Sunday, 16 December, 2018

Oil Pushes Higher, Despite Growing US Output

Oil price rises have made US shale oil production profitable Oil rescued from price lows by Libyan supply disruption
Kelvin Reese | 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.

Doug Ford new leader of Ontario's Progressive Conservative party
The main event ended with images of crews taking down balloons that were meant to shower the new party leader hours earlier. Sarnia-Lambton's MPP is fully behind the Progressive Conservative Party's choice of Doug Ford as its new leader.

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 .

U.S. tariffs raise risk Canada will fall prey to foreign steel dumping
Malmstroem said she told Lighthizer that "the European Union must be excluded" from tariffs because it is a close US ally. Trudeau also took Canada's case to US cable channels on Monday with appearances on MSNBC and CNN.

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.

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