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!

2017-05-04 18:45:00

OIL PRICES: ABOVE $48

ЦЕНА НЕФТИ: ВЫШЕ $48

BRENT OIL PRICE MAY 04 2017 

WTI OIL PRICE MAY 04 2017  

REUTERS, BLOOMBERG -  Oil slid more than 4 percent on Thursday, to its lowest since late November as investor worries about a growing global glut of crude erased most of the gains that followed last year's OPEC's output cut.

The slide worsened after OPEC delegates said their group and other producing countries were downplayed the chance of a bigger output when the producers meet on May 25, even though they said the output cuts were likely to be extended.

U.S. crude CLc1 fell $2.05 or 4.3 percent to $45.77, by 12:08 p.m. Brent was down $2.07, or 4.1 percent to $48.71.

“The market continues to hunt for a bottom," said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut. "We’ve dropped to a five month low.”

Late last year, the Organization of the Petroleum Exporting Countries (OPEC), together with other key producers such as Russia and Oman, announced that they would cut oil output for the first six months of this year to reduce a vast global overhang of unused crude.

The pledge to remove 1.8 million barrels per day from the market sparked a 25-percent rally in the price, pushing Brent crude to 18-month highs.

But despite the OPEC action, McGillian said, "We still have a near record overhang and signs of increasing production in areas of the world outside the producers that agreed to the cuts."

Crude output has surged in the United States, with increasing rig counts for the past 11 months.

U.S. government data on Wednesday showed crude stocks USOILC=ECI fell 930,000 barrels in the week to April 28, while analysts had been expecting a drop of 2.3 million barrels. Stocks have steadily declined for the last four weeks, but at 527.8 million barrels they are just 7 million barrels off a record high.

Russia's Energy Minister, Alexander Novak, said in written comments on Thursday that his country is inclined to extend.

But the market continues to question whether continuing the 1.8 million bpd cut will be sufficient to reduce the glut significantly.

"At some point, the market should recognize OPEC isn't the most important player in the market any more," said Commerzbank's Eugen Weinberg, "That is non-OPEC, and, above all, U.S. shale."

BRENT OIL PRICES MAY 2016 - MAY 2017 WTI OIL PRICES MAY 2016 - MAY 2017 BRENT OIL PRICES MAY 2012 - MAY 2017 WTI OIL PRICES MAT 2012 - MAY 2017 

-----

Earlier: 

SAUDI CUTS PRICES 

OIL PROJECTS CUTTING 

OIL PRICES: ABOVE $51 ANEW 

OIL PRICES: ABOVE $51 AGAIN 

OIL PRICES FORECAST: $55 - $60

 

 

Tags: OIL, PRICES, BRENT, WTI, ЦЕНА, НЕФТЬ
Chronicle:
ЦЕНА НЕФТИ: ВЫШЕ $48
2023, January, 25, 10:19:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
ЦЕНА НЕФТИ: ВЫШЕ $48
2023, January, 25, 10:18:00
TRANSPORTATION OIL AND GAS CONGRESS 2023 (TOGC 2023)
Transportation Oil and Gas Congress 2023 (TOGC 2023) takes place on February 20-21, 2023. The Congress brings together representatives from the whole pipeline chain and focuses on both strategic and technical issues of the oil and gas pipeline transportation.
ЦЕНА НЕФТИ: ВЫШЕ $48
2023, January, 25, 10:15:00
U.S. POWER GRID PROBLEMS
The significant changing consumption needs and generation patterns are causing significant concerns that existing ageing infrastructure is becoming a major source of risk to power grid safety, reliability and financial exposure and in failing to deliver power on the expected 24 x 7, we need.
ЦЕНА НЕФТИ: ВЫШЕ $48
2023, January, 25, 10:10:00
СПГ КОНГРЕСС РОССИЯ 2023
СПГ Конгресс Россия – это международная инвестиционная площадка, где традиционно собираются лидеры индустрии. Ежегодно в мероприятии принимают участие более 250 операторов крупно-, средне- и малотоннажных СПГ-проектов, водородных проектов, правительство и технологические лидеры СПГ-индустрии.
ЦЕНА НЕФТИ: ВЫШЕ $48
2023, January, 25, 10:05:00
OIL AND GAS AUTOMATION AND DIGITALIZATION 2023
Event Title: Oil and Gas Automation and Digitalization 2023 Conference Date: 03 - 04 May 2023 Event Type: In-Person Event Event Organizer: PTN Events
ЦЕНА НЕФТИ: ВЫШЕ $48
2023, January, 23, 12:40:53
OIL PRICE: BRENT BELOW $88, WTI BELOW $82
Brent was down 11 cents, or 0.1%, to $87.52, WTI fell 8 cents, or 0.1%, to $81.56 a barrel.
ЦЕНА НЕФТИ: ВЫШЕ $48
2023, January, 23, 12:35:00
EUROPEAN GAS PRICES UPDOWN
Dutch front-month futures, were 0.2% lower at €66.80 a megawatt-hour by 8:58 a.m. in Amsterdam, after rising as much as 3.1% earlier.
All Publications »