OIL PRICE: NOT ABOVE $52 YET
Brent crude futures LCOc1 were at $51.02 per barrel at 0218 GMT, up 22 cents or 0.4 percent from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.70 a barrel, up 15 cents, or 0.3 percent.
U.S. crude inventories fell by 9.2 million barrels in the week to Aug. 11 to 469.2 million, industry group the American Petroleum Institute said on Tuesday.
That compared with analyst expectations for a decrease of 3.1 million barrels.
"The market took this as a mildly bullish report," said William O'Loughlin, investment analyst at Rivkin Securities.
However, gasoline stocks climbed by 301,000 barrels, compared with analyst expectations in a Reuters poll for a 1.1 million barrel decline.
Official Energy Information Administration (EIA) data will be published late on Wednesday.
More broadly, analysts said ample supplies were preventing prices from moving much higher.
"It is the ongoing fundamental issue of excessive supply that is continuing to weigh on oil prices... Not a lot has changed despite the OPEC and Russia efforts recently. While these producers have tried to limit their oil output, U.S. shale oil continues to rise," said Fawad Razaqzada, market analyst at futures brokerage Forex.com.
The Organization of the Petroleum Exporting Countries together with non-OPEC producers like Russia has pledged to restrict output by 1.8 million barrels per day (bpd) between January this year and March 2018.
Offsetting much of that effort, however, U.S. oil production has soared by almost 12 percent since mid-2016 to 9.42 million bpd.
On the demand side, analysts also see a gradual slowdown in consumption growth as gasoline demand peaks in the United States due to improving fuel efficiency and the rise of electric vehicles, while China's voracious oil thirst also starts to taper off.
The crude forward price curve shows that the market condition known as contango, when it is profitable to store oil for later sale and which is seen as an indicator of oversupply, no longer applies.
Yet neither is the curve in backwardation, which would make it profitable to sell oil immediately and which is seen as a healthy market for producers.
"OPEC and Russia still face an uphill battle in reducing the global supply surplus in the face of growth in output elsewhere (U.S. shale oil, Libya, Nigeria) and less than compliant behavior in their midst (Iraq, UAE)," French bank BNP Paribas said in a note.
Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.92 per barrel at 0652 GMT, down 18 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.70 a barrel, down 12 cents, or 0.3 percent.
North Sea Brent crude oil spot prices averaged $48 per barrel (b) in July, $2/b higher than the June average and almost $4/b higher than in July 2016. EIA forecasts Brent spot prices to average $51/b in 2017 and $52/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average $2/b less than Brent prices in both 2017 and 2018.
Global oil stocks fell by 500,000 b/d and preliminary data for July, particularly in the US where stocks fell by 790,000 b/d, is supportive of rebalancing supplies with demand, according to the most recent Oil Market Report from the International Energy Agency.
Total crude oil production from the Organization of Petroleum Exporting Countries increased 173,000 b/d month-over-month in July to average 32.87 million b/d.
Benchmark Brent crude was up 20 cents a barrel at $52.56 by 0920 GMT. U.S. light crude was 20 cents higher at $49.79.
U.S. West Texas Intermediate (WTI) futures briefly jumped over $50 per barrel on Monday and were at $49.97 per barrel at 0654 GMT, still up 25 cents, or 0.5 percent from their last close. That means that virtually the entire WTI curve has moved over $50 per barrel. Brent crude futures were at $52.85 per barrel, up 33 cents or 0.6 percent. Prices hit $52.90 per barrel earlier in the day, their highest since May 25.
«Ранее мы видели, что на 1 триллион долларов сократились инвестиции в период с 2014-го по 2016 годы включительно, в 2017 году этот тренд пошел уже на увеличение инвестиций в нефтяном секторе. Мы видим также, что снизилась волатильность на рынке, и можно сказать о том, что цена в первом полугодии 2017 года нефти марки Brent была на 30% выше первого полугодия 2016 года. И это стало существенным фактором, который способствовал, в том числе и росту доходов бюджета, улучшению торгового баланса экономики», - рассказал глава российского Минэнерго.
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MEOG - Judaimi highlighted that the closer cooperation between Saudi Aramco and Indian energy entities is reflected in the partnership with RRPCL and ADNOC on the Ratnagiri mega-refinery and petrochemicals complex in Maharashta this year. He noted that nearly $2 billion in material-service sourcing with Indian companies to date; and the opening of the Aramco Asia India office in 2017.
REUTERS - The United States must not determine European energy policy or decide whether Germany buys Russian gas, a top German diplomat said on Tuesday.
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