News Oil 

Oil’s Bullish Hopes Are Receding

“The report undercuts the notion that the oil market will reach balance at some point in mid- to late-2018” reports etfdailynews.com. The move is significant because it is the latest example of large oil companies diversifying into the increasingly attractive renewables sector amid questions surrounding the long-term health of the oil business.BNP Paribas said in October that it would no longer lend to shale and oil sands projects. Source: etfdailynews.com Share This:

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News Oil 

US shale recovery will push oil market into a surplus early next year, IEA says

“U.S. oil producers are staging a dramatic comeback amid a recovering oil price that has allowed many of them to restart operations” writes Holly Ellyatt for cnbc.com. The IEA said that there were signs that the rise in U.S. crude oil supply was likely to continue into 2018 and upset rivals who are cutting back.The IEA forecast that non-OPEC supply — which includes the U.S. — was set to rise by 600,000 barrels a day in 2017, and 1.6 million barrels a day in 2018.One of the main beneficiaries of…

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News Oil 

OPEC output falls to lowest level in 6 months as U.S. pumps more oil

“OPEC production fell to its lowest in six months but rival U.S. production was surging faster than expected, meaning oil markets may not rebalance before the end of 2018, the oil cartel said Wednesday in its closely watched monthly oil report” writes Benoit Faucon for marketwatch.com. Russia—OPEC’s main partner in the cuts—is increasing its oil by about 50,000 barrels a day on average this year, OPEC said.Non-OPEC oil supply growth for 2017 now stands at about 810,000 barrels a day, representing an upward revision of around 150,000 barrels a day…

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News Oil 

OPEC has given US shale producers a ‘Christmas gift,’ says Tom Kloza

“We may be at a record right now for shale,” Kloza said” writes unknown author for cnbc.com. “OPEC basically gave a Christmas gift to U.S. shale producers,” the company’s global head of energy analysis said this week on CNBC’s “Futures Now.”. “It establishes a stronger bottom for crude oil.”.  Source: cnbc.com Share This:

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Futures News Oil Stocks 

Oil hits 2-week lows as US fuel stock build signals easing demand

“However, gasoline stocks rose by 6.8 million barrels and distillate inventories were up 1.7 million barrels, both exceeding expectations in a Reuters poll” reports foxbusiness.com. Brent crude futures were down $1.31, or 2.1 percent, at $61.55 a barrel by 12:43 p.m.U.S. crude production rose to 9.7 million barrels per day, another weekly record, though short of all-time records reached in the 1970s.Gasoline stocks tend to build in December, but at 221 million barrels of inventory, stocks are slightly above the five-year average for this time of year.U.S. oil production has…

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News Oil 

Goldman raises 2018 oil price forecast on robust OPEC commitment

“A stronger than anticipated OPEC-led commitment to extend production cuts will support prices through 2018, according to analysts at Goldman Sachs” writes unknown author for cnbc.com. In a research note published late Monday, Goldman lifted its Brent price forecast for next year to $62 a barrel and its WTI projection to $57.50 a barrel.Oil prices have lost ground in the days following OPEC’s deal with global producers last week. The move was heavily telegraphed ahead of the decision, but oil producers had earlier indicated they could exit the deal if…

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News Oil 

OPEC’s Easy Win Masks Tougher Oil-Market Choices Still to Come

“Along with the growing global economy, the production cuts have helped push up oil prices” writes unknown author for bloomberg.com. The group of oil nations agreed to extend year-old production cuts through the end of 2018 to help boost prices, no small achievement.”Next year will mark the peak of U.S. shale annual growth,” said Ann-Louise Hittle, vice-president at consultant Wood Mackenzie Ltd. in Boston.If the cuts succeed in meeting their stated goal of bringing global inventories back down to their five-year average level, how will the deal be unwound?.  Source: bloomberg.com…

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News Oil 

Oil prices build on gains after OPEC agreement to extend production curbs

“Oil futures rose Friday, building on gains seen after major oil producers hammered out an agreement that was widely expected, to extend ongoing production curbs through 2018” writes Markets Reporter for marketwatch.com. Soothing some concerns about a clash with Saudi Arabia in the run-up to the meeting, Russian Oil Minister Alexander Novak also said his country, not an OPEC member, fully agreed to extend the cuts. Source: marketwatch.com Share This:

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News Oil 

North American oil producers to benefit after OPEC extends output cuts – Reuters

“Yesterday, OPEC and Russia came to a decision to extend production cuts to all of 2018” reports forexlive.com. So far this year, oil has made a strong recovery after being down for most of the first half.However, that hardly sparked a move in oil as the market had already expected that decision to be the norm outcome.Seasonally, December has offered a mix picture for oil – compared to the summer lull that usually hits around July – September.It says that there are enquiries from Asia on oil shipments from the…

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News Oil 

OPEC and Russia agree to extend oil production cut to end of 2018

“OPEC and non-OPEC oil giant Russia agreed Thursday to extend production cuts until the end of 2018, following hours of discussions in Vienna” writes Leonhard Foeger for cnbc.com. The deal to cut oil output by 1.8 million barrels a day was adopted last winter by the 14-member OPEC cartel, Russia and nine other global producers.The producers will review the deal at the next OPEC meeting in June to asses how it is impacting oil prices and global global crude stockpiles.The move was heavily telegraphed ahead of the decision, but the…

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