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2018-01-26 12:40:00

OIL PRICES: ABOVE $70

OIL PRICES: ABOVE $70

REUTERSBLOOMBERG -  Oil prices fell on Friday ahead of the end of the peak-demand winter season in the northern hemisphere, although ongoing supply cuts and the weakening dollar offered broad support to the market. 

Brent crude futures were at $70.22 per barrel at 0556 GMT, down 20 cents, or 0.3 percent, from their last close. Brent the previous day marked its highest since December, 2014 at $71.28. 

U.S. West Texas Intermediate (WTI) crude futures were at $65.38 a barrel, down 13 cents, or 0.2 percent from their previous close. WTI also touched its highest since December, 2014 in the last session at $66.66. 

Georgi Slavov, head of research at commodities brokerage Marex Spectron, said despite a generally healthy outlook for oil demand, there were short-term headwinds due to the upcoming end of the peak-demand period during the northern hemisphere winter season. 

Many refiners shut down after winter for maintenance, resulting in lower orders for crude, their most important feedstock. 

"Demand is starting to weaken as ... refining capacity was taken out of the market," Slavov said. 

U.S. bank Jefferies said "a fairly heavy maintenance season" was starting in the United States, adding there was also upcoming "scheduled maintenance in the Middle East (including the 400,000 barrels per day Aramco Jubail refinery)." 

This is reflecting in oil inventories. 

"Global oil stocks built overall in the week ending Jan. 19, as both crude and product stocks saw small builds," U.S. bank Morgan Stanley said. 

On the supply side, U.S. oil production is expected to hit 10 million bpd soon, after reaching 9.88 million bpd last week. 

Output has grown by more than 17 percent since mid-2016 and is now on par with top exporter Saudi Arabia's. 

Only Russia produces more, averaging 10.98 million bpd in 2017. 

Rising U.S. output threatens to undermine the supply restraint led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, aimed at propping up prices. 

The cuts, coupled with demand growth, have contributed to a near 60 percent rise in oil prices since mid-2017 as excess crude inventories have been drawn down. 

Crude oil futures have also received support from a weakening dollar. 

The U.S. currency has lost almost 13 percent in value against a basket of other leading currencies since the start of 2017. 

As oil is traded in dollars, swings in the greenback can also impact oil demand as it affects the price of fuel purchases for countries using other currencies. "The weakening of the U.S. dollar against a basket of global currencies... has positioned 2018 to lead off with strong levels of oil demand," said BMI Research.

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Earlier:

 

Prices
2018, January, 24, 12:20:00

OIL PRICES: ABOVE $69 AGAIN

REUTERS - Brent crude futures were at $69.79 a barrel at 0749 GMT, down 17 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $64.45 a barrel, down 2 cents from their last settlement.

Prices
2018, January, 24, 12:15:00

СОГЛАШЕНИЕ ВЫПОЛНЕНО НА 107%

МИНЭНЕРГО РОССИИ - АЛЕКСАНДР НОВАК: СОГЛАШЕНИЕ ОПЕК+ ПО ИТОГАМ 2017 ГОДА ВЫПОЛНЕНО НА 107%

 

 Prices
2018, January, 22, 08:50:00

OIL PRICES: NOT ABOVE $69 YET

REUTERS - Brent crude futures were at $68.89 a barrel at 0315 GMT, up 25 cents, or 0.4 percent, from their last close. Brent on Jan. 15 rose to $70.37, its highest since December 2014. U.S. West Texas Intermediate (WTI) crude futures were at $63.61 a barrel, up 24 cents, or 0.4 percent, from their last settlement. WTI climbed to $64.89 on Jan. 16, also its highest since December 2014.

 

 Prices
2018, January, 22, 08:40:00

OPEC'S CONSTRUCTIVE ROLE

OPEC - HH Sheikh Sabah praised all 24 participating countries, both OPEC and non-OPEC, for their joint efforts towards restoring much needed oil market stability, as well as keeping faith in the collaborative approach which is at the heart of the ‘Declaration of Cooperation’.

 

 Prices
2018, January, 19, 12:45:00

OIL PRICES: ABOVE $68

REUTERS - Brent crude futures were at $68.78 at 0128 GMT, down 53 cents, or 0.8 percent, from their last close. On Monday, they hit their highest since December, 2014 at $70.37 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $63.36 a barrel, down 59 cents, or 0.9 percent, from their last settlement. WTI marked a December-2014 peak of $64.89 a barrel on Tuesday.

 Prices
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

 Prices
2018, January, 10, 13:05:00

OIL PRICES: $60 - $61

EIA - Brent crude oil prices averaged $54/b in 2017 and are forecast to average $60/b in 2018 and $61/b in 2019. West Texas Intermediate (WTI) crude oil spot prices are forecast to average $4/b less than Brent prices in both 2018 and 2019. EIA’s forecast for the average WTI price for December 2018 of $58/b should be considered in the context of NYMEX contract values for December 2018 delivery. NYMEX contract values traded during the five-day period ending January 4 suggest that a range of $40/b to $85/b encompasses the market expectation for WTI prices in December 2018 at the 95% confidence level.

 

 

 

 

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

Chronicle:

OIL PRICES: ABOVE $70
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

OIL PRICES: ABOVE $70
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

OIL PRICES: ABOVE $70
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

OIL PRICES: ABOVE $70
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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