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2017-11-20 09:35:00

OIL PRICE: ABOVE $62 YET

OIL PRICE: ABOVE $62 YET

REUTERS, BLOOMBERG  -  Oil markets were tepid on Monday as traders were reluctant to take on big new positions ahead of an OPEC meeting at the end of the month, when the producer club is expected to decide whether to continue output cuts aimed at propping up prices.

Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

Traders said they were avoiding taking on large new positions due to uncertainty in markets.

The Organization of the Petroleum Exporting Countries (OPEC), together with a group of non-OPEC producers led by Russia, has been restraining output since the start of this year in a bid to end a global supply overhang and prop up prices.

The deal to curb output is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss the outlook for the policy.

OPEC is expected to agree an extension of the cut as storage levels remain high despite recent drawdowns, although there are doubts about the willingness of some participants to continue to restrain output.

"(The) OPEC meeting remains the key sector catalyst into year-end ... The market expectation is for an extension through 2018, created by OPEC comments early this fall ... (but) there is increased risk that OPEC delays the extension decision," U.S. bank Morgan Stanley said on Monday in a note to clients.

Morgan Stanley said that the question over extended cuts "has shifted to non-OPEC participants' willingness to extend, primarily Russia".

Despite this, Greg McKenna of futures brokerage AxiTrader said it was "worth noting data showed more longs added by the speculative community", indicating expectations of rising prices.

In the United States, the number of rigs drilling for new oil production remained unchanged in the week to Nov. 17, at 738, data from oil services firm Baker Hughes showed on Friday.

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Earlier:

Prices
November, 17, 19:55:00

OIL PRICE: ABOVE $62

REUTERS - Benchmark Brent crude oil LCOc1 was up 66 cents at $62.04 a barrel by 1400 GMT, recovering some ground after five sessions of losses. U.S. light crude hit a three-day high, rising more than $1 before easing back to $56.08, 94 cents up on the day.

 Prices
November, 17, 19:50:00

RUSSIA'S OIL PAUSE

FT - The original deal with Opec’s de facto leader Saudi Arabia, brokered by Mr Novak and Russian president Vladimir Putin, reduced oil production from participating countries by 1.8m barrels a day and helped push the price of benchmark Brent Crude above $60 a barrel this week for the first time in more than two years.

Prices
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

Prices
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

 

Prices
November, 13, 10:50:00

OIL PRICE: ABOVE $63 YET

Brent crude futures LCOc1 were at $63.55 per barrel at 0614 GMT, up 3 cents from their last close. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.79 per barrel, up 5 cents.

Prices
November, 9, 13:55:00

EIA: OIL PRICE $53 - $56

North Sea Brent crude oil spot prices averaged $58 per barrel (b) in October, an increase of $1/b from the average in September. EIA forecasts Brent spot prices to average $53/b in 2017 and $56/b in 2018.

 

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, OPEC, URALS, НЕФТЬ, ЦЕНА, РОССИЯ, ОПЕК

Chronicle:

OIL PRICE: ABOVE $62 YET
2018, May, 21, 10:40:00

U.S. PETROLEUM DEMAND UP BY 750 TBD

API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.

OIL PRICE: ABOVE $62 YET
2018, May, 21, 10:35:00

IMF: EGYPT'S GROWTH UP

IMF - “Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2 percent in the first half of the year from 4.2 percent in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports.

OIL PRICE: ABOVE $62 YET
2018, May, 21, 10:30:00

U.S. RIGS UP 1 TO 1,046

BAKER HUGHES A GE - U.S. Rig Count is up 1 rig from last week to 1,046, with oil rigs unchanged at 844, gas rigs up 1 to 200, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 4 rigs from last week to 83, with oil rigs up 6 to 38 and gas rigs down 2 to 45.

OIL PRICE: ABOVE $62 YET
2018, May, 18, 09:20:00

OIL PRICE: ABOVE $79

REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.

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