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2016-08-02 18:55:00

OIL PRICES UP TO $42,34

OIL PRICES UP TO $42,34

 

OIL PRICES JULY 2016

 

OIL PRICES SEP 2015 - AUG 2016

 

According to REUTERS, oil prices edged up on Tuesday after U.S. crude broke below $40 per barrel the previous session, but traders said fuel markets continued to be dogged by excess production.

U.S. West Texas Intermediate (WTI) crude was at $40.15 a barrel at 0433 GMT (12:33 a.m. ET) , up 9 cents from its last close after dipping below $40 for the first time since April the previous session.

International Brent crude oil futures were trading at $42.34 per barrel, up 20 cents from their last close.

Despite the slightly higher prices on Tuesday, oil market data imply bearish market conditions.

Industry data shows that the global oil rig count for new production edged up in June for the first time this year, rising by two to 1,407, largely thanks to an uptick in U.S. drilling.

Actual production in the United States is also up slightly, according to government data.

Financial oil traders have taken note of the glut, with hedge funds taking on large volumes of bets that would profit from lower prices, known as shorts.

"Speculators increased their shorts by the biggest volume on record... for WTI crude..., dragging the net long position in WTI to its lowest since February," said Matt Smith of U.S.-based ClipperData.

"Another bearish development from the CFTC data has been gasoline positioning. Speculative positions in gasoline have moved to a record net short position as hedge funds bet on an ongoing gasoline supply glut," he added.

Analysts said that high production levels in crude and the refining sector would continue to weigh on markets after contributing to a 20 percent price fall since June.

As a result, refiners will likely reduce orders for new crude feedstocks.

"Weaker crude throughput at refineries will lower crude demand," BMI Research said.

The refinery run cuts are a result of low sector profits. Singapore's overall fuel refinery margins are at $3.53 per barrel, about one-third of their January highs.

In the longer term, however, analysts still think that the market will tighten, bringing supply and demand more in balance.

"The supply and demand balance will be tighter in 2017 and 2018," BMI said, although it added that high production and stock levels would prevent steep price rises.

With oil demand growth still strong despite slowing economic growth, drilling activity for future production also points to a tighter future market as industry data shows that global drilling for new crude remains at levels that have not been seen since the late 1990s.

-----

Earlier: 

URALS: $38.68 

WBG: OIL PRICES $53 - $60 

OIL PRICES DOWN TO $42.51 

GLOBAL PROFITS & CASH FLOW DOWN 

WBG: 2016: OIL PRICE $43

 

 

 

Tags: SAUDI, OIL, PRICES

Chronicle:

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2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

OIL PRICES UP TO $42,34
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

OIL PRICES UP TO $42,34
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

OIL PRICES UP TO $42,34
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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