United States crude oil prices hit more than 3-year high

Brent Crude Oil

Members of the Organization of the Petroleum Exporting Countries fear current price gains could prompt USA shale oil companies to flood the market.

Homes that use heating oil will spend an average of $215 or 17 percent more this year than last, and that's assuming a "normal" winter.

Late in the week, prices received a boost after the United Arab Emirates' (UAE) oil minister hinted that an alliance between OPEC and non-OPEC producers, including Russian Federation, could continue in some way beyond their current deal to curb oil output.

Adding to the positive momentum, energy bodies OPEC and IEA recently raised global oil demand forecasts for 2018, helping to tighten the market significantly.

The agency said its forecast of $60 Brent this year and $61 in 2019 is based on an expectation that global oil inventories will rise this year and next, contributing to a decline in Brent prices in the first quarter of the year, with prices expected to remain relatively flat thereafter through 2019. To stabilize the oil market and stop prices from continuing to fall, a change in strategy was needed and many producers cut their production.

Isro regains confidence with successful launch
A day after the launch, ISRO has released a video of the entire process of the satellite launch, shot by an onboard camera. The space agency is also gearing up for launching its second unmanned mission to the moon, Chandrayaan 2, in March.

Security detail lapse? President Uhuru hit by door, stumbles in South Arica
He cited agriculture and renewable energy, saying Kenya has made great strides in the two sectors, and South Africa can learn a lot from it.

Expected to Earn Q1 2019 Earnings of $0.55 Per Share (NASDAQ:ATVI)
In related news, CEO Riccardo Zacconi sold 19,761 shares of the business's stock in a transaction dated Friday, November 17th. New York-based Neuberger Berman Grp Limited Liability Co has invested 0.43% in Activision Blizzard, Inc . (NASDAQ: ATVI ).

The price of a barrel of Brent crude hit $69.37 on Wednesday, the highest amount since December 2014. The EIA says it will account for two thirds, or 800,000 b/d of the 1.2 mb/d of oil production growth expected between December 2017 to December 2019. Therein lies part of the challenge: Producers want to shrink oil inventories, but the market's price may have increased too quickly in response.

USA crude production is forecast to average 10.3 million barrels a day in 2018, a record level.

Traders are watching the surplus on the five-year average in crude oil inventories for signs of balance.

US domestic crude oil supplies fell by 4.9 million barrels for the week ended January 5, according to the latest US Energy Information Administration report.

USA production growth is estimated at 1.5 million bpd in 2018 and 1 million bpd in 2019, with Canada and Brazil expected to contribute combined growth in both years of some 400,000 bpd. Some observers have argued that the vast majority of the production increase has been in the form of natural gas liquids or condensates - lighter hydrocarbons that include propane and butane when refined. Given the high price of crude and the expansion of fracking at that time, crude supply continued to grow until peaking in mid 2017. The improving commodity pricing environment looks somewhat sustainable on the back of tailwinds like OPEC production cuts which are expected to continue till 2018-end along with improved demand outlook. Also, the dollar fell in a broad sell-off after a report that China was ready to slow or halt its USA treasury purchases.

Related News:

  • No Contact Made By CJI Dipak Mishra With Four Judges Yet

    No Contact Made By CJI Dipak Mishra With Four Judges Yet

    The source also revealed that on Monday, the four judges will go to the Supreme Court and "do their job". The views expressed by them are quite similar to those of the Supreme Court Bar Association (SCBA).
    Trump administration resumes accepting DACA renewals

    Trump administration resumes accepting DACA renewals

    Instead, he wants to include protections for Dreamers in a must-pass spending bill. "We are at a deal", Flake told reporters . Senator Richard Durbin, who was in the White House meeting, said the president had used the term.
    Rob Gronkowski warns kids to avoid unsafe  'Tide Pod Challenge'

    Rob Gronkowski warns kids to avoid unsafe 'Tide Pod Challenge'

    The idea of eating Tide capsules was a recurring joke a few weeks ago; now kids are actually trying to ingest them. I might not take Gronk's advice all the time but I will here and say to not eat these pods.
  • VW Jetta debuts in Detroit, priced at $18545

    VW Jetta debuts in Detroit, priced at $18545

    Compared with the current Jetta, the 2019 Jetta now has a longer wheelbase, 105.7 inches compared to 104.4 inches. Automatic transmission models come standard with a Start/Stop system created to improve fuel efficiency.
    Snow and ice could last all week across NI

    Snow and ice could last all week across NI

    The Met Office has issued an alert for snow for all of Scotland and most of Northern Ireland on Monday and Tuesday. Meanwhile the Turkish capital might only warm up to highs of 9C as showers rain down on the historic city.

