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2016-10-11 18:50:00

OIL PRICES: ABOVE $52 STILL

OIL PRICES: ABOVE $52 STILL

 

BRENT OIL PRICE OCT 11 2016 

 

WTI  OIL PRICE  OCT  11 2016

 

According to REUTERS, oil fell back from one-year highs on Tuesday, knocked by concerns that a production cut by the world's largest exporters might not be enough to erode a two-year old global surplus of unwanted crude oil.

Oil prices jumped as much as 3 percent on Monday, after Russia and Saudi Arabia both said a deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members like Russia in curbing crude output was possible.

December Brent crude oil futures LCOc1 were down 42 cents at $52.72 a barrel by 1100 GMT, below Monday's one-year high at $53.73, but off an intraday low at $52.51, while U.S. futures CLc1 were down 43 cents at $50.92 a barrel.

Global oil supply could fall into line more quickly with demand if OPEC and Russia agree to a steep enough cut in production, but it is unclear how rapidly this might happen, the International Energy Agency said on Tuesday.

"The word I look at is 'if'," Saxo Bank senior manager Ole Hansen said. "OPEC's compliance (track record) with its own limits is not good.

"What it all adds up to is an increased belief that a firm bottom has been established, but as the market moves higher the risk of self-defeat rises as it opens the door right open for the return of production growth among high-cost producers," he said.

Igor Sechin, Russia's most influential oil executive and the head of the Kremlin's industry champion Rosneft (ROSN.MM), said his company will not cut or freeze oil production as part of a possible agreement with OPEC.

"Underlying scepticism that global oil producers will succeed in taking coordinated action to support prices is therefore alive and well," PVM Oil Associates analyst Stephen Brennock said in a note.

"Meanwhile, of those that do see a chance of a genuine output deal, they still need convincing that the proposed cuts will go far enough to address the supply imbalance."

Goldman Sachs said in a note to clients on Tuesday that despite a production cut becoming a "greater possibility", markets were unlikely to rebalance in 2017.

"Higher production from Libya, Nigeria and Iraq are reducing the odds of such a deal rebalancing the oil market in 2017," the U.S. bank said, and added that even if OPEC producers and Russia implemented strict cuts, higher prices would allow U.S. shale drillers to raise output.

Adding to the drag on oil, the dollar .DXY rallied to its highest in 11 weeks, lifted by rising expectations that the Federal Reserve could raise U.S. interest rates by the end of the year.

BRENT OIL PRICES NOV 2015 - OCT 2016

 

WTI OIL PRICES NOV 2015 - OCT 2016

 

BRENT OIL PRICES NOV 2011 - OCT 2016

 

WTI  OIL PRICES NOV 2011 - OCT 2016

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Earlier: 

OIL PRICES: ABOVE $52 AGAIN

OIL PRICES: ABOVE $52

OIL PRICES: ABOVE $51

OIL PRICES: ABOVE $50

OIL PRICES: OVER $46

 

Tags: OIL, PRICES, BRENT, WTI,
OIL PRICES: ABOVE $52 STILL October, 15, 12:30:00

OIL PRICE: NEAR $81 ANEW

OIL PRICES: ABOVE $52 STILL October, 15, 12:25:00

BAD BOYS: IMF & WBG

OIL PRICES: ABOVE $52 STILL October, 15, 12:20:00

U.S. - CHINA NUCLEAR POLICY

OIL PRICES: ABOVE $52 STILL October, 15, 12:15:00

U.S. - CHINA NUCLEAR SANCTIONS

OIL PRICES: ABOVE $52 STILL October, 15, 12:10:00

IRAN SANCTIONS DOWN

OIL PRICES: ABOVE $52 STILL October, 15, 12:05:00

IRAN - S.KOREA OIL DOWN ANEW

All Publications »

Chronicle:

OIL PRICES: ABOVE $52 STILL
2018, October, 15, 12:01:00

GAZPROM - SHELL: BALTIC LNG

GAZPROM - The parties discussed relevant issues related to bilateral cooperation, including the Baltic LNG project. Emphasis was placed on the priority measures aimed at developing a joint design concept (pre-FEED).

OIL PRICES: ABOVE $52 STILL
2018, October, 15, 12:00:00

U.S. RIGS UP 11 TO 1,063

BHGE - U.S. Rig Count is up 11 rigs from last week to 1,063, with oil rigs up 8 to 869, gas rigs up 4 to 193, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 13 rigs from last week to 195, with oil rigs up 8 to 127 and gas rigs up 5 to 68.

OIL PRICES: ABOVE $52 STILL
2018, October, 12, 11:40:00

OIL PRICE: NEAR $81

REUTERS - Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. U.S. West Texas Intermediate (WTI) crude futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.

OIL PRICES: ABOVE $52 STILL
2018, October, 12, 11:35:00

OIL PRICES 2018 - 19: $74 - $75

EIA - Brent crude oil spot prices averaged $79 per barrel (b) in September, up $6/b from August. EIA expects Brent spot prices will average $74/b in 2018 and $75/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019.

All Publications »