RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2016-10-05 18:45:00

OIL PRICES: ABOVE $51

OIL PRICES: ABOVE $51

 

BRENT OIL PRICE OCT 05 2016

 

WTI OIL PRICE OCT 05 2016

 

According to REUTERS, oil prices rose in early trading on Wednesday after a report that U.S. fuel inventories may have fallen for a fifth straight week, but contracts remained near the $50 marker where many traders currently see fair value for crude. 

U.S. West Texas Intermediate (WTI) crude futures were trading at $49.22 per barrel at 0649 GMT, up 53 cents, or 1.1 percent, from their last settlement. 

In international oil markets, benchmark Brent crude was trading at $51.38 per barrel, up 51 cents, or 1.0 percent. 

Traders said the higher prices were largely a result of a report by the American Petroleum Institute (API) late on Tuesday showing that U.S. crude inventories likely fell for a fifth straight week, declining by 7.6 million barrels.

"All eyes now turn to the EIA crude inventory numbers tonight," said Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore, adding that another confirmed draw in crude stocks would likely push WTI over $50 per barrel.

The U.S. government's Energy Information Administration (EIA) will report official stockpile numbers on Wednesday, although analysts polled by Reuters expect the EIA to report a stock build of 2.6 million barrels for the week ended Sept. 30. EIA.

Gary Ross, executive chairman at the New York-based consultancy PIRA, said that a planned deal by members of the Organization of the Petroleum Exporting Countries (OPEC) to cut output would likely lead to only modest price rises.

Jason Gammel of U.S. investment bank Jefferies said implementation of the deal "may prove unsuccessful" due to rivalries within the group, but he added that "the mere threat of a production cut should put a floor under oil prices until the next OPEC meeting on November 30."

Beyond the uncertainty of an OPEC-deal, Gammel said "security conditions in Nigeria and Libya seem to us the most acute uncertainties in the market," adding that if output in any of these countries recovered "that would mean a very hefty cut from the remaining OPEC members if they want to meet the output target."

ING bank also warned not to read too much into the planned OPEC production cut before details were agreed.

"This is still only a plan, and no final agreement has been made," the bank said, adding that even modest cuts face hurdles given that Iran, Nigeria and Libya have campaigned for exemptions, which would mean members such as Venezuela and Saudi Arabia would have to stomach larger cuts.

The Dutch bank said that higher prices "are possible within the coming weeks to next few months, although limited."

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

-----

Earlier: 

OIL PRICES: ABOVE $50

OIL PRICES: OVER $46

OIL PRICES: ABOVE $47 YET 

ЛИВИЯ ГОТОВА 

ЦЕНА НЕФТИ - 2016: $40 

URALS: $45.47659  

 

 

Tags: OIL, PRICES, BRENT, WTI,
Chronicle:
OIL PRICES: ABOVE $51
2021, July, 9, 12:04:00
HYDROGEN RUSSIA AND CIS, Moscow, 20-21 October 2021
International Conference and Exhibition ‘Hydrogen Russia and CIS’ brings together more than 200 senior executives of hydrogen production plants from Russia and the CIS
OIL PRICES: ABOVE $51
2021, July, 9, 12:00:00
ARGENTINA'S NUCLEAR SMR
Before work was suspended, it was in line to be the world’s first operating SMR. The government licensed it as a prototype in 2009.
OIL PRICES: ABOVE $51
2021, July, 9, 11:55:00
CHILE'S COAL GENERATION DOWN
In June 2021, the Chamber of Deputies of Chile has approved a bill that prohibits the installation and operation of coal-fired power plants.
OIL PRICES: ABOVE $51
2021, July, 8, 12:50:00
OIL PRICE: NEAR $73
Brent slipped by 23 cents, or 0.3%, to $73.20 a barrel, WTI were down 33 cents, or 0.5%, at $71.87 a barrel.
OIL PRICES: ABOVE $51
2021, July, 8, 12:45:00
OIL PRICES 2021-22: $72-$67
We expect rising production will reduce the persistent global oil inventory draws that have occurred for much of the past year and keep prices similar to current levels, averaging $72/b during the second half of 2021 (2H21).
OIL PRICES: ABOVE $51
2021, July, 8, 12:40:00
EUROPE CLIMATE RULES
According to draft proposals seen by market sources, the CBAM will replace the current system of free carbon allowances for metals sectors, and tighten allowances in the European Emissions Trading System generally, a bone of contention for some.
OIL PRICES: ABOVE $51
2021, July, 8, 12:35:00
ASIA INDEXES DOWN ANEW
The Hang Seng index (.HSI) led losses with a 1.9% drop, its eighth consecutive session in the red, with more falls in internet giants Tencent (0700.HK), Meituan (3690.HK) and Alibaba (9988.HK) as the sector reels from sweeping Chinese regulatory scrutinty.
All Publications »