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2017-06-28 15:20:00

MODEST OIL GAS PRICES

MODEST OIL GAS PRICES

NATURAL GAS PRICES JULY 2016 - JUNE 2017

URALS OIL PRICE JUNE 2016 - JUNE 2017

OPEC OIL PRICE JULY 2016 - JUNE 2017

BRENT OIL PRICE JUNE 2016 - JUNE 2017

WTI OIL PRICE JUNE 2016 - JUNE 2017

OGJ, BLOOMBERG, OILPRICEUS and Brent crude oil benchmarks both gained moderately on June 26 but analysts say crude oil remains in a bear market territory given ample world oil supplies and increasing production from US, Libya, and Nigeria.

Light, sweet crude oil settled at nearly $43.40/bbl on the New York market June 26, up about 40¢. Brent settled on the London market above $45.80/bbl, up nearly 30¢.

The American Petroleum Institute was scheduled to release its weekly US oil supply estimate on June 27. The US Energy Information Administration was scheduled to release its weekly oil and product inventory on June 28.

Some analysts expect both US oil inventory and production will decline following last week's Tropical System Cindy, which forced about 17% of oil production in the Gulf of Mexico and less than 1% of natural gas production to be shut in temporarily.

On world oil markets, the Organization of Petroleum Exporting Countries along with some non-OPEC producers in May extended production-cut targets of 1.8 million barrels p/d through Mar. 31, 2018.

Market observers note the production-cut targets have yet to reduce global oil oversupply levels. Libya and Nigeria were exempted from OPEC's production-cut targets.

"It's a bit of fatigue," for oil prices, said Miswin Mahesh, Energy Aspects oil market analyst. "But for sentiment to reverse, there needs to be more constructive fundamental data."

The Wall Street Journal reported light, sweet crude prices dropped more than 20% by June 21 compared with Feb. 23, marking the first bear market since August 2016. Economists generally define a bear market as a decline of 20% or more from a recent peak.

Energy prices

The August light, sweet crude contract on NYMEX gained 37¢ on June 26 to settle at $43.38/bbl. The September contract was up 34¢ to close at $43.61/bbl.

The NYMEX natural gas price for July gained nearly 10¢ to a rounded $3.03/MMbtu. The Henry Hub cash gas price was $2.98/MMbtu, up 12¢.

Heating oil futures for July also edged up less than 1¢ to a rounded $1.38/gal. Reformulated gasoline stock for oxygenate blending for July dropped a fraction of a penny to remain at $1.43/gal.

The Brent crude contract for August on London's ICE increased 29¢ to $45.83/bbl while the September contract was up 29¢ to $46.04/bbl. The July gas oil contract dropped $1.75 to $409.50/tonne.

OPEC's basket of crudes on June 26 was $43.14/bbl, down 12¢.

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Earlier: 

OIL PRICE: ABOVE $46 ANEW 

OIL CAN BE BELOW $40

OIL PRICE: ABOVE $45 ANEW

OIL PRICE: ABOVE $45 

BP ENERGY REVIEW 

ЦЕНА URALS: $ 48,62068 

GAS PRICE: $3.020

 

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

Chronicle:

MODEST OIL GAS PRICES
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

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.

MODEST OIL GAS PRICES
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

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.

MODEST OIL GAS PRICES
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

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.

MODEST OIL GAS PRICES
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

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.

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