Thursday, 23 November, 2017

Oil rises above $52

Korean People's Army personnel wave after a military parade in Pyongyang marking the 105th anniversary of the birth of late North Korean leader Kim Il-Sung Oil rises above $52
Bessie Robbins | 16 May, 2017, 07:01

Analysts including Goldman Sachs have said the global oil market is re-balancing, and the International Energy Agency predicts demand will significantly exceed production if OPEC and its partners extend their cuts into the second half of the year.

Futures were little changed in NY after adding 3.5% last week. "With these two countries behind the extension of the accord, chances are very high that they will get all of OPEC behind it".

Saudi Arabia and Russian Federation announced plans to cut their amounts of oil going onto the market. The following month, 11 non-OPEC oil-producing countries pledged to cut another 558,000 barrels a day, bringing the overall reduction to 1.8 million barrels a day. US crude was up $1.43 at $49.27 a barrel.

Chinese retail sales for April beat expectations to rise 10.7 percent from a year ago, while property investment growth accelerated to 9.3 percent in the first four months of 2017 from 9.1 percent in the first quarter.

Brent crude futures were at $52.05 per barrel at 0129 GMT, up 23 cents, or 0.44 percent, from their last close. The global benchmark crude traded at a premium of $2.65 to July WTI.

But with US oil output rising and the first phase of the OPEC/non-OPEC agreement proving a disappointment there may be greater caution this time.

Fund managers now hold 809 million barrels of Brent and WTI long positions compared with 800 million in November.

"The drop in net-length set the stage for the rally", Tamar Essner, a New York-based energy analyst at Nasdaq Inc., said by telephone.

Extending the curbs at already agreed-upon volumes is needed to reach the goal of reducing global inventories to the five-year average, the energy ministers of the world's biggest oil producers said in a joint press conference in Beijing.

"Preliminary consultations show that everybody is committed" to the output agreement and no country is willing to quit, said Novak. "I don't see reasons for any country to quit".

Not everyone is on board yet.

Undermining efforts by OPEC and Russian Federation has been the United States, which did not participate in the agreement to cut supplies.

The U.S. operators are expected to relatively quickly adjust even to $30 per barrel oil, and they will rely on hedging gains or just outspend more in the short term.

Hedge funds now hold a very similar position to the one they held on November 29 before the OPEC deal was announced which raises the question of whether the outcome will be the same.

Over in the U.S., equities rose more than 0.4 percent across the board, with energy stocks contributing to the gains. That is longer than the optional six-month extension specified in the deal.

"We are of the camp that the extension cuts might not be enough - they might need to extend the cuts and to increase them to stabilize this market", said Oliver Sloup, director of managed futures at iitrader.com.

Instead of US crude oil inventories declining in the first quarter, they increased.

Traders are eagerly waiting on news from the May 25th OPEC meeting.

Recommended

  • Scream Queens officially cancelled after just two seasons

    Scream Queens officially cancelled after just two seasons

    Are you upset that Scream Queens was cancelled? Scream Queens will join several other series that have been cancelled by FOX . However, keen to give the Chanels another coat of nail polish, we only got a soft reboot from Murphy ahead of Season 2.
    Bus tips over in Turkey, killing at least 23 people

    Bus tips over in Turkey, killing at least 23 people

    But the mayor of Marmaris, Ali Acar, told Turkish newspaper Hurriyet: "I think that the accident was a result of driver error". "If we count these three deaths, the number of the dead rises to 23", the state-run Anadolu news agency quoted him as saying.

    Canada rejects US duties on lumber as 'baseless'

    Economists point to the Trump administration's focus on reducing the USA trade deficits with other countries rather than retraining the labor force.
  • Coroner: Caffeine Overdose Kills South Carolina Teen

    NBC News reports that the death of a 16-year-old student last month in SC has officially been deemed a caffeine overdose . Watts said the final cause of death was due to a caffeine-induced cardiac event causing a probable arrhythmia.

    Trump threatens to cancel briefings for 'sake of accuracy'

    Wednesday: "No", Sanders said, when asked if the president had already chose to fire Comey on Monday when he asked Rosenstein for the memo.
    United Kingdom  working to restore hospital systems after cyberattack

    United Kingdom working to restore hospital systems after cyberattack

    He said the extent of the attack will be clear only Monday, which is a working day, and Saturday being a government holiday. Those affected see a message on their computer screens demanding payment in the digital currency bitcoin to restore access.
  • New York Mother Makes Ultimate Sacrifice in Freak Accident on Mother's Day

    New York Mother Makes Ultimate Sacrifice in Freak Accident on Mother's Day

    The pair had just attended mass on Sunday, Mother's Day, when driver Ann Riolo backed into them while trying to leave the bakery. Diane Aluska was taken to Good Samaritan Hospital Medical Center in West Islip where she was pronounced dead, police said.
    Cavaliers to wear ads on jerseys next season

    Cavaliers to wear ads on jerseys next season

    The tire company, founded and headquartered in Akron, Ohio, signed a multiyear deal to be on the team's jerseys. The company was also a founding member of the National Basketball League, a precursor to the NBA, in the 1930s.
    Sega Wants to Revive 'Major IPs'

    Sega Wants to Revive 'Major IPs'

    In their Road to 2020 business presentation , the company outlines strategies for creating titles that "will become global hits". This will no doubt come as good news to classic Sega fans, as countless franchises have fell by the wayside in recent years.
  • Dr. Phil -

    Dr. Phil - " Exclusive: Aaron Hernandez's fiancée breaks her silence"

    His suicide came just days after he was acquitted in a double murder. There were some odd parts where It didn't make sense.

