2019-05-27 11:55:00
OIL PRICE: ABOVE $68
REUTERS - Oil prices were mixed on Monday, with U.S. crude under pressure from Sino-American trade tensions, while Brent prices were supported by OPEC's supply cuts.
Front-month U.S. West Texas Intermediate (WTI) crude futures were at $58.43 per barrel at 0700 GMT, down 20 cents, or 0.3%, from their last settlement.
Spot Brent crude futures, the international benchmark for oil prices, were firmer at $68.82 per barrel, 13 cents, or 0.2%, above their last close.
Both crude contracts last week registered their biggest price declines this year amid concerns that the U.S.-China trade dispute could accelerate an international economic slowdown.
Money managers cut their net long U.S. crude futures and options positions in the week to May 21, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
Beyond financial markets, there are also signs on the ground of a slowdown in growth in oil demand.
Amid the trade conflict between the United States and China, profits for China's industrial firms dropped in April on slowing demand and manufacturing activity, according to data published by the National Bureau of Statistics (NBS) on Monday.
China's automobile sales, a key driver of global oil demand growth, will reach around 28.1 million units this year, unchanged from levels seen in 2018, when the country's auto market contracted for the first time in more than two decades, state news agency Xinhua reported on Sunday.
The outlook for flat car sales may be too optimistic still, as monthly sales have so far declined for 10 consecutive months.
A bright spot for carmakers, although not for the oil industry, is that sales of new energy vehicles are likely to grow by about 27 percent to hit 1.6 million units, from 1.26 units in 2018, the report said.
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Earlier:
2019, May, 24, 10:25:00
OIL PRICE: NEAR $67
Brent crude futures were at $68.48 per barrel at 0654 GMT, up 72 cents, or 1.1%, from their last close, with prices underpinned by OPEC supply cuts and Middle East tensions. U.S. West Texas Intermediate (WTI) crude futures were up 66 cents, or 1.1%, at $58.57 per barrel.
2019, May, 24, 10:20:00
OPEC+ COMPLIANCE 168%
Although compliance to the cuts had a slow start, OPEC's JMMC noted in a press release following their meeting in Jeddah, Saudi Arabia, that compliance had hit a record high of 168% in April 2019. Average conformity reached 120% since January 2019.
2019, May, 23, 12:35:00
OIL PRICE: ABOVE $70 YET
Brent crude futures were at $70.36 per barrel, down 63 cents, or 0.9%, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down by 51 cents, or 0.8%, at $60.91 per barrel.
2019, May, 23, 12:25:00
СОТРУДНИЧЕСТВО ОПЕК+ РОССИЯ
“Российские компании согласны с тем, что необходимо продолжать сотрудничество. Взаимодействие направлено как на восстановление баланса на рынке, так и на поддержание справедливой, стабильной стоимости углеводородов, - отметил Александр Новак. - Россия готова оперативно реагировать на запросы рынка, мы можем увеличить производство из-за дефицита рынка. В качестве примера гибкости напомню, что мы вслед за ростом спроса прошлым летом увеличили производство и сократили его к концу года, когда на рынке был избыток».
2019, May, 22, 11:00:00
OIL PRICE: NEAR $72 AGAIN
Brent crude futures were down 39 cents, or 0.5 percent, at $71.79 at barrel. WTI crude futures for July delivery were down 59 cents, or 0.9 percent, at $62.54.
2019, May, 21, 15:50:00
ИСПОЛНЕНИЕ СДЕЛКИ ОПЕК+
“Мы отметили, что странам Соглашения необходимо вернуться к полному исполнению сделки для гарантии того, что стабильность рынка сохранится. Конкретные параметры, в которых мы будем действовать во второй половине 2019 года, будут определены в Вене в течение месяца. Мы рассматриваем разные опции, в том числе послабление квот по сокращению добычи. Естественно, при соответствующих сигналах от рынка”,
2019, May, 21, 15:35:00
OPEC+ RUSSIA COOPERATION
Russia sees a range of options that would allow OPEC+ to continue output cooperation until year-end, from easing the limits to ending the extreme throttling-back that has seen some countries exceed original cutback targets.
