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2016-06-09 18:50:00

OIL PRICE UP TO $51.44

OIL PRICE UP TO $51.44

 

OIL PRICES 2015 - 2016

According to OGJ, the light, sweet crude oil contract for July delivery rose on the New York market to settle above $50/bbl June 7, marking the highest settlement since July 21, 2015. Brent crude for August delivery settled at $51.44/bbl on the London market. It was the highest price for front-month Brent since Oct. 9, 2015.

Analysts attributed higher oil prices to an anticipated draw in US crude inventories for the week ended June 3 and on concerns about continuing attacks on Nigerian oil pipelines.

The US Energy Information Administration was scheduled to release its weekly US crude oil and products inventory later June 8.

In the June Short-Term Energy Outlook, EIA forecast Brent crude oil prices will average $43/bbl in 2016 and $52/bbl in 2017, $3/bbl and $1/bbl higher, respectively, than forecasts in last month's STEO. EIA forecast light, sweet crude oil prices would average slightly less than Brent in 2016 and be the same as Brent in 2017.

"Global fundamentals have really tightened significantly in the past 6 to 8 weeks," Michael Tran, commodity strategist at RBC Capital Markets, said June 7 in New York during an RBC executive conference on energy and power.

Energy prices

The July crude oil contract on the New York Mercantile Exchange rose 67¢ on June 7, settling at $50.36/bbl. The August contract also climbed 75¢ to $50.92/bbl.

Natural gas for July rose by less than a penny, closing at a rounded $2.47/MMbtu on NYMEX.

Heating oil for July delivery gained nearly 4¢ to a rounded $1.54/gal. The price for reformulated gasoline stock for oxygenates blending for July decreased less than a penny to remain at a rounded $1.59/gal.

The August Brent crude contract on London's ICE climbed 89¢ to $51.44/bbl. The September contract was up 92¢ to $51.89/bbl. The June gas oil contract rose $11.25 to $456.25/tonne.

The Organization of Petroleum Exporting Countries' basket of crudes price for June 7 was $46.54/bbl, up 54¢.

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Earlier: 

 OIL PRICES WILL UP TO $43 - $52 

OIL PRICE UP TO $50.51 

OIL PRICE UP TO $50.21 

PRICE HAVE TO BE ABOVE $50 

OIL WILL BE $60

Tags: OIL, PRICE

Chronicle:

OIL PRICE UP TO $51.44
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

OIL PRICE UP TO $51.44
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

OIL PRICE UP TO $51.44
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

OIL PRICE UP TO $51.44
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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