Tag Archives: MCX Crude Oil Update

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Oil mixed but set for weekly gain on improving market outlook

TOKYO (Reuters) – Oil costs were mixed on Fri, however each brant goose and U.S. crude were set to chalk up another weekly gain as investors bet that efforts to chop a world glut ar operating which the demand outlook is up.
U.S. crude (CLc1) was down eight cents at $51.48 a barrel at 0641 time, when earlier rising slightly. Still, the contract is heading for a fourth consecutively weekly gain and is not off course for a nine p.c advance this month.
Brent (LCOc1) rose one cent to $57.42 a barrel, heading for a fifth weekly climb and an almost ten p.c gain for Sept.
The price gains, most of them within the last two-and-a-half weeks, have come back as traders anticipated revived demand from U.S. refiners that were resuming operations when shutdowns owing to cyclone Dr..
Major world oil producers outside the u. s. have conjointly indicated they’re going to follow output cuts to limit offer.
They are obtaining support from Turkey’s threats to chop off a pipeline from the Kurdish region of Al-Iraq when a vote wherever Kurds voted irresistibly in favor of independence.
“(There is) AN more and more positive read from the provision facet, with potential Kurdish production disruption, and a excessiveness of energy agencies suggesting world demand is increasing,” aforesaid Jeffrey Edmund Halley, senior analyst at OANDA in Singapore.
“The technical image still appearance positive for each contracts with the consolidation and mild pull-backs up to now suggesting oil is pausing for breath at these levels,” he said.
Turkish President Tayyip Erdogan aforesaid in the week he might use force to forestall the formation of AN freelance Kurdish state and would possibly shut the oil “tap”.
The Kurdish region exports concerning five hundred,000 barrels every day through a pipeline that runs through Turkey to the Mediterranean Sea.
Turkey secure on Th to deal solely with the Iraqi government on crude, the workplace of Iraqi Prime Minister Haider al-Abadi aforesaid.


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Brent oil edges up, near 26-month high amid supply concerns

 

JAKARTA (Reuters) – Brent oil prices rose on Wednesday, hovering around a 26-month high hit in the previous session, after U.S. data showed an unexpected drop in crude stocks as refineries boosted output and amid threats from Turkey to cut crude exports from Iraq.
Brent crude for November delivery (LCOc1) was up 20 cents, or 0.34 percent, at $58.64 a barrel, as of 0418 GMT. It settled down 1 percent on Tuesday, after earlier hitting $59.49, its highest since July 2015 and more than 34 percent above a 2017 low.
U.S. crude for November delivery (CLc1) rose 28 cents, or 0.5 percent, to $52.16, having settled down 0.7 percent after hitting a five-month high of $52.43 in the previous session.
Oil prices have been supported by output curbs of 1.8 million barrels per day by the Organization of Petroleum Exporting Countries (OPEC), and cuts by other major producers, although U.S. crude has lagged behind Brent amid concerns that U.S. production growth could stoke oversupply.
U.S. crude stocks fell by 761,000 barrels last week as refineries boosted production, while gasoline inventories increased and distillate stocks fell, data from industry group American Petroleum Institute showed on Tuesday, in contrast with market expectations.
Refinery crude runs rose by 1.3 million barrels per day, API data showed.
U.S. crude inventories were seen rising for a fourth straight week, an extended Reuters poll showed on Tuesday.
“There’s pretty strong upward momentum at the moment,” said Ric Spooner, chief market analyst at CMC Markets in Sydney, referring to a better-than-expected near-term supply balance outlook.
Crude oil production in Texas, one of the biggest producers of shale oil in the United States, fell less than 1 percent in July compared with a year ago, the state’s energy regulator said on Tuesday.
“Going forward, oil is likely to remain supported as supply disruptions, combined with solid global demand, will probably continue to lift prices,” ANZ said in a research note.
Monroe Energy, a subsidiary of Delta Air Lines (N:DAL), ran out of crude oil at its 185,000 barrel-per-day Trainer, Pennsylvania, refinery amid shipping delays due to rough seas caused by Hurricanes Jose and Maria, according to a source familiar with the company’s operations and Reuters shipping data.
The U.S. Energy Information Administration (EIA) will release stocks data later in the day.
Turkish President Tayyip Erdogan on Tuesday repeated a threat to cut off the pipeline that carries 500,000-600,000 barrels per day (bpd) of crude from northern Iraq to the Turkish port of Ceyhan.


