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2017-05-29 13:50:00

OIL PRICE: ABOVE $51 ANEW

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $51

BRENT OIL PRICE MAY 29 2017

WTI OIL PRICE MAY 29 2017

REUTERS, BLOOMBERGOil prices slipped on Monday as further increases in U.S. drilling activity undercut an OPEC-led push to tighten supply. 

Trading was subdued due to public holidays in China, the United States and Britain, but concerns lingered over whether OPEC action would be enough to stem the tide of oversupply. 

Brent crude futures were trading down 19 cents at $51.96 per barrel at 0857 GMT. The contract ended the previous week down nearly 3 percent. 

U.S. West Texas Intermediate (WTI) crude futures were also down 19 cents at $49.61 per barrel. 

The Organization of the Petroleum Exporting Countries and some non-OPEC producers pledged last week to extend production cuts of around 1.8 million barrels per day (bpd) until March 2018. 

An initial agreement, in place since January, would have expired in June this year. 

Commerzbank analyst Carsten Fritsch called Monday's price moves little more than "intraday noise" but said hints of deeper cuts or a longer extension from OPEC left the market deflated after the final decision. 

"They increased expectations to such an extent that nine months was a disappointment," Fritsch said. 

High compliance with the cuts so far was unlikely to last, he said, adding to worries about whether the pledge would dent physical oil stockpiles that remain near record levels. 

"The pain for OPEC will increase to such a point that 100 percent compliance is unrealistic," Fritsch said. 

Despite ongoing cuts, oil prices have not risen much beyond $50 per barrel. 

OPEC's success in drawing down inventories may hinge on output in the United States, which is not participating in the cuts. U.S. production has soared 10 percent since mid-2016 to more than 9.3 million bpd, close to top producer levels Russia and Saudi Arabia. 

U.S. drillers have added rigs for 19 straight weeks, bringing the total 722, the highest number since April 2015 and the longest run of additions on record, according to energy services firm Baker Hughes Inc. 

Almost all of the recent U.S. output increases have been onshore, from so-called shale oil fields. 

Even if the rig count did not rise further, Goldman Sachs said it estimated U.S. output would increase by 785,000 bpd between the fourth quarter of 2016 and the fourth quarter of 2017 across the Permian, Eagle Ford, Bakken and Niobrara shale plays. 

Analysts say that reducing bloated global stocks will be key to reining in oversupply. 

"It's going to be all about inventories and whether they fall as much as OPEC thinks," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

BRENT OIL PRICES MAY 2016 - MAY 2017

WTI OIL PRICES MAY 2016 - MAY 2017

BRENT OIL PRICES MAY 2012 - MAY 2017

WTI OIL PRICES MAY 2012 - MAY 2017

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Earlier: 

OPEC & NON-OPEC AGREEMENT 

OIL PRODUCTION & PRICES

OIL PRICE: ABOVE $54 ANEW 

ПРОДЛИТЬ СРОК ДЕЙСТВИЯ 

RUSSIAN OIL REDUCTION

OIL PRICE: ABOVE $53 ANEW 

 

Tags: OIL, GAS, PRICE, НЕФТЬ, ГАЗ, ЦЕНА

Chronicle:

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $51
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.

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $51
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.

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $51
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.

ЦЕНА НЕФТИ: ОПЯТЬ ВЫШЕ $51
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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