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Thursday, June 8, 2017

OIL PRICES COLLAPSE AS U.S. SHALE HITS BACK

The steady decline of oil prices has accelerated after a sharp increase in US oil supplies to drive the market to its lowest level since Opec vowed to extend its programme of supply cuts.
The price of Brent crude plummeted almost 3.5pc to $48.38 per barrel after official US data showed an increase in the country’s crude inventories of 3.3m barrels in a shock to market traders who had expected a drop of 3.1m barrels.
David Madden, of CMC Markets, said: “The oil market has been in decline since the Opec announcement last month, and now that US stockpiles are rising, we may see a continuation of the decline.”
The market offered a muted response as the world’s largest producers agreed last month to extend the six month supply cut deal by nine months. By contrast the initial deal between Opec and non-Opec oil producers lifted prices by a quarter last November.
Bloomberg graph
Oil prices plummeted after new data showed a shock rise in oil supplies CREDIT: BLOOMBERG
Market analysts believe that Opec’s struggle to buoy market prices is due to the steady rise of shale rig numbers in the US which threaten to undermine the cuts made in a bid to drain the oil market’s chronic glut.
Fresh data from the US Energy Information Administration (EIA) said on Tuesday that the country’s crude production could hit a record 10 million barrel of oil a day next year.
This rate is even higher than the current rate of 9.3 million barrels and almost as much as top exporter Saudi Arabia. It would also top a near fifty year record set during the US oil hey-day in 1970 at 9.6 million barrels a day.
Even flaring diplomatic tensions in the Middle East this week failed to drive prices higher for more than a few hours.
Saudi Arabia has severed diplomatic ties with Qatar with the support of Bahrain, Egypt and the United Arab Emirates lifting oil prices briefly before the fell back into negative territory.
Since then prices have slipped lower amid concern that the Middle Eastern rift could cause the pact to unravel if Opec members choose to breach the quotas rather than co-operate.
– http://www.telegraph.co.uk/

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