Home » Money

Forecast predicts two years of record U.S. oil production

10 January, 2018, 00:31 | Author: Samuel Sharp
  • Oil prices up following crude inventories' fall

U.S. West Texas Intermediate (WTI) crude futures ended Friday's session down 57 cents, or almost 1%, at $61.44 a barrel, falling from the $62.21 high reached the previous day, and last seen in May 2015.

Brent for March settlement climbed 16 cents to end the session at $67.78 a barrel on the London-based ICE Futures Europe exchange.

Analysts say USA output may have levelled off over the holidays. Iran is OPEC's third-largest producer.

"This is a little more confirmation of what speculators have been looking for and after tomorrow's (U.S. government inventory) report, we'll see if they look to do some profit taking".

According to Iran's oil ministry news service Shana, Bijan Namdar Zanganeh said "members of the Organization of the Petroleum Exporting Countries (OPEC) are not keen on increased Brent Crude prices to above 60 dollars per barrels because of shale oil".

Oil prices closed at fresh three-year highs Tuesday, as geopolitical risk and confidence in global growth continued to buoy markets.

Forecast predicts two years of record U.S. oil production
Forecast predicts two years of record U.S. oil production

This week's supply reports from the American Petroleum Institute and the USA government's Energy Information Administration are predicted to reveal that us crude stocks dropped by 4.1 million barrels, an eighth week of decline. "We expect to see growth near 2 million barrels per day in 2018 and 1.3 million barrels per day in 2019".

Crude oil futures continued to surge Tuesday on expectations the global oil market will soon re-balance.

"The U.S. oil price is now into a range that is anticipated to attract increased shale oil production", said Ric Spooner, chief market analyst at CMC Markets in Sydney.

The rise in prices is expected to drive gains in US production during 2018, offsetting curbs by others. Only Russia and Saudi Arabia produce more.

USA crude production was forecast to climb by 970,000 barrels per day (bpd) in 2018 and rise another 580,000 bpd to 10.85 million bpd in 2019, the EIA said in a monthly report that provided the agency's first outlook for next year.

Oil prices firmed on Monday after a dip in the number of United States rigs drilling for new production, with crude holding just below the highs of almost three years reached last week. "But for now, the bullish trend remains intact as prices remain above key supports".


Recommended:

  • Samsung laptop features fingerprint scanner 08 January 2018 19:14 GMT

    Samsung laptop features fingerprint scanner 08 January 2018 19:14 GMT

    The Notebook 9 Pen might be lacking in style, but so far it seems like a solid blend of power and pen-based productivity tools. The device comes with a 360 degree rotating touchscreen along with support for Active Pen which will be sold separately.
    Australia swelters in record high temperatures

    Australia swelters in record high temperatures

    At the Sydney Cricket Ground, spectators removed their shirts as they watched the fifth Ashes Test between Australia and England. A total fire ban is in place across Sydney and the Hunter region as NSW residents face temperatures soaring into the mid-40s.

    Chiefs' home playoff curse continues in loss to Titans

    Midway through the fourth quarter, after the Titans took their first lead of the game, they attempted a two-point conversion. Derrick Henry coughed up the ball and this time no whistle was blown, so Johnson returned the fumble for a touchdown.
  • I'll Sign Any Immigration Bill Congress Sends Me

    I'll Sign Any Immigration Bill Congress Sends Me

    President Donald Trump is meeting Tuesday with key lawmakers on immigration policies, but no breakthrough appeared imminent on how to protect hundreds of thousands of young immigrants from being deported.
    Panthers give coach Ron Rivera 2-year contract extension

    Panthers give coach Ron Rivera 2-year contract extension

    Carolina needs skill-position players, and its offensive line left Newton to pick himself up far too many times this year. Rivera is receiving the vote of confidence just a day before taking on the New Orleans Saints in the NFC Wild Card game.
    Astronaut John Young, who walked on the moon twice, dies

    Astronaut John Young, who walked on the moon twice, dies

    Crippen said in 2004. "Today, NASA and the world have lost a pioneer", Robert Lightfoot, NASA administrator, said in a statement . On Apollo 10 , in May 1969, Nasa performed what it called "a full dress rehearsal" for landing men on the moon two months later.
  • Deputy killed in Pierce County, armed and dangerous suspect at large

    Deputy killed in Pierce County, armed and dangerous suspect at large

    We are with his family now, and we ask that you please keep his family, friends, and our department in your thoughts and prayers. A Pierce County deputy has died after being shot responding to a robbery call near Spanaway, the Sheriff's Department confirmed.

