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!

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."

-----

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
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 2017: $52
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 2017: $52
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 2017: $52
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 2017: $52
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 2017: $52
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 2017: $52
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 »