Author Topic: Oil drop again  (Read 149132 times)

Online DR KIM

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Re: Oil drop again
« Reply #2050 on: August 16, 2017, 12:09:17 AM »
 OIL  counters  >>  :phew: :sweat: :sweat: :sweat: :headbang:

Offline ongchef

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Re: Oil drop again
« Reply #2051 on: August 16, 2017, 01:09:10 AM »
 ;)
 ;).......Mr Kim....unexpected lottipandankaya u-turn stay around.5!!! :( :(.....n..kalao dj can above22k again, besuk misit law kaw Cali  hoot abalones$$$$$$! :thumbsup:....sulah kat Mangkok simayang balik!!! :cash: :cash: :cash: :cash:

Offline ongchef

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Re: Oil drop again
« Reply #2052 on: August 16, 2017, 08:34:00 AM »
 :)........one foot testing water again ,see again OnG KeepNoMoney n get abalone$$$!!! ;)

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Re: Oil drop again
« Reply #2053 on: August 22, 2017, 06:43:47 AM »




WORLDCORPORATE
Update
Oil prices fall almost 2% after end-of-week rally
Reuters
/
Reuters

August 22, 2017 00:38 am MYT

-A+A
NEW YORK (Aug 21): Oil prices fell nearly two percent on Monday, pulling back from last week's rally built on signs the global market is starting to rebalance from chronic oversupply.

Brent crude futures lost two percent, or US$1.07, at US$51.65 a barrel as of 12:01 p.m. EDT (1601 GMT), after surging more than three percent on Friday.

US West Texas Intermediate crude futures fell 1.9 percent, or 90 cents, to US$47.63 a barrel. The contract had also risen three percent in the previous session.

"We are currently seeing some profit-taking after Friday's strong rally ahead of this week's inventory data," said Hans van Cleef, senior energy economist at ABN Amro.

"Fresh uncertainty about inventories and OPEC compliance (with agreed production cuts) could be enough reason to sell some of the long positions."

US hedge funds and money managers have already started reducing bets on rising prices, with Commodity Futures Trading Commission data showing on Friday that investors had cut bullish bets on US crude for a second straight week.

Investors in Europe disagree on the outlook, however, as data from the InterContinental Exchange showed speculators raised bullish Brent crude bets last week.

The world remains awash with oil despite a deal struck by some of the world's biggest producers to rein in output. Rising US production has been a major factor keeping supply and demand from balancing.

There are indications that US output may soon slow, as energy companies cut rigs drilling for new oil for a second week in three, energy services firm Baker Hughes said on Friday. Drillers cut five rigs in the week to Aug 18, decreasing the count to 763.

US commercial crude inventories have fallen almost 13 percent from their March peaks to 466.5 million barrels.

The oil minister of Kuwait, which is participating in OPEC-led production cuts, said US crude stocks were falling more than expected because output cuts were taking effect.

Azerbaijan, not an OPEC member but one of the countries which has committed to the production curbing deal, remains committed to cutting output, the head of state oil company SOCAR told Reuters on Monday.

A shutdown of Libya's Sharara field due to a pipeline blockage provided some upside. Libya's National Oil Corp declared force majeure on loadings of Sharara crude from the Zawiya oil terminal on Sunday.

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Re: Oil drop again
« Reply #2054 on: September 05, 2017, 08:50:44 AM »




Commodities
Brent crude oil falls after North Korea nuclear test
Reuters
/
Reuters

September 04, 2017 14:50 pm MYT

-A+A
SINGAPORE (Sept 4): Oil prices fell on Monday after a powerful North Korean nuclear test explosion triggered a flight of investors away from crude markets and into gold futures, which are seen as a safe haven.

Brent crude futures, the international benchmark for oil prices, fell by around 1 percent from their last close, or 51 cents, to $52.24 per barrel by 0631 GMT.

The fall came as traders were nervously eyeing developments in North Korea, where the military conducted its sixth and most powerful nuclear test over the weekend. Pyongyang said it had tested an advanced hydrogen bomb for a long-range missile, prompting the threat of a "massive" military response from the United States if it or its allies were threatened.

This put downward pressure on crude as traders moved money out of oil - seen as high-risk markets - into gold futures , traditionally viewed as a safe haven for investors. Spot gold prices rose for a third day, gaining 0.9 percent on Monday.

U.S. West Texas Intermediate (WTI) crude futures were more stable, at $47.28 barrel, close to their last settlement.

Traders said that the more stable U.S. crude prices were a result of production outages following Hurricane Harvey.

About 5.5 percent of the U.S. Gulf of Mexico's oil production, or 96,000 barrels of daily output, remained shut on Sunday, the federal Bureau of Safety and Environmental Enforcement said.

