Venerdì, 20 Luglio, 2018

Oil Price Forecasts Lowered on Crude Glut

Sveva Terracina | 12 Giugno, 2017, 13:53

On oil price decline, the OPEC scribe said that the cartel has no issues with people taking position, adding that the producers' group has chose to focus on the fundamentals.

Brent crude, the global oil benchmark, fell 1.8% to $49.71 a barrel on London's ICE Futures exchange.

Meanwhile, the U.S. Department of Energy reported that crude stockpiles were down to 6.4 million barrels in the week to May 26, beating analyst expectations for a decrease of 2.5 million barrels.

Commodity markets were absorbing news the United States would withdraw from the landmark 2015 global agreement to fight climate change, a move that fulfilled a major campaign pledge but drew condemnation from USA allies.

Jeffrey Halley, a senior market analyst at OANDA [Foreign exchange company] says that this could lead to a drilling free for all in the U.S. In a separate report, the Energy Department said oil production in the United States has climbed by 318,000 barrels a day since OPEC began cutting its output at the beginning of the year. Too rapid a growth risks "potentially oversupplying the market and revisiting 2014" - a reference to the year when crude prices hit levels south of $40 a barrel. While U.S. government data released on Thursday showed that crude inventories fell twice as much as forecast last week, rising exports and production suggest the glut is lingering.

The daily outflow of 3.93 million barrels was just shy of the record, set in November, and exceeded that of October, the baseline month for cuts by the Organization of Petroleum Exporting Countries.


As more United States drilling mean greater hardship for OPEC and other major producers' attempt to control output so as to cut the global supply glut and alleviate prices.

The March production figure is about 0.5 percent lower than the department's earlier estimate of 9.15 million barrels a day for the same month, a sign that US output could come in lower than the agency has forecast this year.

Oil prices are down some 7.5 percent since OPEC's May 25 decision to extend the cuts.

US crude production last week already stood almost 500,000 barrels per day (bpd) above the year-earlier level, straining OPEC's efforts to drain a global overhang.

The agreement aims to limit the increase in global average temperatures to "well below 2°C above pre-industrial levels" - the level beyond which scientists say we will see the worst extremes of global warming.

Standard Chartered, however, said it expects global crude inventories will return to their five-year average by the end of the OPEC-led production cuts, with large drawdowns in the second half of 2017.

Consigliato

  • United Kingdom leader May strikes tentative deal with N Ireland party

    Theresa May's bid to do a deal with the Democratic Unionist Party to save her Premiership has been plunged into uncertainty. May has said Brexit talks will begin on June 19 as scheduled, the same day as the formal reopening of parliament.

    Preds defenseman Ryan Ellis skates before Game 6

    At the beginning of the game, an optimistic Ed Naughton of Harrison said the Champagne was chilling in the cooler, ready to go. It's familiar territory for Nashville: In Game 1's loss, what would have been the opening goal from defenseman P.K.
    Sharp questions for Sessions in coming testimony

    Sharp questions for Sessions in coming testimony

    Attorney General Jeff Sessions was in for sharp questioning by senators on the Senate Intelligence committee Tuesday. Attorney General Jeff Sessions arrives for an event at the Justice Department on May 12, 2017 in Washington , D.C.
  • Woman on trial for 'encouraging' boyfriend to kill himself

    Although assisted suicide through coercion is considered a crime in most states, MA is one of a few where it isn't. The northeastern state of MA , unlike other USA states, has no law against encouraging someone to commit suicide.

    Israeli PM calls for dismantling of UN Palestinian refugee agency

    "The sanctity and neutrality of United Nations premises must be preserved at all times", the organization said in a statement . A Gaza-based spokesman for the UNRWA, Adnan Abu Hasna, said that Netanyahu was pursuing a " fantasy ".
    Nigeria v South Africa: Bafana Bafana defeats Super Eagles 2 - 0

    Nigeria v South Africa: Bafana Bafana defeats Super Eagles 2 - 0

    Bafana ensured they got the points in the 81st minute when Pau finished a good counter attack move by the South Africans. It is worth noting that the KAN-2017 Nigerians missed, so that the current selection is becoming important for them.
  • Bradley's stunning early goal helps USA to 1-1 tie at Mexico

    Guzan had not started since last November's 4-0 defeat at Costa Rica, the last game before the U.S. The U.S. parked the bus and saw out a 1-1 draw with El Tri in Mexico City .
    Police arrest east London man in connection with bridge attacks

    Police arrest east London man in connection with bridge attacks

    Police have arrested 17 so far in connection to the incident in London , but have released 12 of them without charge. Redouane, 30, also used the name Rachid Elkhdar, claiming to be six years younger.

