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2018-04-11 13:40:00

OIL PRICE: ABOVE $71

OIL PRICE: ABOVE $71

REUTERS - Oil held near its highest in nearly three years on Wednesday, supported by political tension in the Middle East, although evidence of rising U.S. crude supply acted as a counterbalance.

Brent crude has gained 5.7 percent this week, rising to $71.34 a barrel on Tuesday, the highest since late 2014, although the price has since fallen back and was $70.98 a barrel by 0907 GMT LCOc1, down 6 cents.

U.S. crude futures CLc1 were at $65.55 a barrel, up 4 cents on the day.

The United States and its allies are considering air strikes against Syrian President Bashar al-Assad's forces following a suspected poison gas attack last weekend.

Pan-European air traffic control agency Eurocontrol said late on Tuesday that air-to-ground and/or cruise missiles could be used within the next 72 hours, warning of intermittent disruption of radio navigation equipment.

Syria is not a significant oil producer, but any sign of conflict in the region tends to trigger concern about potential disruption to crude flows across the wider Middle East, home to some of the world's biggest producers.

There are also concerns that the United States could renew sanctions against Iran.

"The focus right now is definitely on a possible military strike against Syria," Commerzbank head of commodity research Eugen Weinberg said.

"We think the fundamentals do not justify the current price, but unfortunately, the market is focusing more on the politics and ignoring some of the warning signs, especially the hike in U.S. oil production."

Chinese President Xi Jinping on Tuesday sounded a conciliatory note on trade, which soothed some of the concern about an all-out trade conflict between his country and the United States, after both countries imposed tariffs on key imports, which in turn has also supported oil this week.

"We have upped our Brent forecast to $67.50 a barrel, from $66 in our last price update in February. We see price risks to the upside on geopolitical risk," Natixis said in a note.

Saudi Arabia Energy Minister Khalid al-Falih said on Wednesday his country would not sit by and let another supply glut surface, implying that the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC) would continue to withhold supply.

Not all oil market indicators suggest the price will continue to rally strongly, analysts said.

U.S. crude inventories rose by 1.8 million barrels in the week to April 6 to 429.1 million, according to a report by the American Petroleum Institute (API) on Tuesday, compared with analysts' expectations for a decrease of 189,000 barrels.

The U.S. Energy Information Administration (EIA) said on Tuesday that it expects domestic crude oil production in 2019 to rise by more than previously expected, driven largely by growing U.S. shale output.

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Earlier: 

Prices
2018, April, 9, 11:45:00

OIL PRICE: NOT ABOVE $68 AGAIN

REUTERS - U.S. WTI crude futures CLc1 were at $62.31 a barrel at 0643 GMT, up 25 cents, or 0.4 percent, from their previous settlement. Brent crude futures LCOc1 were at $67.42 per barrel, up 31 cents, or 0.5 percent.

 

Prices
2018, April, 9, 11:35:00

OPEC - RUSSIA UNLIMITED

PLATTS - Russia is willing to work with the OPEC coalition indefinitely to regulate global oil supplies and has advocated the creation of a new global body to monitor crude markets, the country's energy minister said.

 

Prices
2018, April, 9, 11:25:00

OPEC OIL PRODUCTION DOWN TO 32.14 MBD

PLATTS - OPEC oil output in March fell to 32.14 million b/d, its lowest level in 11 months, led by declines in seven out of the 14 member countries,

 

 

Prices
2018, April, 6, 18:35:00

OIL PRICE: NOT ABOVE $69

REUTERS - Brent crude LCOc1 for June delivery briefly traded flat at 1322 GMT at $68.33 per barrel after falling as much as 66 cents earlier. U.S. West Texas Intermediate crude for May delivery CLc1 erased some of its previous losses, but was still down 15 cents at $63.39 a barrel.

 

Prices
2018, April, 4, 09:45:00

OIL PRICE: NOT ABOVE $68

REUTERS - Oil prices slipped with Brent crude futures off 13 cents to $67.99 a barrel, while U.S. crude fell 11 cents to $63.40 a barrel.

 

 

Prices
2018, April, 4, 09:30:00

85% GLOBAL OIL DEAL

BLOOMBERG - The global deal to rein in oil output has removed “85 percent of the problem” of oversupply, and OPEC and allied producers are seeking ways to cooperate after the agreement ends, according to United Arab Emirates Energy Minister Suhail Al Mazrouei.

 

Prices
2018, April, 4, 09:25:00

RUSSIA EXECUTES THE AGREEMENT

PLATTS - Russia is planning to fully comply with its commitment to cut oil output under the OPEC/non-OPEC deal this month, Russian energy minister Alexander Novak said Tuesday, the Prime news agency reported.

Tags: OIL, PRICE, BRENT, WTI, URALS, OPEC, НЕФТЬ, ЦЕНА
OIL PRICE: ABOVE $71 September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

OIL PRICE: ABOVE $71 September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

OIL PRICE: ABOVE $71 September, 21, 10:45:00

UNEXPECTED OIL PRICES

OIL PRICE: ABOVE $71 September, 21, 10:40:00

OIL MARKET UNCERTAINTY

OIL PRICE: ABOVE $71 September, 21, 10:35:00

OPEC-NON-OPEC DECISIONS

OIL PRICE: ABOVE $71 September, 21, 10:30:00

U.S. CAPITAL EXPENDITURES UP

All Publications »

Chronicle:

OIL PRICE: ABOVE $71
2018, September, 21, 10:25:00

U.S. ENERGY CASH: $119 BLN

U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014

OIL PRICE: ABOVE $71
2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

OIL PRICE: ABOVE $71
2018, September, 21, 10:15:00

IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

OIL PRICE: ABOVE $71
2018, September, 21, 10:10:00

NATURAL GAS EXPORT UP

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

All Publications »