At the same time, refineries that use crude to make fuel were gradually starting up again, along with the pipelines transporting products.

"Traders are hopeful that crude backlogs will be cleared," said Jeffrey Halley, senior market analyst at futures brokerage OANDA.

Meanwhile, U.S. gasoline prices slumped back from a spike after the release of emergency fuel stocks and on signs that the damage from Hurricane Harvey to the Gulf coast energy infrastructure was not as bad as initially feared.

Still, many analysts say it could take months before the U.S. petroleum industry fully recovers from Harvey, and Texas Governor Greg Abbott estimated damage at $150 billion to $180 billion, calling it more costly than Hurricanes Katrina or Sandy, which hit New Orleans in 2005 and New York in 2012.

Storm Harvey made landfall along the Gulf coast of Texas and Louisiana last week, knocking out almost a quarter of the entire U.S. refining capacity, causing a price spike and supply gap for fuels like gasoline, which traders around the world have been scrambling to fill.

Overall trading activity in oil futures market is expected to be low on Monday due to the U.S. Labor Day public holiday

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Re: Oil drop again
« Reply #2055 on: September 28, 2017, 02:28:44 PM »



Oil falls as US data shows mixed picture
OIL & GAS
Thursday, 28 Sep 2017

12:04 PM MYT
image: http://www.thestar.com.my/~/media/online/2017/02/01/03/06/oilrig24a-jan2017.ashx/?w=620&h=413&crop=1&hash=336D7401264BE59ABB376AA1D1C32AF5E9DB7F0D


TOKYO: Oil prices fell on Thursday, with U.S. crude giving up some of the previous session's gains that were driven by a surprise fall in inventories, while Brent moved further away from recent 26-month highs.

U.S. West Texas Intermediate crude (WTI) dipped 18 cents, or 0.4 percent, to $51.96 a barrel by 0206 GMT after rising 26 cents in the previous session to just below 5-month highs.

Brent was down 26 cents, or 0.5 percent, at $57.64 a barrel, slipping further away from Tuesday's more than two-year high of $59.49 following a near 1 percent fall in the previous session.

U.S. crude inventories fell 1.8 million barrels last week, the U.S. Energy Department said on Wednesday, versus forecasts for a 3.4 million-barrel build.


image: https://bcp.crwdcntrl.net/5/c=5593/b=44289793

The crude draw provided some support to oil prices as refiners came back online following Hurricane Harvey last month, but gasoline stocks surprisingly rose and stocks of distillates were down by less than anticipated.

While the data gave a mixed picture, the outlook for demand has strengthened, said Ben le Brun, market analyst at OptionXpress in Sydney.

"Things are looking a little more optimistic, the most optimistic I have seen seen in the last couple of years," le Brun said. "Certainly a WTI price above $60 a barrel by the end of the year is not a crazy belief."

Still, U.S. crude production rose to 9.55 million barrels per day (bpd) last week, higher than before Harvey hit the Gulf Coast.

With Brent futures commanding their highest premium over WTI in more than two years, U.S. crude has become increasingly competitive in foreign markets and exports hit a record 1.5 million bpd last week.

That complicates efforts by the Organization of the Petroleum Exporting Countries and other major producers to push oil higher through output curbs, as every hike in price encourages more U.S. production. - Reuters
 
TAGS / KEYWORDS:
Oil & Gas


Read more at http://www.thestar.com.my/business/business-news/2017/09/28/oil-falls-as-us-data-shows-mixed-picture/#GI446qY5bYavjlLt.99

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Re: Oil drop again
« Reply #2056 on: October 02, 2017, 07:46:08 PM »




Update
Oil price dips below US$56 after third-quarter rally
Reuters
/
Reuters

October 02, 2017 19:11 pm MYT

-A+A
LONDON (Oct 2): Oil dipped below US$56 a barrel on Monday, as a rise in U.S. drilling and higher OPEC output put the brakes on a rally that saw prices score their biggest third-quarter gain in 13 years.

U.S. energy companies added oil rigs for the first week in seven and Iraq announced its exports rose slightly in September, when OPEC overall boosted output according to a Reuters survey.

Brent crude, the global benchmark, was down 95 cents at US$55.84 a barrel at 1052 GMT. It notched up a third-quarter gain of around 20%, the biggest third-quarter increase since 2004 and traded as high as US$59.49 last week.

"I think it's going to be a struggle to move above US$60 Brent," said Olivier Jakob, oil analyst at Petromatrix.

U.S. crude was down 88 cents at US$50.79. The U.S. benchmark posted its strongest quarterly gain since the second quarter of 2016.

The rally was driven by mounting signs a three-year supply glut is easing, helped by a production cut deal by global producers led by the Organization of the Petroleum Exporting Countries.

