OPEC extends oil output cut through March 2018
|
|
- Nigel Wilson
- 5 years ago
- Views:
Transcription
1 Economics Research Desk Market Highlights: Oil & Gas update 25 May 2017 OPEC extends oil output cut through March 2018 Oil prices swung between sharp gains and losses in volatile trade on Thursday, after OPEC agreed to extend its current output-cut deal for a further nine months until March Benchmark Brent crude oil settled down 94 cents a barrel at USD52.97 while the US light crude was down USD1.04 at USD50.31 as at 10:45 GMT. Prices have declined sharply after the Saudi energy minister added that the consensus is that deeper cuts are not needed at the moment. The OPEC-led cuts may only result in a balanced market this year, however for 2018 and beyond, oil markets are anticipated to return to oversupply, albeit at a lower level than Outcome of discussions in Vienna OPEC and non-opec have committed to cutting 1.8mln barrels per day until June 2017, a decision made last November. Following today s meeting and in line with market expectations, the production cut has been extended for an additional nine months until March 2018 to eliminate the global oversupply or achieve a sustained price recovery. While stockpiles are shrinking, ministers acknowledged that the surplus built up during three years of overproduction would not clear until at least end The cuts are likely to be allocated among a dozen of non-opec members led by top oil producer Russia, which reduced output in tandem with OPEC from January. Non-OPEC producers will meet OPEC later today. Intraday Brent price, USDpb (25 May 2017) 01
2 Jan.16 Feb.16 Mar.16 Apr.16 May.16 Jun.16 Jul.16 Aug.16 Sep.16 Oct.16 Nov.16 Dec.16 Jan.17 Feb.17 Mar.17 Apr.17 May.17 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 mln bpd OPEC oil supply, mln bpd (2010-April 2017) Benchmark Brent crude oil settled down 94 cents a barrel at USD52.97 while the US light crude was down USD1.04 at USD50.31 as at 10:45 GMT. Both benchmarks have gained more than 10% from their May lows below USD50 per barrel, rebounding on a consensus that OPEC and other producers will maintain strict limits on production in an attempt to drawdown persistent global oversupply. Brent vs. WTI Price Trends ( May 2017) Brent WTI OPEC crude production declined to 31.73mln bpd in April, 18,000 bpd lower than the previous month, suggesting a compliance cut of 111%, based on secondary sources estimate. In the first four months of 2017, OPEC s compliance with the production cut deal was at 96% (the IEA estimates). The biggest declines were from Saudi Arabia, the UAE, Iraq and Kuwait, all of which reduced production above respective individual target cuts. On a monthly basis, Saudi Arabia recorded modest gains in production in April, along with Nigeria, Qatar and Gabon. Meanwhile, Russia s output averaged at 11.18mln bpd in April, 100,000 bpd lower compared to average production in 1Q17. 02
3 OPEC members oil output, mln bpd Country Apr-17 Mar-17 Nov-16 Agreed cut Actual cut* Saudi Arabia Iran Iraq Kuwait UAE Qatar Algeria Libya N/A N/A Nigeria N/A N/A Angola Gabon Venezuela Ecuador OPEC *based on secondary sources from OEPC Monthly Oil Market Report; Libya and Nigeria exempted from production agreement Source: OPEC Secretariat, Samruk Kazyna US crude oil output and inventories US energy companies added 8 oil rigs in the week to 19 May, bringing the total count up to 720, the highest level since April 2015, which marks a 18th consecutive weekly increase. The number of rigs currently more than doubled the level observed a year ago. The rise demonstrates that US oil producers continue to take advantage of higher oil prices and increase output. Rig counts generally affect production with a time lag of approximately six months. Thus the impact of these extra rigs has yet to be fully reflected in the production statistics. US weekly crude oil production amounted to 9.32 mln bpd in the week ended 19 May, an increase of 0.59% MoM and 6.3% YoY. US weekly oil production is at the highest level since August Most of the increase so far has come from non-shale producers in the Gulf of Mexico and Alaska. But the massive increase in the number of rigs drilling onshore should see shale output rises substantially in the remainder of US production will continue increasing for at least the next few months as the lagged impact of earlier increases in the onshore rig count filter through. Weekly estimates are considered less reliable than the monthly numbers, but the two series have tended to follow one another closely, so there is no reason to doubt the continued growth in output. The rapid recovery in US output is one of the factors making market rebalancing slower than OPEC anticipated. 03
