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¢.
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LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.