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Crude Oil Prices Start the Week a Touch Lower

Crude oil costs started the week on the rear foot on Mon, however remained near their best levels in months amid optimism that the crude market was well on its approach towards rebalancing.
U.S. West American state Intermediate (WTI) crude futures lordotic twenty one cents, or around zero.4%, to $50.45 a barrel by 3:50AM ET (0750GMT), shortly from a four-month high of $51.11 touched last week.
Meanwhile, brant crude futures, the benchmark for oil costs outside the U.S., was down sixteen cents, or about 0.3%, to $56.26 a barrel. It listed as high as $56.91 intraday weekday, tier last seen since March one.
WTI crude saw an increase of one.5% last week, whereas brant finished regarding a pair of.2% higher for the week.
Major oil producers convention in national capital for associate OPEC-led meeting on weekday boasted record compliance with their production-cut agreement, but, evidently, set to attend somewhat longer to ascertain if to any extent further action was required.
OPEC and non-OPEC compliance with the deal to curb output rose to 116% in August, the committee aforementioned, a robust increase from the ninety four compliance achieved a month past.
In May, international organisation and non-OPEC members diode by Russia in agreement to increase production cuts of one.8 million barrels per day for a amount of 9 months till March 2018 in an exceedingly bid to scale back international oil inventories and support oil costs.
But to date rising production from the U.S., Nigeria and African country has undermined the cartel’s efforts to curb excess offer.
Russia’s energy minister instructed that Gregorian calendar month is that the earliest date that associate extension to the worldwide accord are often thought of, though different ministers instructed such a call might be taken before the top of this year.
The committee’s next meeting is about for November twenty nine in national capital, simply on a daily basis before OPEC’s often scheduled meeting.
Elsewhere, in the U.S., market participants chewed over information showing the amount of oil rigs continued to say no, suggesting a attainable modification in domestic production.
Oilfield services firm Baker Hughes aforementioned its weekly count of oil rigs in operation within the U.S. declined by five to 744, marking the third weekly decline in an exceedingly row.
The weekly rig count is a very important measuring system for the drilling business and is a proxy for drilling and oil services demand.
In the week ahead, market participants can eye recent weekly info on U.S. stockpiles of crude and refined merchandise on weekday and Wed to more weigh what the impact of recent storm activity was on offer and demand.
Elsewhere, gasolene futures were at $1.624 a gallon, very little modified from Friday’s levels, whereas gas futures additional 0.5 a cent to $3.026 per million British thermal units.


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Commodities – Crude Oil Up In Asia Ahead Of OPEC, Rig Count Data, NKorea Nuclear N

