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Short-term Energy Outlook
6/14/2016 0:00
[rtl] Torgomh- Khalid Qasim *
cited a recent report by «agency US Energy Information Administration» figures relating to the price of oil as it shows the current values of futures and options contracts considerable doubt the expectations of the price.
The report pointed out : the price of Brent North Sea $ 47 a barrel on average in last May, an increase of $ 5 for the month of April, the fourth monthly increase in a row since falling to its lowest level in 12 years in January last at $ 31 a barrel.
He said: contributed to the increasing global oil supply and rising demand and falling US crude production this increase disorders
price .
the report also «the arrival of Brent crude is expected to average $ 43 a barrel this year and $ 52 next year. While it expected to reach the West Texas Intermediate oil level slightly for Brent at least in the current year and an equal next year. Overall, the current values of futures and options contracts show considerable doubt the expectations of the
price.
The report said that US crude oil production was 9.4 million barrels per day last year, and is expected to reach 8.6 million barrels per day this year and 8.2 million barrels per day year next.
He added: natural gas inventories amounted to 2.9 billion cubic feet a day , May 27, the highest by 32 percent compared to its level before the
year.
extends injection of natural gas storage between April and October season. Management expects that natural gas inventories exceed 4.1 billion cubic feet by the end of next October, the highest level on record for that month.
So he said: »Bank of America Merrill Lynch» Bank of America Merril Lynch It is expected to reach the price of global crude oil Brent $ 70 a barrel in mid - 2017, while the agency US energy Information Administration predicted that prices are without it.
He added that it is expected that the average crude price of $ 61 a barrel next year as global oil market turned into a
deficit.
in the meantime, crude oil prices fell 3 percent at the settlement, the end of this week.
fell futures for Brent to $ 1.41 or about 2.7 percent at the settlement to $ 50.54 per barrel registered the biggest drop in a month.
fell NYMEX WTI of $ 1.49 , or 3 percent , to $ 49.07 a barrel at settlement registered the biggest drop since the beginning of April
last year.
experts have said: the reason for this decline is due to the rise of the dollar, primarily.
as feeling the effect of news about the increase in the number of drilling oil rigs operating in the United States for the second week in a row. * US energy Information administration[/rtl]
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