Mexico



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Oil prices ease Thursday after sharp gains; eyes on OPEC supply moves

By Roslan Khasawneh

SINGAPORE
Petroleumworld 05 31 2018

Oil prices eased slightly on Thursday following a rally in the previous session, as investors eyed a surprise increase in U.S. crude oil inventories and looked to a possible rise in output when OPEC and other producers meet in June.

Oil prices rebounded on Wednesday as Russia's central bank expressed caution on plans to boost oil supply, while some analysts see positive market fundamentals despite the possibility of rising supplies.

“Though crude oil has receded significantly in the charts, market fundamentals remain supportive as robust global demand and declining stockpiles bolster prices upwards,” Benjamin Lu, commodities analyst at Singapore-based broker Phillip Futures, said in a note.

Brent crude was down 38 cents, or 0.5 percent, at $77.12 per barrel at 0643 GMT, after settling the last session up 2.8 percent.

U.S. West Texas Intermediate crude was down 20 cents, or 0.3 percent, at $68.01 a barrel. In the previous session, it settled up $1.48, or 2.2 percent, at $68.21 per barrel.

Global inventories have been broadly falling, but U.S. crude stockpiles rose by 1 million barrels in the week to May 25 to 434.9 million barrels, according to data from industry group the American Petroleum Institute (API). That beat analyst expectations for a decrease of 525,000 barrels. [API/S]

Data from the Energy Information Administration is due at 11 a.m. EDT (1500 GMT) on Thursday, a day later than usual due to a U.S. public holiday on Monday.

A possible output increase by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members including Russia has been in focus. Saudi Arabia, de facto leader of OPEC, and Russia have discussed boosting output by some 1 million barrels per day (bpd).

OPEC and some non-OPEC producers have committed to curbing their output by about 1.8 million bpd until the end of 2018, but they will meet in Vienna on June 22 to discuss whether their commitment should remain unchanged.

“With the OPEC meeting still another three weeks away, oil prices are likely to remain sensitive to headlines,” ANZ bank said in a note.

A Gulf source familiar with the thinking of Saudi Arabia said OPEC and its allies aim to continue their agreement to cut oil output through the end of the year, but they are ready to make adjustments to offset any supply shortfall.

“We expect for oil prices to stand tall in the current week as OPEC ‘talk prices up' before the Vienna meet,” said Lu of Phillip Futures.

In Asia, Shanghai September crude oil futures rose 2.2 percent by the midday break on Thursday, with open interest rising to a record on a weaker yuan and the rally in Brent and WTI overnight.

_________________________

Twitter: @petroleumworld1


Petroleumworld.com

Hit your target - Advertise with Us

Story by Roslan Khasawneh ; Additional reporting by Jane Chung in SEOUL; Editing by Tom Hogue and Richard Pullin from Reuters.

reuters.com
05 31 2018 06:56 GMT

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

Twitter: @petroleumworld1


November 13 - 15, 2018.

Gubkin University, Moscow
SPE Student Chapter

 

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.