MAY OIL PRICES: ABOVE $50
OGJ, BLOOMBERG - The light, sweet crude oil contract for May settled above $50/bbl on the New York market Mar. 30 while the May Brent contract settled above $52.90/bbl in London. Prices edged lower on both markets on Mar. 31.
Analysts attributed price gains earlier in the week to a combination of reduced production in Libya and lower US distillates and gasoline inventories.
The oil-price rebound started with reports that militia had tampered with a pipeline from Sharara, an oil field in western Libya, to an export terminal, shutting in production. Libya's crude production dropped to about 500,000 b/d—the lowest since September 2016.
Libya was exempted from production-cut targets by the Organization of Petroleum Exporting Countries and other major producers. The total target is 1.8 million b/d with OPEC members agreeing to account for 1.2 million b/d of that.
Iraq has cut its oil production by more than 300,000 b/d. Iraq's state oil marketing company SOMO reported that Iraq's average production in March was 4.464 million b/d. Iraq's compliance to OPEC's cuts is 90%, SOMO Director Falah al-Amiri told Reuters.
The crude oil contract for May delivery on the New York Mercantile Exchange rose 89¢ on Mar. 30 to close at $50.35/bbl while the June contract gained 78¢ to $50.78/bbl.
The natural gas price for May dropped 40¢ to a rounded $3.19/MMbtu. The Henry Hub cash gas price closed Mar. 30 at $3.07/MMbtu, up 4¢.
Heating oil for April was up nearly 1.6¢ to a rounded $1.56/gal. Reformulated gasoline stock for oxygenate blending for April climbed almost 1¢ to a rounded $1.68/gal.
The Brent crude contract for May on London's ICE gained 54¢ to $52.96/bbl. The June contract was up by 59¢ to $53.13/bbl. The gas oil contract settled at $470/tonne on Mar. 30, up $6.25.
The average price for OPEC's basket of benchmark crudes on Mar. 30 was $50.20/bbl, up 66¢.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
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.
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.
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.
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.