Friday, 17 August, 2018

OPEC's July oil output to rise by 145000 bpd: Petro-Logistics

Reuters Reuters
Ben Pena | 22 July, 2017, 15:08

OPEC and some non-OPEC states, such as Russian Federation, pledged to cut production by 1.8 million bpd between January this year and the end of March 2018. In early trade, both benchmarks rose to their highest since June 7, after rallying in the previous session on data showing US crude and fuel inventories fell sharply last week.

Oil prices edged up on Friday ahead of a key meeting of major oil producing nations next week, but Brent held below the $50 per barrel level that was briefly breached for the first time in six weeks in the previous session. During the week, prices ranged from a low of $45.81/b on Tuesday to a high of $47.55/b on Thursday, a narrow range of $1.74. Diesel opened this morning at $1.5436/gallon, up by 2.5 cents, or 1.6% for the week. United States producers have yet to curb their production in spite of the lower revenues from these prices. Sour fetched $38.85 on Friday, down $1 (2.51 percent) on the day and down 75 cents (1.9 percent) for the week. WTI has had a sub-$50 price for the past 40 trading days. The nearest contract priced $55 or higher is June 2025 at $55.11. For these three commodities combined, it was the second-largest inventory draw this year, totaling 11.3 MMbbls. One of the reasons which started the downtrend in crude oil prices was after the last OPEC meeting where it was established that OPEC members will continue for 9 more months the production capped they had implemented.

A mid-week price rally began on Wednesday when the Energy Information Administration (EIA) released data for the week ended July 14.

The Open 2017: McIlroy 'very happy' with second-round 68
The four-time major victor was five over through six holes at Royal Birkdale and facing an uphill battle to make the weekend. Moortown's Nick McCarthy hit 77 after a 74 to become the only on of the quartet to miss the cut.

Diesel futures lost 2.84 cents, or 1.8%, to $1.5152 a gallon. Right now OPEC production appears to be rising.

Oil prices have received support from a weaker U.S. Dollar, and some analysts have been of the opinion that without this, prices would not have been able to hit the $47/b level this week.

The value of the US dollar against the euro has been on a steady decline since it reached a historic peak in late December.

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