Wednesday, 17 January, 2018

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                          
                    .cha Oil Surplus Returns Both OPEC and IEA forecasts suggest stockpiles will grow again in 1H .cha
Laurie Berry | 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.

Recommended

  • Khabib Nurmagomedov Will Only Fight For 'Real' Lightweight Title Says Manager

    Khabib Nurmagomedov Will Only Fight For 'Real' Lightweight Title Says Manager

    Nurmagomedov secured his 25th career win when he defeated Edson Barboza at UFC 219 in December . Many (fighters) will want to perform both in the UFC and at home at the same time.

    Tesla (NASDAQ:TSLA) Rating Reiterated by KeyCorp

    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.
    Zac Brown Band coming back to Fenway

    Zac Brown Band coming back to Fenway

    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.
  • Thomas Fire, once largest in California history, is now 100% contained

    Thomas Fire, once largest in California history, is now 100% contained

    In all, the Thomas Fire destroyed 1,063 structures and damaged another 280, according to the Forest Service. At one point, more than 2,800 firefighters were working to contain the fire.
    Local power crews head to Puerto Rico

    Local power crews head to Puerto Rico

    A national IV bag shortage could leave hospitals scrambling to treat patients, especially during flu season. Right now hospitals across the nation and here in West Texas a shortage of IV fluids.

    AU demands apology from Trump over 'shithole' comment

    In his speech he said: "No matter what the colour of our skin, or the place of our birth, we are all created equal". Trump denies using such language, "sh*tholes" was "the exact word used by the president", Durbin recalled.
  • 8 people still missing after mudslides kill 17 in Southern California

    There were mixed reports about how many were still missing, with the number jumping from 17 to 48, according to Associated Press. The slide also caused a "significant" gas leak, and fix efforts left homes on the street with no gas, electricity or water.
    Donald Trump blasts court for protecting DACA 'Dreamers'

    Donald Trump blasts court for protecting DACA 'Dreamers'

    Marcelo Betti is an immigration lawyer in Traverse City who has worked with DACA recipients in northern MI . That's important because it would allow the House to pass the bill with only Republican votes.
    On Facebook's News Feed

    On Facebook's News Feed

    Some hedge funds used Friday's drop in Facebook's stock to bolster their positions, said Joel Kulina, a senior trader at Wedbush. If you follow the Reading Eagle on Facebook, you can expect to see less of us in your news feed over the coming months.
  • Plunkett reveals why the ODI series against Australia is extremely important

    Plunkett reveals why the ODI series against Australia is extremely important

    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.
    Del Potro, Bautista Agut to meet in ASB Classic final

    Del Potro, Bautista Agut to meet in ASB Classic final

    The Spaniard would defeat the 2009 US Open victor 6-1, 4-6, 7-5 in a touch over two hours on the hard courts of Auckland in New Zealand.
    'Black Panther' advance ticket sales set new record

    'Black Panther' advance ticket sales set new record

    Listen in, then let us know what you think, and if you're planning on helping Black Panther's box office tally next month. The women of Wakanda are kicking ass and taking names in this featurette from Marvel's upcoming " Black Panther ".

Lenovo Smart Display review: Hands-on Lenovo Smart Display review: Hands-on Google showed a lot of support in the Z-Wave Alliance booth, being part of many demonstrations there. Now called Actions, these skills will appear in their own section of the Google Assistant app .

ED Raids Karti Chidambaram's Chennai And Delhi Homes, Finds Nothing! ED Raids Karti Chidambaram's Chennai And Delhi Homes, Finds Nothing! A six-member team from the ED conducted search operations at Chidambaram's house on Haddows Road, Nungambakkam. Sources said, four properties were searched in Chennai and one in the national capital.

N Korea offers talks on sending art troupe to Olympics N Korea offers talks on sending art troupe to Olympics In 1991, they joined forces at the World Table Tennis championships and the football under-20 World Cup. The two teams even played each other , with the South defeating the North 3-0 in division play.