    Tanker and ship collision near Shanghai leaves 32 missing

    Thirty-two people are missing after an oil tanker and a cargo ship collided off China's east coast on Saturday evening. State media reports that China dispatched several vessels to search for and rescue crew members as the vessel burned.
    Trump postpones his 'fake news' awards

    Trump postpones his 'fake news' awards

    Maybe-maybe-there was a chance that we would, for at least a couple minutes, stop paying attention to Donald Trump . But President Trump isn't one to be overshadowed, so he's getting in on the awards show action himself.
  • Trump declares he's deporting 200000 Salvadoran immigrants from US

    Trump declares he's deporting 200000 Salvadoran immigrants from US

    The decision is likely to please immigration hard-liners who argue the TPS program was never meant to provide long-term residency. DHS has made an effort to emphasize that TPS depends on the original reason for the designation, not current conditions.
    Bannon praises Trump's son in statement

    Bannon praises Trump's son in statement

    Tapper responded that that "wasn't true", and he had a lot of questions about immigration, and accused Miller of "filibustering". Miller replied that Bannon's role "has been greatly exaggerated, whereas the president hasn't gotten the due that he deserves".
    In NDSU title win, Stick leads the way

    In NDSU title win, Stick leads the way

    The Dukes face No. 2 seed North Dakota State (13-1), FCS champs for five straight seasons from 2011-15. With the game in the final minutes, JMU ran a fake punt with Harry O'Kelly to continue the drive.


Popular

Gylfi Sigurdsson hopes new Everton signing Cenk Tosun makes quick impact
Everton has been on the hunt for a good forward after failing to replace Romelu Lukaku who was transferred to Manchester United. Tosun also underlined that he is looking forward to proving himself to Everton fans and showing them just what he is made of.

LaVar Ball tells ESPN Walton has lost Lakers; coaches react
Yet while Ball's fancy playmaking opened the most eyes, Josh Hart was just as valuable by starting and finishing multiple breaks. It erodes the trust that we built with ESPN , and our coaches are upset. "I'll play for anybody", Lonzo told reporters Sunday.

NVIDIA announces Big Format Gaming Displays (BFGDs) with Android built in
Acer will provide a remote and game controller to take full advantage of all the games and features that Nvidia Shield provides. The Shield functionality which was previously only available as a separate box optimizes the display for broader application.

GeForce Experience Gets New Freestyle, Ansel Features
It also adds support for NVIDIA Freestyle which lets you apply post-processing filters to your games while you play. Ansel has refreshed Photo Mode controls, eight new filters and the ability to combine multiple filters.

Price at the pump continues to rise
Prices at the pump in the state of Georgia sit at around $2.36 a gallon, more than 10 cents higher than this time a year ago . He does see a short-lived drop in prices in late January, but expects prices to rise again after Valentine's Day.

Packers hiring Brian Gutekunst as general manager
The Green Bay Packers will continue interviews with top internal candidates to replace general manager Ted Thompson on Friday. He spent a year as a scouting assistant with the Kansas City Chiefs, then returned to the Packers as a college scout.

Two injured in Stockholm subway station explosion
Two people have been injured in an explosion outside an underground station in southern Stockholm , authorities have said. Local resident Milorad Jencic told AFP he was shocked as witnesses and onlookers gathered around the police cordon.

NFL Wild Card Preview: Falcons at Rams
Former Buffalo Bills receivers Robert Woods and Sammy Watkins have found a home in Los Angeles . If this game wasn't in Southern California, the Rams would definitely have a harder time .

Nintendo Switch Is (Allegedly) Hacked For Good
The PS2 now has the world record for console sales, selling an impressive 155 million units during its lifetime. The Wii U, after its fifth year released, has only sold 3,301,555 units.

Centre blames Congress for stalling triple talaq bill
The Congress wants the bill referred to a standing committee for review, but the government stood firm on opposing that demand. Both the BJP and the Congress had, earlier in the day, issued a whip asking all its MPs to be present in the house today.