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gamesindustryblog.com July 26, 2017


WTI, Brent crude oil futures settle higher

28 June 2017, 02:14 | Ignacio Smith

Oil jumps 1% on weaker dollar, but rise in US drilling drags

Oil jumps oil dollar US drilling drags global supply US dollar

Crude-oil prices advanced Tuesday, with the commodity logging its fourth gain in a row as traders braced for a possible decline in US supplies.

Brent crude futures, the worldwide benchmark for oil prices, gained 82 cents, or 1.79 percent, to settle at $46.65 per barrel.

The raises are suggesting that the market is somewhat looking optimistic so far this week after last month's losses.

Short covering and a weaker dollar have combined to maintain the rally in oil prices while the latest inventories data will be important in determining whether the recovery can be sustained.

In spite of the cuts, inventories have increased as USA producers and other countries that are not part of the OPEC-led partnership have grown their production. OPEC states and 11 other exporters agreed in May to extend cuts of 1.8 million barrels per day (bpd) until March.

Despite the cuts, which started in January, markets remain well supplied due to rising output elsewhere. Iran has also been allowed a small increase.

Prices of oil took a sharp decline since mid-November of previous year, after the crude oil contract shutdown 92 cents at $43.51 U.S. per barrel.

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Analyst Merrill Lynch said that the demand had not grown enough to take in the excess output.

With crude prices on the skids for five weeks running, the oil ETFs chalked up an average return of over minus 16 percent in the month to Friday, according to Zeroin. Brent advanced 0.6 %to $45.83 on Monday. The benchmark was still set to end the first half of the year down almost 20 percent. Prices rose 0.9% on Monday but are down nearly 10% this month, the worst June performance in nearly 30 years.

"We don't think we're going to go below the low 40s".

"After how much we've fallen, prices are attractive here as a result, so it's not surprising that we're getting some buying, just on a valuation perspective".

Money managers' WTI net long positions, the difference between wagers on a price increase and bets on a decline, fell by 60,556 to 134,742 contracts, CFTC data showed. Given the journey time to USA shores (hark, seven-ish weeks), the expectation was that we would start to see lower volumes reflected in the June data.

The Organization of the Petroleum Exporting Countries and its partners have been trying to reduce a global crude glut with production cuts. We do not have to look too far for likely culprits on the supply side.



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