Walmart to close Sam's Club in Worcester, after announcing raises, bonuses Walmart to close Sam's Club in Worcester, after announcing raises, bonuses The company has created a webpage with more information on what members whose stores are now closed can do. Delaware's only Sam's Club, located in Dover , is not on the chopping block, according to a company tweet.

AFC Divisional Playoffs: Three things to watch in Jaguars-Steelers AFC Divisional Playoffs: Three things to watch in Jaguars-Steelers Getting back McDonald and Gilbert creates a huge impact in the running game, both in the idea of schematic and depth purposes. Roethlisberger has turned it around since then, helping lead the Steelers to a 10-1 record the rest of the regular season.

Myanmar: Security forces killed captured Rohingyas Myanmar: Security forces killed captured Rohingyas Reported by Htet Arkar, Kyaw Zaw Win, Tin Aung Khine, and Thinn Thiri for RFA's Myanmar Service. The country's army chief admitted that 10 Rohingya Muslims were murdered by security forces.

Jaguars vs. Bills Wild Card Playoff Betting Odds and Analysis Jaguars vs. Bills Wild Card Playoff Betting Odds and Analysis OUR PREDICTION: The Jaguars defense ranked in the top 2 during the regular season in scoring, total defense, takeaways and sacks. You can bet that EverBank Field is going to be rocking with the Jags making their first playoff appearance in a decade.

ONGC Chopper With 7 On Board Loses Contact With ATC ONGC Chopper With 7 On Board Loses Contact With ATC Mumbai: A Pawan Hans helicopter with seven persons on board has gone missing after take off from Mumbai's Juhu airport today. The Indian Coast Guard said it had diverted a ship and an aircraft to region where it believes the helicopter went missing.

White nationalist on the run after shooting Tennessee cop White nationalist on the run after shooting Tennessee cop Wilson, who is already well-known by local law enforcement was sentenced to three years in prison in 2011 for aggravated burglary. Police recovered Wilson's auto and are now searching for Wilson himself, whom they describe as "armed and extremely risky ".

Tottenham Hotspur make enquiry to sign Lucas Moura in cut price deal Tottenham Hotspur make enquiry to sign Lucas Moura in cut price deal Blessed with huge potential, Lucas Moura could certainly add an extra dimension to the slightly jaded Manchester United attack. The Brazil global joined Paris Saint-Germain from Sao Paulo for a fee in the region of 40 million euros in January 2013.

Georgia Knocks Off Oklahoma in the Rose Bowl to Advance Georgia Knocks Off Oklahoma in the Rose Bowl to Advance Georgia linebacker Lorenzo Carter made an incredible play in the second overtime, blocking Oklahoma's go-ahead field-goal attempt. Baker Mayfield passed for 287 yards and two touchdowns with an interception and had a rare catch for a score for Oklahoma .

Snow-melting rain, flooding and fog forecast for Friday Snow-melting rain, flooding and fog forecast for Friday This results in the water flow of the river being blocked, and the river can overspill its banks and flood the surrounding area. Locally heavy rainfall is also a possibility, as there will be plenty of moisture with this system.

Streep shines in timely political tale 'The Post' Streep shines in timely political tale 'The Post' He pursues the story with the purest, strongest force known to journalism - that of the scooped trying to scoop their scooper. But years later the government was still sending soldiers to Vietnam, not to win, but to forestall a humiliating defeat.

Canada hate crime: Schoolgirl attacked with scissors over hijab Canada hate crime: Schoolgirl attacked with scissors over hijab I'm so proud to be a Canadian and I feel safe in this community. "This school lives inclusiveness", she said. "I am a kid". The outrage that two young, innocent, Canadian kids could face such an ugly attack over a hijab clearly struck a nerve.

Trump Responses To "Sh*thole" Remarks Trump said on Twitter Friday that his language during the meeting was "tough", but "this was not the language used". Asked how Trump's comments will affect immigration talks, Ryan responded, "We have to get it done".