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2018-09-03 15:35:00

OIL PRICE: ABOVE $78

OIL PRICE: ABOVE $78

REUTERS - Oil prices rose on Monday, supported by concerns that falling Iranian output will tighten markets once U.S. sanctions bite from November, but gains were limited by higher supply from OPEC and the United States.

Brent crude oil LCOc1 was up 45 cents at $78.09 a barrel by 1045 GMT. U.S. crude CLc1 was 10 cents higher at $69.90.

The two benchmarks have risen strongly over the last two weeks with Brent gaining more than 10 percent on expectations that global supply will tighten later this year.

U.S. sanctions are already curbing exports from Iran.

"Exports from OPEC's third-biggest producer are falling faster than expected and worse is to come ahead of a looming second wave of U.S. sanctions," said Stephen Brennock, analyst at London brokerage PVM Oil Associates. "Fears of an impending supply crunch are gaining traction."

Stephen Innes, head of trading for Asia-Pacific at brokerage OANDA, said Brent was "supported by the notion that U.S. sanctions on Iranian crude oil exports will eventually lead to constricted markets".

Edward Bell, analyst at Emirates NBD bank in Dubai, agreed:

"Iranian production is already showing signs of decline, falling by 150,000 bpd last month ... (as) importers of Iranian barrels will already be moving away from taking shipments."

But global oil markets are still fairly well supplied.

Production by the Organization of the Petroleum Exporting Countries rose 220,000 barrels per day (bpd) in August to a 2018 high of 32.79 million bpd, a Reuters survey showed.

Output was boosted by a recovery in Libyan production and as Iraq's southern exports hit a record high.

U.S. drillers added oil rigs for the first time in three weeks, increasing the rig count by 2 to 862. The high rig count has helped lift U.S. crude production C-OUT-T-EIA by more than 30 percent since mid-2016 to 11 million bpd.

Meanwhile, trade disputes between the United States and other major economies including China and the European Union are expected to hurt oil demand if they are not settled soon.

China's manufacturing activity grew at the slowest pace in more than a year in August, with export orders shrinking for a fifth month, a private survey showed on Monday.

OANDA's Innes said it was too early to say whether economic slowdown would put a serious dent in oil prices.

"It isn't at all clear that such type of economic headwinds will topple oil prices," Innes said.

-----

Earlier: 

Prices
2018, August, 31, 11:40:00

OIL PRICE: ABOVE $77

REUTERS -International Brent crude oil futures LCOc1 were at $77.64 per barrel at 0654 GMT, down 13 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were unchanged at $70.25 a barrel.

 

 

Prices
2018, August, 29, 10:55:00

OIL PRICE: NOT ABOVE $76 YET

REUTERS - International Brent crude oil futures LCOc1 were at $75.69 per barrel at 0654 GMT, down 26 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 12 cents, or 0.2 percent, at $68.41 a barrel.

 

Prices
2018, August, 29, 10:30:00

IRAN'S OIL EXPORTS DOWN AGAIN

REUTERS - Iran’s crude oil and condensate exports in August are set to drop below 70 million barrels for the first time since April 2017, well ahead of the Nov. 4 start date for a second round of U.S. economic sanctions.

 

Prices
2018, August, 27, 14:30:00

OIL PRICE: NOT ABOVE $76

REUTERS - International Brent crude oil futures LCOc1 were at $75.49 per barrel at 0956 GMT, down 33 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 32 cents at $68.40 a barrel.

Prices
2018, August, 24, 11:30:00

OIL PRICE: NEAR $75 YET

REUTERS - Brent crude oil futures LCOc1 were at $75.07 per barrel at 0424 GMT, up 34 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $68.24 per barrel, up 41 cents, or 0.6 percent.

 

Prices
2018, August, 22, 13:10:00

OIL PRICE: NEAR $73 YET

REUTERS - Brent crude oil futures LCOc1 were at $72.90 per barrel at 0653 GMT, up 27 cents, or 0.37 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 27 cents, or 0.41 percent, at $66.11 per barrel.

Prices
2018, August, 20, 14:30:00

OIL PRICE: NEAR $72 AGAIN

REUTERS - Brent crude futures, a benchmark for international oil prices, were at $72.11 per barrel at 0803 GMT, up 28 cents. U.S. West Texas Intermediate (WTI) crude futures were up 3 cents at $65.94 per barrel. 

Tags: OIL, PRICE, BRENT, WTI,

Chronicle:

OIL PRICE: ABOVE $78
2018, December, 17, 10:15:00

QATAR'S LNG FOR PAKISTAN

TP - With fast growing demand and expanding gas receiving capacity in Pakistan, the South Asian nation is expected to source more liquefied natural gas (LNG) from Qatar, said the country’s visiting Finance Minister Asad Umar.

OIL PRICE: ABOVE $78
2018, December, 17, 10:10:00

QATAR'S INVESTMENT FOR U.S.: $20 BLN

REUTERS - Qatar Petroleum (QP) is looking to invest at least $20 billion in the United States over the coming few years, its chief executive told Reuters, after the Gulf Arab state unexpectedly quit OPEC this month.

OIL PRICE: ABOVE $78
2018, December, 17, 10:05:00

U.S. INDUSTRIAL PRODUCTION UP 0.6%

U.S. FRB - U.S. industrial production rose 0.6 percent in November after moving down 0.2 percent in October; the index for October was previously reported to have edged up 0.1 percent. In November, manufacturing production was unchanged, the output of mining increased 1.7 percent, and the index for utilities gained 3.3 percent.

OIL PRICE: ABOVE $78
2018, December, 17, 10:00:00

U.S. RIGS DOWN 4 TO 1,071

BHGE - U.S. Rig Count is down 4 rigs from last week to 1,071, with oil rigs down 4 to 873 and gas rigs unchanged at 198. Canada Rig Count is down 12 rigs from last week to 174, with oil rigs down 7 to 95 and gas rigs down 5 to 79.

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