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2017-06-09 21:15:00

OIL PRICE: ABOVE $48

OIL PRICE: ABOVE $48

BRENT OIL PRICE JUNE 09 2017

WTI OIL PRICE JUNE 09 2017

REUTERS, BLOOMBERGOil prices rose about 1 percent on Friday, bouncing a bit from steep falls earlier in the week as a declaration of force majeure in Nigeria prompted some buying in a market still worried about the global crude glut.

Brent crude oil LCOc1 was up 48 cents at $48.34 a barrel by 12:17 p.m. EDT. U.S. crude CLc1 was 39 cents higher at $46.04 a barrel. U.S. crude and Brent benchmarks remained on track for weekly declines of more than 3 percent, pressured by big U.S. inventories and heavy worldwide flows.

The Shell Development Company of Nigeria declared force majeure on Nigerian Bonny light crude oil after someone drilled a hole into the Trans Niger Pipeline, causing a leak.

Rebel activity and government mismanagement have frequently interrupted crude production in Nigeria, generally Africa's largest oil exporter.

The leak shows "the production trend in Nigeria is far from stable," said Carsten Fritsch, senior commodity analyst at Commerzbank.

Prior to that incident, oil markets had been under pressure in part because of evidence showing Nigeria and Libya, the two OPEC producers exempt from output cuts, were boosting production.

Last month the Organization of the Petroleum Exporting Countries and other key producers agreed to extend a November agreement to decrease production by almost 1.8 million barrels per day (bpd), and hold output there until the first quarter of 2018.

Libya's 270,000-bpd Sharara oilfield has reopened after a workers' protest and should return to normal production within three days, the National Oil Corp said on Friday.

"Libyan production is still very uneven, there's no sign of any stable trend," said Fritsch. He said Libya's target of 1.25 million bpd was "wishful thinking," saying 850,000-900,000 bpd by year-end was more realistic.

U.S. data this week showed a surprise 3.3-million-barrel build in commercial crude oil stocks to 513.2 million barrels. Inventories of refined products were also up, despite the start of the peak-demand summer season.

U.S. refined product inventories are now back above 2016 levels and well above their five-year range, reflecting an unexpected slowdown in U.S. demand, Jefferies said.

Asian markets are also oversupplied, with traders putting excess crude into floating storage, an indicator of a glut.

Thomson Reuters Eikon shipping figures show at least 25 supertankers sitting in the Strait of Malacca and the Singapore Strait, holding unsold fuel.

Those are similar amounts to May and April, indicating that even in Asia, with its strong demand growth, traders are struggling to clear inventories.

BRENT OIL PRICES JUNE 2016 - JUNE 2017

WTI OIL PRICES JUNE 2016 - JUNE 2017

BRENT OIL PRICES JUNE 2012 - JUNE 2017

WTI OIL PRICES JUNE 2012 - JUNE 2017

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Earlier: 

OIL PRICE: ABOVE $47 

OIL PRODUCTION DOWN

OIL PRICE: ABOVE $49 ANEW 

OIL PRICES: $53 - $56 

GLOBAL OIL OVERSUPPLY

OIL PRICE: ABOVE $50 

OIL PRICES: $50 - $60 

 

Tags: НЕФТЬ, ЦЕНА, OIL, PRICE, BRENT, WTI

Chronicle:

OIL PRICE: ABOVE $48
2018, November, 12, 12:00:00

TOTAL'S INVESTMENT TO ANGOLA: $16 BLN

THE LOCAL FRANCE - Angola and French oil giant Total formally launched a major new offshore oil project Saturday to aid the country's economy that plunged into crisis following oil price dips in 2014.

OIL PRICE: ABOVE $48
2018, November, 12, 11:55:00

CHINA, WESTINGHOUSE NUCLEAR

WNN - China's State Power Investment Corporation (SPIC) says it has signed a memorandum of understanding (MoU) for "global cooperation" in nuclear energy with Westinghouse Electric Company of the USA.

OIL PRICE: ABOVE $48
2018, November, 12, 11:50:00

SMALL BRITAIN'S NUCLEAR

WNN - Advanced Nuclear Technologies - otherwise known as small nuclear or small reactor technologies - encompass a wide range of nuclear reactor technologies under development, BEIS noted. "The common attributes that these technologies share is that they are smaller than conventional nuclear power station reactors and are designed so that much of the plant can be fabricated in a factory environment and transported to site, reducing construction risk and making them less capital-intensive," it said.

OIL PRICE: ABOVE $48
2018, November, 12, 11:45:00

POLAND, USA NUCLEAR

WNN - Poland and the USA have signed a Joint Declaration of Energy Security, which emphasises the expansion of their cooperation in a variety of areas, including civil nuclear energy. The document was signed in Warsaw yesterday by Polish Energy Minister Krzysztof Tchórzewski and US Secretary of Energy Rick Perry.

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