Crude oil tug of war on, U.S. rig count may spoil party

21 February, 2018, 09:19 | Author: Shannon Aguilar
  • Another Year of Oil Cutbacks Possible as Oil Producers Eye Long Term Alliance

Crude palm oil prices rose by 0.79 per cent at Rs 586 per 10 kgs in futures trade today as traders created fresh positions, supported by pick-up in demand at the spot market amid firm global cues.

Futures fell 1.1% in London.

The United Arab Emirates energy minister said on late Thursday that oil producers led by Saudi Arabia and Russian Federation aimed to draft an agreement on a long-term alliance by the year end, according to CNBC.

Oil prices extended gains to hit their highest level in almost two weeks on Monday, buoyed as Asian shares joined a global recovery in equity markets and as worries grew over tensions in the Middle East.

Threatening to undermine the Opec-led effort to tighten markets is soaring production in the United States, which is not participating in the pact to cut.

Brent crude fell from a two-week high as the market weighed forecasts for a surge in USA production against OPEC's success in accelerating the pace of draining a global glut.

Another Year of Oil Cutbacks Possible as Oil Producers Eye Long Term Alliance

Oil and gas production will also continue to grow along with renewables, although oil production growth will stagnate around 2032, according to the EIA forecast. The American crude is strengthening versus the Middle East marker as a combination of new pipeline options, a rail auto crunch, demand from Gulf Coast refineries and a thirst for U.S. supply from overseas means less is being hoarded.

The increase in USA production is not "a blip", Brouillette said. Saudi hinted last week that it was willing to see an undersupplied market.

WTI has gained more than 8 per cent since the end of November, when the Organisation of Petroleum Exporting Countries and its allies agreed to extend an output-curb deal until the end of this year. Europe's main indexes were fairly stable on Tuesday but Asian markets closed broadly lower, with the Nikkei 225 closing down 1 percent, South Korea's Kospi falling 1.13 percent and the Shanghai Composite slumping 0.46 percent.

WTI was at a premium of 36 cents a barrel to the Dubai oil yesterday, compared with an average discount of about US$2 over 2017.

Selling pressure could resume if hedge fund investors decide to continue liquidating their previously created long positions. Platinum was up 0.2pc at $998.74, after earlier hitting $1,002.40.

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