Апреля 24, 2018


Hedge funds continue to exit oil but OPEC stems rout - Kemp

02 Марта 2018, 04:50 | Gordon Grant

Oil gains on disrupted Libyan exports, Saudi promise to put a stable end to curbs

Protests Disrupt Libyan Oil Production

Both are expected to show a slight fall in US production.

"As the president of the OPEC Conference, you have shown exemplary vision and leadership through 2017 with your stewardship of the implementation of the "historical" agreement to seek oil market stability among some 20 OPEC and non-OPEC countries to the benefit of producing and consuming nations alike", said Malcolm Brinded CBE, president, Energy Institute.

Based on an S&P Global Platts preview of the EIA oil stocks data, us oil stocks are expected to have risen by 2.7 million barrels last week.

Reuters is reporting Brent crude futures eased 6 cents to $67.44 a barrel by 1519 GMT, while U.S. West Texas Intermediate crude fell 12 cents to $63.79.

After posting the best January in more than a decade, worry over record US output and broader market turmoil has dragged crude down this month.

Both benchmarks rose last week - Brent by nearly 4 per cent and WTI by 3 per cent. Equities markets weakened on Wednesday, while the USA dollar.DXY hit a one-month high.

OIl prices as of 11:59 a.m.

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Oil prices rose on Friday to their highest in more than two weeks, supported by the shutdown of the El Feel oilfield in Libya and upbeat comments from Saudi Arabia that an OPEC-led effort to cut stockpiles is working.

OPEC and non-OPEC producers agreed to voluntary output cuts at the end of 2016. However, there's even more oil, and more supply is expected ahead.

"Yesterday's report...has reawakened concerns that USA production levels will offset OPEC production cuts", said Gene McGillian, manager of market research at Tradition Energy in Stamford.

United States oil is also increasingly being exported, including to the world's biggest and fastest growing markets in Asia, eating away at OPEC and Russian market share.

Crude inventories rose by 933,000 barrels in the week to 421.2 million, compared with analyst expectations for an increase of 2.1 million barrels. "Investors are now keeping a close watch on the USA inventory number as growth has been rather slower than expectations".

Fund positioning remains very stretched with longs outnumbering shorts by a ratio of nearly 10:1, but down from nearly 12:1 at the end of January. "If those numbers change consistently to the upside, we would see the market react in the other direction".

Not only is the USA boosting oil production, but it is also increasing its oil exports, including to the prized Asian market on which Saudi Arabia and Russian Federation have been competing for market share.

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