OIL PRICE: ABOVE $55 YET
OGJ , OILPRICE - Light, sweet crude oil for October delivery edged up slightly on Sept. 18 to settle just above $49.90/bbl. Oil prices continued gaining in early Sept. 19 trading after comments were made by an Iraqi official regarding a possible extension of the existing production-cut targets by major producers.
Iraqi Oil Minister Jabar al-Luaibi said Sept. 19 that Iraq and other members of the Organization of Petroleum Exporting Countries are considering options that include a proposal for the cartel's production-cut targets to run throughout 2018 instead of expiring in March.
"All in all, the outlook seems to be bright and prices are rising," al-Luaibi told an energy industry event in the UAE.
OPEC and some non-OPEC producers last year agreed to cap production at about 1.8 million b/d lower than October 2016 levels in an effort to reduce world oil supplies and increase prices. The deal was extended this year through March 2018.
OPEC and non-OPEC participants are scheduled to meet in Vienna Sept. 22 to review compliance with the targets. Most analysts suggest that any decision to extend the targets would not happen until OPEC's official annual meeting in November.
Energy prices
The October light, sweet crude contract on the New York Mercantile Exchange gained 2¢ to settle at $49.91/bbl on Sept. 18. The November contract dropped 9¢ to settle at $50.35/bbl.
The NYMEX natural gas price for October rose 12¢ to $3.14/MMbtu. The Henry Hub cash gas price climbed by 11¢ to $3.10/MMbtu.
Heating oil for October fell nearly 2¢ to a rounded $1.78/gal. The NYMEX reformulated gasoline blendstock for October was up less than 1¢ to $1.67/gal on Sept. 18.
The Brent crude contract for November on London's ICE fell 14¢ to $55.48/bbl. The December contract declined 17¢ to $55.25/bbl. The gas oil contract for October was $525/tonne, down $9.75.
OPEC's basket of crudes for Sept. 18 was $53.78/bbl, up 14¢.
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Earlier:
September, 18, 12:35:00
OIL PRICE: ABOVE $55U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday. |
September, 15, 09:05:00
OIL PRICE: NOT ABOVE $56U.S. West Texas Intermediate crude CLc1 was down 21 cents, or 0.4 percent, at $49.68 a barrel at 0302 GMT. It briefly broke above $50 on Thursday, hitting a four-month high, and finished 1.2 percent higher at $49.89, its highest close since July 31. Brent crude LCOc1 futures were down 29 cents, or 0.5 percent, at $55.18 a barrel. They gained 0.6 percent to settle at $55.47 the previous session, the highest close since April 13. |
September, 15, 09:00:00
OIL PRICES: $50 - $60Oil prices are expected to hold between $50 and $60 a barrel as bloated global stocks fall after a deal between OPEC and other producers to trim output, BP Chief Executive Bob Dudley said on Thursday. |
September, 13, 15:25:00
OIL PRICE: NOT ABOVE $55By 1021 GMT, international benchmark Brent crude LCOc1 was up 27 cents, or 0.5 percent, at $54.54 a barrel. U.S. West Texas Intermediate (WTI) CLc1 was up 38 cents, or 0.8 percent, at $48.61 a barrel. |
September, 13, 15:20:00
OIL PRICES: $51 - $52, GAS PRICES: $3.05 - $3.29EIA forecasts Brent spot prices to average $51/b in 2017 and $52/b in 2018. Expected growth in natural gas exports and domestic natural gas consumption in 2018 contribute to the forecast Henry Hub natural gas spot price rising from an annual average of $3.05/MMBtu in 2017 to $3.29/MMBtu in 2018. |
September, 13, 15:15:00
OPEC OIL PRICE UP 6% TO $49.6The OPEC Reference Basket rose for the second-consecutive month in August to average $49.60/b, representing a gain of $2.67/b or 6%. Year-to-date, the Basket was 30.9% higher at $49.73/b. Crude futures prices also saw gains with ICE Brent increasing 5.5% to $51.87/b and NYMEX WTI up 3.0% at $48.06/b. Year-to-date, crude futures prices were more than 20% higher. During the week of 29 August money managers cut WTI futures and options net long positions by 105,671 contracts to 147,303 lots, the US Commodity Futures Trading Commission (CFTC) said. Money managers slightly reduced Brent futures and options net length contracts by 1,296 to 416,551 lots during the same week. |
September, 11, 12:45:00
OIL PRICE: NOT ABOVE $53U.S. crude for October delivery CLc1 was up 41 cents, or 0.9 percent, at $47.89 a barrel by 0648 GMT, having tumbled 3.3 percent on Friday. London Brent crude for November delivery LCOc1 was up 30 cents, or 0.6 percent, at $54.08, having settled down 1.3 percent. |