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2017-11-07 12:40:00

OIL PRICES MAXIMUM ANEW

OIL PRICES MAXIMUM ANEW

BLOOMBERG  -  Oil reached levels last seen more than two years ago as Saudi Arabian King Salman's anti-corruption drive shook the world's biggest crude exporter just weeks before major producers gather to discuss prolonging historic production caps. 

Futures advanced as much as 1.2 percent in New York. The purge eliminated potential rivals to Crown Prince Mohammed bin Salman and included a member of the royal council overseeing state oil producer Saudi Aramco and one of its directors. The arrests of princes, government ministers and billionaires may cast a shadow over the Nov. 30 OPEC meeting. 

"The geopolitical supply risk premium is starting to bear its head in the market right now because OPEC supply cuts have made it relevant," Michael Loewen, a commodities strategist at Scotiabank in Toronto, said by telephone. Now that OPEC "has capped supply and demand has continued to grow higher over time, we are near balanced and that means supply risk is more important." 

Oil has advanced for four straight weeks in New York on signs that a global glut is shrinking in response to output caps implemented by the Organization of Petroleum Exporting Countries and allied producers including Russia. At the Nov. 30 gathering, Saudi Arabia, Iraq and other major suppliers are expected to make the case for extending the limits beyond their March expiration. 

West Texas Intermediate for December delivery rose 23 cents to $55.87 a barrel at 10:04 a.m. on the New York Mercantile Exchange after earlier rising to $56.28, the highest intraday price since July 2015. 

Brent for January settlement climbed 46 cents to $62.53 on the London-based ICE Futures Europe exchange, and traded at a $6.41 premium to WTI for the same month. 

Security forces arrested 11 princes, four ministers and dozens of former ministers and prominent businessmen, according to Saudi media and a senior official who spoke on condition of anonymity. 

"I wouldn't expect a change of strategy for Saudi Arabia" in terms of production and OPEC policy, Rupert Harrison, chief macro strategist at BlackRock International Ltd., said in a Bloomberg television interview. "But clearly the risk is always from disruption, and that's the uncertainty that hangs over this and is always very hard to call."

 

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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.

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 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
November, 1, 13:40:00

OIL PRICE: ABOVE $61

Brent crude futures LCOc1 were up 59 cents at $61.53 per barrel at 0905 GMT, having hit a session peak of $61.70 earlier, the highest since July 2015. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 a barrel, up 74 cents.

 Prices
November, 1, 13:35:00

OIL PRICES MAXIMUM

ICE Brent crude futures remained at 27-month highs in mid-morning trade in Asia Monday, following the gains last week on the expectation that planned supply cuts will be extended to the end of 2018.

 

 Prices
October, 30, 11:45:00

OIL PRICES WILL UP TO $56

WBG - Oil prices are forecast to rise to $56 a barrel in 2018 from $53 this year as a result of steadily growing demand, agreed production cuts among oil exporters and stabilizing U.S. shale oil production, while the surge in metals prices is expected to level off next year, the World Bank said.

 

 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.

 

Tags: OIL, PRICE, BRENT, WTI, OPEC, URALS, НЕФТЬ, ЦЕНА, РОССИЯ, ОПЕК

Chronicle:

OIL PRICES MAXIMUM ANEW
2018, April, 20, 09:00:00

IRAN NEED NEW MARKETS

SHANA - The CEO of the Iranian Gas Commercial Company (IGCC) said his company, as the sole exporter of gas products in Iran, is currently seeking new markets for exporting liquefied petroleum gas (LPG).

OIL PRICES MAXIMUM ANEW
2018, April, 20, 08:55:00

UZBEKISTAN - LUKOIL GAS

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OIL PRICES MAXIMUM ANEW
2018, April, 20, 08:50:00

ENI INVESTMENT €7 BLN

ENI - Eni will invest €7 billion in Italy over the next four years, including €1 billion in green activities

OIL PRICES MAXIMUM ANEW
2018, April, 20, 08:45:00

SEADRILL'S BANKRUPTCY OFF

REUTERS - Offshore oil driller Seadrill (SDRL.OL) plans to emerge from Chapter 11 bankruptcy in late June or early July to catch the rising wave of rig market activity, its chief executive told said on Wednesday.

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