Thursday, 18 October, 2018

The man who called crude's collapse three years ago now sees this

The man who called crude's collapse three years ago now sees this The man who called crude's collapse three years ago now sees this
Cristina Norman | 30 December, 2017, 03:45

Brent had a weekly rise of 2.8 percent and USA crude was headed for a 3.3 percent weekly rise. US stockpiles declined for the sixth consecutive week last week, according to EIA data.

Oil prices rebounded from earlier losses on Wednesday after data showed a larger-than-expected falloff in U.S. crude inventories, a salve for investors after several days of declines on worries about the slow pace of global efforts to reduce a glut. That could undermine plans by the Organization of Petroleum Exporting Countries and and other producers, including Russian Federation, who have pledged to extend production curbs through the end of 2018 to wipe out a global glut.

U.S. crude oil production increased by 1,326,000 bpd or 15.7% from the lows on July 1, 2016. China also reported a 3% decline in inventories last month, sending stockpiles to their lowest level in seven years.

"Oil demand will be high in 2018, with solid economic growth worldwide". He was right - crude's value per barrel was almost slashed in half by the end of 2015.

EIA data also showed that US oil production saw its first weekly drop since October, declining by 35,000 a day from a record high the previous week.

The benchmark USA contract, West Texas Intermediate for February delivery, climbed 58 cents to finish at $60.42 a barrel. "We kind of need the supply", Mr. Cooper said.

Now, Kloza sees further downside for the commodity that's already tumbled almost 8 percent this year as USA production keeps climbing.

At the same time, speculation is rising that American drillers will put more rigs to work next year as oil strengthens.

However, the prices will be relatively unchanged from where they are now thanks to booming United States shale production: $59.88 per barrel in 2018, up from the $58.84 forecast in the previous Reuters monthly poll.

Unlike the recently slowing increases in US exports of crude oil, distillate fuel, and motor gasoline, propane export growth has accelerated.

While the threat of too much shale production next year still looms, producers are ending the year a lot less gung-ho than they started.

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