Monday, 18 June, 2018

Tanker shipping is the big victim from OPEC's oil cuts

Tanker shipping is the big victim from OPEC's oil cuts Tanker shipping is the big victim from OPEC's oil cuts
Frank Williams | 13 January, 2018, 10:50

Rising US production is the main factor countering production cuts led by the Middle East-dominated Organization of Petroleum Exporting Countries and by Russian Federation, which began in January past year and are set to last through 2018.

However, Fawad Razaqzada, market analyst at Forex, warned: "US shale oil output should rise with firmer prices, and this may keep the market amply supplied in the coming months".

US oil prices rallied amid the news Tuesday, rising $1.44 to $63.17 a barrel to USA crude's highest price since 2014.

US West Texas Intermediate (WTI) crude futures were at $63.41 a barrel at 0650 GMT - 29 cents, or 0.6 percent, below their last settlement. Earlier in the session, prices hit $63.67, their highest since December 9, 2014.

Brent, the global benchmark for oil prices, was last up 6 cents at $69.26 a barrel. Brent touched $69.29 in late Tuesday trading, the most since May 2015. On November 31, 2016, the oil cartel Opec and non-Opec countries committed to cut down supplies by 1.8 million barrels a day till the end of 2018. The second factor, the current political protests in Iran, has sparked concerns over the future viability of oil production in the OPEC member state. However, the Iraqi oil minister said Tuesday that oil exports should begin to flow from the country by the end of January. The increase was driven by Lower 48 onshore production (especially in the Permian Basin area) with an estimated increase of almost 330,000 b/d from 2016 to 2017.

Worldwide, the EIA sees oil consumption rising by about 1.7 mb/d in both 2018 and 2019, led by stronger demand from China and India.

What to watch for in National Football League playoff divisional round
It's been reported that Chris Hogan and Kyle Van Noy will play and that could be huge, as is the possible return of Rex Burkhead. The Pittsburgh defense has lost a leader in Ryan Shazier, but they won't have to be spectacular in order to stop the Jags.

The U.S. Energy Information Administration's (EIA) report on Wednesday is expected to show the country's oil stockpiles dropped for an eighth straight week, which would be the longest losing streak in multiple years.

Futures contracts show an expectation for prices to pull back by year end, with the December U.S. crude futures contract CLZ8 now trading just above $60 a barrel. US production rose to 9.78 million barrels in the last week.

"We expect Brent prices to move further higher to more than $75 due to an increase in demand".

Saudi Arabian Oil Co.is set to appoint banks, including Goldman Sachs Group Inc. and Citigroup Inc., to help manage its initial public offering, people familiar with the matter said, as the state-owned crude producer pushes ahead with what could be the world's largest share sale. A false breakout above an old high is one of my favourite ways in determining trend reversal, so that's something I would be looking for in the case of oil going forward, especially as WTI's weekly and daily Relative Strength Index (RSI) indicators are both at "overbought" levels.

Oil remained on shaky ground as a bullish run-up in prices appears to have risk of deflating.

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