    Comey Changed His Tune On Leaking

    Richman could not be found at his Brooklyn Heights, N.Y. home and has "gone into hiding", according to the New York Post . During his highly anticipated testimony on Thursday before the U.S.
  • South Korea names new defence minister to counter North's arms threat

    Amid North Korea's claims, the U.S. is focusing on the possibility of North Korea's ICBM launch taking place this year. South Korean military authorities also estimate that the North's testing of an ICBM is now a matter of time.
    Back to back champs: Penguins beat Preds 2-0 for Stanley Cup

    Back to back champs: Penguins beat Preds 2-0 for Stanley Cup

    Center Nick Bonino, who has missed three straight games with an injured left foot, did not practice for the Pens. Pittsburgh has won back-to-back Stanley Cup titles, the first team to pull that off in almost two decades.
    Doubts over Theresa May's grip on power as DUP talks continue

    Doubts over Theresa May's grip on power as DUP talks continue

    But the party still won the largest number of seats and votes - with 318 seats and 12,667,213 votes (42.8% of the overall vote). Labour is now ahead of the Tories for the first time since Jeremy Corbyn became leader, a new poll has found.

Lewis Hamilton wins third straight Canadian Grand Prix Lewis Hamilton wins third straight Canadian Grand Prix Force India's driver battle ultimately cost them, with Perez and Ocon took P5 and P6, with Raikonnen behind them in P7. Ricciardo then had enough of a gap to hold off the faster Ferrari on the final lap.

Microsoft Unveils Anticipated Xbox One X Gaming Console Microsoft Unveils Anticipated Xbox One X Gaming Console We'll be having our first hands-on with the One X as soon as Xbox's event itself is over, so stay tuned for our early impressions. We figure performance will be close to the RX 580, but with more bandwidth.

Top two aides to British PM May quit Top two aides to British PM May quit May said Barwell would help her "reflect on the election and why it did not deliver the result I hoped for". "This is still on". The speech will be followed by several days of debate and a vote - and defeat would nearly certainly topple the government.

Attorney General Sessions next up for Capitol Hill scrutiny Attorney General Sessions next up for Capitol Hill scrutiny He also urged Trump to produce any tapes of his conversations with Comey. "No more game playing", Schumer said on CBS. Trump himself attributed his dismissal of Comey to the Russian Federation investigation.

Iran arrests two suspects linked to attacks in Tehran Fars news agency issued a report saying that ISIS claimed responsibility for the terror attacks in Tehran . One of the attackers reportedly blew himself up inside as police surrounded the building.

Iran sends planes of food to Qatar amid concerns of shortages But in language common to the three countries, the UAE said it drew a distinction between Qatar's government and its people. Iran has urged Qatar and neighbouring Gulf countries to engage in dialogue to resolve their dispute.

SIX clubs fighting for Real Madrid star James Rodriguez SIX clubs fighting for Real Madrid star James Rodriguez Inter Milan and Bayern Munich are both credited with interest, but it's not thought either club will go close to what Madrid want. Arsenal have joined the race to sign James Rodriguez from Real Madrid this summer, according to reports in the British media.

Eoin Morgan sees South Africa rout as timely lesson for England South Africa made 156-3 in 28.5 overs, built on a 95-run opening stand between Hashim Amla (55) and Quinton de Kock (34). The victory puts England in place to complete a bilateral whitewash over South Africa for the first time in 26 years.

'Dead woman walking': UK's Theresa May clings to power 'Dead woman walking': UK's Theresa May clings to power More than 670,000 people have signed an online petition calling for May to resign rather than form a coalition with the DUP . Conservative Party loyalists urged her to change her leadership style, while critics talked about her days being numbered.

Tax levels reduced on 66 goods by GST council Jaitley said the weighted average of all the rates decided by the council is significantly lower than the present tax incidence. We should bring GST into implementation from 1 July and if there crops any issue GST Council can resolve it promptly", he said.

IOS 11, Android O to Feature Limit on 'Always-On' Location Tracking IOS 11, Android O to Feature Limit on 'Always-On' Location Tracking If the user decides not to leave a rating or a review, they won't have to see it over and over again every time they open the app. Considering its 70/30 revenue split with developers, that means Apple has made around $30 billion from its app business to date.

UN condemns Hamas for tunnel under schools in Gaza It operates schools and provides healthcare and other social services in the West Bank, Gaza , Jordan, Lebanon and Syria. The Palestinian enclave has been under a blockade, imposed by Israel and Egypt, since 2007.

Warriors' Green will be on the court for this Finals Game 5 Warriors' Green will be on the court for this Finals Game 5 The only Warriors player that showed up was Kevin Durant [VIDEO ], but his 35 points could not light a spark under his team. The officials set the bar too low in terms of calling fouls in a game of the National Basketball Association finals.

Xbox One S bundles getting $50 price cut Xbox One S bundles getting $50 price cut It's certainly powerful enough (the PlayStation 4 is, after all), but maybe that's something Microsoft is saving for another date. He also spoke to the console's codename "Scorpio" and addressed why that branding didn't carry over to the final name .

Moto X4 could be announced on June 30 Moto X4 could be announced on June 30 We told you yesterday about the price of these handsets, which are known as Moto Z2 Force, Moto G5S Plus , and Moto X4. There will be 32GB and 64GB storage variants of the Moto X4 and it will be juiced up by a 3800mAh battery.