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OIL AND GAS
Oil prices relatively flat after mixed report on supply and demand
 by Daniel J. Graeber
 Washington (UPI) Apr 10, 2017


Oil prices inch lower to end week but sentiment of upward momentum unbowed
Washington (UPI) Apr 10, 2017 - Crude oil prices were unmoved because of the Good Friday market holiday, though earlier sentiment of upward momentum remains.

A rally in crude oil prices was snapped midweek as analysts digested a steady string of data that provide clues on the balance between supply and demand. Members of the Organization of Petroleum Exporting Countries said this week they're cutting output beyond what's outlined in a managed production agreement and the International Energy Agency said later that was contributing to market balance.

OPEC implemented an agreement to put a ceiling on crude oil production in January, which helped put a floor under crude oil prices at $50 per barrel. The IEA noted that improving market conditions have brought companies working in U.S. shale oil basins back to work, pushing total U.S. production above 9 million barrels per day.

U.S. crude oil production trends are balancing against OPEC efforts to correct the glut. In a potential sign of U.S. strength, oilfield services company Baker Hughes reported more gains in rig activity. The company's rig counts serve as a loose barometer of confidence in a particular sector and gains could eventually lead to even higher production levels.

The price for Brent crude oil closed down 0.36 percent to $55.66 per barrel. West Texas Intermediate, the U.S. benchmark for the price of crude oil, was lower, down 0.38 percent to $52.91 per barrel.

Market activity was somewhat quiet because of the Good Friday religious holiday and markets are closed. In Moscow, the Russian development minister said growth forecasts were pegged to a price for the Urals benchmark for Russian exports at $40 per barrel. Brent crude oil has a $1.66 per barrel premium on Urals for March.

A research report published by Michael Wittner, the head of oil research at Societe Generale, said most market indicators for energy were still in positive territory.

"This week's stats were bullish for crude, gasoline and diesel," he said in a weekly newsletter emailed to UPI. "Crude stocks fell more than expected, as refinery runs continued to climb ahead of the summer driving season. Gasoline and distillate also saw larger-than-expected draws, with distillate in particular standing out as demand had a sharp weekly gain."

Crude oil prices got modest support early in the trading day Thursday on signs of a balancing market, though the devil may be in the details.

Crude oil prices started the day Wednesday in positive territory, setting the stage for a steady string of gains. The rally evaporated quickly after the U.S. Energy Information Administration reported domestic crude oil inventory levels at the key trading hub in Cushing, Okla., grew by about a quarter million barrels last week.

Fluidity from U.S. crude oil production, foreign imports and domestic exports has left traders focused intently on weekly supply data in the United States. Vandana Hari, an industry analyst for Vanda Insights, told UPI that "on balance, market sentiment will continue to be swayed by the weekly U.S. stocks data."

After EIA data pushed oil prices into the red yesterday, a report from the International Energy Agency indicating a return to market balance gave some support to the bulls in early trading Thursday. By the IEA's estimate, production cuts from members of the Organization of Petroleum Exporting Countries, along with key oil states like Russia, could be offsetting production gains from the United States.

"It can be argued confidently that the market is already very close to balance," its report read.

Crude oil prices were barely in the black early Thursday, with the price for Brent crude oil, the global benchmark, up just 0.18 percent about a half hour before the start of trading in New York to $55.96 per barrel. Light, sweet U.S. crude oil, West Texas Intermediate, was up 0.15 percent to $53.19 per barrel.

Deeper in the IEA data, however, are signs of lingering supply-side strains. Gains in crude oil prices are making U.S. shale oil recover as operators respond to the improved market conditions and total growth is forecast at 485,000 barrels per day worldwide, against a decline of 790,000 bpd last year.

Investors have returned their focus to more fundamental market factors more than a week after U.S. missile strikes on Syria upset the geopolitical order. Crude oil prices could get some support from the latest figures on U.S. labor movements.

After adding just 98,000 jobs in March, the U.S. Labor Department said weekly data indicate more hiring in April. First-time claims for unemployment for were down 1,000 from the previous week to 234,000. The less-volatile four-week moving average was down 3,000 to 247,250.

OIL AND GAS
Florida lawmaker fending off calls for oil and gas drilling
 Washington (UPI) Apr 12, 2017
 Amid calls for more oil and gas drilling, a Democratic senator in Florida said he was "beating back" pressure for exploration in the Gulf of Mexico. Industry groups like the American Petroleum Institute have praised executive orders from President Donald Trump that favor the oil and gas industry. With changes in Washington, Kevin Doyle, the Florida director of the Consumer Energy Allian ... read more
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