Home » Money

WTI Crude Oil and Natural Gas Forecast

18 October, 2018, 09:07 | Author: Lawrence Cooper
  • Committed to meet India's oil demand: Saudi Energy Minister

The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 53,000 bpd to a new peak of 3.55 million bpd.

The Energy Information Administration said crude oil inventories (excluding the Strategic Petroleum Reserve) were 416.4 million barrels for the week ending October 12.

"I mean, it has the potential to really blow up and to send prices to numbers that I didn't think we'd see again in our lifetime".

S&P Global Platts said that the fields in the Saudi-Kuwait “Neutral Zone” were expected to produce some 500,000 barrels of oil a day. Meanwhile, front-month US crude futures traded near the smallest premium to the 12th month in about 10 months.

The threats came in response to growing global and USA outrage with the killing of dissident journalist Jamal Khashoggi in the kingdom's consulate in Turkey, and Riyadh's now admitted role in his disappearance, the Saudi government issued a strong statement warning other nations against imposing penalties. "Middle East tensions that have recently broadened to include Saudi Arabia". This could turn into an extremely bullish event if it means less supply.

As thousands join Hurricane Michael recovery efforts, many residents remain missing
President Donald Trump is marveling at the hurricane damage he's seen while touring devastated Florida Panhandle communities. Across the ravaged region, meanwhile, authorities set up distribution centres to hand out food and water to victims.

Shredded Banksy painting worth more than original, say experts
Internet sleuths say this man bares a passing resemblance to Robin Gunningham, widely suspected of being the man behind Banksy . He today posted a video online to show how he secretly installed the shredder in the frame of the painting some years back.

Google’s new phones boast wider screens, better camera
The nod to privacy concerns comes as Google and other big USA tech companies try to bounce back from recent data breach scandals. And once more the company looks to be playing catch-up with Amazon , whose Echo Show and Spot devices have been out for a while.

Front-month London Brent crude for December delivery was up 23 cents, or 0.3 per cent, at $80.28, having ended down 1.7 per cent. That's the deepest discount in nearly two decades, according to data compiled by Bloomberg, and comes just three months after it last marketed its oil at a premium to Saudi shipments. In the 4 hours chart, the commodity broke below its 20 and 200 SMA, both converging at around 71.50, while technical indicators turned directionless at their daily lows, rather reflecting the decreased trade volume at this time of the day than decreasing selling interest. The global benchmark crude was at a $9.64 premium to WTI for the same month.

Analysts attribute the change a year ago to the output cuts initiated by Saudi Arabia and the increased availability of heavy grades of crude from Iraq at a higher discount, which are more suited for use in Indian refinery complexes. They also expect to see declines in stockpiles of gasoline by 1.52 million barrels and distillates by 1.5 million barrels.

Tensions over Saudi Arabia have eased as U.S. Secretary of State Mike Pompeo said that the kingdom promised a "transparent investigation" into the disappearance and alleged killing of a prominent journalist. Meanwhile, President Donald Trump and his top diplomat cautioned against putting the entire U.S. -Saudi relationship at risk over dissident writer Jamal Khashoggi.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone.

Recommended:



Popular

Russian President Vladimir Putin involved in assassinations: President Donald Trump
We won."Trump addressed a large number of other topics during the interview". Trump said this in an interview given to CBS News's 60 Minutes programme.

JP Morgan and Ford cancel plans for Saudi investor event
CNN reported that the Saudis were going to admit the killing had occurred but deny the king or crown prince had ordered it. Saudi Arabia is a key partner for Switzerlandexternal link in the Arab world and the Middle East region.

Australia may sour ties with ASEAN if embassy moves to Jerusalem - Anwar
A Palestinian capital in East Jerusalem has always been regarded as indispensable to Palestinian statehood by its supporters. The Sydney Morning Herald newspaper described Mr Morrison's apparent change of heart as "unprincipled and craven".

Judge rejects Daniels defamation suit against Trump
Otero also went on to order Clifford to pay Trump's legal fees, but has not yet fixed an amount. "The Court holds that Mr. Charles Harder, Trump's lawyer, said the amount of the award for Trump's attorneys' fees would be determined later.

Huawei launches new flagship phones in bid to keep No. 2 spot
The Mate 20 Pro , meanwhile, has a 40-megapixel wide angle, 20-megapixel super wide angle, and 8-megapixel telephoto lenses. Let's check out the pricing details and specifications of the Huawei Mate 20 , Huawei Mate 20 Pro , and Huawei Mate 20 X .

Know how much Scarlett Johansson is getting for 'Black Widow'
Avengers 4 reshoots are now in the works in Atlanta, USA, ahead of the movie's release in April. In comparison, Robert Downey Jr. was paid around $700,000 for the first Iron Man film.

'Zombie' storm Leslie smashes into Portugal, Spain
Hurricane-force winds have brought down hundreds of trees and left more than 15,000 homes without power in Portugal. It is rare for an Atlantic hurricane to hit the Iberian peninsula as only five have been recorded.

#MeToo Allegation on Director, Hero Cancels Shoot
Mumbai: Farah Khan Friday said the sexual harassment allegations against her filmmaker-brother Sajid Khan are "heartbreaking". Taking an inspiration from the ongoing #MeToo movement , a journalist shared an unpleasant incident on her Twitter handle.

Pentagon grounds F-35 fighter jet flights in wake of crash
Israel has also chose to follow in the US' footsteps and announced that it had grounded all of its F-35 stealth fighter jets. Some worldwide partners within the F-35 program are already commencing flying following conclusion of their inspections".

Dubai-Bound AI Flight Hits Trichy Airport Wall, Passengers Safe
No passenger was injured in the incident, but photographs indicated that the aircraft's belly and wheels suffered heavy damage. After safely landing in Mumbai, passengers were transferred to a different aircraft and continued onto their destination.