Supply discipline and demand to prop up oil prices in 2018
30 December, 2017, 03:46 | Author: Kathy Ellis
MCX Crude oil futures closed flat around Rs 3820 per barrel yesterday after hitting highs above Rs 3840 mark.
Frank Schallenberger, head of commodity research at LBBW, said, "Oil demand will be high in 2018, with solid economic growth worldwide". Brent, the global benchmark, gained 71 cents, or 1.1%, to $66.87 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $60.16 a barrel at 0210 GMT, up 33 cents or 0.5 percent from their last close.
The Energy Information Administration (EIA) reported that the US oil production last week fell to 9.754 million barrels per day from 9,789 a week earlier.
The survey of 32 economists and analysts forecast Brent crude LCOc1 would average $59.88 a barrel in 2018, up from the $58.84 forecast in the previous monthly poll.
This week, WTI broke above $60 a barrel for the first time since June 2015, while Brent breached $67 for the first time since May 2015. US crude stockpiles fell 4.6 million barrels last week to the lowest level since October 2015, according to the Energy Information Administration Thursday. Between 2010 and 2016, US exports of distillate grew by 81% (534,000 b/d), but most of this growth occurred between 2011 and 2013.
WTI Crude has extended its upside and broke above the key $60 per barrel levels after the US Energy Information Administration (EIA) reported yet another draw in USA crude oil inventories for the week to December 22.
Some surveys predict that USA production could hit 10,000,000 bpd in the next few months.
Oil futures rose Thursday, ahead of US production and inventory data, on strong demand signals out of China.
Some expect US shale production to pick up again in 2018, flooding the market with more supply. Inventories are down by nearly 20 percent from historic highs last March, and well below this time a year ago or in 2015.
Production edged lower in the most recent week, dropping to 9.75 million bpd, down from 9.79 million bpd a week earlier.
Total crude oil imports to China, one of the world's biggest oil consumers, rebounded to the second-highest level on record in November at 9.01 million barrels per day (bpd).
Pipeline outages in Libya and the North Sea have supported oil prices, although both disruptions are expected to be resolved by early January.
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