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2018-09-14 12:45:00

OIL PRICE: NOT ABOVE $79

OIL PRICE: NOT ABOVE $79

REUTERS - Oil on Friday clawed back some of its losses from the previous session, when prices fell the most in a month, with concerns about supply countering worries that emerging market crises and trade disputes could dent demand.

Brent crude was up 3 cents at $78.21 a barrel by 0634 GMT, after falling 2 percent on Thursday. The global benchmark rose on Wednesday to its highest since May 22 at $80.13.

U.S. West Texas Intermediate (WTI) futures were up 18 cents, or 0.2 percent, at 68.76 a barrel, after dropping 2.5 percent on Thursday.

Brent is heading for a 1.8 percent gain this week, while WTI is on track for a 1.5 percent increase.

"Prices remain well supported as the market continues to fret about ongoing structural supply issues elsewhere," ANZ Research said in a note.

The International Energy Agency on Thursday warned that although the oil market was tightening at the moment and world oil demand would reach 100 million barrels per day (bpd) in the next three months, global economic risks were mounting.

"As we move into 2019, a possible risk to our forecast lies in some key emerging economies, partly due to currency depreciations versus the U.S. dollar, raising the cost of imported energy," the agency said.

"In addition, there is a risk to growth from an escalation of trade disputes," the Paris-based agency said.

China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks.

U.S. President Trump said on Twitter on Thursday that the United States holds the upper hand in talks.

"We are under no pressure to make a deal with China, they are under pressure to make a deal with us," Trump tweeted.

Supply concerns were stoked by data showing that U.S. crude production fell by 100,000 bpd to 10.9 million barrels per day last week as the industry faces pipeline capacity constraints.

Though weekly output slipped, the United States likely surpassed Russia and Saudi Arabia earlier this year to become the world's largest crude oil producer, based on preliminary estimates from the Energy Information Administration.

Although the EIA does not publish crude production forecasts for Russia and Saudi Arabia in its short term outlook, it expects that U.S. output will continue to exceed Russian and Saudi production for the remaining months of 2018 and through 2019.

The loss of Iranian oil to the market as refiners are cutting or halting purchase ahead of U.S. sanctions in November is also raising concerns about supply.

-----

Earlier: 

Prices
2018, September, 13, 14:35:00

OIL PRICE: NEAR $79 YET

REUTERS - Benchmark Brent crude oil LCOc1 was down 70 cents a barrel at $79.04 by 0830 GMT. U.S. light crude CLc1 fell $1.15 to a low of $69.22 a barrel.

 

Prices
2018, September, 13, 14:10:00

U.S. SANCTIONS AGAINST THE WORLD

CNBC - "We can see that the pricing situation today depends not just on the supply/demand balance or the general economic situation but also on the uncertainty that we observe today in the global markets: the trade wars, the sanctions that the U.S. pursue," Novak said, speaking to CNBC's Geoff Cutmore at the Eastern Economic Forum (EEF) in Vladivostok, Russia.

 

Prices
2018, September, 12, 12:30:00

OIL PRICE: NEAR $79

REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.93 per barrel at 0646 GMT, up 68 cents, or 1 percent, from their last settlement. WTI futures gained 2.5 percent in the previous session. Brent crude futures LCOc1 climbed 30 cents, or 0.4 percent, to $79.36 a barrel. Brent has climbed for four straight sessions, gaining 2.2 percent the previous day.

Prices
2018, September, 12, 11:50:00

OPEC CAN INCREASE

PLATTS - "There is a fairly significant combined potential by the countries [participating in the deal] that can increase production and this potential can be used if necessary," Novak said Wednesday.

 

Prices
2018, September, 12, 11:35:00

OIL PRICES 2018-19: $73-$74

U.S. EIA - EIA expects Brent spot prices will average $73/b in 2018 and $74/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $6/b lower than Brent prices in 2018 and in 2019. NYMEX WTI futures and options contract values for December 2018 delivery that traded during the five-day period ending September 6, 2018, suggest a range of $56/b to $85/b encompasses the market expectation for December WTI prices at the 95% confidence level.

Prices
2018, September, 10, 13:05:00

OIL PRICE: NEAR $78

REUTERS - Benchmark Brent crude oil rose $1.09 a barrel, or 1.4 percent, to a high of $77.92 and was trading at $77.85 by 0900 GMT. U.S. light crude was 70 cents higher at $68.45.

 

Prices
2018, September, 7, 12:57:00

OIL PRICE: ABOVE $76

REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $67.93 per barrel at 0654 GMT, up 16 cent from their last settlement. International Brent crude futures LCOc1 were up 8 cents at $76.58 a barrel.

 

 

Prices
2018, September, 5, 11:00:00

OIL PRICE: NOT ABOVE $78

REUTERS -U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.14 per barrel at 0642 GMT, down 73 cents, or 1 percent, from their last settlement. International Brent crude futures LCOc1 fell 60 cents, or 0.8 percent, to $77.57 a barrel.

 

Prices
2018, September, 3, 15:35:00

OIL PRICE: ABOVE $78

REUTERS -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.

 

 

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. 

Tags: OIL, PRICE, BRENT, WTI,

Chronicle:

OIL PRICE: NOT ABOVE $79
2018, October, 17, 10:10:00

SAUDI - INDIA'S DOWNSTREAM

MEOG - Judaimi highlighted that the closer cooperation between Saudi Aramco and Indian energy entities is reflected in the partnership with RRPCL and ADNOC on the Ratnagiri mega-refinery and petrochemicals complex in Maharashta this year. He noted that nearly $2 billion in material-service sourcing with Indian companies to date; and the opening of the Aramco Asia India office in 2017.

OIL PRICE: NOT ABOVE $79
2018, October, 17, 10:05:00

U.S. IN EUROPE

REUTERS - The United States must not determine European energy policy or decide whether Germany buys Russian gas, a top German diplomat said on Tuesday.

OIL PRICE: NOT ABOVE $79
2018, October, 17, 10:00:00

TOTAL IN RUSSIA: THE LARGEST

FT - “Total has great ambition in this country, we want to be the largest foreign oil and gas player here,” the company’s chief executive Patrick Pouyanné said on Monday at the launch of a factory outside Moscow. 

OIL PRICE: NOT ABOVE $79
2018, October, 17, 09:55:00

PETROBRAS - CNPC COOPERATION

PLATTS - Petrobras is to form two joint venture companies with China National Petroleum Corp. (CNPC) to complete construction of a refinery and revitalize four mature fields in the offshore Campos Basin, the state-owned Brazilian company said

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