Published: Mon, January 01, 2018
Money | By Michele Stevens

Supply discipline and demand to prop up oil prices in 2018

Supply discipline and demand to prop up oil prices in 2018

Futures are up more than 12 per cent in 2017, having entered a bull market in September.

U.S. West Texas Intermediate (WTI) crude futures were at $60.16 a barrel at 0210 GMT, up 33 cents or 0.5 percent from their last close. In 2018, investors will watch whether rising prices trigger a new flood of USA output, reported Blooomberg.

"In the week past, strong demand for refined products, especially distillates, continued to incent refiners to process crude oil at increasing rates", said David Thompson, executive vice-president at Powerhouse, an energy-specialised commodities broker in Washington.

Trump criticises Vanity Fair over Clinton video response
Mr Trump took to Twitter overnight to criticise the magazine for "bending over backwards in apologizing for the minor hit". They offer different suggestions for her, such as knitting and photography, as new hobbies to take up her time.

Natural Gas prices plummeted though.

Countering those cutbacks, United States oil production has soared more than 16% since mid-2016 and is approaching 10 million bpd, trailing only OPEC kingpin Saudi Arabia and Russian Federation.

USA output has surged overall this year, hitting a 46-year high in October when producers pumped 9.6 million barrels a day, according to federal data.

Snow emergency in United States town after huge storm
Erie County Executive Kathy Dahlkempe issued a temporary disaster emergency declaration that mobilized resources to help the area. In some areas of Erie, residents saw snow growing by one inch every 15 minutes, which is very odd even by the city's standards.

For now, shale drillers are showing restraint, with the number of working rigs unchanged for the second week in a row, according to Baker Hughes data released on Friday. That could act counter to plans by producers including Saudi Arabia, who have pledged to extend production curbs through the end of 2018 to wipe out a global glut. The benchmark traded at an average price of about $51 this year.

Heavy crude oil price in the same period increased by 52 cents and surged to $61.01 per barrel.

Inventories are now down by nearly 20% from their historic highs last March and well below this time previous year or in 2015.

Dana White Reveals Targeted Return Date, Opponent For Conor McGregor
And there's a contingency of fans and fighters who are demanding that McGregor either defend the title or vacate the title . Reuters/Mathieu BelangerUltimate Fighting Championship ( UFC ) middleweight and former welterweight champion Georges St.

In worldwide markets, Brent crude oil futures also rose, supported by ongoing supply cuts by top producers OPEC and Russian Federation as well as strong demand from China.

Like this: