL, PRICES

Chronicle:

OIL PRICES DOWN TO $48
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 TO $48
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 TO $48
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 TO $48
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.

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