Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
Balance apparent, but supply issues leave oil prices bruised
by Daniel J. Graeber
Washington (UPI) Aug 17, 2017


Crude oil prices were moving slightly lower early Thursday as sentiment about a balanced market competed against rising U.S. and OPEC oil production.

Crude oil prices are on a steady decline, erasing a rally that lasted for most of the latter part of the first half of 2017. The price for Brent, the global benchmark for the price of oil, is down about 4.5 percent from where it started August.

Balance has been the word of the year, with the Organization of Petroleum Exporting Countries working to eat away at a surplus in the five-year average for global crude oil inventories with managed production declines.

Data this week from the U.S. Energy Information Administration supported a bullish report on declines in U.S. crude oil inventories offered by the American Petroleum Institute. Commercial crude oil inventories are about 26 million barrels below this time last year, but are 214 million barrels greater than the same week in 2014.

Meanwhile, U.S. crude oil production predictions continue to show gains despite weak market conditions. OPEC, for its part, is fighting something of an uphill battle because Libya, which is exempt from the deal because of national security concerns, continues to pump more oil.

"Despite positive indications that the oil complex is working toward balance, market concerns remain regarding U.S. and OPEC supply and the fact that the high demand season soon will be coming to a close," Jenna Delaney, a senior oil analyst at PIRA Energy, said in an emailed report. "From a fundamental standpoint, prices are likely to remain range bound in the near term."

Brent was trading 0.5 percent lower than the previous close to sell for $50.02 per barrel at 9:20 a.m. EDT. West Texas Intermediate, the U.S. benchmark for the price of oil, continued its drift away from Brent parity by losing 0.56 percent to fall to $46.52 per barrel.

Lower WTI prices make it competitive in some global markets. For the week ending Aug. 11, U.S. crude oil exports were about 20 percent higher than the four-week average for this time last year, but represented only a fraction of the average 9.5 million barrels per day produced for the same week.

The U.S. government said this week it planned to sell barrels from its strategic reserves, though the volume is not likely to have a major market impact.

On the economic front, the U.S. Labor Department reported first-time claims for unemployment declined last week by 12,000, though the four-week average showed a decline of just 400 from the previous week.

Overseas, data from the European Union show inflation for the countries that use the euro currency at 1.3 percent in July, stable since June but above the 0.2 percent gain from July 2016. Gross domestic product for the same 19 countries grew 2.2 percent during the second quarter.

OIL AND GAS
Oil prices move up on good data, but ceiling may be approaching
Washington (UPI) Aug 16, 2017
Crude oil prices were relatively steady early Wednesday as reports of a decline in U.S. crude oil inventories balanced against sentiment of an emerging ceiling. Crude oil prices were moving higher in overnight trading after the American Petroleum Institute reported U.S. crude oil inventories declined a whopping 9.2 million barrels last week. Traders keep a close watch on inventory level ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Additive selectively converts CO2 to multicarbon fuels

New light-activated catalyst grabs CO2 to make ingredients for fuel

Biochar could clear the air in more ways than one

Algae cultivation technique could advance biofuels

OIL AND GAS
ABB wins $30 million order to support integration of renewables in Germany

Work begins in carbon-free site in Dubai

Solar glasses generate solar power

New method enhances broadband light absorption in solar cells

OIL AND GAS
Night vision for bird- and bat-friendly offshore wind power

Norway's Statoil reshapes hold of giant wind farm off the British coast

Vertical axis wind turbines can offer cheaper electricity for urban and suburban areas

Annual wind report confirms tech advancements, improved performance, low wind prices

OIL AND GAS
Analysis highlights failings in US's advanced nuclear program

RWE optimistic for 2017, boosted by nuclear tax refund

Clashes at anti-nuclear demo in France

The Roadmap for Increased Safety and Viability of Nuclear Power Plants

OIL AND GAS
Heat map showcases extreme temperatures in Southern Europe

UNEP chief urges China to do more on climate

Warm periods in the 20th century are not unprecedented during the last 2,000 years

Can poor air quality mask global warming's effects

OIL AND GAS
Uber board spat over ex-chief Kalanick goes public

Fiat joins BMW-led group to develop driverless cars

Shares of Fiat Chrysler surge on report of Chinese suitors

Uber settles complaint over data protection for riders, drivers

OIL AND GAS
Iraq readies to retake another IS bastion: officials

Canada to contribute policing to liberated Iraq city

Conviction, sentences upended in Blackwater case

Iraq faces vast challenges securing, rebuilding Mosul

OIL AND GAS
Trump keeps Iran deal, but threatens more sanctions

S. Korea seeks rare talks with North to ease military tensions

US sending mixed messages on Iran nuclear deal: Zarif

US-China citizen gets 10 years for spying in Iran; 2 Iranians charged in US over hacking




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement