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2018-01-12 13:05:00

OIL PRICES: NOT ABOVE $70

OIL PRICES: NOT ABOVE $70

REUTERSBLOOMBERGOil prices on Friday slipped away from December-2014 highs reached the previous day.

Although analysts and traders have been warning of the risks of a downward price correction since the start of the year, they point out that overall market conditions remain strong, largely due to ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.34 a barrel at 0755 GMT, down 46 cents, or 0.7 percent, from their last settlement. WTI the day before rose to its strongest since late 2014 at $64.77.

Brent crude futures LCOc1 were at $68.97 a barrel, down 29 cents, or 0.4 percent, from their last close. Brent also marked a December-2014 high the previous day, at $70.05 a barrel.

Traders said relatively weak China December oil data had weighed on prices. China's crude oil imports in December eased to 33.7 million tonnes, or 7.97 million barrels per day, versus 37.04 million tonnes in November, customs data showed on Friday.

Meanwhile, its December oil products exports hit a record 6.17 million tonnes, as refiners churn out more fuel than even thirsty China can absorb.

This has contributed to a fall in Singapore refinery profit margins DUB-SIN-REF to below $6 per barrel this month, their lowest seasonal level in five years.

As a result, some refiners have already scaled back their output, reducing demand for feedstock crude.

An expected rise in U.S. oil production, currently at 9.5 million bpd, to above 10 million bpd soon has also weighed on prices, traders said.

Despite the lower prices on Friday, many analysts expect crude markets to remain firm this year, especially due to the OPEC-led production cuts.

"OPEC has acted successfully to reduce the inventory overhang and demand growth remains robust in the short term," said Sanjeev Bahl, analyst at Edison Investment Research in a 2018 outlook.

The production cuts started in January last year and are set to last through 2018.

"There is potential for oil prices to move higher as inventories normalize," Bahl said.

U.S. commercial crude oil inventories fell almost 5 million barrels in the week to Jan. 5, to 419.5 million barrels.

That's slightly below the five-year average of just over 420 million barrels.

Fuel price hedging company Global Risk Management said in its 2018 outlook that "the likelihood of elevated oil prices this year seems imminent", largely due to the ongoing supply cuts led by OPEC and Russia as well as political risk especially in Iran, Venezuela and Libya.

Taking into account price supportive and pressuring factors, a market survey of over 1,000 energy professionals conducted by Reuters in January showed crude oil price expectations clustered in a range of $60 to $70 per barrel for 2018.

"Oil market fundamentals for 2018 remain robust even if the upside to Brent prices from here is not especially clear," U.S. investment bank Jefferies said.

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Earlier:

Prices
2018, January, 5, 23:55:00

OIL PRICES: ABOVE $67

REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $61.81 a barrel at 0750 GMT. That was 20 cents, or 0.3 percent, below their last close. WTI hit a $62.21 the previous day, which was its strongest since May, 2015. Brent crude futures LCOc1 were at $67.88 a barrel, 19 cents, or 0.3 percent, below their last settlement. Brent hit $68.27 the day before, also the highest since May, 2015.

 

Prices
2018, January, 4, 12:30:00

OIL PRICES: ABOVE $68

REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.16 a barrel at 0752 GMT, up 53 cents, or 0.9 percent, from their last close. They touched $62.21 shortly before, their highest level since May 2015. Brent crude futures LCOc1 - the international benchmark for oil prices - were at $68.23 a barrel, up 39 cents, or 0.9 percent, after revisiting a May 2015 high of $68.27 shortly before.

 

Prices
2018, January, 3, 16:05:00

OIL PRICES: ABOVE $66 YET

REUTERS - 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.

 

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.

 

 

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

Chronicle:

OIL PRICES: NOT ABOVE $70
2018, April, 23, 14:25:00

U.S. SHALE OIL UP

FT - US shale oil companies have started to generate free cash thanks to the rise in crude prices, a landmark moment for an industry that has until now relied on an inflow of capital to support its growth.

OIL PRICES: NOT ABOVE $70
2018, April, 23, 14:20:00

WBG WANT COUNTRIES

WBG - Bank Group must strengthen its financial capacity to meet the aspirations of its shareholders, mobilize capital at scale, and respond to global development challenges.

OIL PRICES: NOT ABOVE $70
2018, April, 23, 14:15:00

IMF WANTS AFRICA

IMF - we agreed on the need to accelerate structural reforms and access to finance in order to raise overall investment and medium-term growth rates to support job creation. The Fund, through its policy advice, can assist countries to design and implement growth-friendly fiscal adjustment, when needed, that responds to the country-specific sources of debt vulnerabilities while preserving needed investments in infrastructure, human capital, and other priority expenditures

OIL PRICES: NOT ABOVE $70
2018, April, 23, 14:10:00

IMF'S CORRUPTION

IMF - Directors also agreed that the Fund should continue to address governance issues and corruption in surveillance when the applicable standard of the Integrated Surveillance Decision has been met.

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