En Español



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Karolin Schaps -Oil nudges higher on tightening supplies, weak dollar


 



By Karolin Schaps

AMSTERDAM
Petroleumworld 08 18 2017

Oil prices edged higher on Friday, with investors offered some encouragement from data hinting that oversupply was easing steadily and a weaker dollar.

But prices were still on track to close the week 2 to 3 percent lower after concerns about weaker Chinese oil demand weighed earlier in the week.

At 1152 GMT, benchmark Brent crude futures LCOc1 were up 6 cents at $51.09 a barrel on the day but still about 2 percent lower on the week.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 11 cents at $47.20 a barrel, although they were also set to end the week more than 3 percent lower.

"Falling U.S. commercial stocks are supportive and I also believe that high U.S. product demand, and gasoline demand in particular, is helping too," Tamas Varga, senior analyst at London brokerage PVM Oil Associates, said of Friday's move up.

He also said a weaker dollar was bullish for oil prices as equity markets piled pressure on the greenback. .DXY

"Reports of a fire at Shell's Deer Park refinery in Texas provided a small fillip to WTI prices," said analysts at Cenkos Securities.

One unit at Shell's large Deer Park joint-venture refinery in Texas was shut on Thursday by a fire, according to a regulatory filing. Sources added the unit would remain out of service for at least a week to carry out repairs.

The Brent forward curve <0#LCO:> has moved from contango into backwardation, where prices for immediate delivery are higher than those for the three future months. A backwardated market is considered a bullish sign for prices since it indicates demand is outpacing supply.

Signs of supply tightness have started appearing in the United States, the world's biggest oil consumer.

Despite a 13 percent jump in production C-OUT-T-EIA since mid-2016 to 9.5 million bpd, the country's commercial crude inventories C-STK-T-EIA have fallen 13 percent from their March records to below 2016 levels.




Story by Karolin Schaps from Reuters.

reuters
.com
08 18 2017 0812AM EDT

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

 



Sept. 14-15,
Accra, Ghana

 

Nov 13-14 ;
Mexico City, Mexico

 

 

 

 

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld   / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.