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2017-07-07 08:15:00

OIL & GAS PRICES: DOWN TO $47

OIL & GAS PRICES: DOWN TO $47

BRENT OIL PRICE JULY 07 2017

WTI OIL PRICE JULY 07 2017

OGJ, BLOOMBERG, OILPRICELight, sweet crude oil prices for August and September each fell by nearly $2/bbl on July 5, breaking an eight-session gaining streak as traders returned to work after the US Independence Day holiday. It was the largest single-day drop in a month. Previously, the US oil benchmark was up 11% over the 8 consecutive trading days of price increases, which marked the longest gaining streak in at least 5 years.

Prices were climbing again in early July 6 trading as traders and analysts awaited release of the US Energy Information Administration's weekly oil and products report. The July 4 holiday caused the report to come out a day later than usual.

The American Petroleum Institute said late July 5 its data for the week ended June 30 showed crude oil supplies dropped 5.8 million bbl and gasoline supplies dropped 5.7 million bbl.

Analysts surveyed by the Wall Street Journal expect EIA's Petroleum Status Report will show US crude stockpiles fell by 2.5 million bbl.

Bank of America Merrill Lynch cut its average 2017 Brent crude oil forecast to $50/bbl from its earlier forecast of $54/bbl. BOA also cut its 2018 forecast to $52/bbl from its earlier forecast of $56/bbl.

Bernstein Research also reduced its average 2017 Brent forecast to $50/bbl from its earlier forecast of $60/bbl, citing increasing US shale oil production.

Ole Hansen, head of commodity strategy for Saxo Bank, said Brent oil prices could approach $55/bbl during the second half but he expects prices will drop toward the end of the year and into 2018.

Energy prices

The August light, sweet crude contract on NYMEX dropped $1.94 on July 5 to settle at $45.13/bbl. The September contract was down $1.95 to close at $45.34/bbl.

The NYMEX natural gas price for August declined 11¢ to a rounded $2.84/MMbtu. The Henry Hub cash gas price was $2.90/MMbtu on July 5, down 4¢ from June 30, the last available price for the US gas spot price.

Heating oil futures for August dropped 3¢ to a rounded $1.48/gal. Reformulated gasoline stock for oxygenate blending for August also declined 3¢ to $1.50/gal.

The Brent crude contract for September on London's ICE decreased $1.82 to $47.79/bbl while the October contract dropped $1.83 to $48.07/bbl. The July gas oil contract was down $6.75 to $442.25/tonne.

The Organization of Petroleum Exporting Countries' basket of crudes on July 5 was $47.04/bbl, down 53¢.

BRENT OIL PRICES JULY 2016 - JULY 2017

WTI OIL PRICES JULY 2016 - JULY 2017

BRENT OIL PRICES JULY 2012 - JULY 2017

WTI OIL PRICES JULY 2012 - JULY 2017

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Earlier:

OIL PRICE: ABOVE $49 

QATAR SHOW STRENGTH 

WEEKLY OIL GAS PRICES UP 

MORE MONEY FOR OPEC 

MODEST OIL GAS PRICES 

GAS PRICE: ABOVE $3.03 

BP ENERGY REVIEW

 

 

 

 

Tags: OIL, GAS, PRICE

Chronicle:

OIL GAS PRICES: DOWN TO $47
2019, January, 18, 10:25:00

BANGLADESH'S NEW ENERGY

PLATTS - Bangladesh is planning to step up efforts to liberalize its gas and LNG sectors from 2019 in order to boost private investment and enhance energy security, a move that would likely increase domestic downstream competition and affect the competitiveness of existing oil-linked LNG supply contracts.

OIL GAS PRICES: DOWN TO $47
2019, January, 18, 10:20:00

NOVATEK PRODUCTION +6.9%

NOVATEK - In 2018, NOVATEK’s hydrocarbon production totaled 548.4 million barrels of oil equivalent (boe), including 68.81 billion cubic meters (bcm) of natural gas and 11,800 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 35.1 million boe, or by 6.9% as compared with the twelve months 2017.

OIL GAS PRICES: DOWN TO $47
2019, January, 16, 11:40:00

OIL PRICE: ABOVE $60

REUTERS - International Brent crude oil futures LCOc1 were at $60.68 per barrel at 0703 GMT, 4 cents above their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 2 cents from their last settlement, at $52.13 a barrel.

OIL GAS PRICES: DOWN TO $47
2019, January, 16, 11:35:00

GERMANY PROTECTS EUROPE

REUTERS - Germany will try to protect German and European companies from some potentially “massive collateral damage” if Washington levies further sanctions against Russia, Foreign Minister Heiko Maas said.

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