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2016-09-13 15:05:00

OIL PRICE: ABOVE $47

OIL PRICE: ABOVE $47

BRENT OIL PRICE 13 SEP 2016 

WTI OIL PRICE 13 SEP 2016

According to  REUTERS,  oil fell on Tuesday following a series of gloomy predictions on demand growth that suggested the global overhang of unused inventories may persist for much longer than investors anticipate and temper any pick-up in price. 

The International Energy Agency said a sharp slowdown in global oil demand growth, coupled with ballooning inventories and rising supply, means the crude market will be oversupplied at least through the first six months of 2017. 

This contrasts with the agency's last forecast a month ago for supply and demand to be broadly in balance over the rest of this year and for inventories to fall swiftly. The IEA's latest comments follow a surprisingly bearish outlook from OPEC the day before.

Brent crude prices LCOc1 fell 92 cents to $47.40 a barrel by 0910 GMT (05:10 a.m. EDT), while U.S. West Texas Intermediate futures CLc1 declined by $1.03 to $45.26 a barrel.

"It seems the situation has deteriorated strongly in the eyes of OPEC as well as the IEA," Commerzbank head of commodities strategy Eugen Weinberg said.

"I wouldn't be surprised to see this price weakness continue for a while right now, because that was not on the cards, in our opinion."

Upbeat Chinese data on industrial output growth for August failed to lift oil prices as the crude market remained in a profit-taking mode, traders said.

China's industrial output grew the fastest in five months as demand for products from coal to cars rebounded thanks to higher government spending and a year-long credit and property boom.

Speculators in U.S. and Brent crude futures took an ax to their long positions in the latest week, cutting the combined net speculative length in the two contracts by 80 million barrels, according to PVM Oil Associates.

"Given the bearish fundamental backdrop, yesterday's strength is not expected to be long-lived. Maybe this is what we are already seeing this morning with the two main crude oil futures contracts trading ... lower," PVM Oil Associates strategist Tamas Varga said in a note.

"As for today and tomorrow, all eyes will be on the weekly statistics on U.S. oil stocks to see whether last week's huge fall in crude oil inventories was just a one-off."

U.S. crude inventory data is due on Tuesday and Wednesday.

A Reuters poll forecast U.S. commercial crude oil stocks likely rose last week after marking the largest plunge since 1999 in the previous week.

 

BRENT OIL PRICE AUG - SEP 2016

 

BRENT OIL PRICE OCT 2015 - SEP 2016

 

WTI OIL PRICE AUG - SEP 2016

 

WTI OIL PRICE OCT 2015 - SEP 2016

 

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Earlier: 

OIL PRICE: ABOVE $49 

OIL PRICES: ABOVE $48 

OIL PRICES: $42 - $52 

IRAN SUPPORTS PRICE $50 - $60 

BALANCE IS UNSTABLE

 

Tags: OIL, PRICES, BRENT, WTI

Chronicle:

OIL PRICE: ABOVE $47
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 PRICE: ABOVE $47
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 PRICE: ABOVE $47
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 PRICE: ABOVE $47
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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