4 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 On stockpiles, US crude oil inventories fell for a seventh straight week as refiners processed a near-record amount of crude last week, based on the Energy Information Administration database. Crude inventories fell 4.4 mln barrels for the week ended 19 May, more than market expectations of a 2.4 mln barrels decline. Gasoline inventories fell only 787,000 barrels compared to expectations for a 1.2 mln barrel draw. US weekly oil output and rig count ( May 2017) 9,800 9,600 9,400 9,200 9,000 8,800 8,600 8,400 8,200 1,600 1,400 1,200 1, Oil output mpbd Rig count (RHS) Oil price trends and outlook Market expectations are that despite drastic cuts to OPEC oil production as part of a global deal to curb output, global oil stockpiles are unlikely to return to the five-year average level. The OPEC-led cuts may only result in a balanced market this year, however for 2018 and beyond, oil markets are anticipated to return to oversupply, albeit at a lower level than One of the key reasons being the rising US oil production, which has risen by 10% since mid-2016 to 9.3mln bpd, capping upside potential to oil prices. Further, US producers have been able to sell future production at higher future prices vs. those for immediate delivery, allowing them to finance expanding output. We previously noted that the enormous concentration of hedge fund long positions might be an important source of price risk. The previous record net long position in oil markets, set in June 2014, preceded the deepest and most prolonged slump in prices for almost 20 years. We expect volatility in oil prices to remain high for the remainder of 2017 emanating from OPEC strategy, modest oil demand growth, geopolitical factors, and continued growth of US oil production. As a result, we are maintaining our 2017 average forecast of USD50-52pb for Brent. Oil price projections, USD per barrel Price 2016 average YTD average, as at 2017f average 24 May 2017 Brent ^ ^represents in-house projection by Samruk Kazyna, average price expected for
5 Disclaimer & Disclosures The Research and Knowledge Management Department Strategy and Portfolio Investment Block of JSC Samruk-Kazyna (hereinafter referred to as the Research Team ) is responsible for the analysis of this report. The Research Team certifies that all views expressed in this Research report (hereinafter referred to as Report ) reflect the Research Team s personal views. The Report is based on the information taken from the sources which the Research Team considers reliable and takes every care and precaution to ensure that information related to the Report published on the corporate website of JSC Samruk-Kazyna is accurate and regularly updated, but neither the Research Team nor JSC Samruk-Kazyna make guarantee, warranty of any kind, express or implied, or make representation as to the accuracy or completeness of the information contained in the Report or otherwise, and it should not be relied on as such. The Research Team may change the information contained in this Research at any time without notice. Neither the Research Team nor JSC Samruk-Kazyna or any of its officers, employees shall be liable for any losses or damage that may result from use of the information contained in the Report as a consequence of any inaccuracies in, errors or omissions, if any, from the information which the Report may contain or otherwise arising from the use and/or further communication, disclosure, or other publication of the information contained in the Report. 04 This Report is solely intended for general informational purposes and is provided for internal distribution within JSC Samruk-Kazyna. This Report is not in any sense a solicitation or offer of the purchase or sale of securities or any assets in any jurisdiction. No part of this material may be copied or duplicated in any form by any means or redistributed without any prior written consent of JSC Samruk-Kazyna. Additional information is available upon request. 05
