OPEC need not rush into changing global supply-cutting oil pact - UAE
OPEC need not rush into changing global supply-cutting oil pact - UAE
Oil Surplus Returns Both OPEC and IEA forecasts suggest stockpiles will grow again in 1H
13 January, 2018, 12:29
And with the crude price up by more than 13 per cent since early December, some analysts expect a downward price correction following the recent bull-run.
An oversupplied market contributed to a sharp decline in crude oil prices, which dropped below $30 per barrel two years ago. Oil prices held near three-year highs today, supported by a surprise drop in United States production and lower crude inventories, although analysts increasingly warned of signs that fuel markets have overheated.
Although analysts and traders have been warning of the risks of a downward price correction since the start of the year, they point out that overall market conditions remain strong, largely due to ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation.
The Paris-based IEA, for its part, said in its latest Oil Market Report from December that "On considering the final component in the balance - non-OPEC production - we see that 2018 might not be quite so happy for OPEC producers".
USA crude inventories fell 4.9 million barrels last week, more than the 3.9-million decline forecast, but bigger-than-expected builds in gasoline and fuel stocks offset that drawdown, the Energy Information Administration reported.
Analysts said his remarks alleviated market concerns about a wind-down of the OPEC-led deal to reduce production.
US production for 2017 averaged an estimated 9.3 million bpd, and is estimated to have averaged 9.9 million bpd in December, EIA said. In 2019, crude oil production is forecast to rise to an average of 10.8 million b/d.
Wall St. hits new highs on bank earnings, economic optimism Consumer discretionary (+1.3%) was the top-performing group, with Lowe's (+5.4%) setting the pace after reports that investor D.E. Advancing issues outnumbered declining ones on the NYSE by a 1.17-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio favored advancers.
US output will continue to rise in 2019, surpassing 11 million bpd by the end of that year, the EIA report said. Platts last week expected a 5.7 barrel million draw, though federal data showed a decrease of 7.4 million barrels.
The IEA warned that mostly due to USA shale, total supply growth could exceed demand growth.
Production from the Permian is expected to be 3.6 million bpd by the end of 2019, an increase of roughly 900,000 bpd from December 2017, and 32 percent of USA crude oil production in 2019.
In the Bakken production is expected to average 1.2 million bpd this year and 1.3 million bpd in 2019, up from 1.1 million bpd in 2017. The 10 million-bpd milestone previously had not been expected to be reached until the fourth quarter.
Craig at Platts, meanwhile, said gasoline demand could inch lower and it may be a matter of time before oil prices reverse course.
Overall, dry natural gas production averaged 73.6 billion cubic feet per day in 2017, up 1 percent from 2016.
Frank Slattery increased its stake in Tesla Inc (Call) (TSLA) by 28.73% based on its latest 2017Q3 regulatory filing with the SEC. According to Finviz reported data, The SMA20 of the stock is at 3.24 percent, SMA50 is 6.3 percent, while SMA200 is 1.57 percent.
Once the line is in place, fans arriving after the wristbands were issued will be escorted to the end of the numbered line. The country rock superstars will bring their "Down The Rabbit Hole Live" tour to the Amp on Saturday, June 23 at 7 p.m.
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Both Vince and Stoneman averaged under 30 with the bat in Australia against an admittedly high-class four-man bowling attack. Vince can probably count himself the most fortunate and this tour looms as make or break for his global ambitions.
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White nationalist on the run after shooting Tennessee cop
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