    Gulfport Energy Corp. (GPOR), AK Steel Holding Corporation (AKS)

    Taking current value along prior value is a smoothing technique similar to that used in calculating an exponential moving average. The company's shares were assimilated at $3.12 per share worth to an investment of some $15,600 on account of Newport Roger K.
  • Colombia's ELN rebels must halt attacks, restart talks

    Colombia's ELN rebels must halt attacks, restart talks

    Both the ELN and the government have accused each other of breaches since the truce began on October 1, 2017. CGTN's Michelle Begue reports from Bogota.
    Yashwant Sinha asks Cabinet ministers to speak up like SC judges

    Yashwant Sinha asks Cabinet ministers to speak up like SC judges

    He said it is necessary for the three wings of democracy to ensure that whatever issues had been raised were corrected. In the press conference held yesterday, Justices Madan B.
    Grainger PLC (GRI) Given Consensus Rating of

    Grainger PLC (GRI) Given Consensus Rating of "Buy" by Brokerages

    The stock of London Stock Exchange Group plc (LON:LSE) earned "Neutral" rating by Macquarie Research on Friday, January 15. Shares of Grainger PLC (LON GRI) traded down 1.02% during mid-day trading on Friday, reaching GBX 272.00.
  • Mustang Bullitt is a 163mph tribute to Steve McQueen

    Mustang Bullitt is a 163mph tribute to Steve McQueen

    Thanks to the upgrades the new Bullitt has a top speed of 163 miles per hour - an 8 miles per hour increase versus the Mustang GT. The new Mustang keeps the current 5.0-liter V8 but output is bumped to "at least 475 hp", according to Ford , and 420 lb-ft.
    Dortmund leaves 'not so focused' Aubameyang out of squad

    Dortmund leaves 'not so focused' Aubameyang out of squad

    All this is not because of his performances in training. "We had an important meeting and [Aubameyang] missed it. Over the years, he was always an extroverted guy but also always served as a prime example for professionalism.
    Tom Brady Scores a Docuseries on Facebook's Watch

    Tom Brady Scores a Docuseries on Facebook's Watch

    Ignore the noise from the outside and I feel like that's what myself, a lot of other players have been doing", Gronkowski said. If you've seen it, let us know what you thought of the film in the comments section below.


Most liked

Short Interest in Celgene Co. (CELG) Increases By 17.1%
CANNELL PETER B & CO INC owned 0.16% of Pareteum Corporation (TEUM) worth $130000 at the end of the most recent reporting period. Finally, Acropolis Investment Management LLC bought a new stake in shares of Celgene during the 2nd quarter valued at $144,000.

Civil Rights icon: Trump's profane comments about immigrants were 'despicable'
African nations and El Salvador -also said to have been targeted in Trump's comments on immigration - have had plenty to say . Senator Dick Durbin , who was apparently at the meeting where the remarks were said, has called Trump's words "hate filled".

Suspected 'crossbow wielding murderer found' in Yorkshire following council worker's death
Asked if a crossbow was used in the attack, she said one was found at the scene and would be forensically analysed. The manhunt had been continuing for a third night as police searched for a suspected "crossbow killer" .

Cuba condemns Trump's "racist" statements on Haiti, El Salvador
In response, the president tweeted: "The language used by me at the DACA meeting was tough, but this was not the language used". Durbin said Trump specifically asked, "Do we need more Haitians?" before launching into a diatribe about African immigration.

Chyna files new legal documents for her lawsuit against the Kardashians
But no matter how bad Rob's revenge porn against Blac Chyna was, Khloé made it clear that she is in Rob's corner on the issue. Love makes you do f-ed-up things.

Team Europe retain EurAsia Cup title
Chawrasia before Thailand's Poom Saksansin gave Asia a brief reprieve, beating England's Paul Casey by one hole. In today's final round, Team Asia managed to add three-and-a-half points for a three-day total of 10 points.

Atteso in città tra domenica e lunedì
Lisandro Lopez , come scrive La Gazzetta dello Sport , è appena atterrato all'aeroporto di Milano Malpensa. Il difensore ha detto sì, ora mancano soltanto gli ultimi passaggi burocratici con il Benfica .

Nintendo Switch Getting Remake of Classic DS RPG
The new game will feature jazzed up visuals, the Artorias of the Abyss DLC and six-player online multiplayer functionality. Gaming companies have now come up with new and innovative strategies to boost sales and show attractive balance sheets.

Chelsea 0-0 Leicester City: Foxes frustrate Blues
There will also be a place on the bench for new signing Ross Barkley, while Kenedy, Pedro and Michy Batshuayi could all start. He knows all the players, he knows all the teams, he asks me different things about the French competition, or other things.

Conte: Tiredness was a factor against Leicester
The Foxes went close twice through Jamie Vardy , while Wilfred Ndidi's header was acrobatically pushed away by Thibaut Courtois . Vardy was a constant menace and Conte's defence again failed to corral the England global , who found space to shoot just wide.

AFC Divisional Playoff Notes: Tennessee Titans at New England Patriots
The rookie wide receiver hauled in a one-handed catch from 15 yards in his first ever National Football League touchdown. Not only did Lewis have 62 yards on the ground, but he also added 79 yards on nine receptions.

Latest Forecast: Cold, Snow And Wind To Whip Monday
Prior to daybreak though, that arctic front looks to be well to the south of Northeast Kansas, taking the precipitation with it. After the snow wraps up early Monday morning, drier weather is set to return through the next few days, as well.

Thibaut Courtois: 'Fans booing does not help Chelsea players'
The Foxes went close twice through Jamie Vardy , while Wilfred Ndidi's header was acrobatically pushed away by Thibaut Courtois . He was withdrawn in the 33rd minute and was replaced with Andreas Christensen .

Qatari sheikh says 'detained' in UAE
A descendant of the founding father of Qatar, Sheikh Abdullah's branch of the royal family had been sidelined for decades. He helped resolve a deal which allowed Qatari pilgrims into Saudi Arabia after Riyadh broke ties with Qatar in 2017 .

Iran lifts ban on Telegram imposed during December protests
The government had accused the popular opposition news channel, Amadnews, of using the Telegram to incite "armed uprising and social unrests".