Tuesday, 13 November, 2018

Crude oil prices trim gains on IEA report

US shale producers show interest in continuing energy dialogue – Mr Barkindo US shale producers show interest in continuing energy dialogue – Mr Barkindo
Freda Brock | 09 March, 2018, 18:10

The organisation says over the next three years, gains from the United States alone will cover four-fifths of global demand growth for oil, with Canada, Brazil and Norway able to cover the remainder.

Suhail Mohamed Al Mazrouei, the United Arab Emirates oil minister and OPEC's president, said in a brief interview ahead of the CERAWeek energy conference in Houston: “We feel there is still some market overhang.”.

Established oil producers like OPEC need to reconsider future production plans, given the huge growth that is projected from US shale in the coming years, the International Energy Agency warned Monday.

The rise of the U.S. and the slightly weaker prospects for global demand growth are not particularly good news for the OPEC.

The International Energy Agency believes slow growth from OPEC will be offset by oilfields in the U.S.

"The world needs to replace 3 million b/d of declines each year, the equivalent of the North Sea, while also meeting robust demand growth".

Partially as a result, the IEA warned that refinery additions totalling 7.7 million bpd would outstrip growth in demand for refined products by 2023 by some 3 million bpd. That was the year that the price for oil in the US surged close to $150. There is major infrastructure construction in Texas, lots of pipelines.

The Port of Corpus Christi's strategic goals include providing surface infrastructure and services in support of maritime and industrial development. The IEA, for instance, sees global demand growing by an average of 1.2 Mbd per year through 2023, reaching 105 Mbd.

Vornado Realty Trust (NYSE:VNO) Holdings Trimmed by Sei Investments Co
LS Investment Advisors LLC lifted its holdings in shares of Digital Realty Trust by 8.3% in the third quarter. The company has Relative Strength Index (RSI 14) of 33.22 together with Average True Range (ATR 14) of 0.41.

This matched the expectations of traders and refiners in the region surveyed ahead of the release, and shows the Saudis are still trying to ensure their crude remains competitive, even as they maintain a commitment to restrain output by the terms of the agreement between the Organization of the Petroleum Exporting Countries and allies, including Russian Federation.

The oil industry is also funding research into big-data, cloud computing and applying new technology to its operations to cut costs and boost production.

"At current prices, the market is incentivizing United States shale companies to produce more", said David Garza, a veteran oil executive who runs the Houston office of energy trading house Gunvor Group Ltd.

Economic growth in Asia and a resurgent USA petrochemicals industry should lead to a 6.9 million b/d increase in oil demand by 2023 to 104.7 million b/d, according to the IEA.

The bottom line is that the IEA sees oil demand rising by 6.9 million barrels per day (mb/d) by 2023, with more than half of those increases coming from China and India.

Meanwhile, a new marine fuel rule with lower sulfur content that is to come into force in 2020 is creating uncertainty in the market.

Last year's decision by the Organization of the Petroleum Exporting Countries to restrain output has drained the global glut that occupied much of the conversation at 2017's gathering.

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