Oil prices keep rising amid supportive comments

The world’s most expensive oil

The market was bolstered modestly by data showing a sharp decline in USA production last week. At these prices, shale oil production becomes more economical in more areas.

Traders following the trend line pushed the price of oil close to $70 per barrel early Wednesday following signs of a massive drain on US oil inventories.

Mumbai: The continuing surge in crude prices, which has touched Dollars 70 per barrel-mark, the highest since December 2014, is likely to continue till March, impacting inflation, balance of payments and fiscal policy, says a report. EIA forecasts the US average regular retail gasoline price will average $2.57/gallon (gal) in 2018 and $2.58/gal in 2019, slightly higher than the $2.42/gal average in 2017. In 2019, crude oil production is forecast to rise to an average of 10.8 million b/d.

USA crude production is forecast to average 10.3 million bpd in 2018, which would be the highest annual average US production, surpassing a previous record of 9.6 million bpd in 1970. OPEC and non-OPEC participants agreed on November 30, 2017, to extend production cuts through the end of 2018 in an effort to reduce global oil inventories.

Meanwhile, US production is showing signs of levelling after after huge shale oil output in the past two years.

Production from the Permian is expected to be 3.6 million bpd by the end of 2019, an increase of roughly 900,000 bpd from December 2017, and 32 percent of USA crude oil production in 2019.

Antonio Brown misses Friday practice with illness ahead of Jaguars-Steelers rematch
The Steelers were still in the mix for home field advantage with the New England Patriots facing off against the New York Jets. Defensively, the Steelers are yielding 19.2 points and 306.9 total yards (201.1 in passing and 105.8 in rushing) per game.

Chopper crashes off Mumbai coast, 3 bodies found
The last contact with the Air Traffic Control ( ATC ) was made at around 10.30 am, 30 nautical miles off Mumbai . Five ships of the Indian Coast Guard have been diverted to the area and search operation is on.

Maharashtra: Boat carrying school children capsizes off Dahanu coast
Helicopters from Daman, which is near Dahanu , have also been launched, a Coast Guard spokesperson said. The boat was two nautical miles from the shore when the incident occurred.

Most of the remaining growth will come from offshore wells in the federal waters of the Gulf of Mexico, with seven new projects expected to come online by the end of 2019, the agency said.

On the other hand, higher crude prices will increase price of natural gas which in turn will increase input cost for fertiliser and petrochemical companies that use fertilisers as a feedstock and increase the price of city gas distributors and power companies.

Worldwide, the EIA sees oil consumption rising by about 1.7 mb/d in both 2018 and 2019, led by stronger demand from China and India. The EIA feels the $61/b figure will be driven by slow, but increasing consumption levels that will be offset somewhat by higher global production.

That's bad news for the USA coal industry and Donald Trump ambitions to restore coal's fortunes.

Iranian Oil Minister Bijan Zangeneh said Tuesday that prices this year were supported in part by OPEC commitments, but also by demand strains from severe winter weather. The agency increased its demand estimates for 2018 to 470,000 bpd from 410,000 bpd.

Related News:

  • Carillion Puts Administrators On Standby Should Talks Fail

    Carillion Puts Administrators On Standby Should Talks Fail

    Projects involving Carillion in Scotland also include the electrification of the central Scotland railway line through Shotts. The company is thought to require at least £210m in short-term funding to continue operating and implement a turnaround plan.
    Rohit s 'home' form preferred over Rahane's 'overseas' record, confirms Kohli

    Rohit s 'home' form preferred over Rahane's 'overseas' record, confirms Kohli

    The Indian skipper, who scored just 5 runs in the first innings, could manage 28 runs before being dismissed by Vernon Philander . Speaking after the match at Newlands, Kohli said that Rohit was picked over Rahane based on current form.
    European Union  invests in 'supercomputers'

    European Union invests in 'supercomputers'

    That poses a risk that sensitive personal information, trade secrets and other data could leak or be stolen. For example, auto production cycles can be reduced thanks to supercomputers from 60 months to 24 months.
  • Loyal Dog Walks 40 Miles to Find Previous Owners

    Loyal Dog Walks 40 Miles to Find Previous Owners

    A dog in Oklahoma so badly missed the family that gave her up, she twice made the 20-mile trek on foot to find them. The family who gave Cathleen up has not come forward or revealed why they couldn't take her to the their new home.
    Suspect on the run after shooting, wounding Tenn. officer

    Suspect on the run after shooting, wounding Tenn. officer

    Wilson said he is thankful that the deputy is okay, and he wants his son to turn himself in so no one else gets hurt. Police said information was developed in the investigation that indicated Kristin Denise King may be in danger.
    Gal Gadot dress stirs controversy; 'Walt's Frozen Head'; new music; more

    Gal Gadot dress stirs controversy; 'Walt's Frozen Head'; new music; more

    After the post was deleted, she added that his team "was smart enough to remove the post when people started commenting". In 2014 the actress on Facebook during the Gaza War, which left more than 2,100 Palestinians dead.
  • Rory McIlroy reveals he suffers from an irregularity with his heart

    Rory McIlroy reveals he suffers from an irregularity with his heart

    McIlroy is set to play in next week's Abu Dhabi Championship in Dubai, his first tournament since shutting down his game in October to deal with a fractured rib.
    Trump says it

