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2017-04-25 18:50:00

OIL PRICE: ABOVE $51

OIL PRICE: ABOVE $51

BRENT  OIL  PRICE  APRIL  25  2017

WTI OIL PRICE  APRIL  25 2017 

NATURAL GAS PRICE APRIL 25 2017

OGJ, BLOOMBERG - The light, sweet crude oil prices for June delivery fell modestly on the New York market Apr. 24 to settle just above $49/bbl while the Brent crude oil price for June delivery also dropped but remained above $51/bbl.

"The market is really focusing on visible inventory draws, they're just not getting it in the right places," Miswin Mahesh, Energy Aspects oil analyst, told the Wall Street Journal. He said product stocks were falling but investors want to see crude oil stocks fall.

Members of the Organization of Petroleum Exporting Countries and other major producers agreed to cut production by 1.8 million b/d in the first half of 2017. Citing lingering ample world oil supplies, analysts and others say OPEC likely will extend the production-cut targets when it meets in May.

The Royal Bank of Canada issued a research note saying Brent is up 27% year-on-year, but most of the gains were achieved in late 2016.

"In 2017 year-to-date, the benchmark has gyrated between $58.57/bbl and $50.66/bbl," said Al Stanton, RBC analyst. "Without a rising oil price, investor interest has waned since the yearend 2016-early 2017 upsurge," he said. "The companies are, however, striving to deliver cost reductions, refinancings, new developments, and better drilling results."

Energy prices

The June crude oil contract on the New York Mercantile Exchange dropped 39¢ on Apr. 24 to close at $49.23/bbl. The July contract decreased 39¢ to $49.58/bbl.

The natural gas price for May fell 3.5¢ to a rounded $3.07/MMbtu. The Henry Hub cash gas price was $2.98, down 6¢.

Heating oil for May fell 1¢ to a rounded $1.54/gal. Reformulated gasoline stock for oxygenate blending for May dropped 2¢ to a rounded $1.62/gal.

The Brent crude contract for June on London's ICE fell 36¢ to settle at $51.60/bbl. The July contract was down 31¢ to $52.13/bbl. The May gas oil contract declined $1.75 to $465.75/tonne.

OPEC's basket of crudes closed Apr. 24 at $49.64/bbl, down 35¢.

BRENT OIL PRICES APRIL 2016 - APRIL 2017

WTI OIL PRICES APRIL 2016 - APRIL 3017

NATURAL GAS PRICES APRIL 2016 - APRIL 2017

BRENT OIL PRICES APRIL 2012 - APRIL 2017

WTI OIL PRICES APRIL 2012 - APRIL 2017

NATURAL GAS PRICES APRIL 2012 - APRIL 2017

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Earlier: 

OIL PRICE: STILL ABOVE $54 

OIL CONSENSUS

OIL PRICE: STILL ABOVE $54 

OPEC OIL DECISION 

IRAN SUPPORTS CUTTING

 

Tags: OIL, GAS, PRICES, BRENT, WTI, OPEC

Chronicle:

OIL PRICE: ABOVE $51
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

OIL PRICE: ABOVE $51
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

OIL PRICE: ABOVE $51
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

OIL PRICE: ABOVE $51
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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