Oil rescued from price lows by Libyan supply disruption
14 March, 2018, 06:06
"The rapidly growing US shale production is making it virtually impossible for prices to rise", according to analysts at Commerzbank. While Friday's jump helped push prices higher for the week, futures are still below their peak in January, with the market struggling to recoup losses from last month's broader market slump.
US West Texas Intermediate (WTI) crude futures were at $62.22 a barrel up 18 cents, or 0.3 per cent while Brent crude futures were at $65.70 per barrel, up 21 cents, or 0.3 per cent, from their previous close. Some is related to position-squaring ahead of today's US consumer inflation report, which could also impact the dollar and future demand for crude oil.
Production from shale regions will reach 6.95 MMbopd next month, the U.S. Energy Information Administration said in its monthly drilling report.
Unlike Middle Eastern nations such as Saudi Arabia, which wants high crude prices to boost the value of its IPO of state-run Aramco, Iran expressed its concern over steadily-rising USA production by stating it wants to work with the Organization of the Petroleum Exporting Countries (OPEC) to keep prices at $60 and curtail the output.
Futures in NY were little changed after surging 3.2 percent Friday, the most since July 25.
The crude outputs are looking to take another miserable turn as the USA daily reports may climb to levels similar to what they were producing previous year.
Trump fires Tillerson after visiting Nigeria
He declared Tuesday, "I'm really at a point where we're getting very close to having the Cabinet and other things that I want". Tillerson will be replaced by Central Intelligence Agency director Mike Pompeo , according to The New York Times .
Total volume traded was about 53% below the 100-day average.
Brent for May settlement sank 31 cents to settle $64.64/bbl on the London-based ICE Futures Europe exchange. The global benchmark traded at a $3.58 premium to May WTI. Only Russia pumps more, at almost 11-million barrels a day.
Energy Information Administration data shows that exports have averaged about 1.5 million barrels over the past six months, nearly double the level in the previous six months, with Asia being the biggest buyer.
In Libya, the Zawiya oil terminal returned to normal operations late on Tuesday after workers who were blocking ships from docking ended a strike, two sources said.
United States crude oil production C-OUT-T-EIA soared past 10 million barrels per day (bpd) in late 2017, overtaking output by top exporter Saudi Arabia. Gasoline futures in NY are down 0.2% at $1.8895 a gallon.
IndiGo carries about 40 per cent of domestic flyers, while GoAir has a market share of around 10 per cent, said media reports. Pratt & Whitney said in a statement that the issue affected a "limited sub-population of engines", without elaborating.
On Jan. 20, Turkey launched Operation Olive Branch to clear YPG/PKK and Daesh terrorists from Afrin, northwestern Syria. AP reported that Turkish President Recep Tayyip Erdogan said on Saturday: "Hey NATO, where are you?".
China's government is tightening its grip on markets and encouraging state enterprises to grow and consolidate. The two votes of dissent apparently had official sanction to show a semblance of diversity.
Opposition parties have called for Aso, who doubles as deputy premier and is key to Abe's re-election hopes, to resign. A reference to Nippon Kaigi, a prominent right-wing group of which Abe is a member, was also deleted.
The pilot circled twice in a northern direction and was asked again if things were okay, and the pilot gave the same response. In March 2015, a Turkish Airlines plane skidded off the runway in dense fog, but passengers only sustained minor injuries.
Bloomberg reported on Thursday that Toys "R" Us is making preparations for a liquidation of its bankrupt USA operations. While last year's bankruptcy filing only applied to the company's US operations, it is struggling overseas as well.
BidaskClub raised Tesla from a "strong sell" rating to a "sell" rating in a research note on Tuesday, December 12th. Zacks Investment Research lowered Tesla from a hold rating to a sell rating in a report on Saturday, January 20th.
Asked how he felt being in contention for a first victory in nearly five years, Woods added: "It felt very comfortable ". I wasn't as sharp as I wanted to be. "It was one of those days I kept getting a half-club".
My stupid answer was, 'We are winning, but I'm not happy because I'm not enjoying the role the coach made a decision to give me'. But I repeat, I don't like to speak to the press what happens with one player, with two players, with the team".
Sen Warren not Running for President in 2020
The claim emerged as a controversy in 2012 when she successfully challenged Scott Brown's Senate seat. "That's where I'm focused. At least one political observer seemed convinced she's going to run in 2020 - President Donald Trump .
India bowl first against Sri Lanka in T20 tri-series
Sri Lanka got their campaign off to a stunning start when they beat tournament favourites India in the opener by five wickets. The match was reduced to 19-overs a side after the start was delayed by about an hour due to rains and a wet outfield.
Last moments on board the helicopter before it crashed
The death toll from the helicopter crash in the East River in New York City has risen to five, local officials said on Monday. Brian McDaniel , a fire rescue officer who lived in Dallas, was in New York City visiting his friend Trevor Cadigan .
Vikings Reach Out to Drew Brees
But it's no secret that other teams would be willing to pay big money to secure a Hall of Fame quarterback of Brees' caliber. However, there has been a lack of progress made toward working out a new deal ahead of the start of the free agency period.
Macron and Modi kick-start International Solar Alliance
India's Prime Minister Narendra Modi said advanced and affordable technology is needed to deliver solar energy around the world. Of the 121 countries associated with ISA, 61 have joined the alliance and 32 have ratified the framework agreement.
Warriors star Curry sits out two-game trip
Green's hoop capped an 11-point, 12-rebound, 10-assist triple-double. "You can't beat the Warriors if you're playing 2 versus 3". Golden State plays on Friday against the Blazers, who now sit third in the West.
Massive fire erupts at a chemical plant in India
They were later identified as Pintu Gautam, Janu Agaria, and Aloknath Agaria, all aged 30 and residents of Shiv Nagar in Boisar. Locals claim at least 22 tankers, of varying capacity between 100-200 liters, burst due to the fire in all the factories.