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2017-11-07 12:35:00

OIL PRICE 2018: $55

OIL PRICE 2018: $55

OGJLight, sweet crude oil prices gained more than $1 to close above $55/bbl on the New York market Nov. 3—the second consecutive day the US benchmark reached a settlement high since July 2015.

Barclays analysts credited recent oil-price support to reports of global economic growth and new supply disruptions. Overall, ample world oil supplies are falling.

"Owing to the improvement in the inventory situation, which has accelerated due to unforeseen disruptions, prices have broken above resistance levels established earlier this year," Barclays said. "Brent appears to be consolidating around $60/bbl and could make another move higher, targeting $70/bbl."

But Barclays analysts said $70/bbl "would be unsustainable both fundamentally and from a positioning perspective and would thus be short lived."

Barclays raised its Brent oil price forecast, saying Brent will average $60/bbl during the fourth quarter and will average $55/bbl in 2018. The average 2018 forecast was up $3 compared with Barclays earlier forecast.

"We have long forecasted a tightening fundamental backdrop in the second half of this year," Barclays analysts said. "We think this strength will be sustained through first quarter next year."

They cited tightening world oil supplies stemming from a variety of reasons, including a 300,000 b/d drop in northern Iraq crude exports and production during October due to unrest and technical issues.

"Hurricane-related production shut ins in the Gulf of Mexico reduced US and Mexican supply by more than 500,000 b/d in September," Barclays said. "Finally, a synchronized and robust global economic recovery has emerged."

In addition, Chinese oil demand growth is expected "to remain robust in 2018," Barclays said.

Energy prices

The December light, sweet crude contract on the New York Mercantile Exchange increased $1.10 to $55.64/bbl on Nov. 3. The January 2018 contract rose $1.09 to $55.86/bbl.

The NYMEX natural gas price for December climbed nearly 5¢ to $2.98/MMbtu. The Henry Hub cash gas price for Nov. 3 was $2.74/MMbtu, up 5¢.

Heating oil for December rose 3¢ to $1.88/gal. The NYMEX reformulated gasoline blendstock for December climbed 2¢ to a rounded $1.79/gal.

The Brent crude contract for January 2018 on London's ICE gained $1.45 to $62.07/bbl. The February 2018 contract increased $1.43 to $61.80/bbl. The gas oil contract for November was up $5.75 to $560.25/tonne.

The Organization of Petroleum Exporting Countries' basket of crudes price was up 66¢ Nov. 3 to $59.15/bbl.

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Earlier:

Prices
November, 3, 12:35:00

OIL PRICE: ABOVE $61 YET

Brent futures LCOc1 were at $60.75 per barrel at 0739 GMT, up 13 cents, or 0.2 percent, from their last close. Brent has risen by around 37 percent since its low in 2017 reached last June. U.S. West Texas Intermediate (WTI) crude CLc1 was at $54.70 a barrel, up 16 cents, or 0.3 percent, from the last close. WTI is around 30 percent above its 2017-low in June.

 
 Prices
November, 3, 12:30:00

OPEC OIL PRICE: $58.49

OPEC daily basket price stood at $58.49 a barrel Thursday, 2 November 2017

 

 Prices
November, 3, 12:25:00

ЦЕНА URALS: $51,15

Средняя цена нефти марки Urals по итогам января – октября 2017 года составила $ 51,15 за баррель.

 

 Prices
October, 25, 12:30:00

OIL PRICES NO OPPORTUNITIES

"They [big OPEC and Middle Eastern producers] cannot be too ambitious [on their oil price targets]...there's not much [upside] room for them to hope for," Sadamori said. "Once the oil price goes to certain levels, this will stimulate new drilling and investments in North America," he added.

 

 Prices
October, 16, 12:20:00

WORLD OIL DEMAND UP BY 1.5 MBD

World oil demand growth in 2017 is now expected to increase by 1.5 mb/d, representing an upward revision of around 30 tb/d from last previous report, mainly reflecting recent data showing an improvement in economic activities. Positive revisions were primarily a result of higher-than-expected oil demand from the OECD region and China. In 2018, world oil demand is anticipated to grow by 1.4 mb/d, following an upward adjustment of 30 tb/d over the previous report, due to the improving economic outlook in the world economy, particularly China and Russia.

 

 Prices
October, 13, 12:55:00

2018 OIL MARKET FORECAST

Falling global crude oil stockpiles in 2017 will help put the market “roughly” into balance in 2018, but an increase in prices could be limited, especially if the Organization of Petroleum Exporting Countries doesn’t stick to its agreement to curb output, the International Energy Agency said.

 

 Prices
October, 11, 12:50:00

OIL PRICES 2020: $50 - $60

Based on a “lower-for-longer” base-case scenario, global oil prices will remain in the $50-60/bbl range until late 2020, due to increasing supply that breaks even at $50/bbl, according to to the most recent global oil supply and demand outlook from McKinsey Energy Insights (MEI).

Tags: OIL, PRICE, BRENT, WTI

Chronicle:

OIL PRICE 2018: $55
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

OIL PRICE 2018: $55
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

OIL PRICE 2018: $55
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

OIL PRICE 2018: $55
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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