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2018-11-16 10:10:00

OIL PRICE: NEAR $67 YET

OIL PRICE: NEAR $67 YET

REUTERS -  Oil prices rose on Friday amid expectations of supply cuts from OPEC, although record U.S. production dragged.

U.S. West Texas Intermediate (WTI) crude oil futures were at $56.84 per barrel at 0353 GMT, up 38 cents, or 0.7 percent, from their last settlement.

Brent crude oil futures were up 48 cents, or 0.7 percent, at $67.10 per barrel.

Prices were mainly supported by expectations the Organization of the Petroleum Exporting Countries (OPEC) would start withholding supply soon, fearing a renewed rout such as in 2014 when prices crashed under the weight of oversupply.

OPEC's de-facto leader Saudi Arabia wants the cartel and its allies to cut output by about 1.4 million barrels per day (bpd), around 1.5 percent of global supply, sources told Reuters this week.

However, Morgan Stanley warned a cut by the Middle East dominated producer cartel may not have the desired effect.

"The main oil price benchmarks - Brent and WTI - are both light-sweet crudes and reflect this glut," the U.S. bank said.

"OPEC production cuts are usually implemented by removing medium and heavier barrels from the market but that does not address the oversupply of light-sweet."

Due to the structural oversupply that has emerged in the market from record production by many countries, Morgan Stanley said that "OPEC cuts are inherently temporary (because) all they can do is shift production from one period to another".

While OPEC considers withholding supply, U.S. crude oil production reached another record last week, at 11.7 million bpd, according to U.S. Energy Information Administration (EIA) data published on Thursday.

U.S. output has surged by almost a quarter since the start of the year.

The record output meant U.S. crude oil stocks posted the biggest weekly build in nearly two years.

Crude inventories soared 10.3 million barrels in the week to Nov. 9 to 442.1 million barrels, the highest level since early December 2017.

This surge contributed to oil prices falling by around a quarter since early October, taking many by surprise.

"Oil bulls, us included, have capitulated and we no longer see oil climbing to $95 per barrel next year," Bank of America Merrill Lynch said in a note.

While sentiment has turned bearish, some analysts warn that 2019 could be tighter than expected.

"We expect 2019 oil demand to reach 101.1 million bpd," natural resources research and investment firm Goehring & Rozencwajg said, up from just under 100 million bpd this year.

At the same time, the firm said production outside North America was set to disappoint.

Add OPEC's expected supply cuts, and Goehring & Rozencwajg said "those investors who are able to adopt a contrarian stance ... and stomach the volatility ... are being presented with an excellent investment opportunity" to buy into oil after the recent slump.

Bank of America agreed, saying "we believe oil is oversold and will likely bounce up from the current levels, as OPEC+ dials back production in December".

 

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Earlier: 

Prices
2018, November, 14, 12:25:00

OIL PRICE: NEAR $65

REUTERS - U.S. West Texas Intermediate (WTI) crude oil futures were at $55.52 per barrel at 0732 GMT, down 17 cents, or 0.3 percent, from their last settlement. International benchmark Brent crude oil futures LCOc1 were down 9 cents at $65.38 per barrel.

 

Prices
2018, November, 14, 12:15:00

OIL MARKET UNCERTAINTY

CNBC - Saudi Arabia, OPEC's biggest producer and the world's top crude exporter, intends to cut shipments by 500,000 barrels a day in December, Khalid al Falih, the country's energy minister said on Sunday. Russian Energy Minister Alexander Novak said on Sunday he wasn't convinced the oil market would be oversupplied in 2019. Russia is the world's second biggest oil producer after the United States and, along with Saudi Arabia, plays an influential role in the oil alliance.

 

Prices
2018, November, 12, 12:30:00

OIL PRICE: NEAR $71

REUTERS - Front-month Brent crude futures LCOc1, a benchmark for global oil prices, were at $71.59 per barrel at 0749 GMT, up 2 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures rose 1.6 percent to $61.15 per barrel.

 

 Prices
2018, November, 12, 12:25:00

CONFORMITY LEVEL 104%

OPEC - In advance of the scheduled meetings in December 2018, the JMMC directed the JTC to continue closely monitoring oil market conditions and further refine the scenario analysis based on updated data, with regard to options on new 2019 production adjustments, which may require new strategies to balance the market.

 Prices
2018, November, 12, 12:20:00

РОССИЙСКО-САУДОВСКИЕ ПЕРСПЕКТИВЫ

МИНЭНЕРГО РОССИИ - «Российско-саудовские отношения обладают солидными перспективами в сфере энергетики. Нами рассматриваются ряд масштабных совместных проектов, которые выведут российско-саудовское сотрудничество на принципиально новый уровень», - отметил российской министр.

 

 Prices
2018, November, 12, 12:15:00

SAUDIS CUTS OIL

PLATTS - Saudi Arabia expects to cut its oil exports next month but emerging signs of a crude glut in the US are not an indication that the global oil market is currently oversupplied, the kingdom's energy minister Khalid al-Falih said Sunday, attributing a two-week slide in oil prices to trader overreaction.

 

 Prices
2018, November, 12, 12:10:00

OIL PRICES WILL UP

CNBC - "In the 2020's we are going to have a clear physical shortage of oil because nobody is allowed to fully invest in future oil production," Michele Della Vigna, Head of EMEA Natural Resources Research at Goldman Sachs told CNBC Friday. 

Tags: OIL, PRICE, BRENT, WTI,
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BENEFIT FOR RUSSIA

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Chronicle:

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2019, February, 18, 12:00:00

БЫСТРАЯ СИЛА СИБИРИ

ГАЗПРОМ - Как отметил по итогам переговоров Алексей Миллер, «строительство газопровода „Сила Сибири“ идет с опережением графика, „Газпром“ начнет поставки газа в Китай раньше намеченного срока — уже с 1 декабря 2019 года».

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2019, February, 18, 11:55:00

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OIL PRICE: NEAR $67 YET
2019, February, 18, 11:50:00

U.S. SHALE NEED INVESTMENT

REUTERS - On Thursday, the regional price of crude was at a $1.10 a barrel premium to U.S. crude futures, the strongest in more than a year as companies including Parsley Energy, Pioneer Natural Resources, Goodrich Petroleum Corp have pared their exploration budgets, easing the constraints.

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2019, February, 18, 11:45:00

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