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2018-07-16 11:05:00

OIL PRICE: NEAR $75

OIL PRICE: NEAR $75

REUTERS - Oil prices fell on Monday as concerns about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases by Russia and other oil producers.

Brent crude futures were down 66 cents, or 0.9 percent, at $74.67 a barrel at 0645 GMT.

U.S. West Texas Intermediate (WTI) crude was down 57 cents, or 0.8 percent, at $70.43 a barrel.

Supply outages in Libya and strike action in Norway and Iraq pushed oil prices higher late last week, although prices still ended down for a second straight week.

"Crude oil prices fell as fears of supply disruptions eased. News that Libya's state oil producer had restarted output from a major oil field ignited the selloff earlier in the week," ANZ Bank said in a note.

The market focus shifted toward possible supply increases, even as a Norwegian union for workers on offshore oil and gas drilling rigs stepped up a six-day strike.

"There are mixed supply signals and I think the (Brent) price is likely to be in the low-to-mid $70s range," said Kim Kwang-rae, commodity analyst at Samsung Futures in Seoul.

"A summit between U.S. President Trump and Russian President Putin is also being watched in case they say something about oil," Kim said.

U.S. President Donald Trump and Russian President Vladimir Putin are set to hold their first stand-alone meeting in Helsinki on Monday. Trump has been vocal about his dissatisfaction with higher oil prices, asking OPEC to lower prices.

Russia and other major oil producers may increase output further should supply shortages hit the global oil market, Russian Energy Minister Alexander Novak said on Friday.

Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA, said U.S.-China trade tensions "should subside this week and could be a possible plus for oil prices," but a possible sale of U.S. oil reserves would hurt prices.

"With the Trump administration actively considering tapping into the nation's Strategic Petroleum Reserve, it could weigh negatively," Innes said.

The United States holds a reserve of about 660 million barrels, and the Trump administration was considering drawing on the country's oil reserve, which would increase supply, according to a Bloomberg report.

Meanwhile, the number of rigs drilling in the United States was unchanged at 863 in the week to July 13 as the rate of the growth slowed amid a fall in crude prices.

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Earlier: 

Prices
2018, July, 12, 10:55:00

OIL PRICE: ABOVE $74

REUTERS - Brent crude LCOc1 rose $1.23, or 1.7 percent, to $74.63 a barrel by 0544 GMT after slumping 6.9 percent on Wednesday. U.S. West Texas Intermediate (WTI) CLc1 added 46 cents, or 0.7 percent, to $70.84 a barrel, after falling 5 percent the previous session.

 

Prices
2018, July, 12, 10:45:00

OPEC: OIL DEMAND UP BY 1.65 MBD

OPEC - In 2018, oil demand is expected to grow by 1.65 mb/d, unchanged from the previous month’s assessment, with expectations for total world consumption at 98.85 mb/d. In 2019, the initial projection indicates a global increase of around 1.45 mb/d, with annual average global consumption anticipated to surpass the 100 mb/d threshold. The OECD is once again expected to remain in positive territory, registering a rise of 0.27 mb/d with the bulk of gains originating in OECD America. The non-OECD region is anticipated to lead oil demand growth in 2019 with initial projections indicating an increase of around 1.18 mb/d, most of which is attributed to China and India. Additionally, a steady acceleration in oil demand growth is projected in Latin America and the Middle East.

Prices
2018, July, 12, 10:35:00

OPEC & RUSSIA 1 MBD: INSUFFICIENT

PLATTS - OPEC's recent decision with Russia and other allies to boost crude output by a combined 1 million b/d may be insufficient to meet global demand in the months ahead, according to the producer group's own forecast.

Prices
2018, July, 11, 09:35:00

OIL PRICE: NEAR $78 YET

REUTERS - Brent crude futures LCOc1 were down 75 cents, or 1 percent, at $78.11 a barrel by 0308 GMT, having fallen as low as $77.60. U.S. crude CLc1 was down 55 cents, or 0.7 percent, at $73.56.

Prices
2018, July, 11, 09:30:00

OPEC LISTEN TO CONSUMERS

BLOOMBERG - “We need to just give it time to enter the market,” Al Mazrouei said of the extra supply. “When a major consuming country speaks, we listen -- we listen to the United States, we listen to China, we listen to India.”

Prices
2018, July, 11, 09:25:00

OIL PRICES 2018 - 19: $73 - $69

EIA - Brent crude oil spot prices averaged $74 per barrel (b) in June, a decrease of almost $3/b from the May average. EIA forecasts Brent spot prices will average $73/b in the second half of 2018 and will average $69/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average $6/b lower than Brent prices in the second half of 2018 and $7/b lower in 2019. 

Prices
2018, July, 9, 15:25:00

OIL PRICE: NEAR $78

REUTERS - Benchmark Brent LCOc1 was up 70 cents at $77.81 a barrel by 1150 GMT. U.S. crude CLc1 was unchanged at $73.80. 

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

Chronicle:

OIL PRICE: NEAR $75
2019, January, 18, 10:25:00

BANGLADESH'S NEW ENERGY

PLATTS - Bangladesh is planning to step up efforts to liberalize its gas and LNG sectors from 2019 in order to boost private investment and enhance energy security, a move that would likely increase domestic downstream competition and affect the competitiveness of existing oil-linked LNG supply contracts.

OIL PRICE: NEAR $75
2019, January, 18, 10:20:00

NOVATEK PRODUCTION +6.9%

NOVATEK - In 2018, NOVATEK’s hydrocarbon production totaled 548.4 million barrels of oil equivalent (boe), including 68.81 billion cubic meters (bcm) of natural gas and 11,800 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 35.1 million boe, or by 6.9% as compared with the twelve months 2017.

OIL PRICE: NEAR $75
2019, January, 16, 11:40:00

OIL PRICE: ABOVE $60

REUTERS - International Brent crude oil futures LCOc1 were at $60.68 per barrel at 0703 GMT, 4 cents above their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 2 cents from their last settlement, at $52.13 a barrel.

OIL PRICE: NEAR $75
2019, January, 16, 11:35:00

GERMANY PROTECTS EUROPE

REUTERS - Germany will try to protect German and European companies from some potentially “massive collateral damage” if Washington levies further sanctions against Russia, Foreign Minister Heiko Maas said.

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