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2017-12-27 12:40:00

OIL PRICES: ABOVE $66

OIL PRICES: ABOVE $66

BLOOMBERG - Oil traded near the highest close in more than two years after an explosion at a pipeline carrying crude to Libya's biggest export terminal curbed the OPEC nation's production.

Futures were little changed in New York after rising 2.6 percent on Tuesday and breaching $60 a barrel for the first time since June 2015. A pipeline run by Waha Oil Company that carries crude to Libya's Es Sider terminal exploded Tuesday, reducing output by 70,000-100,000 barrels a day. Meanwhile, Saudi Arabia is said to expect oil revenue to jump about 80 percent by 2023 to help the kingdom record its first budget surplus in a decade.

Oil is heading for a second yearly advance as the Organization of Petroleum Exporting Countries and its allies including Russia prolong supply curbs through the end of 2018. Prices gained this month after a separate pipe in the U.K. -- one of the most important conduits in the world -- was shut because of a crack. Partial flows have now restarted at the Forties Pipeline System's Kinneil facility, operator Ineos Group said.

"The pipeline explosion in Libya is a lot more serious as it may take a long time to restore, which can be a long-term driver of oil prices," Kim Kwangrae, a commodities analyst at Samsung Futures Inc. in Seoul, said by phone. "The disruption is considered detrimental enough to dry up some of the global glut."

West Texas Intermediate for February delivery was at $59.87 a barrel on the New York Mercantile Exchange, down 10 cents, at 7:54 a.m. in London. Total volume traded was about 39 percent below the 100-day average. Futures rose to as high as $60.01 a barrel in the previous session. At the settlement on Tuesday, they gained $1.50 to $59.97.

Brent for February settlement lost 20 cents to $66.82 a barrel on the London-based ICE Futures Europe exchange. Prices climbed $1.77, or 2.7 percent, to $67.02 a barrel Tuesday, the highest close since May 2015. The global benchmark crude traded at a premium of $6.95 to WTI.

Output in Libya, where oil fields have endured sporadic shutdowns and disruptions due to protests, power blackouts and fighting, rose to about 1 million barrels a day this year, the highest level in four years. Any drop in production due to the blast that occurred 130 kilometers (81 miles) south of Sidra will ease pressure on OPEC-led efforts to drain a glut.

Under a six-year program to balance the budget, officials predict rising prices and expanded output will push Saudi Arabia's income from oil sales to 801.4 billion riyals ($214 billion) from 440 billion riyals this year, said people with knowledge of the matter.

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Earlier:

 Prices
2017, December, 22, 23:05:00

OIL PRICE: NOT ABOVE $65

REUTERS - U.S. West Texas Intermediate (WTI) crude futures were at $58.16 a barrel at 0755 GMT, down 20 cents, or 0.3 percent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $64.81 a barrel, down 19 cents, or 0.1 percent.

 Prices
2017, December, 20, 19:35:00

SAUDIS EXPECTS +12%

BLOOMBERG - Saudi Arabia expects oil revenue to jump 12 percent next year in a sign the world’s biggest crude exporter expects prices to keep rising in 2018.

 

 Prices
2017, December, 18, 12:35:00

INEVITABLE OIL CHANGES

OPEC - Sustainable oil market stability is crucial to attract the level of investment necessary for future demand growth; In the longer term, oil will remain a vital and integral part of the energy mix; Global energy and oil demand will grow in the long term;

 

 Prices
2017, December, 13, 12:30:00

OIL PRICE - 2018: $57

EIA - North Sea Brent crude oil spot prices averaged $63 per barrel (b) in November, an increase of $5/b from the average in October. EIA forecasts Brent spot prices to average $57/b in 2018, up from an average of $54/b in 2017.

 

 Prices
2017, December, 11, 09:40:00

OPEC WILL BACK BY 2040

“Tight oil supplies are the wild card. They have reshaped the global outlook in recent years,” observed Ayed S. Al-Qahtani, who directs the research division at the OPEC Secretariat in Vienna. “US tight oil supplies will be the most important contributor but are expected to reach their peak around 2025.”

 

 Prices
2017, December, 4, 23:10:00

SAUDI ARABIA - RUSSIA COMPROMISE

REUTERS - The outcome represents a successful compromise between de facto OPEC leader Saudi Arabia (which wanted to announce an extension throughout 2018) and non-OPEC heavyweight Russia (which wanted to avoid giving such a long commitment).

 

 Prices
2017, 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.

 

 

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