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!

2017-02-03 18:50:00

OIL PRICES SURGED BY $1

OIL PRICES SURGED BY $1

BRENT OIL PRICES JAN - FEB 2017

WTI OIL PRICES JAN - FEB 2017

OGJLight, sweet crude oil prices on the New York market and Brent crude oil prices on the London market surged by more than $1/bbl on Feb. 1 as traders and analysts shrugged off a big jump in the US oil inventory report.

Market participants apparently focused instead on a decline in US production even as oil inventories rose by more than expected.

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 6.5 million bbl for the week ended Jan. 27 from the previous week, the Energy Information Administration reported Feb. 1.

Oil inventories have climbed for four consecutive weeks. The latest inventory total was 494.8 million bbl, putting oil supplies near the upper range for this time of year, EIA said.

EIA estimated US oil production at 8.915 million b/d, down 46,000 b/d for the week. The Lower 48 accounted for a decline of 45,000 b/d while Alaska production was down by 1,000 b/d.

US natural gas prices also jumped. Barclays analyst Nicholas Potter in New York said he sees "upside price potential in the second half as a hot summer presents a bull case for gas."

Barclays increased its 2017 gas price forecast, specifically weighted towards the second half. Analysts now expect the 2017 gas price will average $3.38/MMbtu compared to Barclay's previous forecast of $3.33, which it made in November 2016.

"A repeat of last summer's weather (18% warmer than normal) would result in prices having to rise into the $3.90/MMBtu levels by our estimation," analysts said. For 2018, Barclays forecast gas prices will average $3.11/MMbtu.

"Winter 2017-18 could prove tight, but we see risk to the downside as new production comes online to meet new pipelines post-first quarter," said Potter. "Recent delays in US LNG projects targeting 2018 mean the market could find itself long gas once again."

Energy prices

The New York Mercantile Exchange crude oil contract for March delivery gained $1.07 on Feb. 1 to $53.88/bbl. The April contract was up $1.07 to $54.49/bbl.

US natural gas futures for March delivery jumped 5¢ to a rounded $3.17/MMbtu. Gas spot prices at the Henry Hub in Cushing, Okla., reached $3.12/MMbtu, up 12¢.

Heating oil for March climbed 4¢ to a rounded $1.67/gal. Reformulated gasoline stock for oxygenate blending for March gained nearly 3¢ to a rounded $1.58/gal.

The Brent crude contract for April on London's ICE increased $1.22 to $56.80/bbl. The Brent May contract was up $1.21 to $57.12/bbl. Gas oil for February closed at $498.25/tonne, up $4.50.

The average price for the Organization of Petroleum Exporting Countries' basket of benchmark crudes on Feb. 1 was $52.76/bbl, up 55¢.

-----

Earlier: 

OIL PRICES: ABOVE $57 

ПОЧТИ СПРАВЕДЛИВАЯ ЦЕНА: $55 

URALS: $53.16 

OIL PRICES 2017: $52 

OPEC, RUSSIA CUTS

 

 

Tags: OIL, PRICES, BRENT, WTI
Chronicle:
OIL PRICES SURGED BY $1
2021, June, 10, 12:39:00
Which Actions Can Fuel The Industry: The 7th International LNG Congress Summary
Global view on the LNG industry future, actions in frames of IMO Regulations, alternative fuels for trucks and fleet, opportunities of LNG increase in Europe, and Bio-LNG and LNG-to-Power initiatives have become some of the topics of the 7th International LNG Congress. It was held at the BGS online platform on the 7-8 of June, and gathered more than 500 decision-makers of the LNG industry.
OIL PRICES SURGED BY $1
2021, June, 10, 12:38:00
МЕЖДУНАРОДНАЯ КОНФЕРЕНЦИЯ И ВЫСТАВКА "УГОЛЬ РОССИИ И СНГ"
Более 150 руководителей ведущих предприятий угольной промышленности России и СНГ соберет Международная конференция и выставка «Уголь России и СНГ», которая будет проходить 16-17 ноября 2021 в г. Москва Организатор мероприятия: Vostock Capital
OIL PRICES SURGED BY $1
2021, June, 10, 12:35:00
U.S. OIL INVENTORIES DOWN 5.2 MB TO 474.0 MB
U.S. commercial crude oil inventories decreased by 5.2 million barrels from the previous week to 474.0 million barrels.
OIL PRICES SURGED BY $1
2021, June, 10, 12:30:00
TC ENERGY HAS TERMINATED KEYSTONE
TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) confirmed today that after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta, it has terminated the Keystone XL Pipeline Project (the Project).
OIL PRICES SURGED BY $1
2021, June, 9, 12:55:00
OIL PRICE: ABOVE $72
Brent rose 73 cents, or 1%, to close at $72.22 a barrel, WTI rose 82 cents, or 1.2%, to settle at $70.05 a barrel,
OIL PRICES SURGED BY $1
2021, June, 9, 12:50:00
OIL PRICES 2021-22: $68-60
EIA forecasts that Brent prices will remain near current levels in 3Q21, averaging $68/b., and $60/b in 2022.
OIL PRICES SURGED BY $1
2021, June, 9, 12:45:00
OPEC+ OIL PRODUCTION UP 430 TBD
Despite the production gains, the looser quotas meant OPEC+ compliance stayed mostly steady at 111.45% compared to 111.16% in April,
All Publications »