Crude oil costs rose in Asia on Friday as investors looked ahead to a gathering of OPEC and allied nations to review efforts to curb output and U.S. rig count later within the day as they digestible associate degree menacing report that Asian country may check a weapon of mass destruction over the Pacific Ocean.
On the big apple Mercantile Exchange crude futures for Nov delivery rose zero.12% to $50.61 a barrel, whereas on London’s worldwide Exchange, goose edged down zero.14% to $56.40 a barrel.
North Korean Foreigh Minister Ocean State Yong metallic element aforesaid on Friday he believes the North may think about a nuclear weapon check on the Pacific Ocean of associate degree new scale, South Korea’s Yonhap news organisation according.
Ri was talking to reporters in big apple once he was asked what North Korean leader Kim author United Nations had meant once he vulnerable in associate degree earlier statement the “highest level of hard-line step in history” against the us.
Overnight, crude costs settled lower on Thursday as investors continued to weigh information showing a pointy rise in U.S. crude production associate degreed stockpiles prior to an OPEC meeting slated for Friday.
The rocky week for crude costs continued as considerations over associate degree dealings weekly crude provides and production weighed on sentiment amid growing capitalist optimism on a doable extension to the Opec-led agreement to chop oil output.
Members of the Organization of the fossil fuel mercantilism Countries and different major producers can meet Friday in Austrian capital to debate the market impact of the production-cut agreement and progress toward rebalancing offer and demand.
In May, OPEC and non-Opec members united to increase production cuts of one.8m barrels per day for a amount of 9 months till March 2018 however rising production from the U.S., African nation and Libya has undermined the oil cartel’s efforts to curb excess offer.
Some analysts steered, however, that the production-curb exemptions that have allowed African nation and Libya to build production can be raised to ease the glut in world crude provides.
“Exempt members Libya and African nation could also be brought into the fold of the assembly cut deal,” aforesaid Jeffrey Halley, senior analyst at futures brokerage OANDA.
The Energy info Administration according Wednesday that total U.S. crude production rose by 157,000 barrels every day to nine.510 million barrels whereas U.S. crude provides rose by roughly four.6m barrels for the week all over Sept. 15.


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Commodities – Crude Drops In Asia As API Estimates Ahead

Crude oil costs fell in Asia on Tuesday previous business estimates by the yankee rock oil Institute (API) of refined product and crude stocks within the U.S.
On the ny Mercantile Exchange crude futures for October delivery fell zero.04% to $50.33 a barrel, whereas on London’s worldwide Exchange, brant unfit zero.18% to $55.38 a barrel.
Analysts expect a a pair of.925 million barrels incorporate crude and a a pair of.025 million barrels decline in gas and a one.175 million barrels fall in distillates. On Wednesday, official knowledge from the Energy info Administration EIA) is due. The API adn EIA figures typically diverge.
Overnight, oil costs settled higher on Monday as investors shrugged off expectations that U.S. crude stockpiles area unit set to indicate a build for the third week during a row, following the aftermath of Hurricanes scientist and Irma.
Despite U.S. refineries news a far higher recovery from the recent hurricanes, investors braced for Associate in Nursing dealing in crude provides because the U.S. ramps up imports at reopened ports to create up for the deficit in domestic production following the aftermath of storm scientist.
The expected dealing in crude provides comes amid a flip in sentiment on oil costs within the wake of optimistic reports from each the Organization of the rock oil commerce Countries (Opec) and International Energy Agency last week.
“It looks that a minimum of a part of the recent rally over the previous few weeks has been because of stronger demand, all the foremost agencies revised up their forecasts for demand for this year,” same Tom Pugh, commodities economic expert at Capital social science.
Opec is predicted to continue talks to increase its production-cut agreement on the far side March 2018 in a shot to tackle rising output from African nation and Libya – each countries area unit exempt from production curbs.
In May, oil cartel and non-Opec members in agreement to increase production cuts of one.8m barrels per day for a amount of 9 months till March 2018.


