Saturday, 26 May, 2018

Oil Prices Rise Despite Healthy OPEC Outlook

Source U.S. Energy Information Administration Short Term Energy Outlook May 2018 Source U.S. Energy Information Administration Short Term Energy Outlook May 2018
Russell Knight | 14 May, 2018, 18:35

Investment in the United States unconventional oil industry rose 42% year on year in 2017 to $138bn compared to a 2% rise in overall non-OPEC capital expenditure over the same period as easy access to capital and cheap debt drove to an explosion in output, buoyed by firming oil prices, OPEC said.

The report stated that recent US trade-related actions [imposing tariffs and trade war with China] could lead to rising global inflation, declining business sentiment, as well as other effects that could dampen ongoing global growth.

Oil prices have been a bit of a roller-coaster ride so far this year, going up and down between its lowest point of $59 (£43) per barrel in February on the West Texas Intermediate (WTI) index to peaking earlier this month at nearly $72 (£53).

The move boosted Brent.

The deal between the Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russian Federation to cut supplies and erase a global glut has helped oil prices reach $78 a barrel, their highest level since 2014.

Man City boss Guardiola hails his record breakers after victory at Southampton
Where they have really excelled and where the colossal points gap to second place has been constructed is away from home, however. Both had top-ten finishes and gave us a team from Wales in the EPL and the great saying about Stoke.

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Trinamool Congress ( TMC ) workers on Monday were seen barring voters from entering booth no. 14/79 in West Bengal's Birpara town. Seven persons were killed by mid-day and dozens sustained injuries in West Bengal on Monday on the day of State-wide rural polls.

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Even in batting we lost a couple of our wickets and didn't get that partnership but here did and credit must go to our bowlers. At 7/4 this market is back as a strong play in IPL 2018, particularly in games like this where neither side can afford to lose.

By contrast, net long positions were increased slightly in USA gasoline (+1 million barrels), US heating oil (+7 million barrels) and European gasoil (+2 million barrels).

On Monday, however, markets were held in check by news of a rise in US drilling for new oil production.

The goal of the supply cut was to reduce the excess in oil stocks to that of the five-year average.

OPEC production rose by 12,000 bbl/day to an average of 31.93m bbl/day in April compared to March when compliance with the cartel's supply cut agreement reached 149%, driven in part by the Venezuela economic crisis.

2018, demand for OPEC crude is forecast at 32.7 mb/d, 0.3 mb/d lower than the 2017 level.

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