MacroVoices Oil Discussion: OPEC Can t Fix The Problem of Low Oil Prices
MacroVoices Oil Discussion: OPEC Can t Fix The Problem of Low Oil Prices Art Berman November 30, 2016 Slide 1 Overview: OPEC Can t Fix The Problem of Low Oil Prices OPEC may reach some agreement today
More informationUSDKZT volatility hit a two-year low
RESEARCH AND KNOWLEDGE MANAGEMENT 22 November 2017 USDKZT volatility hit a two-year low USDKZT traded in the range of 330-334/USD in the past two weeks with a 30-day historical volatility touching a 2-year
More informationThe Oil Supply Outlook in the New Oil Price Environment: The Long and Short Term Investment Cycles
The Oil Supply Outlook in the New Oil Price Environment: The Long and Short Term Investment Cycles Bassam Fattouh Oxford Institute for Energy Studies OIES OIL DAY, ST CATHERINE'S, OXFORD, NOVEMBER 17 215
More informationOCBC Crude Oil Outlook. Barnabas Gan Economist Global Treasury Research & Strategy 9 February 2017
OCBC Crude Oil Outlook Barnabas Gan Economist Global Treasury Research & Strategy 9 February 2017 1 Crude Oil OPEC and its compliancy 2 Executive Summary Crude oil prices remained volatile into the new
More informationKazakhstan s CDS and bond yields on the rise
RESEARCH AND KNOWLEDGE MANAGEMENT 22 September 2017 Kazakhstan s CDS and bond yields on the rise Tenge has weakened by 1.5% in the past two weeks to 340.4/USD on 21 September. NBK expects tenge to remain
More informationKazakhstan s economy expanded by 4.2% in 1H17, supported by growth in mining, manufacturing, construction and transportation sectors
Economics Research Desk Market Highlights: Kazakhstan 18 July 2017 Kazakhstan s economy expanded by 4.2% in 1H17, supported by growth in mining, manufacturing, construction and transportation sectors Review
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION JUNE 2018 RIYADH, SAUDI ARABIA JUNE 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS ON
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION NOVEMBER 2018 RIYADH, SAUDI ARABIA NOVEMBER 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS
More informationMarkets Have De-Valued Oil Prices: How Long Will It Last?
Markets Have De-Valued Oil Prices: How Long Will It Last? Art Berman MacroVoices September 2, 218 Slide 1 Comparative inventory: The most important approach to oil & gas price formation Ivnetories of Crude
More informationLooking Ahead on Oil & Gas
Looking Ahead on Oil & Gas Art Berman NACE Investor Speaker Luncheon Palm Beach Gardens, Florida March 16, 217 Slide 1 Oil Prices Fell Below $5 Floor Last Week: Deflation of the OPEC Expectation Premium
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION AUGUST 2018 RIYADH, SAUDI ARABIA AUGUST 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS
More informationCOMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET
COMPARATIVE ANALYSIS OF MONTHLY REPORTS ON THE OIL MARKET AN INTERNATIONAL ENERGY FORUM PUBLICATION SEPTEMBER 2018 RIYADH, SAUDI ARABIA SEPTEMBER 2018 SUMMARY FINDINGS FROM A COMPARISON OF DATA AND FORECASTS
More informationOil Markets: Where next?
Oil Markets: Where next? Christof Rühl, Global Head of Research Singapore September 2016 1 Content Oil and the economy: Recap Why did lower oil prices not support economic growth? OPEC vs. US two sides
More informationOIL MARKETS IN 2019: A CHALLENGING BALANCING ACT
OIL MARKETS IN 2019: A CHALLENGING BALANCING ACT HIGHLIGHTS The brutal drop in global financial markets spread into the oil markets and triggered fears of a scenario similar to that of 2014-2015. Brent
More informationCapitalizing on the Evolving Energy Landscape
Capitalizing on the Evolving Energy Landscape SACRS Investment Breakout May 13, 2015 Andrew Brett, CAIA, Research Consultant Table of Contents 1. Executive Summary 2. Recent Events: The Impact of Falling
More informationInsights from Guinness
Guinness Global Energy Fund OPEC announces first production cut in 8 years OPEC concluded their formal meeting on Wednesday 30 th November 2016 with an agreement to cut production levels. This ratifies
More informationMarket Bulletin November 17, 2014
Market Bulletin November 17, 214 What is behind the recent slump in oil prices? Anastasia V. Amoroso, CFA Vice President Global Market Strategist J.P. Morgan Funds Ainsley seye. Woolridge Market Analyst
