Gold, Silver, Copper and Crude Oil Briefing

02 March, 2018, 04:53 | Author: Sheri Evans
  • Oil up for week on Libya woes, falling US supply

The U.S. will become the world's largest crude oil producer by 2019 at the latest, Fatih Birol, the Executive Director of the International Energy Agency (IEA), said this week.

He said that "What we discussed was that price of crude oil is such that it does not result in a loss to producers and at the same time protects consuming nation's interest". That era may be coming to an end now that United States crude oil production hit a 47-year high of 10M b/d at the end of 2017 and is forecast to surpass 11M b/d by the end of 2018, which would make the United States one of the largest crude oil producers on the planet. Brent, the global benchmark, lost $1.22, or 1.9 percent, to $63.52 a barrel as of 10:51 a.m. EST (1551 GMT), after sliding as low as $63.19. It's not out of the question to see a US production record for oil soon. Why?

Prices briefly pared losses after the U.S. Energy Information Administration released data showing crude production in December dipped to 9.95 million barrels, down 108,000 barrels per day (bpd) from November.

Oil prices rose on Friday to their highest in more than two weeks, supported by the shutdown of the El Feel oilfield in Libya and upbeat comments from Saudi Arabia that an OPEC-led effort to cut stockpiles is working.

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The prices for oil grow at the expense of strict discipline Saudi Arabia, easing concerns about oversupply of oil in the United States and the disruption of supplies from Libya.

'Rising global oil demand will be driven mainly by emerging markets, with non-OECD consumption rising by an average of 2.8 percent per year in 2018-19, which would be the fastest rate since 2013, ' the Economist Intelligence Unit's Birch said.

The US reserves are expected to grow 2.7 million barrels per day, according to a preliminary data.

USA oil is also increasingly being exported, including to the world's biggest and fastest growing markets in Asia, eating away at OPEC and Russian market share.

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Just a few years ago, hardly anyone expected that that the USA would be competing with the world's top oil producers for the number 1 spot.

"We probably have a little more strength to go", in terms of upside potential for prices, John Macaluso, a trader at Tyche Capital Advisors LLC in NY, said by telephone. "If those numbers change consistently to the upside, we would see the market react in the other direction".

Consider this: in January 2017, US crude oil production mounted to 8.82 million barrels per day.

"In spite of refiners undergoing maintenance, they continue to process more crude compared to previous years adding to gasoline and diesel supply", said Andrew Lipow, president at Lipow Oil Associates in Houston.

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Rain and warmer temperatures - with lows above freezing and highs in the 40s - are expected to return over the weekend. Ohio University has cancelled classes for Monday , Feb. 26 in "anticipation of severe weather and potential flooding".

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