Thursday, 20 September, 2018

Oil Breaks Above $60 on Increasing Demand

Oil Breaks Above $60 on Increasing Demand Oil Breaks Above $60 on Increasing Demand
Andy Castillo | 30 December, 2017, 03:43

A combination of supply disruptions earlier in the week and evidence that supplies in the oil market are being reduced has helped to push prices higher headed into 2018.

Frank Schallenberger, head of commodity research at LBBW, said, "Oil demand will be high in 2018, with solid economic growth worldwide".

Lipow said he expected USA crude prices to creep up to around $63 a barrel by the end of next year, while Brent would remain around $67 a barrel as US oil exports rise to record levels.

The last week of the year saw futures trading above US$60 a barrel in NY and US$67 in London for the first time since mid-2015, after the two most important oil benchmarks surged more than 40 per cent from their doldrums in June.

EIA data also showed that USA oil production saw its first weekly drop since October, declining by 35,000 a day from a record high the previous week. Brent crude futures were last up 45 cents at $66.62 a barrel at 1932 GMT.

U.S. crude oil and petroleum product gross exports have more than doubled over the past six years, increasing from 2.4 million barrels per day (b/d) in 2010 to 5.2 million b/d in 2016.

This week, WTI broke above $60 a barrel for the first time since June 2015, while Brent breached $67 for the first time since May 2015.

USA crude stocks fell more than expected last week as refineries pushed output to its highest rate for this time of year in almost two decades, the Energy Information Administration said on Thursday. As temperatures have dropped across the USA, analysts said fuel consumption should also rise.

Close												An oil pump is seen operating in the Permian Basin near Midland in the U.S. state of Texas
Close An oil pump is seen operating in the Permian Basin near Midland in the U.S. state of Texas

Some surveys predict that U.S. production could hit 10,000,000 bpd in the next few months.

It also was reported that oil reserves in the US decreased last week by 4.61 million barrels to 431.88 million barrels, while analysts forecast a decrease of 4.0 million barrels.

Production disruptions in Libya and Nigeria and a possible renewal of US sanctions on Iran are also likely to support prices in 2018, analysts said.

WTI traded at an average price of about $52 this year.

Production edged lower in the most recent week, dropping to 9.75 million bpd, down from 9.79 million bpd a week earlier.

In global markets, China has issued crude oil import quotas totalling 121.32 million tonnes for 44 companies in its first batch of allowances for 2018.

Libya is to start repairing the pipeline near the Es Sider terminal this weekend, a Libyan oil official said, while the Forties pipeline was already pumping close to normal levels, according to trading sources.

Currently Rohit is Ahead of Kohli in Terms of Batting: Sandeep Patil
Meanwhile, Rahul has gained 23 slots to reach fourth position after scoring 154 runs in the series including two half-centuries. Team India remained unbeaten throughout the year as far as the bilateral series are concerned.

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