 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 by Daniel J. Graeber Washington (UPI) Jul 5, 2018
Crude oil prices were relatively flat before the opening bell in New York, though concerns about the lack of buffers could push indices higher Thursday. A survey of analysts from commodity pricing group S&P Global Platts this week revealed expectations of a 4.5 million barrel drain in U.S. crude oil inventories last week. Data published by the American Petroleum Institute was in line with the estimate from Platts. Official data from the U.S. Energy Information Administration, delayed one day because of a federal holiday, is published at 10:30 a.m. EDT. The needle would move in parallel to any deviance from API or Platts figures. Oil prices were flat ahead of the start of trading. The price for Brent crude oil, the global benchmark for the price of oil, was down 0.09 percent to $78.17 per barrel as of 9:23 a.m. EDT. West Texas Intermediate, the U.S. benchmark for the price of oil, was down 0.12 percent to $74.05 per barrel. The movement followed a warning Wednesday from the World Trade Organization about restrictive trade measures enacted by the world's leading economies. WTO data show there has been an average of six trade-restrictive measures enacted per month between October and mid-May, significantly higher than the previous three reporting periods. "This continued escalation poses a serious threat to growth and recovery in all countries, and we are beginning to see this reflected in some forward-looking indicators," WTO Director-General Roberto Azevêdo said in a statement. Canada during the weekend issued reciprocal trade restrictions against the United States. Tighter measures are expected to enter into force between the United States and China on Friday. The fallout could undermine global economic growth to the detriment of demand. Oil prices moved sharply higher last week after the Organization of Petroleum Exporting Countries ended their regular meeting in Vienna with a tacit agreement to put more oil on the market to address supply-side concerns from Iran, Libya and Venezuela. The figure referenced for actual production wouldn't address the pending deficit. On Thursday, Swiss investment bank UBS said the amount of spare capacity, what a producer could put on the market in short order, was approaching a 10-year low. Platts on Thursday, however, said OPEC produced about 32 million barrels of oil per day last month, about 90,000 barrels per day higher than May. In the United States, U.S. tariffs on imported steel could create headwinds for the oil sector because of the lack of domestic pipeline producers. Analytics company GlobalData reported Thursday that new oil from the North Slope in Alaska was delayed because of the lack of infrastructure. Recent discoveries there could add hundreds of thousands of barrels to Alaska pipeline systems. "However, the coming online of these discoveries is contingent to the construction of infrastructures such as roads, drilling pads, gathering pipelines and processing plants," its emailed report read.
New results of Deepwater Horizon research to protect marine life against future oil spills St. Petersburg FL (SPX) Jul 03, 2018 The University of South Florida continues to play an integral role in discovering the extent of damage caused by the 2010 Deepwater Horizon oil spill. Researchers just published results of a seven-year study, recording the most comprehensive data available of marine life throughout the entire Gulf of Mexico. This is significant, as lack of baseline data has limited researchers' abilities to fully understand the oil spill's impact. The new data will serve as a tremendous asset for future research. ... read more
|
|||||||||||||
|
|
| 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. |
del.icio.us
Digg
Reddit
Google
