OIL PRICE: NOT ABOVE $52
REUTERS , BLOOMBERG , OILPRICE - Oil prices dipped on Monday as a slowdown in Chinese refining activity growth cast doubts over its crude demand outlook, while rising U.S. shale output suggested supplies would likely remain high.
Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.92 per barrel at 0652 GMT, down 18 cents, or 0.4 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.70 a barrel, down 12 cents, or 0.3 percent.
Chinese refineries processed 0.4 percent more crude oil in July than a year earlier at 45.5 million tonnes, or about 10.71 million barrels per day (bpd), data from the National Bureau of Statistics showed on Monday.
This would be the lowest amount on a daily basis since September 2016, according to Reuters calculations based on official data.
"Runs were slightly below our expectations, as fuel demand growth remained tepid and stocks were brimming," said Harry Liu, a downstream consultant with IHS Markit.
Despite the possible slowdown in China, the International Energy Agency (IEA) said on Friday that it expects 2017 oil demand growth of 1.5 million bpd, up from a previous expectation of 1.4 million bpd.
Overall, markets remain well supplied thanks to strong output.
"Demand is outperforming expectations amongst both developed and emerging markets... However, global crude inventories remain bloated and there are considerable uncertainties heading into 2018," BMI Research said in a note, including the possibility of rising supplies.
Shale production in the largest U.S. oilfield should rise by as much as 300,000 bpd by December, according to industry forecasts.
Oil production from the Permian Basin of West Texas and New Mexico is closely watched because its low costs and rapid growth have pressured efforts by the Organization of the Petroleum Exporting Countries to drain a global crude supply glut.
U.S. energy companies added oil rigs for a second time in the last three weeks, extending a 15-month drilling recovery, but the pace of additions has slowed in recent months as firms cut spending plans in reaction to declining crude prices.
Drillers added 3 rigs looking for new oil in the week to Aug. 11 bringing the total count up to 768, the most since April 2015, General Electric Co's (GE.N) Baker Hughes energy services firm said in its closely followed report on Friday.
Benchmark Brent crude was up 20 cents a barrel at $52.56 by 0920 GMT. U.S. light crude was 20 cents higher at $49.79.
U.S. West Texas Intermediate (WTI) futures briefly jumped over $50 per barrel on Monday and were at $49.97 per barrel at 0654 GMT, still up 25 cents, or 0.5 percent from their last close. That means that virtually the entire WTI curve has moved over $50 per barrel. Brent crude futures were at $52.85 per barrel, up 33 cents or 0.6 percent. Prices hit $52.90 per barrel earlier in the day, their highest since May 25.
«Ранее мы видели, что на 1 триллион долларов сократились инвестиции в период с 2014-го по 2016 годы включительно, в 2017 году этот тренд пошел уже на увеличение инвестиций в нефтяном секторе. Мы видим также, что снизилась волатильность на рынке, и можно сказать о том, что цена в первом полугодии 2017 года нефти марки Brent была на 30% выше первого полугодия 2016 года. И это стало существенным фактором, который способствовал, в том числе и росту доходов бюджета, улучшению торгового баланса экономики», - рассказал глава российского Минэнерго.
Brent crude futures were down 8 cents, or 0.2 percent, at $51.41 per barrel at 0651 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 10 cents, or 0.2 percent, at $48.94 per barrel.
Brent crude futures LCOc1 rose 30 cents to $50.50 a barrel by 0959 GMT, after rallying more than 3 percent on Tuesday. U.S. West Texas Intermediate futures CLc1 climbed 40 cents to $48.29 a barrel.
Министерский комитет рассмотрел отчет Совместного технического комитета (СТК) и отметил, что рынок нефти уверенно делает шаги в сторону восстановления равновесия. По мнению экспертов, продолжается оздоровление мирового нефтяного рынка: за последние недели волатильность рынка снизилась, и поток инвестиций в нефтяную промышленность заметно увеличился.
В прямом эфире телеканала «Россия 24» Министр энергетики Российской Федерации Александр Новак подвел итоги 4-ого заседания Министерского комитета по мониторингу исполнения соглашения о сокращении добычи нефти стран ОПЕК и не-ОПЕК.
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PLATTS - National Australia Bank announced Thursday it will no longer provide financing for new thermal coal projects.
Petrobras and ExxonMobil signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities.
ExxonMobil Development Africa B.V. has acquired a 25 percent indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations.
U.S. Rig Count is down 1 rig from last week to 930, with oil rigs down 4 to 747, gas rigs up 3 to 183, and miscellaneous rigs unchanged. Canada Rig Count is up 19 rigs from last week to 238, with oil rigs up 22 to 134 and gas rigs down 3 to 104.