Pace Of US Oil Rig Count Growth Slows As Prices Climb
29 July, 2017, 00:53 | Author: Samuel Sharp
Adam Wise, senior managing director at John Hancock Financial Services Inc., summarized the reasons for trader optimism: he said the market is digesting "very strong draws in inventories across the board; we've also seen comments out of Saudi Arabia supporting prices in the form of export reduction".
Oil prices edged lower on Friday but were still near eight-week highs, buoyed by a decline in USA inventories and OPEC's ongoing efforts to curb production.
Prices had risen to an eight-week high on Thursday, a continued to climb on Friday, with WTI trading up 1.08% at $49.57 at 12:01pm and Brent crude trading up 1.67% at $52.35.
USA crude and gasoline inventories fell much more steeply than expected this week and the world's biggest oil exporter Saudi Arabia said it would further reduce oil output in August.
US crude futures prices over the next year remain relatively flat.
This would cause near-term tightness in the physical oil market, which will push prices into a backwardation pattern this year, which means cargoes for near-term delivery would be priced higher than those for later shipment, Goldman added.
"Both markets are seeing a strong move in spreads through most of 2017 and 2018 due to shorts covering into heavy producer flow", said Scott Shelton, broker at ICAP in Durham, North Carolina.
USA crude and gasoline inventories fell much more steeply than expected in the latest week, while US refineries processed an average of nearly 17.3 million barrels of crude per day last week, up 620,000 bpd from the same week in 2016.
The gains in Brent pushed the difference between the two benchmarks to the widest in two months. In the prior week, the North American Rig Count was 1156 and USA rig count was 950.
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