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2019-01-21 11:55:00

OIL PRICE: NEAR $63

OIL PRICE: NEAR $63

REUTERS - Crude prices rose to their highest so far in 2019 on Monday after data showed refinery processing in China, the world's second-largest oil consumer, climbed to a record last year despite a slowing economy.

International Brent crude oil futures LCOc1 were at $62.75 per barrel at 0747 GMT, up 5 cents, or 0.1 percent, from their last close. Brent earlier rose above $63 for the first time in 2019.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.87 a barrel, up 7 cents, or 0.1 percent. WTI earlier advanced above $54 a barrel for the first time this year.

Traders said the price rises came after data released by China's National Bureau of Statistics on Monday showed crude oil refinery throughput climbed to a record 603.57 million tonnes in 2018, or 12.1 million barrels per day (bpd), up 6.8 percent from the previous year.

The strong oil demand figures came despite China's 2018 economic growth slowing to the weakest in 28 years, at 6.6 percent versus 6.8 percent in 2017.

Although the slowdown was in line with expectations and not as sharp as some analysts had expected, the cooling of the world's No.2 economy casts a shadow over global growth.

"The global outlook remains murky, despite emerging positives from a dovish Fed (now boosting U.S. mortgage applications), faster China easing (China credit growth stabilizing) and a more durable U.S.-China truce," U.S. bank J.P. Morgan said in a note.

Despite this, analysts said supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) would likely support crude oil prices.

"Brent can remain above $60 per barrel on OPEC+ compliance, expiry of Iran waivers and slower U.S. output growth," J.P. Morgan said.

Energy consultancy Wood Mackenzie said on Monday that it expected Brent prices to average $66 per barrel in 2019, adding that despite the OPEC-led supply cuts there would be "ample supply through to the end of 2019."

Not all analysts see it that way.

Researchers at Bernstein Energy said the supply cuts led by OPEC "will move the market back into supply deficit" for most of 2019 and that should cause prices to rise to $70 a barrel before year-end.

In the United States, energy firms cut the number of rigs drilling for oil by 21 in the week to Jan. 18, taking the total count down to 852, the lowest since May 2018, energy services firm Baker Hughes said in a weekly report on Friday.

It was biggest decline since February 2016, as drillers reacted to the 40-percent plunge in U.S. crude prices late last year.

However, U.S. crude oil production still rose by more than 2 million bpd in 2018, to a record 11.9 million bpd.

With the rig count stalling, last year's growth rate is unlikely to be repeated in 2019, although most analysts expect annual production to average well over 12 million bpd, making the United States the world's biggest oil producer ahead of Russia and Saudi Arabia.

 

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Earlier: 

Prices
2019, January, 18, 10:55:00

OIL PRICE: NEAR $62 AGAIN

REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.62 per barrel at 0339 GMT, up 55 cents, or 1.1 percent, from their last settlement. International Brent crude oil futures LCOc1 were up 54 cents, or 0.9 percent, at $61.72 per barrel.

 

Prices
2019, January, 18, 10:50:00

ЦЕНА URALS: $55,94531

МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 декабря 2018 года по 14 января 2019 года составила $ 55,94531 за баррель, или $ 408,4 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 февраля 2019 года понизится на $ 8,3 и составит $ 80,7 за тонну.

 

Prices
2019, January, 18, 10:45:00

OPEC PRODUCTION DOWN 751 TBD

REUTERS - The Organization of the Petroleum Exporting Countries said in a monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.

 

Prices
2019, January, 18, 10:40:00

RUSSIA WILL CUT FASTER

BLOOMBERG - “Of course, we will try to make the cuts faster,” Energy Minister Alexander Novak told reporters in Belgrade, Serbia. “We have our limitations of a technological nature, yet we will aim to reach the levels we agreed on.”

 

Prices
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.

 

Prices
2019, January, 16, 11:20:00

OIL MARKET BALANCE

REUTERS - “If we look beyond the noise of weekly data and speculators’ herd-like behavior, I remain convinced that we’re on the right track, and that the oil market will quickly return to balance,” said Falih, addressing an oil conference in Abu Dhabi.

 

Prices
2019, January, 16, 11:15:00

OIL PRICE LEVEL: $70

AN - Bank of America Merrill Lynch has retained its forecast that oil will average at $70 this year, after prices rebounded from a two-year low in December. 

Tags: OIL, PRICE, BRENT, WTI,
OIL PRICE: NEAR $63 February, 18, 12:30:00

OIL PRICE: ABOVE $66

OIL PRICE: NEAR $63 February, 18, 12:25:00

OIL DEMAND GROWTH 1.4 MBD

OIL PRICE: NEAR $63 February, 18, 12:20:00

BRENT OIL: UNDERVALUED

OIL PRICE: NEAR $63 February, 18, 12:15:00

U.S. OIL PRODUCTION 11.9 MBD AGAIN

OIL PRICE: NEAR $63 February, 18, 12:10:00

BENEFIT FOR RUSSIA

OIL PRICE: NEAR $63 February, 18, 12:05:00

LATIN AMERICA ENERGY FORUM FEBRUARY 2019

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Chronicle:

OIL PRICE: NEAR $63
2019, February, 18, 12:00:00

БЫСТРАЯ СИЛА СИБИРИ

ГАЗПРОМ - Как отметил по итогам переговоров Алексей Миллер, «строительство газопровода „Сила Сибири“ идет с опережением графика, „Газпром“ начнет поставки газа в Китай раньше намеченного срока — уже с 1 декабря 2019 года».

OIL PRICE: NEAR $63
2019, February, 18, 11:55:00

U.S. TIGHT OIL PRODUCTION 7 MBD

U.S. EIA - In December 2018, U.S. shale and tight plays produced about 65 billion cubic feet per day (Bcf/d) of natural gas (70% of total U.S. dry gas production) and about 7 million barrels per day (b/d) of crude oil (60% of total U.S. oil production). A decade ago, in December 2008, shale gas and tight oil accounted for 16% of total U.S. gas production and about 12% of U.S. total crude oil production.

OIL PRICE: NEAR $63
2019, February, 18, 11:50:00

U.S. SHALE NEED INVESTMENT

REUTERS - On Thursday, the regional price of crude was at a $1.10 a barrel premium to U.S. crude futures, the strongest in more than a year as companies including Parsley Energy, Pioneer Natural Resources, Goodrich Petroleum Corp have pared their exploration budgets, easing the constraints.

OIL PRICE: NEAR $63
2019, February, 18, 11:45:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.6%

U.S. FRB - Industrial production decreased 0.6 percent in January after rising 0.1 percent in December.

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