Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
Balance sentiments pull oil prices lower
by Daniel J. Graeber
New York (UPI) Sep 13, 2016


disclaimer: image is for illustration purposes only

A sluggish forecast for global oil demand and a corresponding positive turn for production helped push oil prices lower in early trading Tuesday.

Crude oil prices opened the trading day in New York lower on Monday after a report from the Organization of Petroleum Exporting Countries said production from non-member states was falling less dramatically than it initially expected.

Lower crude oil prices had curbed production in some shale basins in North America, and output there was handicapped further by May wildfires in Canada. Some companies in the United States, however, said they planned to increase production as efficiency improves, while Canada is recovering ground from the millions of barrels lost to fires this year.

The International Energy Agency said in its monthly report for September that it revised its demand forecast for 2016 and 2017 lower, but not by as much as OPEC had expected. According to the IEA, non-OPEC producers led the way in a decline in output, though a return to growth is expected in 2017.

For nearly two years, crude oil markets have been pressured by global economic growth that was too slow to take up the heavy supply of energy products. A market report from the IEA published in May suggested the gap between supply and demand had narrowed to the point that market balancing was underway and the latest report suggests that sentiment is fading.

The price for Brent crude opened the day in New York at 1.5 percent below the previous close to $47.58 per barrel. West Texas Intermediate, the U.S. benchmark price for oil, was down 1.9 percent to start the day at $45.41 per barrel.

Olivier Jakob, the managing director at Swiss oil-market research group Petromatrix, said in an emailed statement the IEA's forecast was telling from the demand perspective, while OPEC's report took a supply-side focus. In early September, he said the predicted balance has yet to emerge and both reports have now pushed that scenario out to at least 2018.

"The IEA data is also suggesting that an OPEC 'freeze' will not be enough to rebalance the market in 2017," he said.

Ministers meeting later this month in Algeria are said to be considering extraordinary action to stimulate the market. Previous efforts this year collapsed along multilateral fissures as producers jockeyed to protect their market share.


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


.


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






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

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

Previous Report
OIL AND GAS
US seeks halt to work on pipeline opposed by Native Americans
Chicago (AFP) Sept 9, 2016
The US government on Friday sought to stop construction on a controversial oil pipeline in North Dakota that has angered Native Americans, blocking any work on federal land and asking the company to "voluntarily pause" work nearby. The move by the government came after a federal judge denied a request by the Standing Rock Sioux Tribe to halt construction on the 1,200-mile (1,930-kilometer) ... read more


OIL AND GAS
NREL releases updated baseline of cost and performance data for electricity generation technologies

Europe ups energy security ante

Chinese giant to buy Pakistani power company for $1.6 bn

Economy of energy-hungry India may face headwinds

OIL AND GAS
Fuel cell membrane patented by Sandia outperforms market

Fusion facilities at PPPL and Culham, England, could provide path to limitless energy

Flywheel technology could create new savings for light rail transit

Extending battery life for mobile devices

OIL AND GAS
Fish 'biowaste' converted to piezoelectric energy harvesters

Body heat as a power source

Croatian Pig Farm Uses Synergies to Generate Energy

Biofuels not as 'green' as many think

OIL AND GAS
Sealing the Deal: Turkey, China Launch Nuclear Cooperation Partnership

Work starts on two new Iran nuclear reactors

Russia's Rosatom Ready to Help Saudi Arabia Build Nuclear Reactors

Rosneft and Gazprom Discuss New Joint Projects With Japanese Companies

OIL AND GAS
Technology and innovation not driven by climate change

Grassland tuned to present suffers in a warmer future

Climate pact: After years of talk, focus shifts to action

Can melting of frozen methane explain rapid climate change 56 million years ago?

OIL AND GAS
Volkswagen in talks to build electric cars in China

Apple tapping brakes on self-driving cars: report

GM eyes growth in China as US auto sales ebb

The perfect car, according to science

OIL AND GAS
Iranians flock to Iraq's Karbala for holy plan B

IS bombings near Baghdad mall kill at least 13 people

Iraq police clashes with militia near Baghdad

400 additional US troops arrive in Iraq ahead of Mosul push

OIL AND GAS








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - 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. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.