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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
2018, November, 19, 11:20:00

U.S. SECURITIES OUTFLOW $29.1 BLN

U.S. DT - The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $29.1 billion. Of this, net foreign private inflows were $23.5 billion, and net foreign official outflows were $52.7 billion.

OIL GAS PRICES: DOWN TO $47
2018, November, 19, 11:15:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in October, as a gain for manufacturing outweighed decreases elsewhere. As a result of upward revisions primarily in mining, the overall index is now reported to have advanced at an annual rate of 4.7 percent in the third quarter, appreciably above the gain of 3.3 percent reported initially.

OIL GAS PRICES: DOWN TO $47
2018, November, 19, 11:10:00

GREEN NUCLEAR ENERGY

WNN - "nuclear energy is a "mature, low greenhouse gas emission source of baseload generation that could make an increasing contribution to global development based on low-carbon energy supply".

OIL GAS PRICES: DOWN TO $47
2018, November, 19, 11:05:00

SAUDIS, PAKISTAN INVESTMENT: $6 BLN

ARAB NEWS - Saudi Arabia has shown investment interest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub, Balochistan, officials have confirmed.

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