Shale to dictate oil prices in the coming quarter

09 April, 2018, 00:19 | Author: Regina Lloyd
  • LPG gas cylinder

Oil prices were broadly steady on Thursday as an easing of trade tensions between the United States and China and a surprise draw in USA crude inventories last week supported the market.

Futures in NY slipped 0.4% after climbing 0.8% on Tuesday.

The fall had exceed $1 per barrel before losses were pared by USA data released mid-morning showing a reduction of 4.6 million barrels to 425.3 million barrels in the previous week's crude inventories.

USA crude stocks in Cushing, Oklahoma, are now close to their minimums, which means that inventory data this week will likely show a build, Yawger said.

"The risks of potential "trade wars" and the potential negative impact on the global economy and on oil demand if these risks do materialize should constitute a serious concern for OPEC", the report read.

Abu Dhabi: Oil prices are expected to trade lower in the coming days due to seasonal weakness in demand and rise in shale oil production in the USA, analysts said. Also lending support for U.S. West Texas Intermediate and international-Brent crude oil was Russian Energy Minister Alexander Novak's comments that a joint organization for cooperation between OPEC and non-OPEC countries may be set up once the current deal on oil output curbs expires at the end of the year.




The West Texas Intermediate for May delivery fell 0.14 USA dollar to settle at 63.37 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 0.10 dollar to close at 68.02 dollars a barrel on the London ICE Futures Exchange. The more-active June contract rose 58 cents to settle at $69.34. Total volume traded was about 39 percent below the 100-day average.

Front-month London Brent crude for June delivery was up 30c, or 0.4%, at $68.32, having ended down 10c. Shanghai trading will resume on Monday.

US drillers cut rigs for first time in three weeks * Fear of renewed USA sanctions against Iran also support crude * But trade spat between USA and China weighs (Adds Shanghai prices and quote) By Henning Gloystein and Meng Meng SINGAPORE/BEIJING, April 2 (Reuters) - Oil prices rose on Monday, lifted by a drop in US drilling activity as well as by expectations that the United States could re-introduce sanctions against Iran. Distillate stockpiles, which include diesel and heating oil, rose by 537,000 barrels, versus expectations for a 1.1 million barrels drop.

Oil also got support from firm global equities, as the United States expressed willingness to negotiate a resolution on trade after proposed US tariffs on $50 billion in Chinese goods prompted a quick response from Beijing that it would retaliate by targeting key American imports.

Despite worldwide objections, the US administration made a decision to impose a 25-percent tariff on steel imports and a 10-percent tariff on aluminum, with tariffs on imports from countries including China. All three major US stock indexes were higher on Thursday [.N], after the United States said it could negotiate with China on trade issues.

Recommended:

  • Trump Resists Mounting Pressure To Fire Scandal-Struck EPA Chief Scott Pruitt

    Trump Resists Mounting Pressure To Fire Scandal-Struck EPA Chief Scott Pruitt

    Elise Stefanik, of NY , and Carlos Curbelo and Ileana Ros-Lehtinen, both of Florida - have also called on Pruitt to resign. Pruitt was accompanied by nine aides and a security detail during a trip to Italy in June that cost more than $120,000.

    California quake shakes things up in eagle family's nest

    On social media, people across the Southern California region reported feeling the quake, with many describing it as "rolling". Isla Vista experienced a 5.3 magnitude quake on Thursday afternoon, according to United States Geological Services (USGS).
    New York Police kill unarmed man mistaking pipe for gun

    New York Police kill unarmed man mistaking pipe for gun

    "The suspect then took a two-handed shooting stance and pointed an object at the approaching officers", the police chief said . When officers arrived at the street corner, they encountered Vassell , who matched the description provided by the 911 callers.
  • Mame Diouf ends goal drought as Tottenham Hotspur defeat Stoke City

    Mame Diouf ends goal drought as Tottenham Hotspur defeat Stoke City

    In between, Stoke levelled through Mame Diouf, but the loss meant they are four points from safety with five games to go. Stoke are second from bottom with 27 points from 32 games and face an uphill task to ensure their survival.
    $9.5 million for space hotel stay

    $9.5 million for space hotel stay

    Sounds wonderful , right? But wait, it would cost a whopping Rs 61,74,52,500 ($9.5 million) per person to stay at Aurora Station. And the hotel will house six people at any one time, including two crew and four guests.
    Koreas begin preparatory talks to set up Kim-Moon summit