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Oil Up On IEA Statement

Oil costs mitigated last week when being crushed to the bottom by 2 Hurricanes within the past weeks. each Hurricanes manage to prompt most refineries to increase their time of day prompting immense decreases and recession on oil costs for concerning fortnight currently. now around, the International Energy Agency managed to recuperate some losses with their recent announcement.
The IEA managed to assist the oil costs as they recently discovered their attempt to update their forecasts this year as fuel demands run progressively high. brant Crude and therefore the Western American state Instrument took the middle stage as they bullishly recovered and tallying 5-months high.
Brent, WTI Prices
Brent Crude saw a glimmer of hope last week as they manage to emerge from the flood of pessimistic territory and record tremendous growth right when IEA’s statement. The brant managed to extend by fifty six cents or a complete of one hundred and twenty fifth of $55.72 barrels per day last week and have reached the milestone of a 5-month high on high of that.
One issue to stay in mind for brant is that the truth they need been searing on the charts and hovering at the overbought levels; this suggests that the costs area unit expected to be volatile this coming back day, even weeks. Overall, brant managed to rally a optimistic run this year and tally a $10 increase per barrels this year since January.
Western American state additionally managed to spike on IEA’s revived outlook for oil demands. WTI’s value was up by a complete of eighty four cents or a complete of one.7% at $50.14 barrels per day. This has been terrific news for WTI as a result of it’s been having the toughest time to urge back on its feet and reach the $50 per barrels value since its fragmented performance last August.
IEA’s Announcement
The International Energy Agency has recently declared that they’re attending to consequent level with their estimates for this year’s world oil demand that has bolstered to one.6 million barrels per day, from the latter one.5 million barrels per day. Analysts area unit noting that Irak and Valenzuela ought to be monitored in terms of their outputs which the revision of oil demand growth forecasts signals a burning anticipation for the faster pace of market rebalancing.
Oil informed IEA Statement


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U.S. crude clears $50/bbl for first time in five weeks

U.S. fossil oil hits $50/bbl for the primary time in 5 weeks, extending yesterday’s sturdy gains once forecasts for sturdyer oil demand by the International Energy Agency; energy stocks (XLE +1%) open strong as WTI presently +1.5% at $50.05/bbl once gaining two.2% yesterday.
WTI popped on top of its 200-day moving average level of $49.55 earlier within the session, tier it had not broken on associate intraday basis since Gregorian calendar month. 10.
Brent crude currently +0.9% at $55.69/bbl for its highest since April, once rising one.6% on Wednesday.
The gains followed associate IEA report that raised its estimate of 2017 world oil demand growth to one.6M bbl/day from one.5M bbl/day.


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Commodities – Crude Oil Prices Ease But Hold on to Gains

Oil costs edged lower on Thursday, however continued the foremost of their gains from the previous session that came once knowledge showing a record call in fuel inventories and indications that the oversupplied world market is beginning to rebalance.
U.S. fossil fuel was mercantilism at $49.27 a barrel by 04:11 AM ET (08:11 GMT) once a a pair of.07% gain within the previous session.
Global benchmark brant futures were at $55.09 a barrel once rising one.49% within the previous session.
On weekday, the International Energy Agency aforementioned world oil provides fell for the primary time in four months in August, whereas conjointly redaction its 2017 oil demand estimate up to one.6 million barrels daily from its July estimate of one.5 million.
The data came daily once the newest trust} report that showed drilling from the cartel fell last month for the primary time since March.
The Organization of the fossil oil exportation Countries aforementioned Tuesday that output declined by seventy nine,000 barrels daily to thirty two.76 million in August, driven in the main by a call in Libya, Gabon, South American country and Irak.
Meanwhile, the U.S. Energy info Administration according that fuel stockpiles fell by eight.4 million barrels last week, the most important weekly drop on record in EIA knowledge going back to 1990.
Distillate stockpiles fell by three.2 million barrels, conjointly on top of expectations.
Crude oil inventories rose by five.88 million barrels last week, the EIA aforementioned.
The build came once cyclone doc shut production in some Gulf of North American country fields and refineries in American state as some domestic producers conjointly cut output to avoid a bigger glut at storage.
The reports from the IEA and international organisation offset considerations over the EIA stockpile build, supporting costs.
Elsewhere, fuel futures fell zero.59% to $1.6347 a gallon and fossil fuel futures supplementary zero.23%, to $3.064 per million British thermal units.


