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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Oil traders raise their purchases but do prices keep at $ 60?

    Rocky
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    Oil traders raise their purchases but do prices keep at $ 60? Empty Oil traders raise their purchases but do prices keep at $ 60?

    Post by Rocky Fri 03 Nov 2017, 5:53 am

     Oil traders raise their purchases but do prices keep at $ 60?

    Oil traders raise their purchases but do prices keep at $ 60? 940
    Oil
    Oil traders raise their purchases but do prices keep at $ 60? Text  Oil traders raise their purchases but do prices keep at $ 60? Html  Oil traders raise their purchases but do prices keep at $ 60? Print
    Oil traders raise their purchases but do prices keep at $ 60? Arrow energy
    Economy News Baghdad:
    After a period of pessimism, investment banks and oil trading companies returned to change their forecasts for oil prices in 2017 and 2018. Oil traders and brokers also raised their purchases in futures contracts.
    US hedge funds raised their purchases from Brent, West Texas, heating oil and gasoline in the penultimate week last month, reaching 1.189 billion barrels on October 24, according to the US Commodity Futures Commission.
     
    Hedge funds are betting on an extension of OPEC and independent producers of the cut-off agreement at their meeting on Nov. 30. A deal based on a consensus between top oil producers in the Gulf states and Russia, which has become the world's largest oil producer.
     
    The Organization of the Petroleum Exporting Countries (OPEC) and producers outside it have agreed to cut production by 1.8 million barrels per day since the beginning of this year and until the end of March.
     
    OPEC wants to reduce the level of oil stocks in advanced economies to an average of five years. The latest data announced by the Organization in Vienna show that progress has been made in this regard but not yet complete.
     
    OPEC said in August that the stockpiles amounted to 2.996 billion barrels, up 171 million barrels over the average five years.
     
    Oil analysts at Global Investors Jeffries at Royal Bank of Canada are optimistic about rising prices as the market is heading for balance, and the market may see a supply shortfall next year.
     
    "The market will be stabilizing soon and traders' concerns will be overshadowed by supply shortfalls and this will help raise prices," said Neil Dunn, an energy expert at Allianz, in a note on the firm's website.
     
    Global demand for oil has kept 97 million bpd this year, but the recent high global economic growth figures announced by the International Monetary Fund (IMF) will mean demand will rise next year.
    According to Neil Dunn, the producers need to pump additional amounts of between 7 to 8 million barrels per day to meet the increase in demand. But he points out that the lack of oil investment has reduced new disclosures to compensate for depletion in some of the fields that were produced.
    It is noteworthy that the years of decline in oil prices continued since 2015 contributed to the reduction of investment in exploration and exploration. This factor is expected to accelerate the reduction of oil bottling in industrial economies.
    But despite these optimistic forecasts, Geoffrey's oil analysts do not expect a significant improvement in prices, with their forecasts ranging from $ 55 per barrel of West Texas and $ 58 per barrel of Brent oil, on average over the next year. As well as the number of investment banks and international brokerage firms in energy.
     
    Geoffrey's expectations for price improvement were built on the grounds that US shale oil companies could face some difficulties next year.
     
    In its latest short-term energy outlook, the US Energy Information Administration expects US oil production to rise from an average of 9.2 million barrels this year to 9.9 million bpd in 2018.
     
    Bank of America Merrill Lynch raised its forecast for average oil prices from $ 50 to $ 54 for Brent crude for the fourth quarter and $ 49.5 to $ 52.50 in the first half of 2018. The price of West Texas crude From $ 47 a barrel to $ 49.
    This review by companies and banks of oil prices is due to the new changes in the market, especially the noticeable improvement in the economic growth rate of the major energy consuming countries.
    The IMF, at its annual meeting held in mid-October, revised its previous forecast of economic growth in both the US and the EU, and China reported a growth rate of over 6.7%.
    According to analysts, these figures have encouraged high demand for oil in the world. In contrast, the Energy Agency said in its latest report that demand for oil may rise above expectations at a time when the surplus in the market.
    In addition, it is possible to extend the current production reduction agreement beyond April at the end of November meeting in Vienna. There are forecasts among oil analysts that OPEC and its producers will extend the production cut-off agreement for another 9 months to the end of 2018.
    But despite these factors helping to move oil prices, there are doubts about whether prices will hold this year above the $ 60 level reached on Monday. It is also not known how rock oil companies and deepwater oil companies will act when prices reach the levels of economic feasibility of production.
    In America, it is worth about $ 40 to produce rock oil in some rich fields, such as the Burmin area of ​​Texas, while in other fields it ranges from $ 40 to $ 50.
    US shale oil companies are expected to raise their production rate, drawing on strong demand for "sweet sweet" US oil in modern refineries in Southeast Asia and China.
    Companies drilling for oil in deep-water regions in Brazil and some South American countries may find prices rising as a catalyst to increase production.
    It is noted that the exports of rock oil, a light-type witnessed a significant increase in exports during the month of September last, and nearly two million barrels per day on some days.
    Other factors that are expected to hit output are oil experts, the possibility of some OPEC countries using the high price to increase their production at a time when many of them are under stressful economic conditions.There are countries that threaten OPEC by abandoning the agreement, such as Ecuador and countries that raise exports such as Iraq, the largest oil exporter to the United States and China's third largest oil exporter.
    Iraq is benefiting from the fact that it is a state of large oil reserves at a time when the cost of production of the barrel is low, and these factors make Iraq the black horse in the production of oil in the coming years. It also makes it attractive to Western and Russian companies alike. It is noteworthy that Iraq was finally able to eliminate the "Daash" and the liberation of Mosul, and also controlled the oil wells in Kurdistan after the siege of attempts to independence.
    Another risk is the rise in oil production in Mexico following reforms in the energy sector and making foreign contracts with foreign energy companies more attractive.
    Mexican Energy Minister Pedro Joaquin Caldwell said on Monday that his country was waiting for foreign investments worth $ 80.3 billion.
    The Mexican minister said in a speech to the Energy Committee of the House of Representatives in the parliament that his country had recently signed 199 contracts with 125 companies, will direct about $ 60 billion of the value of investments for exploration and production, 12.2 for the construction of gas pipelines, and 6.6 billion for electricity Clean.
     
    Since 2013, Mexico has embarked on reforms in the energy sector, which for the first time in nearly 80 years allowed private investment into this vital sector of the economy. As part of these reforms, national oil companies have the right to enter into contracts with private companies to attract investments.
     

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