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2017-02-03 18:50:00

OIL PRICES SURGED BY $1

OIL PRICES SURGED BY $1

BRENT OIL PRICES JAN - FEB 2017

WTI OIL PRICES JAN - FEB 2017

OGJLight, sweet crude oil prices on the New York market and Brent crude oil prices on the London market surged by more than $1/bbl on Feb. 1 as traders and analysts shrugged off a big jump in the US oil inventory report.

Market participants apparently focused instead on a decline in US production even as oil inventories rose by more than expected.

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 6.5 million bbl for the week ended Jan. 27 from the previous week, the Energy Information Administration reported Feb. 1.

Oil inventories have climbed for four consecutive weeks. The latest inventory total was 494.8 million bbl, putting oil supplies near the upper range for this time of year, EIA said.

EIA estimated US oil production at 8.915 million b/d, down 46,000 b/d for the week. The Lower 48 accounted for a decline of 45,000 b/d while Alaska production was down by 1,000 b/d.

US natural gas prices also jumped. Barclays analyst Nicholas Potter in New York said he sees "upside price potential in the second half as a hot summer presents a bull case for gas."

Barclays increased its 2017 gas price forecast, specifically weighted towards the second half. Analysts now expect the 2017 gas price will average $3.38/MMbtu compared to Barclay's previous forecast of $3.33, which it made in November 2016.

"A repeat of last summer's weather (18% warmer than normal) would result in prices having to rise into the $3.90/MMBtu levels by our estimation," analysts said. For 2018, Barclays forecast gas prices will average $3.11/MMbtu.

"Winter 2017-18 could prove tight, but we see risk to the downside as new production comes online to meet new pipelines post-first quarter," said Potter. "Recent delays in US LNG projects targeting 2018 mean the market could find itself long gas once again."

Energy prices

The New York Mercantile Exchange crude oil contract for March delivery gained $1.07 on Feb. 1 to $53.88/bbl. The April contract was up $1.07 to $54.49/bbl.

US natural gas futures for March delivery jumped 5¢ to a rounded $3.17/MMbtu. Gas spot prices at the Henry Hub in Cushing, Okla., reached $3.12/MMbtu, up 12¢.

Heating oil for March climbed 4¢ to a rounded $1.67/gal. Reformulated gasoline stock for oxygenate blending for March gained nearly 3¢ to a rounded $1.58/gal.

The Brent crude contract for April on London's ICE increased $1.22 to $56.80/bbl. The Brent May contract was up $1.21 to $57.12/bbl. Gas oil for February closed at $498.25/tonne, up $4.50.

The average price for the Organization of Petroleum Exporting Countries' basket of benchmark crudes on Feb. 1 was $52.76/bbl, up 55¢.

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Earlier: 

OIL PRICES: ABOVE $57 

ПОЧТИ СПРАВЕДЛИВАЯ ЦЕНА: $55 

URALS: $53.16 

OIL PRICES 2017: $52 

OPEC, RUSSIA CUTS

 

 

Tags: OIL, PRICES, BRENT, WTI

Chronicle:

OIL PRICES SURGED BY $1
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

OIL PRICES SURGED BY $1
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

OIL PRICES SURGED BY $1
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

OIL PRICES SURGED BY $1
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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