OIL GAS PRICES ANALYSIS
OGJ , BLOOMBERG - US and Brent crude oil benchmarks gained moderately on May 11 and continued rising in early May 12 trading, which analysts attributed to a weekly US government report showing the biggest draw to US oil inventories so far this year.
Crude oil prices have rebounded since dropping more than $2/bbl on both the New York and London markets on May 4, reaching 5-month lows.
The Energy Information Administration reported US crude oil supplies, excluding the Strategic Petroleum Reserve, dropped by 5.2 million bbl for the week ended May 5.
Analysts polled by S&P Global Platts had anticipated a decline of 1.8 million bbl. The American Petroleum Institute estimated a drop of 5.8 million bbl for the week ended May 5.
The light, sweet contract for June crude oil delivery gained 50¢ to close at $47.83/bbl on the New York Mercantile Exchange May 11. The July contract also climbed 50¢ to settle at $48.20/bbl.
The natural gas price for June was up 8¢ to a rounded $3.37/MMbtu. The Henry Hub cash gas price gained 9¢ to $3.20/MMbtu on May 11.
The Brent crude contract for July on London's ICE was up 55¢ to settle at $50.77/bbl. The August contract increased 51¢ to $51.05/bbl. The June gas oil contract was $449/tonne, up $5.
The Organization of Petroleum Exporting Countries' basket of crudes was $48.37/bbl on May 11, up $1.06.
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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.