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techkenyot.com January 24, 2018


USA crude oil prices hit more than 3-year high

13 January 2018, 11:44 | Hattie Nash

USA crude oil prices hit more than 3-year high

US oil output to top record 11 million barrels per day by end of 2019: EIA

"In both 2018 and 2019, EIA expects total global crude oil production to be slightly greater than global consumption, with USA crude oil production increasing more than any other country", its latest report read. Platts last week expected a 5.7 barrel million draw, though federal data showed a decrease of 7.4 million barrels. Analysts said that could have been the result of extreme cold temperatures across the United States.

While we saw an increase in products, that was pale in comparison to recent demand. "But market participants could also use the sharp drop in production as an excuse to buy", said Carsten Fritsch, oil analyst at Commerzbank AG in Frankfurt, Germany.

USA crude oil prices hit more than 3-year high
USA crude oil prices hit more than 3-year high

“EIA forecasts USA crude oil production to grow by 980,000 barrels per day in 2018, and we expect most of that growth to come from tight rock formations in Texas and North Dakota, ” he said. Brent last traded above $70 per barrel in early December 2014.

Worldwide crude demand is 96 million barrels a day and the country imports around 4.2 million barrels daily or 1,568 million barrels per annum, making it the third-largest consumer globally. The session high for the global benchmark was US$69.37, highest since May 2015.

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Mumbai: The continuing surge in crude prices, which has touched Dollars 70 per barrel-mark, the highest since December 2014, is likely to continue till March, impacting inflation, balance of payments and fiscal policy, says a report. Sure, we will see some Improvements in technology and rising prices will get us to produce more oil at some point, but it may take a major price spike before the markets get the message. Analysts warned the market is not paying enough attention to USA production increases. The president must regularly weigh sanctions and not extending them would've pulled the estimated 1 million barrels of Iranian oil flowing in the global market. Also, the dollar fell in a broad sell-off after a report that China was ready to slow or halt its USA treasury purchases.

USA oil futures reversed Thursday's gain in Asian trading Friday, ahead of President Donald Trump's decision on extended sanctions waivers for Iran. If we would have gotten a 330 Bcf withdrawal a year ago, natural gas would have rallied $1.50-2, but over the last year we've opened up a lot of new pipeline capacity, allowing production to rise.

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Non-OPEC production, led by the US and Canadian oil sands projects, “is forecast to continue growing through the end of 2019, ” Conti said, with growth of 2 million bpd of non-OPEC production in 2018 and 1.3 million bpd in 2019. The U.S. Energy Information Administration this week said it expects Brent to average $60 per barrel for the year, up from the $54 per barrel average for 2017.

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