"Brent crude oil prices have gone from strength to strength as surplus oil stocks are being depleted," Bank of America Merrill Lynch said in a report. "Importantly, this rally is supported by a tighter physical market, providing a fundamental backbone that was not present before."

But a Reuters survey on Friday found OPEC oil output rose last month, gaining mostly because of higher supplies from Iraq and also from Libya, an OPEC member exempt from cutting output.

The Libyan gain appears short-lived, however. The country's largest oilfield, Sharara, has been closed since Sunday, an engineer at the field and a Libyan oil source said.

Middle Eastern oil producers are concerned the price rise will only stir U.S. shale producers into more drilling and push prices lower again. Key OPEC producers consider a price above US$60 as encouraging too much shale output.

In February, oil industry sources said Saudi Arabia would like to see oil around that US$60 level.

Technical charts suggest the rally may be running out of steam. Jakob of Petromatrix said Brent's weekly chart had formed a "shooting star," a pattern seen as indicating that a market has reached a top.

Offline ongchef

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Re: Oil drop again
« Reply #2057 on: October 02, 2017, 10:42:29 PM »
 :(.........finistto!!!. :sweat: :sweat:

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Re: Oil drop again
« Reply #2058 on: October 03, 2017, 08:29:31 AM »



rude Oil
Oil prices likely to remain below US$60 for the long term, says Fitch Ratings
Surin Murugiah
/
theedgemarkets.com

October 03, 2017 06:43 am MYT

-A+A
KUALA LUMPUR (Oct 3): Lower global production costs, considerable U.S. shale growth potential and shale's ability to quickly respond to changing market conditions should keep average annual oil prices below US$60 a barrel in the long term, according to Fitch Ratings.

In a statement on its website yesterday, Fitch however said oil prices will remain volatile and could periodically exceed its assumptions.

“We have updated our base-case price assumptions to reflect the limited upside for prices in the long term.

“We have also reduced our UK National Balancing Point gas price assumptions due to our updated oil price assumptions and an expectation that global liquefied natural gas capacity additions will probably result in a supply surplus,” it said.

Fitch said the land rig count in the U.S. lower 48 has risen around 45% since the end of 2016, contributing to a rebound in U.S. crude production to over 9.5 million barrels a day (mmbbl/d) from a trough of about 8.4 mmbbl/d in July 2016.

The ratings agency said it continues to expect U.S. production growth to remain robust in the second half of 2017 based on the roughly two- to four-month lag between spudding shale wells and production.

“We remain sceptical about the effectiveness of OPEC's production cuts to rebalance supply and demand in the near term, as well as to materially reduce crude stocks given the exclusion of Libya and Nigeria (both producing at higher levels since the cut), weak enforceability, and poor track records of adherence.

“OPEC's average compliance rate slipped to 75% in July from almost 100% at the beginning of the year, according to the International Energy Agency. It improved to 82% in August, but overall we expect average compliance rates in 2H17 and beyond to be weaker than in 1H17,” it said.

Fitch said global inventories of both crude oil and refined products remain well above historical averages.

However, it said Hurricane Harvey, which hit the U.S. Gulf Coast in early September, caused a steep decline in U.S. refinery utilization and widening of refiner margins.

“As U.S. Gulf Coast refiners re-establish operations, these wider margins should provide an economic incentive for refiners to meaningfully work through recent crude oil inventory builds,” said Fitch.

Online DR KIM

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Re: Oil drop again
« Reply #2059 on: October 03, 2017, 09:09:43 AM »
 :sweat: :phew:

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Re: Oil drop again
« Reply #2060 on: October 07, 2017, 03:58:04 PM »




Commodities
Oil down 2 pct, breaks five-week rally as oversupply fears resurface
Reuters
/
Reuters

October 07, 2017 06:59 am MYT

-A+A
NEW YORK (Oct 7): Oil futures fell more than 2 percent on Friday, ending Brent crude's longest multi-week rally in 16 months as oversupply concerns reappeared as producers have started hedging future drilling.

Brent futures settled down 2.4 percent, or $1.38 a barrel, to $55.62, snapping a five-week winning streak that was the longest since June 2016. For the week, Brent lost 3.3 percent.

U.S. West Texas Intermediate (WTI) crude dropped $1.50 to $49.29, a 3 percent decline, putting losses on the week at 4.6 percent.

Russia clarified remarks made by President Vladimir Putin about the oil market earlier this week, saying he did not propose extending a global oil output cut deal but said he recognised it was a possibility.

"Yesterday we had Russia and the Saudis talking about extending cooperation, and today we saw a little bit of backtracking with respect to additional cuts in production." said Houston-based consultant Andrew Lipow. "What the market gained yesterday is clearly being given back today."

