Friday, November 24, 2017

Rebalance Crude Oil Markets News

US to Become Oil and Gas World Leader in Long Term - IEA

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The head of the International Energy Agency Fatih Birol said on Thursday the United States would - in the long term - become the "undisputed leader of oil and gas production worldwide".   Speaking at the U.N. climate conference in Bonn, Germany, he said the agency expected oil markets to rebalance next year if oil demand remained "more or less" as robust as it is today and if OPEC and non-OPEC continued with their oil production cuts.     (Reporting by Ahmad Ghaddar; Editing by Mark Potter)

Asian Floating Storage Declines as Crude Market Tightens

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Strong demand is tightening the market but rising US output could sap efforts to rebalance market. The amount of oil stored on tankers around Singapore has dropped sharply in the last months, the latest indication that OPEC-led supply cuts are successfully tightening crude markets even as U.S. exports have soared. Shipping data in Thomson Reuters Eikon shows around 15 super-tankers are currently filled with oil in waters off Singapore and western Malaysia, storing around 30 million barrels of crude.

U.S. Crude Extends Rally to $58

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Keystone crude deliveries to U.S. cut by 85 pct through November. Oil extended gains on Wednesday, with U.S. crude hitting $58 a barrel for the first time since July 2015 as a major pipeline cut Canadian crude flows to the United States, where inventories are expected to have fallen further. The Keystone pipeline will cut deliveries by 85 percent or more through the end of November, sources said. A report from the American Petroleum Institute (API) showed a big drop in U.S.

Oil Steadies Ahead of OPEC Meeting

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U.S. output may rise more than rig count suggests - Westwood. Oil prices were only slightly firmer on Tuesday as traders looked ahead to a meeting next week at which major crude exporters are expected to extend production cuts but the prospect of rising U.S. output capped gains. Brent crude oil was up 12 cents at $62.34 a barrel at 1145 GMT. U.S. light crude was at $56.56, up 14 cents. Analysts said Brent was expected to fluctuate in a narrow range…

Indian Oil Corp Mulls PDVSA Crude Buys

Crude orders could help Venezuela settle unpaid bills; but doubts remain as to whether PDVSA can supply more crude. Indian Oil Corp is considering buying Venezuelan crude for the first time in at least six years, in a move that could help the crisis-struck South American nation settle unpaid bills with another state-owned Indian energy firm. The OPEC-member's economy has collapsed since crude prices plummeted in 2014, forcing it to delay payments for oil services and fuel supplies.

Booming Demand Erodes Oil Inventories: Kemp

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Global oil consumption is growing rapidly, helping account for the decline in reported inventories, the recent surge in prices and the shift in futures markets from contango to backwardation. Consumption is much harder to measure than production, which is why the demand side of the market receives less attention. Even in the advanced economies, consumption data is only available with a delay of two months or more, and reliable data from emerging economies often not at all.

U.S. Crude Exports to Asia Complicate OPEC Strategy

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U.S. crude oil is flooding into Asia, and may continue to do so as the arbitrage window that was initially created by Hurricane Harvey remains open, even though the disruption from the costliest storm to hit the Gulf of Mexico has faded. A record amount of U.S. crude is scheduled to arrive in Asia in November, according to vessel-tracking and port data compiled by Thomson Reuters Oil Research and Forecasts. The data show 19.7 million barrels of U.S.

Trafigura's Purchases from State Oil Firms Rose in 2016

Trafigura's aggregate direct purchases of crude, refined products and natural gas from national oil companies rose in 2016 to a third of its traded volumes, up from about a quarter in 2015, according to the company's annual responsibility report published on Wednesday. In its 2016 annual financial report, Trafigura said oil purchases had increased significantly from Russian state firm Rosneft and the United States after the country removed a ban on crude exports.

Oil Slips, as US Supply Threatens to Undermine OPEC Cuts

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Oil prices edged lower on Thursday as rising U.S. production and inventories threatened to undermine a rally sparked by tightening world supply as a consequence of OPEC's curbs on output. Brent crude futures were down 14 cents a barrel at $61.75 as of 10:36 a.m. EST (1536 GMT). If Brent ends lower, it would mark a fifth consecutive day of declines. U.S. light crude fell 6 cents to $55.27 a barrel. Oil prices have slipped from the two-year highs hit last week by both crude benchmarks on signs that U.S.