    Spurs face quick turnaround before conference finals

    He displayed flashes of brilliance in the playoffs to be sure, but couldn't deliver when the Rockets needed it most. He was out of sorts from the start and the Rockets were all but out of the game by halftime.
    Trump preparing certified letter attesting to no Russia ties

    Trump preparing certified letter attesting to no Russia ties

    The White House said it would welcome any fact-finding by Graham and the subcommittee, which he chairs, saying the president has no business ties to Russian Federation .

Poster for Aronofsky's Mother! w/ Jennifer Lawrence rips out hearts Poster for Aronofsky's Mother! w/ Jennifer Lawrence rips out hearts Darren Aronofsky used US Mother's Day as an opportunity to unveil the poster of his new film, Mother , starring Jennifer Lawrence .

Supreme Court refuses to hear appeal in NC voter ID case It's in the context of the ensuing mess that the Supreme Court decided not to hear the case. But they were unable to find a necessary fifth vote from one of the court's four liberals.

French ex-premier pledges allegiance to Macron's movement French ex-premier pledges allegiance to Macron's movement Macron said his task was to rebuild European unity, fix the French economy and ensure security against extremist threats. Ferrand also said the names of Macron's 577 candidates in the legislative elections would be announced this Thursday.

Award-winning actor Powers Boothe dies at the age of 68 The actor made his film debut in the 1977 film The Goodbye Girl , and built a career on playing mainly darker, villainous roles. Boothe's family are considering a memorial celebration in honor of the late actor, but the date is yet to be confirmed .

Carroll says Seahawks considering Kaepernick as backup Carroll says Seahawks considering Kaepernick as backup Griffin and Kaepernick, like Wilson, are mobile quarterbacks who could be a good fit for the Seahawks system. "We really are", Carroll said. "We're looking to keep it competitive there, too".

Wall's late 3 leads Wiz past Celtics 92-91, forces Game 7 The Wizards will play in a Game 7 for the first time since the 1979 Eastern Conference Finals (won, 107-105 over the Spurs). In the Bill Russell era, the Celtics were unstoppable in Game Seven, winning all 10 appearances. "We had a lot of heart".

Tillerson: Trump weighs embassy move impact on Mideast peace USA presidents of both parties have repeatedly waived a US law requiring the embassy be moved to Jerusalem. But Tillerson linked Trump's deliberations directly to his aspirations for brokering Mideast peace.

Disney Chief Bob Iger Says Hackers Claim to Have Stolen Upcoming Movie Rumors surfaced last week that hackers were demanding a ransom for a pirate copy of "Star Wars: The Last Jedi ". Iger, who didn't disclose the name of the film, confirmed that Disney won't give in to the demands.

France's Macron set to name PM on first day France's Macron set to name PM on first day The red carpet was rolled out for Philippe, 46, named earlier Monday by new President Emmanuel Macron to form his first government.

Iran's reformist ex-president Khatami says re-elect Rouhani Iran's reformist ex-president Khatami says re-elect Rouhani Rohani, 68, told the crowd at Tehran's Azadi Stadium that "we should not let Iran become isolated again". He is now facing five rivals, but some could withdraw in favor of more prominent candidates.

West Ham rout 'perfect afternoon' - Klopp Fans were told to remain in their seats with the players scheduled to do a lap of the stadium when the match finished. On the other hand, West Ham edged out Premier League high-flyers Tottenham Hotspur 1-0 in their last game.

Ransomware attack: What you need to know More information on the malware itself is available from the Microsoft Malware Protection Center on the Windows Security blog . Windows 10 users are unaffected by the attack, and numerous operating systems affected are no longer supported.

UK working to restore hospital systems after cyberattack UK working to restore hospital systems after cyberattack Malicious software or "ransomware" has been used in a massive hacking attack, affecting tens of thousands of computers worldwide. In an unexpected move, Microsoft has acted to release a security patch for several of its unsupported operating systems.

Transition-oriented Wizards getting physical in postseason Transition-oriented Wizards getting physical in postseason Unlike the first two games, Washington wouldn't look back and held on to their 20-point lead for the rest of the game. But for the Wizards to make such a quick turnaround at the expense of the Celtics' confidence was quite a surprise.

Cubs Get Past Cards 3-2 in Series Opener Cubs Get Past Cards 3-2 in Series Opener In five starts at Triple-A Iowa, Butler 1.17 ERA and only walked 2.3 batters per nine innings. NOTES :Kris Bryant was a last-minute scratch from the lineup because of a stomach illness.