The prospect of extended oil production cuts by the Organization of the Petroleum Exporting Countries and other producers led by Russia had supported prices in recent sessions.

Saudi Arabia's energy minister said on Thursday he was "flexible" about prolonging the production-curbing pact until the end of 2018.

However, concerns linger about growing U.S. crude exports, due to a hefty WTI discount to Brent prices, which makes U.S. oil more competitive.

U.S. crude exports' rise to a record of nearly 2 million barrels per day last week and the growth in U.S. production to 9.56 million bpd has fanned some concerns about oversupply.

Producer hedging has picked up as oil hit $50 a barrel, according to Bank of America analysts, who said that if producers keep boosting hedging, "they can limit the sensitivity of production to spot prices and continue to increase output in 2018."

BofA noted that about 115 million barrels have been hedged since late August after lower-than-usual volumes of hedging in the early part of the year.

Supply may be somewhat restricted in the coming week, however, as the impending arrival of Tropical Storm Nate had already shut in 70 percent of offshore U.S. oil and gas production, according to the U.S. Bureau of Safety and Environmental Enforcement.

The lack of a rally on Nate's approach suggests that perhaps "the risk premium is baked into the cake from the active hurricane season, which is going to be gone soon," said Richard Hastings, macro strategist at Seaport Global Securities in Charlotte.

The Baker Hughes' report on the U.S. oil drilling rigs, an early indicator of future output, showed the rig count fall in for the fourth week out of the last five.

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Re: Oil drop again
« Reply #2061 on: November 30, 2017, 06:35:10 AM »



Oil drops for third day, awaiting OPEC decision
David Gaffen
4 MIN READ
NEW YORK (Reuters) - Oil prices dipped on Wednesday in a volatile session buffeted by conflicting statements from oil ministers a day ahead of OPEC’s meeting in Vienna, as members debate the path for an extension of the group’s supply-cut agreement.

A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017 . REUTERS/Christian Hartmann
Brent crude futures settled down 50 cents to $63.1 a barrel, a 0.8 percent drop, while U.S. crude ended down 69 cents, or 1.2 percent, to $57.30 a barrel.

Oil has retreated in the last three days on concerns that the Organization of Petroleum Exporting Countries, and key non-members like Russia indicated on Wednesday that the deal will be extended, but it may be reviewed in June if the market starts to overheat.

The oil market has pulled back in recent days on concerns that OPEC might consider only a short-term extension to its current deal cutting supply by 1.8 million barrels per day (bpd) till March.

That uncertainty carried through to Wednesday, which some analysts attributed to the market’s generally positive tone in recent weeks in anticipation of an extension to the supply-cut deal.




“The output cut agreement might be largely priced in by now and once they announce it, the market is going to be looking to what’s next,” said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut.

The market was less affected by a larger-than-expected 3.4 million-barrel drawdown in U.S. crude inventories, although gasoline and distillate stocks rising more than anticipated weighed.

Crude futures hit a session high after Kuwait’s Oil Minister Essam al-Marzouq said a key monitoring committee recommended extending the group’s supply-cut agreement through the end of 2018, but those sentiments were undercut by statements from Russia’s oil minister, who suggested the oil market still has yet to balance.

The cartel is still weighing the offsetting factor of rising U.S. production, and considering a clause that would allow the group to review a potential extension at its spring 2018 meeting in May or June. Reluctance to agree a lengthy extension has been driven mainly by Russia.

Moscow fears a strong price rally off the back of such a move could give an unsustainable boost to the rouble, one that harms Russian exports.

Some Russian producers have questioned the rationale of prolonging the cuts, saying it will lead to a loss of market share to U.S. producers.

U.S. production has been hitting records on a weekly basis in recent months, and for the week to Nov. 24, production rose to 9.68 million bpd. That is still short of the 10 million-plus bpd record set in the early 1970s, per monthly data from the U.S. Energy Information Administration.

“Even at $56 to $57 on (U.S. crude) there’s been a lot of hedging so we’re going to continue to see increased production from the U.S.,” said Sandy Fielden, director of commodities research at Morningstar.

The drawdown in U.S. crude was driven by the shutdown of the Keystone pipeline, which cut inventories at the Cushing, Oklahoma oil hub by 2.9 million barrels, the largest weekly drawdown in eight years. The 590,000-bpd line was restarted on Tuesday.

U.S. gasoline and distillate stocks rose more than expected, however, in part due to weak implied gasoline demand, which fell to a five-year seasonal low in the most recent week.

Additional reporting by Henning Gloystein and Polina Ivanova; Editing by Marguerita Choy and Diane Craft
Our Standards:The Thomson Reuters Trust Principles.