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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, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

OIL PRICES: ABOUT $55
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

OIL PRICES: ABOUT $55
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

OIL PRICES: ABOUT $55
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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