Potential for Stronger Output Suppress Increase in Oil Prices
04 July, 2017, 01:17 | Author: Franklin Nunez
Now trade is carried out by the exchange's two divisions, the NYMEX Division and the COMEX Division, the first one designed for trades of oil, gas, platinum, palladium, ethanol, coal, electricity and carbon dioxide emissions, the second one for gold, silver, copper and aluminum.
Opec's attempt to cut the world oil glut has backfired and will further stress the more exposed economies this year, according to a new report by Bank of America Merrill Lynch. However, it still finished the first half with its worst performance for the period since 1998. Benchmark Brent and WTI futures have been languishing 15-16% below their year-to-date highs after a battering in recent weeks. WTI is down 5.64% over the past year. They've seen copper prices drop as scrap dealers de-stocked heavily to take advantage of higher prices. EIA projects that USA output will grow every quarter this year before tipping past 10 million barrels a day in 2018.
But the undercurrents of shale producers' survivals in the price downturn are the deployment of internal corporate mechanisms in budgeting and allocating capital resources to drilling programmes.
In refined products, RBOB heating oil futures remained flat at 1.483 a gallon at the NYMEX. In the first half of 2017 whose trading ended last Friday, U.S. crude future have posted their biggest loss in 19 years. The EIA in its latest monthly report in June projected a 460,000 b/d on-year rise in 2017 USA output to 9.332 million b/d and a further 700,000 b/d jump in 2018. USA production has now recorded three week-on-week declines in less than two months.
West Texas Intermediate for August delivery fell 4 cents to $46 a barrel on the New York Mercantile Exchange at 10:59 a.m.in London.
Experts have advised producers to change their strategies in exploration and production to avert utter global petroleum chaos.
"We have just completed a marathon round of meetings in Vienna, where the OPEC and non-OPEC countries have agreed to continue working together as part of the Declaration of Cooperation in order to ensure that we achieve a balanced market sooner rather than later". For instance, we see U.S. shale oil supply grow on a year-on-year (YoY) basis by 1.1 million b/d at $55/bbl but see growth of just 200,000 b/d at $45. In particular, horizontal rig units stayed put at 792 - the most since April 2015.
President Trump early this year proposed selling half of the SPR to help fund the USA budget deficit.
Another factor, affecting oil prices is concern about the growth of oil production in Libya.
Investment bank Goldman Sachs revised its oil price lower and admitted it misread the sentiment of the market.
United States government data showed on Wednesday that domestic crude production dropped by 100,000 barrels per day (b/d) to 9.3mb/d last week, the steepest weekly fall since July 2016.
Christie orders NJ government shutdown amid budget deadlock
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Horvath scored on a single by Liput.LSU did not threaten until the seventh when Slaughter made his base-running gaffe. And like those Bruins, the Gators flashed the leather, closing their time in Omaha with 50 innings without an error.
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We don't expect much from it, so, not to flip-flop, but at this point, Monday and Tuesday are expected to stay dry. There greatest threat with any storm today , will be for localized flooding during times of heavy rain.
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