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




Subscribe to our free daily newsletters



OIL AND GAS
Oil mixed, but erratic, on U.S. weather impacts and demand scenario
by Daniel J. Graeber
Washington (UPI) Sep 12, 2017


Crude oil prices posted slight gains early Tuesday after OPEC raised its expectations for demand growth, though a Kuwaiti bank warned against over-excitement.

Economists at the Organization of Petroleum Exporting Countries said in their monthly market report for September that total commercial oil stocks for members of the Organization for Economic Cooperation and Development was 195 million barrels above the five-year average and 123 million barrels above the seasonal norm.

OPEC is working to drain the five-year surplus through coordinated production declines and economists at the group said Tuesday that its demand forecast for the year was up 50,000 barrels per day to 1.42 million bpd, reflecting OECD growth as well as China. Demand growth next year is driven in large part by expansion in the European and Chinese economies.

Total OPEC oil production, meanwhile, was down for the first time since March.

The price for Brent crude oil was up 0.46 percent at 9:18 a.m. EDT to $54.13 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, took an erratic turn in early trading to lose 0.12 percent from the previous close to $48.01 per barrel.

Markets will be influenced later in the day when the U.S. Energy Information Administration releases its short-term market report, which includes forecasts for crude oil prices. EIA inventory data, meanwhile, is likely to show a huge build in crude oil stockpiles as U.S. refinery outages from Hurricane Harvey leave oil locked in storage.

According to an S&P Global Platts preview, EIA data could show a build of 10.1 million barrels for crude oil, but a drain on gasoline stocks of 4 million barrels.

Geoffrey Craig, the oil futures editor for Platts, said markets will be tested by what could be a steady buildup in U.S. crude oil inventories.

"Another bearish element is the potential for some refiners to go straight into autumn maintenance rather than restart for a brief period before shutting again to perform planned repairs," he said in a report emailed to UPI.

Elsewhere, a report published Tuesday by the National Bank of Kuwait said geopolitical tensions, notably of North Korea, and the decline in the value of the U.S. dollar was propping up the price of oil. But the rally remains limited, it added, because of higher storage levels and a shale oil sector that's proven to be more resilient to the weak energy market than expected.

OIL AND GAS
Cuban oil drilling program low on funds
Washington (UPI) Sep 11, 2017
An effort to raise up to $4.8 million to help fund drilling operations at a reservoir in Cuba fell well short of its goal, Melbana Energy Ltd. said. Melbana is one of the few Western companies, and the only one listed on Australia's stock exchange, with an established footprint in Cuba. It initiated a push last month to raise capital for its preliminary efforts and said that through the ... 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
Could switchgrass help China's air quality?

Reusable ruthenium-based catalyst could be a game-changer for the biomass industry

Center for Biorenewable Chemicals introduces idea for new molecules,

Technique could aid mass production of biodegradable plastic

OIL AND GAS
Defects in next-generation solar cells can be healed with light

Engineers develop tools to share power from renewable energy sources during outages

New records for the solar cell of tomorrow

NREL, Swiss scientists power past solar efficiency records

OIL AND GAS
Light-Based Method Improves Practicality and Quality of Remote Wind Measurements

Texas makes wind energy strides

UK wind electricity cheaper than nuclear: data

Saudi Arabia shortlists 25 bidders for major wind plant

OIL AND GAS
Jacobs JV wins support contract for nuclear research center

PM opens country's fifth nuclear power plant

China and Brazil sign agreements on nuclear power

Kazakhstan inaugurates IAEA-backed nuclear fuel bank

OIL AND GAS
Periodic table of ecological niches could aid in predicting effects of climate change

Australia has hottest winter on record

Researchers tackle methane emissions with gas-guzzling bacteria

Methane from tundra, ocean floor didn't spike during previous natural warming period

OIL AND GAS
US House passes bill to clear path for self-driving cars

Post-Harvey Houston faces a car crunch

China mulls petrol car ban, boosting electric vehicles

Fuel economy standards cheaper, more beneficial than previously believed

OIL AND GAS
Slow recovery for Iraq's Mosul after IS ouster

Iraq faces vast challenges despite victories over IS: experts

Iraq strikes major victory over Jihadists; As IS slides from defeat to defeat

Jordan, Iraq reopen only border crossing; Iraqi forces close in on last jihadist ISIS stronghold

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