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2017-02-02 18:55:00

OIL PRICES 2017: $52

OIL PRICES 2017: $52

BRENT OIL PRICES FEB 2012 - FEB 2017

WTI OIL PRICES FEB 2012 - FEB 2017

BOE - The oil market's drifting in snooze mode as investors await evidence of global supply curbs aimed at easing a glut.

A measure of oil volatility last month averaged the lowest in more than two years and futures in New York have been stuck between $50 and $55 a barrel since OPEC and other producing nations agreed Dec. 10 to reduce output. Price estimates compiled by Bloomberg show crude will average $52 during the first quarter this year, rising to $58 in the last three months of 2017.

Oil slumped to a 12-year low early last year and whiplashed between bull and bear markets before firming on the supply agreement between the Organization of Petroleum Exporting Countries and 11 non-members. Signs of compliance may come from OPEC's monthly report Feb. 13, while the International Energy Agency will update it's measure of global inventories Feb. 10. Media outlets, including Bloomberg, also publish production estimates based on surveys.

"When we start to see some data come through in February, it may ignite the market a little bit more, in either direction," said Daniel Hynes, an analyst in Sydney at Australia & New Zealand Banking Group Ltd. "The price isn't really going anywhere at the moment."

While the pledges have boosted prices, higher U.S. output has raised speculation that any rally above $55 may be self-defeating. The country's production has climbed to the highest since April and Pioneer Natural Resources Co., which focuses on the Permian Basin in Texas, sees the nation pumping this year near its 2015 peak.

OPEC and its partners are seeking to trim output by about 1.8 million barrels a day during the first six months of 2017. To monitor the cuts, OPEC's secretariat will present a report on the 17th day of each month to a committee made up of ministers from Kuwait, Russia, Algeria, Venezuela and Oman. The committee will also assess data from each country, as well as from external sources.

'HOLDING PATTERN'

Output by OPEC's 13 members averaged 33.085 million barrels a day in December, the group said in its monthly report Jan. 18.

West Texas Intermediate for March delivery traded at $52.85 a barrel on the New York Mercantile Exchange, up 4 cents, at 9:10 a.m. in London. Prices slid 1.7 percent in January, the first monthly decline in three months. The CBOE Crude Oil Volatility Index, which measures expectations of price swings, averaged 31.28 last month, the lowest since October 2014.

"Oil is in a bit of a holding pattern at the moment," said Mark Keenan, the head of commodities research for Asia at Societe Generale SA in Singapore. "The market needs some time to see how the cuts play out."

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Earlier: 

OIL PRICES: STILL ABOVE $55 

U.S. SHALE SHARE 

2017: PRICES WILL UP 

2017: FLAT OIL PRICES 

ЦЕНА НЕФТИ 2017: $50 - $60

 

 

Tags: OIL, PRICES, BRENT, WTI

Chronicle:

OIL PRICES 2017: $52
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

OIL PRICES 2017: $52
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

OIL PRICES 2017: $52
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

OIL PRICES 2017: $52
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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