Date: Sun, 24 Jan 2016 05:48:41 +0530 From: admin <Orville.Wolff@damzam.co> To: freebsd-questions <freebsd-questions@freebsd.org> Subject: Outlook for oil is pretty dim Message-ID: <PN1PR01MB0512CA02A5D1BB5677C18990FBC60@PN1PR01MB0512.INDPRD01.PROD.OUTLOOK.COM>
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Oil traded near the lowest level in almost five months in New York as = a rebound in U.S. drilling signaled production is withstanding the slu= mp in prices. West Texas Intermediate futures fell 0.2 percent, paring an earlier dr= op to the lowest price since March 20. The number of rigs seeking oil = rose by 6 to 670 for a third weekly gain, Baker Hughes Inc. data show.= Societe Generale SA and JPMorgan Chase & Co. cut their price forecast= s on weaker demand growth and oversupply. Oil has slumped more than 25 percent since this year=E2=80=99s peak in= June amid signs the global surplus that drove prices into a bear mark= et will be prolonged. OPEC=E2=80=99s largest members have sustained re= cord output, while U.S. inventories remain more than 90 million barrel= s above the five-year seasonal average. =E2=80=9CThe problem is the continued robustness of U.S. production le= vels, which has failed to deliver the expected slowdown in production,= =E2=80=9D Ole Sloth Hansen, an analyst at Saxo Bank A/S in Copenhagen,= said by e-mail. =E2=80=9CThe near-term outlook for oil is pretty dim.= =E2=80=9D West Texas Intermediate for September delivery fell as much as 52 cent= s to $43.35 a barrel on the New York Mercantile Exchange. The contract= was at $43.85 at 9:25 a.m. London time. Prices have decreased 18 perc= ent this year. Brent for September settlement lost as much as 37 cents, or 0.8 percen= t, to $48.24 a barrel on the London-based ICE Futures Europe exchange.= Prices declined 6.9 percent last week. The European benchmark crude t= raded at a premium of $4.76 to WTI. Rig Count Drillers in the U.S., the world=E2=80=99s biggest oil consumer, have a= dded rigs to fields for the fifth weekly gain in six, Bakers Hughes sa= id on its website. While the number of active machines has climbed to = 670, the total count is still down almost 60 percent since December. Societe Generale cut its third quarter forecast for WTI by $12.20 a ba= rrel to $47.80 amid stable U.S. production and a surge in output from = the Organization of Petroleum Exporting Countries, analysts including = Michael Wittner said in a report last week. JPMorgan reduced its avera= ge estimate for WTI in the second half to $44 and its Brent projection= to $50, it said in an Aug. 7 report. OPEC members are engaged in negotiations on the possibility of holding= an emergency meeting after crude prices declined due to oversupply, t= he Algerian official news agency reported, citing Algerian Energy Mini= ster Salah Khebri. Talks are under way among members to possibly conve= ne a meeting before the scheduled Dec. 4 conference, he said. China=E2=80=99s crude oil imports rose to a record on a monthly basis = driven by buying from small private refineries amid low prices. Overse= as purchases increased to 30.71 million metric tons in July, equivalen= t to about 7.3 million barrels a day, according to preliminary data re= leased by the Beijing-based General Administration of Customs on Satur= day. =20 =20 =20 Orville.Wolff@damzam.co 1030 Red Hawk Road Herman, MN 56248 320-677-2681 =20 =20 If you do not wish to receive further emails from our company please r= eply to the same mail keeping the subject "unsubscribe" =20
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