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2018-03-19 08:19:00

OIL PRICE: NOT ABOVE $66 YET

OIL PRICE: NOT ABOVE $66 YET

REUTERS - Oil prices fell on Monday as increased drilling in the United States pointed to more output, raising concerns about a return of oversupply.

U.S. West Texas Intermediate (WTI) crude futures were at $62.02 a barrel at 0350 GMT, down 32 cents, or 0.5 percent, from their previous close.

Brent crude futures were at $65.85 per barrel, down 36 cents, or 0.5 percent.

Monday's price falls in part reversed increases last Friday, which came on concerns over tensions in the Middle East.

On a simple supply versus demand basis, however, oil markets are facing the possibility of a renewed glut after being in a slight deficit for much of last year.

U.S. drillers added four oil rigs in the week to March 16, bringing the total count to 800, the weekly Baker Hughes drilling report said on Friday.

"Surging U.S. production will hamper exponential growth in crude oil prices," Singapore-based brokerage Phillip Futures said on Monday.

The U.S. rig count, an early indicator of future output, is much higher than a year ago as energy companies have boosted spending.

Thanks to the high drilling activity, U.S. crude oil production has risen by more than a fifth since mid-2016, to 10.38 million barrels per day (bpd), pushing it past top exporter Saudi Arabia.

Only Russia produces more, at around 11 million bpd, although U.S. output is expected to overtake Russia's later this year as well.

Soaring U.S. output, as well as rising output in Canada and Brazil, is undermining efforts by the Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) to curb supplies and bolster prices.

Many analysts expect global oil markets to flip from slight undersupply in 2017 and early this year into oversupply later in 2018.

One risk to supplies, however, is Venezuela.

"Concerns that Venezuelan output is on the verge of collapse continue to swirl around the market," ANZ bank said.

The International Energy Agency said last week that Venezuela, where an economic crisis has cut oil production by almost half since early 2005 to well below 2 million bpd, was "clearly vulnerable to an accelerated decline", and that such a disruption could tip global markets into deficit despite soaring U.S. output.

"We remain bearish on the future direction of its (Venezuela's) oil sector, with production ... averaging 1.535 million bpd, down 379,000 bpd on average over the year," BMI Research said.

-----

Earlier: 

Prices
2018, March, 16, 10:40:00

OIL PRICE: NOT ABOVE $66 ANEW

REUTERS - West Texas Intermediate (WTI) oil futures for April delivery fell 3 cents, or 0.1 percent, to $61.16 a barrel at 0354 GMT, after settling up 23 cents on Thursday. WTI is set to fall 1.4 percent this week, reversing the previous week’s 1.3 percent gain. Brent crude futures trading in London fell 7 cents to $65.05 a barrel after settling up 23 cents. Brent is down 0.7 percent for the week.

Prices
2018, March, 14, 11:45:00

OIL PRICE: NOT ABOVE $65

REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.77 a barrel at 0753 GMT, up 6 cents, or 0.1 percent, from their previous settlement. Brent crude futures LCOc1 were at $64.62 per barrel, down just 2 cents from their last close.

 

Prices
2018, March, 12, 08:50:00

OIL PRICE: NOT ABOVE $66

REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.10 a barrel at 0407 GMT, up 6 cents, or 0.1 percent. Brent crude futures LCOc1 were at $65.58 per barrel, up 9 cents, or 0.1 percent, from their previous close.

 

Prices
2018, March, 7, 15:00:00

OIL PRICE: ABOVE $65 YET

REUTERS - Brent crude futures were at $65.37 per barrel at 0149 GMT, down 42 cents, or 0.6 percent from their previous close. U.S. West Texas Intermediate (WTI) crude futures were at $62.16 a barrel, down 44 cents, or 0.7 percent.

Prices
2018, March, 5, 11:35:00

OIL PRICE: ABOVE $64 YET

REUTERS - International benchmark Brent crude was up 44 cents, or 0.68 percent, at $64.81 a barrel by 0135 GMT. U.S. West Texas Intermediate (WTI) crude rose 41 cents, or 0.67 percent, to $61.66 per barrel.

Prices
2018, March, 4, 11:30:00

ЦЕНА URALS: $ 65,99

МИНФИН РОССИИ - Средняя цена нефти марки Urals по итогам января – февраля 2018 года составила $ 65,99 за баррель.

 

Prices
2018, February, 14, 10:05:00

IEA: OIL DEMAND GROWTH 1.6 MBD

IEA - Our demand growth estimate for 2017 remains strong at 1.6 mb/d, reinforced by November data for the US. For 2018, the more positive global economic picture published by the International Monetary Fund is a key factor in raising our growth outlook to 1.4 mb/d. It was thought that the significant increase in the dollar price of crude oil since the middle of 2017 would dampen growth, and this might be the case to some extent, but the impact of higher prices has been partly offset in some countries by currency appreciations.

 

Tags: OIL, PRICE, BRENT, WTI, URALS, OPEC, НЕФТЬ, ЦЕНА
OIL PRICE: NOT ABOVE $66 YET October, 19, 11:30:00

ТРАГЕДИЯ В КЕРЧИ

OIL PRICE: NOT ABOVE $66 YET October, 19, 11:25:00

OIL PRICE: NOT ABOVE $80

OIL PRICE: NOT ABOVE $66 YET October, 19, 11:20:00

GAS FOR CHINA: THE BIGGEST

OIL PRICE: NOT ABOVE $66 YET October, 19, 11:15:00

RUSSIAN LNG FOR GERMANY

OIL PRICE: NOT ABOVE $66 YET October, 19, 11:10:00

RUSSIAN YAMAL LNG

OIL PRICE: NOT ABOVE $66 YET October, 19, 11:05:00

EXXON'S LNG FOR CHINA

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Chronicle:

OIL PRICE: NOT ABOVE $66 YET
2018, October, 19, 11:00:00

NORWAY'S GAS FOR BRITAIN

PLATTS - Norwegian natural gas exports to the UK jumped to their highest in six months Wednesday as consistently high UK prices incentivized flows normally only reserved for wintry periods.

OIL PRICE: NOT ABOVE $66 YET
2018, October, 19, 10:55:00

UZBEKISTAN'S NUCLEAR: $11 BLN

AZERNEWS - The estimated cost of construction of nuclear power plant of Russian design in Uzbekistan will be about $ 11 billion, the launch of the first power unit has been planned for 2028, the Aide to the President of the Russian Federation Yury Ushakov said.

OIL PRICE: NOT ABOVE $66 YET
2018, October, 19, 10:50:00

IRANIAN GAS: 1 BLN CMD

SHANA - Managing Director of the Iranian Gas Engineering and Development Company (IGEDC) Hassan Montazer Torbati said the supply of one billion cubic meters per day of natural gas by National Iranian Gas Company (NIGC) was one of the goals of the company by 2021.

OIL PRICE: NOT ABOVE $66 YET
2018, October, 19, 10:45:00

CHINA - BELGIUM NUCLEAR

WNN - China and Belgium have signed a framework agreement on cooperation in the peaceful use of nuclear energy. The agreement was one of several accords signed in Brussels yesterday during a meeting between Chinese Premier Li Keqiang and Belgian Prime Minister Charles Michel.

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