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2016-07-29 19:10:00

OIL PRICES DOWN TO $42.51

OIL PRICES DOWN TO $42.51

 

OIL PRICES JULY 2016

 

OIL PRICES AUG 2015 - JUL 2016

 

According to REUTERS, oil prices fell to fresh April lows on Friday as slowing economic growth threatened to worsen ongoing oversupply of crude and refined products.

International Brent crude oil futures LCOc1 were trading at $42.51 at 0617 GMT, down 19 cents, or 0.4 percent, from their previous close, the lowest since April.

U.S. West Texas Intermediate (WTI) crude CLc1 fell 26 cents, or 0.6 percent, to $40.88 a barrel, slipping below $41 for the first time since April.

Both crude benchmarks are now down around 20 percent since their last peak in June.

Because refiners produced too much fuel from cheap crude, margins in the Americas, Europe and Asia have fallen sharply this year, eroding revenues for oil producers and refiners like Royal Dutch Shell (RDSa.L), which this week reported poor results.

"Margins remain on a negative trajectory ... This seems a clear signal that Atlantic Basin refined product markets are currently oversupplied," Jason Gammel of U.S. investment bank Jefferies said on Friday.

Benchmark Singapore refinery margins DUB-SIN-REF are down 60 percent from their January highs to $4.28 per barrel, with stocks of product brimming near historic highs. STKLD-SIN

"We expect that the upcoming maintenance season combined with economic run cuts will correct the refined product markets... (and) the corresponding reduction in crude oil demand could weigh on Brent prices in the near term," he added.

On the supply side, Iranian exports to Asia's main buyers - China, India, Japan and South Korea - jumped 47.1 percent in June from a year ago to 1.72 million barrels per day, the highest levels in over four years.

The sales jump is the latest sign that Tehran's aggressive moves to recoup market share, lost under international sanctions, are paying off.

Because of ongoing oversupply, U.S. bank Goldman Sachs (GS.N) said this week that it did not expect a big recovery in prices any time soon.

"We continue to expect that oil prices will remain in a $45 per barrel to $50 per barrel trading range through mid-2017 with near-term risks skewed to the downside," the bank said.

Despite this, some analysts said recent price falls in oil had been overdone, especially as demand remains strong despite concerns over future economic growth.

"Investors have become overly bearish on oil as U.S. production and gasoline inventories continue to rise. We think those concerns are unwarranted. Underlying demand in the U.S. remains robust," ANZ bank said.

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Earlier: 

WBG: 2016: OIL PRICE $43 

OIL COULD BE UNECONOMIC 

OIL PRICES UP TO $44.93 

OIL PRICES DOWN TO $44.75 

OIL PRICES UP TO $44.94

 

 

Tags: OIL, PRICES,

Chronicle:

OIL PRICES DOWN TO $42.51
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

OIL PRICES DOWN TO $42.51
2018, June, 22, 13:05:00

U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

OIL PRICES DOWN TO $42.51
2018, June, 22, 13:00:00

EUROPE'S NUCLEAR INVESTMENT : €50 BLN

WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.

OIL PRICES DOWN TO $42.51
2018, June, 20, 13:15:00

OIL PRICE: ABOVE $75

REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.

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