Crude oil prices to trade sideways: Sushil Finance

Crude oil prices to trade sideways: Sushil Finance

"I expect the gains for OPEC to be higher during the second semester 2017 due to a tight market in the third and fourth quarter, despite an oversupply from non-OPEC not tied to the OPEC agreement and higher-than-expected production from Libya and Nigeria", said Chakib Khelil, Algeria's former oil minister. Several large market capitalisation integrated oil producers such as BP and Shell are down in the region of 10pc year to date, while smaller exploration and production-focused companies have declined by up to 60pc. The current tally, though far off the peak of 1,609 in October 2014, is significantly above the previous year's rig count of 341 following 23 successive increases prior to last week. However, it still finished the first half with its worst performance for the period since 1998. Brent crude futures gained 0.12 percent to trade at $48.83 per barrel. Note that on the chart below, the past big drops in oil prices happened during the 2nd half of the year. What's more, after a modest retracement of earlier losses, Brent and WTI are still lower than they were when OPEC and non-OPEC members agreed to extend back in May. We are also seeing the tapering off of the inventory during the course of the last 2 weeks and this has also helped to support the oil prices in the short term. This enabled USA shale producers to expand their market outside the US.

In refined products, RBOB heating oil futures remained flat at 1.483 a gallon at the NYMEX. EIA forecasts show that U.S. shale oil production is expected to rise further in July.

West Texas Intermediate crude's August delivery was up by 0.4%, to 19 cents and settling at $44.93 a barrel on the New York Mercantile Exchange; according to FactSet, this is the highest WTI saw since June 13.

Experts have advised producers to change their strategies in exploration and production to avert utter global petroleum chaos. One is U.S. supply side response to low oil prices.

There were 682.4 million barrels in the strategic oil reserve. The count had climbed to the highest level since April 2015.




President Trump early this year proposed selling half of the SPR to help fund the U.S. budget deficit. USA data showed investors increased short holdings of crude futures and options to close at their highest in a year.

In its closely watched weekly release, Houston-based oilfield services company Baker Hughes Inc. The price has risen every day since June 21, when a new year low of $42.53 was recorded. Mr. Sycip provided us with an important insight that was overlooked by most economists and political analysts at that time.

Lower oil prices are dragging down energy stocks. He talked about an increase in terrorism and possible civil war.

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