Tuesday, 16 January, 2018

Oil crosses $70 in intra-day trade

US oil output to top record 11 million barrels per day by end of 2019: EIA Oil crosses $70 in intra-day trade
Russell Knight | 13 January, 2018, 14:17

WTI light sweet crude oil rose 60 cents to $63.64 a barrel this morning, the highest in more than three years.

Weekly data from the US Energy Information Administration (EIA) showed crude stockpiles fell by 4.9m barrels, more than the 3.89m barrel draw analysts expected, according to Thomson Reuters.

USA production for 2017 averaged an estimated 9.3 million bpd, and is estimated to have averaged 9.9 million bpd in December, EIA said. Analysts said that could have been the result of extreme cold temperatures across the United States. But Opec secretary general Mohammed Barkindo said there was "no panic" about rising prices.

Investors have piled into commodities markets in the last month as the most bullish oil market structure in years is buttressed by OPEC-led production cuts, strong global economic growth and a softer US dollar.

OPEC crude oil production averaged 32.5 million barrels per day (MMBPD) in 2017, a decrease of 0.2 MMBPD from 2016, primarily due to the November 2016 OPEC production agreement created to limit OPEC crude oil output to 32.5 MMBPD. Brent touched $69.29 in late Tuesday trading, the highest since May 2015.

Relatively weak Chinese December oil data weighed on prices, traders and analysts said. Past year was the lowest annual average price since 2009 and still pales in comparison to the average of $3.37/gal that US consumers were paying as recently as 2014. With the typical inverse link between crude prices and the dollar taking hold once again in the second half of the year, oil got another shove. Also, the dollar fell in a broad sell-off after a report that China was ready to slow or halt its US treasury purchases.

Oil crosses $70 in intra-day trade

"The decline comes in an environment of a falling USA dollar, which is an offsetting factor", he added.

USA production growth is estimated at 1.5 million bpd in 2018 and 1 million bpd in 2019, with Canada and Brazil expected to contribute combined growth in both years of some 400,000 bpd.

USA crude production is forecast to average 10.3 million bpd in 2018, which would be the highest annual average US production, surpassing a previous record of 9.6 million bpd in 1970.

USA energy companies added 10 oil rigs this week, the biggest increase since June, bringing the total rig count to 752, the most since September, General Electric Co's (GE.N) Baker Hughes energy services firm said.

An expected rise in US oil production C-OUT-T-EIA to above 10 million bpd from 9.5 million bpd now has also weighed.

Only Russia C-RU-OUT and Saudi Arabia PRODN-SA have produced more crude, hitting peak output of over 11 million bpd and about 10.7 million bpd respectively in recent years.

Mark Lawrenson states his prediction for Bournemouth v Arsenal
Midfielder Mesut Ozil is rated as a 50-50 chance of playing and Jack Wilshere is a doubt with an ankle injury. Arsenal manager Arsene Wenger held his weekly press conference at London Colney.

Investors should Buy on Healthcare Stock: Boston Scientific Corporation (BSX)
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Google Assistant shouts down Alexa at CES
Amazon said Alexa on Toyota vehicles is a realization of the company's long-term vision for the intelligent voice assistant. Amazon's Alexa virtually dominates the voice-based AI space with a 82% market share with Google Home way behind at 18%.

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