    Trump says it "seems unlikely" he'll give Mueller interview

    They also said Simpson's testimony had been selectively leaked and called for release of the full transcripts of his interview . He termed the allegations as a "Democratic hoax brought up as an excuse for losing an election".
    Acre Thomas Fire in Southern California Now 100% Contained

    Acre Thomas Fire in Southern California Now 100% Contained

    Over 1,000 structures were destroyed, including many homes, and an additional 280 were damaged. Closures have been ordered for areas of Los Padres National Forest affected by the blaze.
  • Australian Open: Rafael Nadal embarks on new journey without Uncle Toni

    Australian Open: Rafael Nadal embarks on new journey without Uncle Toni

    Nadal look fit and agile while defeating Thiem and said he felt "good" and was "more or less" playing well. Injuries to leading players have been a focus of attention in Australia.
    Lucas Moura angry at Paris Saint-Germain over £35.5m price tag

    Lucas Moura angry at Paris Saint-Germain over £35.5m price tag

    Blessed with vast potential, Lucas Moura could certainly add an extra dimension to the slightly jaded Manchester United attack. Moura also rejected other clubs like Nantes, Cruzeiro and Sporting because he prefers to join Manchester United .

    Facebook shares sink as USA stocks add to records

    The Dow Jones industrial average rose to an all-time high on Thursday as investors bet economic growth would pick up steam. The S&P 500 posted 164 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 222 new highs and 14 new lows.


Most liked

Ohio State Basketball: Terrapins present new challenge for the Buckeyes
Tomaic didn't get any playing time against Michigan State, but played a big part in the second half of the Iowa game. So far, three Ohio State players have departed early for the National Football League draft, but all on defense.

Road Closures for Dr. Martin Luther King, Jr. Parade
First, the Freedom March will begin at 10:00 a.m. and will leave from the Lexington Center Heritage Hall on West Main Street. The Bricks 4 Kidz staff will lead museum guests in LEGO activities that will incorporate Martin Luther King Jr.

Murray withdraws from Australian Open
Just wanted to write a little message on here for anyone interested in what in going through right now ". The classy post attracted messages of sympathy from several tennis commentators, including Nadal .

When is Super Bowl 2018? Date, time, location, TV channel
Producer, Fred Gaudelli and sportscaster Al Micheals of NBC Sports talked to a TV Critics group on Tuesday. Lovinger also indicated that advertisers have not appeared concerned with ratings, or the anthem protests.

Forecast predicts 2018 of record USA oil production
Analysts said his remarks alleviated market concerns about a wind-down of the OPEC-led deal to reduce production. That's bad news for the United States coal industry and Donald Trump ambitions to restore coal's fortunes.

Dark Souls Remastered announced Nintendo Switch, PS 4, Xbox One
This is in addition to the Nintendo Switch version of Dark Souls Remastered revealed during the surprise Direct event. Indie game Fe and Celeste , courtesy of the EA Originals incubator, will make its debut on the switch January 25.

Chidambaram, Karti residences raided by ED, CBI
Earlier in the day, The Enforcement Directorate (ED) conducted a raid at former union minister P. Chidambaram's son Karti Chidambaram's homes in Delhi and Chennai in the Aircel-Maxis case.

Local power crews head to Puerto Rico
Franciscan Health says it's IV fluid bag supply will not run out anytime soon, but they are running low on other options. Several noted a cascade effect, with new shortages created as hospitals all try the same workarounds.

Trump denies using racist slur on African countries
Those are the question asked today inside the White House during an event to honor Martin Luther King, Junior. Senator James Lankford, of Oklahoma, is speaking out about President Donald Trump's alleged vulgar comment.

Major League Baseball trade rumors: Diamondbacks continue 'persistent' pursuit of Manny Machado
Even in a down year by his standards, Machado still managed to hit 33 home runs for Baltimore in 2017. Before suffering his injury, Britton was projected to make $12.2 million by MLBTradeRumors.com.

Some Sam's Club stores are shutting their doors
Several companies besides Walmart have announced wage hikes or one-time bonuses for workers, citing the tax cut as the incentive. The company will look at opportunities to transfer Sam's Club employees to Walmart locations in Alaska , Garcia said.

NFL Playoffs: Buffalo Bills at Jacksonville Jaguars
This season, the Jaguars finished with a +10 turnover margin, which ranks fifth in the NFL. Keeping the Bills offense from racking up points is a pivotal factor in this game.

Analysts Showing Optimistic Trends For Tesla Motors, Inc. (TSLA)
Frank Slattery increased its stake in Tesla Inc (Call) (TSLA) by 28.73% based on its latest 2017Q3 regulatory filing with the SEC. A number of hedge funds and other institutional investors have recently made changes to their positions in TSLA. (NASDAQ:TSLA).

Del Potro, Bautista to meet in final By
Del Potro is seeded 12th in the Australian Open with Bautista Agut 20th, but it was the Spaniard who was in command in Auckland . Del Potro beat Russian Karen Khachanov 7-6 (7/4), 6-3 in his quarter-final.

Warm weather could cause ice jams
Much of the region will see a wide variety of weather over the next couple of days as a major storm moves into the Northeast. This is expected to cause localized flooding with water covered roads, especially in low lying and poor drainage areas.