México

Guyana

Trinidad
& Tobago

 




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

 

Oil edges up as traders weigh economic risks against OPEC cuts

Eric Gay, Associated Press

Oil pump jacks work in unison, in Williston, N.D. 

Play video: Jefferies Analyst Gammel Sees Value in Shell, Chevron

- WTI, Brent shake off S&P slump to close near two-week high

- Growth worries counter rally spurred by news of Saudi cuts

By Alex Nussbaum / Bloomberg

NEW YORK
Petroleumworld 01 04 2019

Oil ended another topsy-turvy day by closing near a two-week high, as traders weighed signs that OPEC is following through on production cuts against hints of an economic slowdown .

Global benchmark Brent crude rose, fell and then rebounded on Thursday, ending the trading session up 1.9 percent. Prices were spurred by signs that OPEC had made an early start on its pledged production curbs. Saudi Arabia also moved to increase prices in the U.S. and Asia, a signal that the world's biggest exporter thinks demand will be sustained. Prices eased slightly after industry-funded report was said to show gasoline inventories jumped 8 million barrels last week, while crude stocks fell by 4.46 million.

“We really do need a sustained effort from some of the OPEC producers to take supply out of the market in order for prices to recover,” Jason Gammel, an analyst at Jefferies LLC, said in a Bloomberg television interview. “Now we're starting to see that.”

Oil futures swooned along with U.S. equities earlier in the day, after a report that a gauge of American manufacturing plunged last month by the most since October 2008. President Donald Trump's trade war with China will force many U.S. companies to join Apple Inc. in announcing lower than expected earnings, the chairman of the White House Council of Economic Advisers said later on Thursday.

“Demand concerns started to take over,” said Cailin Birch, a global economist at The Economist Intelligence Unit in London. “We're going to see China's economy slowing further and we're starting to see some early warning signs for the U.S.”

West Texas Intermediate for February delivery rose 55 cents, or 1.1 percent, to settle at $47.09 a barrel on the New York Mercantile Exchange. Prices retreated to $46.74 at 4:49 p.m. after the American Petroleum Institute report.

Brent for March settlement closed $1.04 higher at $55.95 a barrel on the London-based ICE Futures Europe exchange and traded at a premium of $8.55 to March WTI. The global benchmark crude is still down almost 40 percent from a four-year high reached in October.

See also: Turbulent or Steady? OPEC or Shale? -- The State of Oil in 2019

In a sign of urgency felt by crude producers to arrest the slide, the Saudis throttled back production in December well before the wider supply curbs pledged by OPEC and its allies to begin this month. The kingdom's cutbacks reduced OPEC's overall output by 530,000 barrels a day last month, the group's sharpest pullback since January 2017.

Chinese manufacturing numbers -- signaling contraction for the first time since mid-2017 -- torpedoed investor optimism on Wednesday, the first full day of trading in 2019. That's after global stocks had their worst December rout since 2008 on concern the U.S. Federal Reserve's tighter monetary policy will weigh on growth. Meanwhile, parts of the American government remained shut as congressional leaders failed to strike a funding deal with President Trump.

 

— With assistance by Heesu Lee, Jeff Kearns, and Grant Smith

 

 

Original article

 

_________________________



We invite you to join us as a sponsor. Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

_________________________


Story by Alex Nussbaum from Bloomberg.


bloomberg.com 01 03 2019

_________________________

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


 

TOP

Contact: editor@petroleumworld.com,

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

CopyRight © 1999-2016, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, Petroleumworld ™  / Elio Ohep - All rights reserved

This 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.