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2016-08-02 18:55:00

OIL PRICES UP TO $42,34

OIL PRICES UP TO $42,34

 

OIL PRICES JULY 2016

 

OIL PRICES SEP 2015 - AUG 2016

 

According to REUTERS, oil prices edged up on Tuesday after U.S. crude broke below $40 per barrel the previous session, but traders said fuel markets continued to be dogged by excess production.

U.S. West Texas Intermediate (WTI) crude was at $40.15 a barrel at 0433 GMT (12:33 a.m. ET) , up 9 cents from its last close after dipping below $40 for the first time since April the previous session.

International Brent crude oil futures were trading at $42.34 per barrel, up 20 cents from their last close.

Despite the slightly higher prices on Tuesday, oil market data imply bearish market conditions.

Industry data shows that the global oil rig count for new production edged up in June for the first time this year, rising by two to 1,407, largely thanks to an uptick in U.S. drilling.

Actual production in the United States is also up slightly, according to government data.

Financial oil traders have taken note of the glut, with hedge funds taking on large volumes of bets that would profit from lower prices, known as shorts.

"Speculators increased their shorts by the biggest volume on record... for WTI crude..., dragging the net long position in WTI to its lowest since February," said Matt Smith of U.S.-based ClipperData.

"Another bearish development from the CFTC data has been gasoline positioning. Speculative positions in gasoline have moved to a record net short position as hedge funds bet on an ongoing gasoline supply glut," he added.

Analysts said that high production levels in crude and the refining sector would continue to weigh on markets after contributing to a 20 percent price fall since June.

As a result, refiners will likely reduce orders for new crude feedstocks.

"Weaker crude throughput at refineries will lower crude demand," BMI Research said.

The refinery run cuts are a result of low sector profits. Singapore's overall fuel refinery margins are at $3.53 per barrel, about one-third of their January highs.

In the longer term, however, analysts still think that the market will tighten, bringing supply and demand more in balance.

"The supply and demand balance will be tighter in 2017 and 2018," BMI said, although it added that high production and stock levels would prevent steep price rises.

With oil demand growth still strong despite slowing economic growth, drilling activity for future production also points to a tighter future market as industry data shows that global drilling for new crude remains at levels that have not been seen since the late 1990s.

-----

Earlier: 

URALS: $38.68 

WBG: OIL PRICES $53 - $60 

OIL PRICES DOWN TO $42.51 

GLOBAL PROFITS & CASH FLOW DOWN 

WBG: 2016: OIL PRICE $43

 

 

 

Tags: SAUDI, OIL, PRICES
OIL PRICES UP TO $42,34 September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

OIL PRICES UP TO $42,34 September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

OIL PRICES UP TO $42,34 September, 21, 10:45:00

UNEXPECTED OIL PRICES

OIL PRICES UP TO $42,34 September, 21, 10:40:00

OIL MARKET UNCERTAINTY

OIL PRICES UP TO $42,34 September, 21, 10:35:00

OPEC-NON-OPEC DECISIONS

OIL PRICES UP TO $42,34 September, 21, 10:30:00

U.S. CAPITAL EXPENDITURES UP

All Publications »

Chronicle:

OIL PRICES UP TO $42,34
2018, September, 21, 10:25:00

U.S. ENERGY CASH: $119 BLN

U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014

OIL PRICES UP TO $42,34
2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

OIL PRICES UP TO $42,34
2018, September, 21, 10:15:00

IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

OIL PRICES UP TO $42,34
2018, September, 21, 10:10:00

NATURAL GAS EXPORT UP

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

All Publications »