Domenica, 24 Giugno, 2018

Oil prices near seven-month lows on global oversupply

Oil prices near seven-month lows on global oversupply Oil prices near seven-month lows on global oversupply
Sveva Terracina | 20 Giugno, 2017, 20:16

Saudi Arabia uses more oil domestically during the summer months for its utilities. The deal's stated objective has been bringing global crude inventories down to five-year averages.

Brent crude futures were yesterday trading nine cents higher at $47.46 per barrel, while the US West Texas Intermediate (WTI) crude futures were seven cents higher at $44.81 per barrel. WTI prices have fallen more than 16% since OPEC agreed to extend production cuts that, along with support from non-member states such as Russian Federation, will remove 1.8 million barrels from the market each day until March 2018. American crude production has expanded to 9.33 million barrels a day, Energy Information Administration data show.

Oil inventories on land and at sea are falling, he said.

Opec supplies jumped in May as output recovered in Libya and Nigeria, two countries exempt from the production reduction agreement.

Libya's oil production has risen to about 900,000 barrels a day after some fields restarted and the country's biggest deposit, Sharara, increased output, according to a person with knowledge of the matter. Data on Friday showed a record 22nd consecutive week of increases in the number of United States oil rigs, bringing the count to 747, the most since April 2015. The oil production has kept a high level of oil stockpiles available globally, despite the OPEC taking steps to reduce their oil production in order to secure the market.


The twist in expectations follows Opec's failed attempt to drive its U.S. competitors out of business.

In the meantime, non-Opec production from Canada to Brazil is also contributing to the mess, with traders expecting the prices to fall further.

This adjustment followed the May 25 announcement by the Organization of the Petroleum Exporting Countries (OPEC) of an extension to production cuts that were originally scheduled to end this month.

John Kilduff, founding partner at energy hedge fund Again Capital, told CNBC that crude prices were "most definitely" heading to $40 a barrel, and would likely dip into the upper $30s. "Non-OPEC supply is going to be stronger than demand growth, suggesting OPEC are possibly going to have to make even more cuts or extend them". Momentum is negative as the MACD (moving average convergence divergence) histogram prints in the black with downward sloping trajectory which points to lower prices. In such a case, even good compliance can not help OPEC push oil prices up.

"While the oil and gas sector continues to languish, the bright spot for Singapore are the tech and electronics sectors, which are doing much better", he added.

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