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Crude Oil Prices Slip on Bets for Bearish U.S. Supply Data

Crude oil costs edged lower on weekday, amid speculation weekly provide information due later within the session can show a larger-than-expected gain in U.S. crude stockpiles as Hurricanes man of science and Irma weighed on demand.
The U.S. Energy data Administration can unleash its official weekly oil provides report at 10:30AM ET (1430GMT). Analysts expect petroleum inventories rose by around three.2 million barrels at the top of last week. If confirmed, it’d mark the second weekly gain in a very row.
Meanwhile, gasolene provides area unit seen decreasing by concerning two.0 million barrels and distillates area unit forecast to fall one.5 million barrels.
After markets closed weekday, the yankee crude oil Institute same that U.S. oil inventories raised by roughly half-dozen.2 million barrels within the week complete Sept eight.
It was the second straight build once cyclone man of science shut production in some Gulf of North American nation fields and refineries in Lone-Star State as some domestic producers additionally cut output to avoid a bigger glut at storage.
However, the API report additionally showed a drop of seven.9 million barrels in gasolene stocks, whereas distillation stocks fell by one.8 million barrels, as key refineries in Houston and Corpus Christi were offline.
There area unit typically sharp divergences between the API estimates and also the official figures from EIA.

U.S. West Lone-Star State Intermediate (WTI) crude futures shed seven cents, or around zero.2%, to $48.16 a barrel by 3:20AM ET (0720GMT). The U.S. benchmark advanced sixteen cents, or 0.3%, on Tuesday.
Meanwhile, brant crude futures, the benchmark for oil costs outside the U.S., unfit eighteen cents, or 0.3%, to $54.09 a barrel, once gaining forty three cents, or 0.8%, within the previous session.
Tuesday’s gains came because the latest pool} report that showed drilling from the cartel fell last month for the primary time since March.
The Organization of the crude oil mercantilism Countries same in its closely watched monthly report that output in August declined by seventy nine,000 barrels on a daily basis to thirty two.76 million, driven chiefly by a drop by Socialist People’s Libyan Arab Jamahiriya, Gabon, Venezuela and Al-Iraq.
OPEC additionally slightly raised its outlook for world oil demand in 2017 and 2018. The syndicate currently believes the planet can consume ninety six.77 million barrels on a daily basis this year and ninety eight.12 million barrels on a daily basis next year.
Prices received further support amid reports that OPEC and its allies area unit discussing extending by quite 3 months the drilling cuts that expire in March 2018, doubtless prolonging them well into the half of next year, in keeping with folks aware of the matter.
OPEC and different producers, together with Russia, have in agreement to cut back output by concerning one.8 million barrels per day till next March in a very bid to cut back world oil inventories and support oil costs.

Elsewhere, gasolene futures declined zero.6 cents, or 0.4%, to $1.653 a gallon, whereas fossil fuel futures another one.2 cents, or 0.4%, to $3.013 per million British thermal units.


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Crude Oil Bounces Back in Choppy Trade, Weekly Data in Focus

U.S. rock oil futures bounced back on weekday, erasing earlier losses as traders turned to the weekly information on U.S. stockpiles, additionally because the Organization of rock oil exportation Countries’ monthly report
The U.S. West Texas Intermediate crude Oct contract was at $48.23 a barrel by 09:00 a.m. ET (13:00 GMT), up sixteen cents or regarding zero.33%.
Elsewhere, brant oil for November delivery on the ICE commodities market in London gained thirty three cents or zero.61% to $54.16 a barrel.
U.S. oil futures found support following an officer downgrading of cyclone Irma’s strength to class one on weekday. easing worries that energy demand would be hit onerous.
Prices were conjointly boosted by reports that Saudi Arabia’s oil minister mentioned probably extending a accord to chop world oil provides on the far side March 2018 along with his Venezuelan and Kazakh counterparts.
OPEC and different producers, as well as Russia, have united to scale back output by regarding one.8 million barrels per day till next March in a very bid to scale back world oil inventories and support oil costs.
A further extension for a minimum of 3 a lot of months on the far side March is currently being mentioned before international organization meets once more in November.
Elsewhere, hydrocarbon futures climbed zero.81% to $1.649 a gallon, whereas fossil fuel futures rallied zero.98% to $2.979 per million British thermal units.


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