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2017-03-27 18:50:00

OIL PRICES: ABOUT $55

OIL PRICES: ABOUT $55

BRENT OIL PRICES MARCH 2012 - MARCH _2017

WTI OIL PRICES MARCH 2012 - MARCH _2017

GAS PRICES MARCH 2012 - MARCH 2017

OGJLight, sweet crude oil prices dropped back below $48/bbl on the New York market Mar. 23 while Brent crude settled below $51/bbl in London for a third consecutive day.

Analysts said the market is waiting to see whether the Organization of Petroleum Exporting Countries decides to extend its production-cut targets when it meets in May. An extension likely would stabilize and strengthen oil prices.

Earlier this year, US oil prices traded in a range of $50-54/bbl, but prices dropped below that range on concerns about growing crude inventories and higher rig counts. Ample world oil supplies continue to exist after OPEC and some other major producers started production cuts in January.

"OPEC has used up most of its arsenal of verbal weapons to support the market," said Ole Hansen, Saxo Bank head of commodity strategy, adding that full compliance by all producers who agreed to production cuts "is the only tool they have left and on that account they are struggling."

Jefferies issued a research note saying, "OPEC's market intervention has not yet resulted in significant visible inventory drawdowns, and the financial markets have lost patience."

Barclays Commodities Research said its analysts still believe oil prices could rise to $60/bbl in the second quarter assuming inventory draws and the OPEC production cut remains in place.

"However, this would likely be temporary, and we forecast prices in the mid $50s/bbl in the second half 2017," Barclays said.

Goldman Sachs warned another price downturn could come within 3 years because more oil supply will be coming from projects planned and sanctioned years ago.

Analysts with Goldman noted that 2017-19 is "likely to see the largest increase in megaprojects production in history, as the record 2011-13 capex commitment yields fruit." They said, "This long lead-time wave of projects and a short-cycle revival, led by US shales, could create a material oversupply in 2018-19."

Energy prices

The crude oil contract for May delivery on the New York Mercantile Exchange dropped 34¢ on Mar. 23 to $47.70/bbl while the June contract fell 32¢ to $48.26/bbl.

The natural gas price for April rose 4¢ to a rounded $3.05/MMbtu. The Henry Hub cash gas price closed at $2.98/MMbtu, up 5¢.

Heating oil for April fell by less than 1¢ to a rounded $1.49/gal. Reformulated gasoline stock for oxygenate blending for April fell 1¢ to a rounded $1.59/gal.

The Brent crude contract for May on London's ICE decreased 8¢ to $50.56/bbl. The June contract dropped 21¢ to $50.66/bbl. The gas oil contract settled at $450.25/tonne on Mar. 23, up $3.25.

The average price for OPEC's basket of benchmark crudes on Mar. 24 was $48.35/bbl, up 7¢.

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Earlier: 

OIL PRICES: OVER $50 AGAIN 

SAUDI'S OIL BALANCE 

OIL PRICES: OVER $50 

PRICES COULD BE LOWER

OIL PRICES: OVER $52 AGAIN 

 

Tags: OIL, GAS, PRICES, BRENT, WTI, ЦЕНА, НЕФТЬ, ГАЗ

Chronicle:

OIL PRICES: ABOUT $55
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: ABOUT $55
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: ABOUT $55
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: ABOUT $55
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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