    Koreas begin preparatory talks to set up Kim-Moon summit

    Another source in Dangdong, the Chinese border town, reported the arrival of busloads of young female workers from North Korea . Since 2008, photographer Eric Lafforgue ventured to North Korea six times.
  • Cardi B's debut album Invasion of Privacy is finally here

    Cardi B's debut album Invasion of Privacy is finally here

    Also, she's got a point; it's really none of our business. "Because it's like I can't address all the rumors and everything". Congrats, Cardi! We'll happily sit back and watch you continue your world takeover. "People put things in your ears".
    John Cena and The Rock Are Fighting On Late Night TV

    John Cena and The Rock Are Fighting On Late Night TV

    The Twitterverse is starting to think that Big Show will fight Cesaro and Sheamus alongside Strowman at Wrestlemania 34 . He makes his way onto every big PPV, having competed at all of WWE's "Big Four" pay-per-views in the past year .
    I don't know why my attorney paid Stormy Daniels $130K

    I don't know why my attorney paid Stormy Daniels $130K

    Her nondisclosure agreement subjects her to fines of $1 million for each infraction an arbitrator rules was prohibited. On Monday, Trump's lawyers sought to get that lawsuit out of federal court and into private arbitration .
  • More snow on horizon after temperatures shatter decades-old records

    More snow on horizon after temperatures shatter decades-old records

    In any case, a front will slide through Wednesday afternoon or evening, bringing a moderate chance of some rain showers. Highs today expected to be just like yesterday in the 40s with some areas being a few degrees warmer.
    Couple get $37 million from Johnson & Johnson in talcum powder cancer suit

    Couple get $37 million from Johnson & Johnson in talcum powder cancer suit

    Johnson & Johnson has been sued thousands of times over the past few years over its marketing of talcum powder. Johnson & Johnson said it was disappointed by the jury's most recent decision.
    PM Modi to flag off first 12000 HP electric loco from Madhepura

    PM Modi to flag off first 12000 HP electric loco from Madhepura

    They are unable to digest that a poor person born into a backward family is serving as Prime Minister", PM Modi to BJP carders. Recalling the foundation of the BJP, Modi said: "BJP was born Mumbai in extremely tough circumstances.


Popular

Bangladesh observes World Health Day
News Agency of Nigeria (NAN) reports that the World Health Day is a global health awareness day celebrated annually on April 7. WHO statistics show that at least half the world's people today don't receive the essential health services they need.

Lewis Hamilton suffers Bahrain GP blow with five-place grid penalty
He headed Renault's Nico Hulkenberg, separated from his team-mate Carlos Sainz in 10th by Force India's Esteban Ocon. But he could only manage fourth, failing to improve his time on his final lap and leapfrogged by Bottas.

Abbasi met Ghani amid air strike allegations
Both the leaders agreed that peace, prosperity and stability of the two countries are interlinked. Abbasi recently joined the Afghan president in Herat to inaugurate the TAPI gas pipeline project.

PM Modi, Nepal PM Oli inaugurate bilateral development projects
India would also undertake a pilot project on organic farming and soil health monitoring for implementation in Nepal. He stated that his government attaches high importance to further strengthening friendly relations with India.

Trade war with China: What you need to know
The products on the latest US list include heavy machinery, motorcycles and high-tech items, such as semiconductors and batteries. The Standard & Poor's 500 dropped almost 2.2 percent, while the NASDAQ fell almost 2.3 percent at the end of trading.

Meghan Markle just let slip her special trip with Prince Harry
There will also be an opportunity to write a prayer for the happy couple on bunting that will be hung around the close. Queen Mother started this when she married King George VI.

Elusive black holes finally revealed at the centre of our galaxy
So to determine the number around the Galactic Center, the researchers had to delve into their knowledge of black hole physics. The newly discovered black holes are within about 30.9 trillion kilometres of the supermassive black hole at the centre.

Arsenal put one foot in Europa League semis
Nevertheless, 4-1 was how the encounter ended as the Gunners take a comfortable lead to Russian Federation next week. At the end of the first 45 minutes it was Arsenal that walked into the tunnel with a commanding 4 - 1.

Fortnite gets vending machines and lots of explosions with new update
Vending Machines are unique from the other objects in that they allow players to trade in their excess materials for new weaponry. Each machine has three different deals to offer, with the items and their rarity chosen at random.

Soyoye, Umeh crash out in Commonwealth Games' boxing event
Gururaja claimed silver in the Men's 56kg weightlifting event at the 2018 Commonwealth Games handing India its first medal. Gururaja was inspired by wrestler Sushil Kumar and wanted to take up the sport but his coach taught him how to weightlift.