Crude Up 4.1 Percent as Goldman Insists Oil Market is Robust

17 Mars, 2019, 12:23 | Auteur: Auguste Feret
  • Crude Up 4.1 Percent as Goldman Insists Oil Market is Robust

"On the supply side, the production losses to start 2019 remain large with core-OPEC producers adopting a "shock and awe" strategy and exceeding their cut commitment", the bank added.

Futures in NY traded near a four-month high, and on course for a 5% weekly advance.

"The US has emerged as a major energy exporting country and as such, will be very influential in terms of the flows of trade of energy in the next years to come with several implications for the geopolitics of energy". However, these worries were lifted on Wednesday, at least temporarily, with the release of a bullish EIA inventories report. Production in Iran and Libya, also exempt, was little changed.

This ongoing revolution "will see the United States account for 70pc of the rise in global oil production and some 75pc of the expansion in LNG trade over the next five years, shaking up in the process, the worldwide oil and gas trade flows, with profound implications for the geopolitics of energy", Birol pointed out.

After the review meeting on March 17 and 18, ministers from OPEC+ alliance will meet in Vienna next month, and again in June, to decide on output policy for the second half of the year.

West Texas Intermediate prices rose 0.4 percent to $58.83 per barrel as of 8:16 a.m. EST, with Brent rising 0.5 percent to $ 67.53 per barrel as of the same time.

White scores career-high 19 as Providence beats Butler again
Eighth-seeded Providence (18-14) advanced to face top seed and No. 25 Villanova in a quarterfinal on Thursday afternoon. Providence, which probably needs to win the tournament to get a sixth straight NCAA Tournament berth, struggled early.

Windows 10 saura bloquer et supprimer les mises à jour problématiques
Pour gagner en stabilité, Windows bloquera et désinstallera automatiquement les mises à jour posant des problèmes de compatibilité .

L'Atlético de Madrid pourrait traîner Ronaldo en justice — Football
La célébration obscène et moqueuse du Portugais ne passe pas au sein du deuxième de Liga. Victorieuse des Colchoneros en 8e de finale, la Vieille Dame défiera.

However, some market participants are calculating a fleeting boost in global demand that may result from a potential resolution of the U.S.

"With OPEC's cuts in full swing. persistent supply issues and a deteriorating picture on Venezuela, oil is looking well supported", said Jasper Lawler, head of research at futures brokerage London Capital Group.

Global oil demand is expected increase by 7.1 million barrels per day during the 2019-2024 period to reach 106.4 million barrels per day and that the biggest factors in the increase in oil demand are the economic growth in Asia and the petrochemical industry in the U.S. It is predicted that the U.S., Brazil, Iraq, Norway, United Arab Emirates (UAE) and Guyana will be the countries that will make the greatest contribution to global oil supply to respond to the increase in global demand. As a effect, it indicated the risk of a renewed surplus emerging in the fourth quarter, even as the group's output declines as a result of planned and involuntary cutbacks.

Meanwhile, growing concerns over a US-China trade war weighed on sentiment in wider financial markets.

Bloomberg reported that U.S. President Donald Trump and Chinese President Xi Jinping may not meet until April at the earliest, after the Wall Street Journal said this month that Xi and Trump could meet around March 27.

Conseillé:



Populaire

L'émotion du rugbyman Sonny Bill Williams — Nouvelle-Zélande
Sonny Bill Williams a posté une vidéo sur Twitter, très ému: " J'ai entendu les infos et je ne trouve pas les mots ". Depuis ce vendredi, la Nouvelle-Zélande est en émoi suite à l'attentat qui a touché deux mosquées à Christchurch.

L’offre gratuite désormais limitée à trois terminaux — Dropbox
En revanche, ils ne pourront pas en connecter de nouveaux tant qu'ils n'auront pas retiré les anciens et devront ensuite rester sous la nouvelle limite des trois appareils.

Huawei compte lancer des smartphones pliables abordables d'ici deux ans
D'autant plus que la stratégie marketing et commercial de Samsung pour son Galaxy Fold est en faveur de cette démarche. Le boss de Huawei n'a pas caché son ambition de devenir le numéro un mondial des ventes de smartphones.

Les indépendantistes catalans manifestent à Madrid
Beaucoup brandissaient le drapeau de la Catalogne indépendantiste ou le portaient sur les épaules comme une cape. Plus de 500 policiers avaient été mobilisés pour encadrer la manifestation.

FIA F1 Race Director Charlie Whiting Passes Away
But he spent most of his time working for Brabham where he eventually became the chief mechanic. Closer to home, Colin Syn, deputy chairman of the Singapore Grand Prix, also paid his tributes.

The Bucks Torrid Comeback To Beat The Heat Made NBA History
Milwaukee outscored the Heat by 35 points in the second half to eventually claim a lopsided 113-98 win. Brogdon left during Milwaukee's game on Friday night against Miami with heel soreness.

Indians confirmed dead in NZ shooting massacre
Syrian refugee Khaled Mustafa, who had arrived in New Zealand with his family just months ago, was amongst those killed on Friday. Police are still working to identify what type of weapon was used, but Bush said "it's quite obvious" he modified his firearm.

Pau : le All Black Luke Whitelock débarque - Fil Info - Top 14 - Rugby
La date de son arrivée dans le Béarn dépendra de sa participation ou non à la Coupe du monde au Japon (20 septembre - 2 novembre). Luke Whitelock constitue la 5e recrue de la Section après Denis Marchois, Alexandre Dumoulin, Ben Smith et Sigfried Fisi'ihoi.

"Retirada": le musée toulousain des Abattoirs se penche sur "Picasso et l'exil"
L'exposition montrera l'impact de l'exil dans la vie et dans l'œuvre de Picasso et de ses compatriotes artistes. C'est l'une de ses toiles qui sera présentée au musée des abattoirs de Toulouse à partir du 15 mars.

US Navy veteran sentenced to 10 years in Iran: Lawyer
The New York Times , which first reported the sentencing, said White had been given two court hearings, on March 6 and March 9. A fourth, former Federal Bureau of Investigation agent Robert Levinson, has been missing in Iran since 2007.