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2018-01-29 08:45:00

OIL PRICES: ABOVE $70 YET

OIL PRICES: ABOVE $70 YET

REUTERSBLOOMBERG -  Oil prices held firm on Monday, supported by strong demand, a weak dollar and ongoing supply cuts lead by OPEC and Russia, although soaring U.S. output means many analysts expect crude prices to fall later in the year.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $66.34 a barrel at 0144 GMT, up 20 cents, or 0.3 percent, from their last settlement.

Brent crude futures LCOc1 were at $70.49 per barrel, 3 cents below their last settlement.

Oil markets have been propped up by supply restraint lead by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which started in January last year and are scheduled to last through 2018.

This supply restraint, coupled with oil demand growth, has contributed to a near 60-percent rise in crude prices since mid-2017.

Traders said oil has also been supported by a weakening dollar, which has lost over 3 percent in value against a basket of leading currencies .DXY since the start of this year and is down by almost 13 percent since January 2017.

"Loose fiscal policy in the U.S., a recovery in growth in Europe and an acceleration in EM (emerging market) growth have all combined to push the dollar lower and oil prices higher," Bank of America Merrill Lynch said in a note.

U.S. bank JP Morgan said it had increased its 2018 average price forecast by $10 per barrel to $70 per barrel for Brent and by $10.70 per barrel for WTI to $65.63.

"We expect Brent to touch close to $78 per barrel towards end of Q1 2018 or early Q2 2018," it added.

JP Morgan said the increase was largely due to OPEC withholding supplies, but added it expected prices to fall towards the end of the year as markets become "flush with oil from (U.S.) shale and other unconventional oils."

U.S. crude production has grown by over 17 percent since mid-2016 to 9.88 million barrels per day (bpd) in mid-January.

Output is expected to break through 10 million bpd soon. U.S. energy companies added 12 oil rigs drilling for new production last week, taking the total to 759, General Electric (GE.N) Baker Hughes energy services firm said on Friday.

U.S. production is already on par with top exporter and OPEC kingpin Saudi Arabia. Only Russia produces more, averaging 10.98 million bpd in 2017.

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Earlier:

 

Prices
2018, January, 24, 12:20:00

OIL PRICES: ABOVE $69 AGAIN

REUTERS - Brent crude futures were at $69.79 a barrel at 0749 GMT, down 17 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $64.45 a barrel, down 2 cents from their last settlement.

Prices
2018, January, 24, 12:15:00

СОГЛАШЕНИЕ ВЫПОЛНЕНО НА 107%

МИНЭНЕРГО РОССИИ - АЛЕКСАНДР НОВАК: СОГЛАШЕНИЕ ОПЕК+ ПО ИТОГАМ 2017 ГОДА ВЫПОЛНЕНО НА 107%

 

 Prices
2018, January, 22, 08:50:00

OIL PRICES: NOT ABOVE $69 YET

REUTERS - Brent crude futures were at $68.89 a barrel at 0315 GMT, up 25 cents, or 0.4 percent, from their last close. Brent on Jan. 15 rose to $70.37, its highest since December 2014. U.S. West Texas Intermediate (WTI) crude futures were at $63.61 a barrel, up 24 cents, or 0.4 percent, from their last settlement. WTI climbed to $64.89 on Jan. 16, also its highest since December 2014.

 

 Prices
2018, January, 22, 08:40:00

OPEC'S CONSTRUCTIVE ROLE

OPEC - HH Sheikh Sabah praised all 24 participating countries, both OPEC and non-OPEC, for their joint efforts towards restoring much needed oil market stability, as well as keeping faith in the collaborative approach which is at the heart of the ‘Declaration of Cooperation’.

 

 Prices
2018, January, 19, 12:45:00

OIL PRICES: ABOVE $68

REUTERS - Brent crude futures were at $68.78 at 0128 GMT, down 53 cents, or 0.8 percent, from their last close. On Monday, they hit their highest since December, 2014 at $70.37 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $63.36 a barrel, down 59 cents, or 0.9 percent, from their last settlement. WTI marked a December-2014 peak of $64.89 a barrel on Tuesday.

 Prices
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.

 Prices
2018, January, 10, 13:05:00

OIL PRICES: $60 - $61

EIA - Brent crude oil prices averaged $54/b in 2017 and are forecast to average $60/b in 2018 and $61/b in 2019. West Texas Intermediate (WTI) crude oil spot prices are forecast to average $4/b less than Brent prices in both 2018 and 2019. EIA’s forecast for the average WTI price for December 2018 of $58/b should be considered in the context of NYMEX contract values for December 2018 delivery. NYMEX contract values traded during the five-day period ending January 4 suggest that a range of $40/b to $85/b encompasses the market expectation for WTI prices in December 2018 at the 95% confidence level.

 

 

 

 

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

Chronicle:

OIL PRICES: ABOVE $70 YET
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

OIL PRICES: ABOVE $70 YET
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

OIL PRICES: ABOVE $70 YET
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

OIL PRICES: ABOVE $70 YET
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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