Oil Falls Below $49 but Set for Weekly Rise on OPEC Hopes, U.S. Stocks

Oil prices edged lower on Friday but were still set for their first weekly gain in three weeks after Russia and Saudi Arabia agreed to work together to help rebalance the markets and after a surprisingly large drawdown in U.S. crude stocks. Brent and West Texas Intermediate crude futures were on course to gain about 5 percent this week following two consecutive weeks of declines. The Brent crude benchmark…

Oil Markets Creep Higher on OPEC Pact Hopes

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Strong demand and OPEC-led supply cuts support market. Crude oil markets were slightly higher on Friday, supported by continuing supply cuts and expectations that an output deal will be extended at the end of the month. Brent crude was at $64.22 a barrel at 1017 GMT, up 27 cents from the previous close and 43 cents off a more than two-year high of $64.65 reached this week. U.S. West Texas Intermediate (WTI) crude was at $57.26…

CEFC Set to Overtake Trafigura as Main Rosneft Oil Trader in Asia

China's CEFC looks set to unseat Trafigura as Rosneft's main oil trading partner in Asia after securing a five-year deal to take 60 million tonnes of crude from Russia's energy giant, industry sources said. International trading firm Trafigura is now Rosneft's main buyer of seaborne volumes of ESPO Blend and Sakhalin Sokol oil. But the crude lifting deal with CEFC, which in September became Rosneft's second biggest shareholder by taking a more than 14 percent stake…

US Crude Stocks Fall; Big Draw at Cushing Hub

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U.S. crude stocks fell last week as refineries hiked output, while gasoline stocks increased and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 1.9 million barrels in the week to Nov. 17, compared with analysts' expectations for an decrease of 1.5 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.8 million barrels, EIA said. Refinery crude runs rose by 199,000 barrels per day, EIA data showed.

Distillate Fuel Market to Tighten in 2018: Kemp

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U.S. refineries are struggling to meet booming demand for distillate fuel oil at home and in export markets which will leave the distillate market very tight in 2018. Even if the northern hemisphere winter is only averagely cold, the distillate market looks set to enter 2018 with lower than average stocks and fast-growing demand, which should keep prices and refining margins firm. The gross refining margin for turning Brent into U.S.

Oil Under Pressure from Rising OPEC Supplies

U.S. crude stockpile draw supports prices; Trump could pull out of global climate accord. Oil prices pared gains reached earlier in the session on Thursday, despite U.S. industry data showing a big drop in crude stocks last week, as the market remains suspicious whether OPEC cuts will be enough to rebalance an oversupplied market. Brent crude oil was up 11 cents at $50.87 a barrel by 1134 GMT, while U.S. light crude had gained 24 cents to $48.56.

Oil Softens as Profit Taking Weighs

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Crude oil prices and calendar spreads have started to soften in recent trading sessions, in what is likely to be profit-taking after hedge funds amassed a record bullish position in the petroleum complex. Hedge funds and other money managers had accumulated a record net long position in the five largest futures and options contracts linked to crude and fuels by Nov. 7, according to regulatory and exchange data.

ConocoPhillips CEO: 2016 Crude Markets Will 'Rebalance'

ConocoPhillips Chief Executive Officer Ryan Lance expects crude prices to recover in 2016 as investment in new oil output facilities falter, he told reporters in Qatar's capital Doha on Monday. "I expect capital investment budgets next year will be flat to lower. So we have to expect some additional decline in supply as we go through to 2016. The market will rebalance, that's what happening," he said. Reporting by Angus McDowall

Oil Climbs, But Headed for Weekly Loss

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OPEC to meet on Nov. 30 to discuss policy. Oil prices climbed on Friday but were still heading for their first week of losses in six, weighed down by Russian hesitation for extending a global pact to cut output and curb oversupply. Benchmark Brent crude oil was up 76 cents at $62.13 a barrel by 1219 GMT, recovering some ground after five sessions of losses. U.S. light crude hit a three-day high, rising more than $1 before easing back to $56.03, 89 cents up on the day.

Saudi Arabia Limits US Crude Shipments, Iraq Steps In

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Saudi Arabia's efforts to reduce a worldwide crude supply glut by cutting shipments to the United States means others are now filling in, most notably Iraq, in a trend that is set to accelerate in coming months. Over the summer, normally one of the busiest periods for crude shipments, U.S. imports of crude from Iraq rose by 41 percent from a year ago, while similar shipments from Saudi Arabia have dropped by 22 percent.

Oil up on U.S. Gasoline Stocks, but Market Bloated

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Huge U.S. crude stock build balanced by gasoline draw. Oil prices rose on Thursday, supported by an unexpected draw in U.S. gasoline inventories, although bloated crude supplies meant that fuel markets remain under pressure. Benchmark Brent crude was up 50 cents a barrel at $55.62 per barrel by 1130 GMT. U.S. light crude was 50 cents higher at $52.84 a barrel. The U.S. Energy Information Administration (EIA) said on Wednesday gasoline inventories fell by 869…