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2018-01-03 16:05:00

OIL PRICES: ABOVE $66 YET

OIL PRICES: ABOVE $66 YET

REUTERSBLOOMBERGOil prices held steady on Wednesday near mid-2015 highs reached the previous session as high output in the United States and Russia balanced tensions from a sixth day of unrest in OPEC member Iran.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.50 a barrel at 1017 GMT, up 13 cents from their last close, though still not far off the $60.74 reached on the previous day that was the highest since June 2015.

Brent crude futures LCOc1 - the international benchmark for oil prices - were at $66.74 a barrel, up 17 cents but still trailing Tuesday's high of $67.29 that was the most since May 2015.

Traders said lags to Tuesday highs followed indications that markets had recently overshot as U.S. production is set to rise further and doubts are emerging about whether demand growth can continue at current levels.

Ole Hansen, head of commodity strategy at Denmark's Saxo Bank, warned "multiple but temporary supply disruptions" like the North Sea Forties and Libyan pipeline outages (and) protests across Iran ... helped create a record speculative long bet."

With the pipeline outages resolved and the protests in Iran showing no signs of impacting its oil production, Hansen said there was potential for a price downturn in early 2018, especially due to rising U.S. output.

"It is only a matter of time before the 10 million barrel per day (bpd) (U.S.) production target will be reached," Hansen said.

Still, David Madden, market analyst at CMC Markets, said concerns over unrest in Iran would keep prices firm and should prevent any selloff as traders factored in the risks of potential supply disruptions.

"With this in mind, WTI will be hanging north of $60 until the market is confident tensions in Iran are cooling," Madden said.

Supplies were healthy. U.S. oil production C-OUT-T-EIA has risen by almost 16 percent since the middle of 2016, hitting 9.75 million bpd at the end of last year.

There was also some concern that Russian oil output is in fact not falling. The country is the world's biggest oil producer and one of the key backers, together with the Organization of the Petroleum Exporting Countries (OPEC), of cutting supplies.

As part of the supply cut deal, Russia pledged to reduce its output by 300,000 bpd from the 30-year monthly high of 11.247 million bpd hit in October 2016, which it achieved by the second quarter of 2017, according to Russian energy ministry data.

For the whole of 2017, however, Russian output rose to an average of 10.98 million bpd, compared with 10.96 million bpd in 2016 and 10.72 million bpd in 2015.

"Even though they have reduced that astronomical number (from Oct. 2016), they are still producing more (in 2017 than in 2016)," said Matt Stanley, a fuel broker at Freight Investor Services (FIS) in Dubai.

Saxo Bank's Hansen said he also had "some concerns about the Chinese economy in 2018 that ultimately could lead to lower than expected demand growth."

As a result, he said his bank saw lower crude prices by the end of the year, with Brent at $60 per barrel and WTI at $57.

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Earlier:

Prices
2017, December, 29, 11:45:00

OIL PRICES: ABOVE $66 AGAIN

REUTERS - U.S. West Texas Intermediate (WTI) crude futures were at $60.30 a barrel at 0504 GMT, up 46 cents or 0.8 percent from their last close, the highest since June 2015. Brent crude futures - the international benchmark - were also up, rising 45 cents or 0.7 percent to $66.61 a barrel. Brent broke through $67 earlier this week for the first time since May 2015.

Prices
2017, December, 27, 12:40:00

OIL PRICES: ABOVE $66

BLOOMBERG - Brent for February settlement lost 20 cents to $66.82 a barrel on the London-based ICE Futures Europe exchange. Prices climbed $1.77, or 2.7 percent, to $67.02 a barrel Tuesday, the highest close since May 2015. The global benchmark crude traded at a premium of $6.95 to WTI.

 

Prices
2017, December, 25, 20:45:00

OIL PRICES - 2018: VOLATILE

The price of oil in 2018 will be volatile with commodity market traders selling on signals of OPEC-Russia “cheating” or members producing more oil than the extended Algiers Agreement output quotas.

 

 Prices
2017, December, 22, 23:05:00

OIL PRICE: NOT ABOVE $65

REUTERS - U.S. West Texas Intermediate (WTI) crude futures were at $58.16 a barrel at 0755 GMT, down 20 cents, or 0.3 percent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $64.81 a barrel, down 19 cents, or 0.1 percent.

 Prices
2017, December, 18, 12:35:00

INEVITABLE OIL CHANGES

OPEC - Sustainable oil market stability is crucial to attract the level of investment necessary for future demand growth; In the longer term, oil will remain a vital and integral part of the energy mix; Global energy and oil demand will grow in the long term;

 

 Prices
2017, December, 13, 12:30:00

OIL PRICE - 2018: $57

EIA - North Sea Brent crude oil spot prices averaged $63 per barrel (b) in November, an increase of $5/b from the average in October. EIA forecasts Brent spot prices to average $57/b in 2018, up from an average of $54/b in 2017.

 

 Prices
2017, November, 17, 19:55:00

OIL PRICE: ABOVE $62

REUTERS - Benchmark Brent crude oil LCOc1 was up 66 cents at $62.04 a barrel by 1400 GMT, recovering some ground after five sessions of losses. U.S. light crude hit a three-day high, rising more than $1 before easing back to $56.08, 94 cents up on the day.

 

 

Tags: OIL, PRICE, BRENT, WTI, URALS, OPEC, НЕФТЬ, ЦЕНА

Chronicle:

OIL PRICES: ABOVE $66 YET
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

OIL PRICES: ABOVE $66 YET
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

OIL PRICES: ABOVE $66 YET
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

OIL PRICES: ABOVE $66 YET
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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