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2016-08-25 18:50:00

OIL PRICES: $49 AGAIN

OIL PRICES: $49 AGAIN

According to REUTERS, oil prices dipped on Thursday, extending the previous day's decline, as the market focus returned to a global supply overhang, although a surprise fall in Chinese crude inventories did lend some support.

International benchmark Brent crude oil futures were trading down 10 cents at $48.85 per barrel at 0709 GMT, having closed down 1.8 percent the previous day.

U.S. West Texas Intermediate (WTI) crude futures were at $46.73 a barrel, down 4 cents, after dropping 2.8 percent on Wednesday.

Traders said that a surprise decline in Chinese crude stocks in July, which fell 5.7 percent from June, to 28.9 million tonnes (around 212 million barrels) and their lowest level since April 2013, lent an otherwise weak market some support.

Prices earlier this week pared a rally that pushed crude up by more than 20 percent in August on talk of a potential deal by oil producers to freeze output.

Hopes of a deal were dampened by record output from the Organization of the Petroleum Exporting Countries (OPEC) and little prospect of voluntary restrictions.

"We do not expect a production freeze - let alone a production cut – from the OPEC meeting," U.S. investment bank Jefferies said on Thursday, adding that even if a freeze was agreed, "the effects on the physical market would appear to be minimal."

With output high, not just from OPEC but also other top producers like Russia, and the demand outlook shaky, analysts said there was little prospect of an end to the glut, which has pulled down crude prices from over $100 a barrel in 2014 to their current sub-$50 levels.

High storage levels are also weighing on the markets.

In the United States, commercial crude oil stocks rose by 2.5 million barrels to 523.6 million barrels, or 16 percent higher than a year ago.

In refined products, stocks around the world are also brimming as demand slows while refinery output remains high.

"Ample inventories were due to weaker demand in Asia, but more generally were driven by excess supply generated by refiners maximizing runs, notably to produce gasoline in the U.S.," BNP Paribas said.

China's implied oil demand fell 0.3 percent from a year earlier to 10.58 million barrels per day (bpd) in July.

-----

Earlier: 

PRICE CAN BE STRONGER 

IRAQ WANTS MORE 

IRAN MIGHT COOPERATE 

OIL PRICES: ABOUT $49 

OIL PRICES: $49.39

 

 

Tags: OIL, PRICES, BRENT, WTI

Chronicle:

OIL PRICES: $49 AGAIN
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

OIL PRICES: $49 AGAIN
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

OIL PRICES: $49 AGAIN
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

OIL PRICES: $49 AGAIN
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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