Monday, 24 September, 2018

No let-up in crude prices before March

A gas station attendant pumps fuel into a customer's car at PetroChina's petrol station in Beijing A gas station attendant pumps fuel into a customer's car at PetroChina's petrol station in Beijing China
Laurie Berry | 13 January, 2018, 14:38

Oil prices have surged more than 13 per cent since early December, and there are indications of overheating.

The price for Brent crude oil, the global benchmark, hit $70 per barrel for the first time since December 2014 partway through the trading day Thursday, but gave up almost all of the gains by the close.

Brent crude futures settled at US$69.20 a barrel, up 38 cents.

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.

-February light, sweet crude on the New York Mercantile Exchange was recently down 0.3% at $63.61 a barrel in the Globex trading session.

OPEC crude oil production is forecast to increase by 0.2 MMBPD in 2018, partially reflecting the Energy Information Administration's expectation of Libya maintaining relatively high production levels achieved near the end of 2017, according to EIA's just-released Short-Term Energy Outlook (STEO).

Import and Export Prices for December will be issued at 8.30 am ET. EIA estimates that, absent significant pipeline constraints, moving crude oil from Cushing, Oklahoma, to the U.S. Gulf Coast typically costs about $3.50/b.

Rory McIlroy reveals heart issue
He's also expected to play in the Dubai Desert Classic, and make his first career appearance at the AT&T Pebble Beach Pro-Am. He said: "It's been 10 years that I've been a pro and to me that's incredible".

Oil slipped in London after briefly climbing above $70 a barrel for the first time in three years as a global surplus recedes.Brent futures declined 0.6 percent, having added 1.8 percent this week in a fourth weekly increase.

Singapore average refinery profit margins have fallen below $6 per barrel this month, their lowest seasonal level in five years. This year, US crude oil production is seen averaging 10.3 million bpd in 2018, beating a record dating back to 1970. In 2019, crude oil production is forecast to rise to an average of 10.8 million b/d.

The IEA warned that mostly due to USA shale, total supply growth could exceed demand growth.

EIA expects OPEC crude oil output will rise by an additional 0.3 MMBPD in 2019 as crude oil production slowly returns to pre-agreement levels. Non-hydropower renewables provided nearly 10% of electricity generation in 2017, and its 2018 share is expected be similar before increasing to nearly 11% in 2019.

Global consumption of petroleum and other liquid fuels grew by 1.4 million b/d in 2017, reaching an average of 98.4 million b/d for the year.

"EIA expects Venezuela's production to continue to fall through the forecast period as the financial situation of the state-owned Petróleos de Venezuela (PDVSA) becomes more precarious", according to EIA/STEO.

Overall, dry natural gas production averaged 73.6 billion cubic feet per day in 2017, up 1 percent from 2016.

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