WTI Crude Oil and Natural Gas Forecast

15 March, 2019, 05:09 | Author: Billie Castillo
  • An oil pump is seen operating in the Permian Basin near Midland Texas US

The National Bank of Australia said the outlook for the oil market was mixed because there were downside risks to prices due to concerns about economic growth and strong growth in United States supply, while the cutbacks in OPEC declined and the U.S. imposed sanctions on Iran and Venezuela.

OPEC sources have said an extension of the supply-cutting pact is the likely scenario.

"While oil demand is expected to grow at a moderate pace in 2019, it is still well below the strong growth expected in the non-OPEC supply forecast for this year", OPEC said in the report.

EIA's data also showed that on the exports side, USA crude oil exports increased while domestic production rose as well.

This increase in price was mainly attributed to an announcement from the Energy Information Administration on Wednesday, reporting that US crude supplies fell by around 3.9 million barrels last week. Opec›s report said oil inventories in developed economies were above the five-year average in January.

For 2020, the government said it expected U.S. crude oil demand to rise by 220,000 bpd to 21.03 million bpd, unchanged from previous forecasts.

After cutting its output by 500,000 bpd in March from the month before, Saudi Arabia reported earlier this week on plans to limit its crude supply to below 7 million bpd.

Trump called Apple CEO ‘Tim Apple’ to ‘save time’
While Trump and the White House couldn't make light out of the situation, plenty of other people did. Lemon said. "You heard the man, he said, 'Tim Apple .' It's amusing , it's ridiculous".

Earlier this week, Saudi Energy Minister Khalid al-Falih said production cuts by the OPEC and allies, including Russian Federation, would likely continue until June, at least.

Iraq exported on average around 3.6 million bpd in January-February, and 3.7 million in December.

Gasoline inventories were down 4.62 million barrels last week, almost twice the expected drop.

U.S. West Texas Intermediate (WTI) crude futures were at $58.38 per barrel, up 12 cents, or 0.2 percent, from their last settlement, and also close to November 2018 highs reached the previous day.

Worldwide benchmark Brent crude was trading at $66.94 per barrel at 0708 GMT with a 0.2 percent gain, after it closed Tuesday at $66.81 a barrel.

"Opec continues to cut output amid ongoing supply issues, while the situation in Venezuela remains bleak", ANZ Bank said in a research note.

Recommended:



Popular

Rocket sirens sounded in Tel Aviv after 2 rockets fired from Gaza
Israeli analysts speculated that Palestinian militants opposed to any deal between Hamas and Israel were behind the launchings. Initial reports had indicated that the Palestinian Islamic Jihad (PIJ) terror group was responsible for the rocket fire.

How An iPhone Saved A Man From Bow And Arrow Attack
The man was charged with intent to commit an indictable offence, assault occasioning actual bodily harm and malicious damage. The incident began when the attacker, carrying a bow and arrow, confronted the man outside his house, police said.

Eye check-up to detect Alzheimer’s disease
Scientists from Duke University in the USA found the eye seems to reflect changes taking place deep within the brain. It may get trapped in the deposits of another protein called amyloid that is commonly associated with in the disease.

Book reveals how Trump used Tom Brady to insult son-in-law Jared Kushner
Trump routinely touts his intellect and education at the University of Pennsylvania's Wharton School of Business. But there is no such evidence of that, and a publication of the 1968 dean's list does not mention Trump's name.

Jennifer Lopez and Alex Rodriguez proposal pictures
Over a shot of the two of them hugging after the proposal, he wrote , "There aren't many words to share with you, only feelings". The announcement was made with a photo of Jennifer and Alex's hands showing off the Jenny from the Block hitmaker's $1.8m ring.

Spotify lodges antitrust complaint against Apple
He continued saying, "For example, they limit our communication with our customers-including our outreach beyond the app". "This is not about Spotify picking a fight with Apple , but we feel like we had no other choice", he Gutierrez added.

Khawaja ton guides Australia to 272-9 in deciding ODI
Australia again started well with Finch and Usman Khawaja putting on 76 for the first wicket until the Aussie captain departed. He scored 50 and 38 in the first two ODIs before notching his maiden ODI century at Mohali as Australia began their comeback.

Reputed Boss Of Gambino Crime Family Gunned Down In New York
A police source told DailyMail.com: 'Cali was home having dinner with his family when this truck pulled up. A witness told The New York Daily News : 'There were like six shots, and then there were three more.

Vettel feels Ferrari "spirit is right"
Oh, and four adorable Dalmatian puppies. "It is one thing to drive a Formula 1 vehicle , and it is another thing to actually race it".

United Kingdom faces ‘total uncertainty’ if Brexit deal rejected - health minister
John Whittingdale, a Brexit-supporting Conservative , said the attorney general's advice was "pretty terminal" for May's plan. Groups of MPs are preparing to test their versions of Brexit via a series of amendments if it is clear May's deal is doomed.