More informationOil market update OPEC key to decide market direction
Kb/d mn tonnes Jul15 Aug15 Sep15 Oct15 Nov15 Dec15 Jan16 Feb16 Mar16 Apr16 May16 Jun16 Jul16 Aug16 Sep16 Oct16 Nov16 Dec16 Jan17 Feb17 Mar17 Apr17 May17 Jun17 Jul17 Aug17 Sep17 Oct17 Nov17 Dec17 Jan18
More informationAuscap Long Short Australian Equities Fund Newsletter August 2015
Auscap Asset Management Limited Disclaimer: This newsletter contains performance figures and information in relation to the from inception of the Fund. The actual performance for your account will be provided
More informationBrent spot Brent 20-day rolling average WTI spot WTI 20 day rolling average. USD per barrel. USD per barrel. WTI - Brent Arb
USD per barrel USD per barrel Oil prices are stalling, with the market now awaiting the outcome of Opec s meeting in just nine days time. Over the past few weeks and months, a number of the more notable
More informationChart 1. U.S. Personal Saving Rate and Household Debt (consu plus mortgage) as a % of Disposable Personal Incom
Chart 1 U.S. Personal Saving Rate and Household Debt (consu plus mortgage) as a % of Disposable Personal Incom 16% 14% 12% 10% 8% 6% 4% Last Points 4Q 2015- Saving Rate, 5.4%; HH Debt, 1 140% 130% 120%
More informationGCC/ MENA macro outlook. Khatija Haque, Head of MENA Research March 2018
GCC/ MENA macro outlook Khatija Haque, Head of MENA Research March 18 1 % y/y GCC: Is the worst behind us? Average GCC GDP growth 1 and 17 have been challenging on a number of fronts for the GCC. Lower
More informationManaging Volatility in Oil and Gas Revenues
Managing Volatility in Oil and Gas Revenues Presentation to the Revenue Stabilization and Tax Policy Committee September 12, 2008 Thomas Clifford, PhD Research Director New Mexico Tax Research Institute
More informationPermian Reserves May Be Much Smaller Than You Think: Tight Oil and Long-Term Debt Cycle
Permian Reserves May Be Much Smaller Than You Think: Tight Oil and Long-Term Debt Cycle Arthur E. Berman September 11, 217 Slide 1 New Age of American Energy Dominance The U.S. is the 1th Largest Oil Reserve
More informationDRILLING AND MORE OPEC, FLARING, OFFSHORE. FundamentalEdge Report July learn more at drillinginfo.com
OPEC, FLARING, OFFSHORE DRILLING AND MORE FundamentalEdge Report July 2018 learn more at drillinginfo.com Contents INTRODUCTION 3 OPEC QUOTAS AND CRUDE OIL UPDATE 4 NATURAL GAS FLARING: TX AND ND CASE
More informationOil: A Perfect Storm Hits Prices OCTOBER 23, 2014
Oil: A Perfect Storm Hits Prices OCTOBER 23, 214 A confluence of excess supplies, weak demand, and a stronger dollar shaved more than 2% off oil prices from recent highs in late June With North American
More informationSaudi Arabian economy
Research Department ARC Research Team Tel 966 11 211 9370, research@alrajhi-capital.com Saudi Arabian economy Saudi Arabian Economy The Kingdom s Q1 2016 GDP grew at the slowest pace in three years as
More informationMarket Overview. Daily Market Commentaries. Daily Market Assessment
Energy Daily Brought to you by Phillip Futures Pte Ltd (A member of PhillipCapital) Thursday, 14 June 2018 Energy Benchmark Product Crude Oil Prices Opening Price % Change from previous day OP ICE BRENT
More informationOil: An Ongoing Story of Supply and Demand
Oil: An Ongoing Story of Supply and Demand The new normal of oil prices The crude oil market has experienced a sea change since 214. Oil prices dropped sharply from above $1 in early 214, bottomed at $26
More informationCrude oil: What s in store for 2018?
Economic and Financial Analysis 7 November 2017 Global Economics 7 November 2017 Article Crude oil: What s in store for 2018? We have revised our ICE Brent forecast for the next quarter to $57 per barrel,
More informationOil price. Laura Lungarini
Oil price Laura Lungarini Agenda Crude oil market What is behind oil price Fundamentals Main Players Geopolitics Financial market The price determinant Benchmark crude oils Brent Physical and paper market
More informationEconomic Research March 2014
Saudi Arabian economy Economic Research March 214 Research Department Md. Rahmatullah Khan, Economic analyst Tel: +966 11 211 9319, khanmr@alrajhi-capital.com Saudi Arabian Economy Saudi Arabia s sovereign
More informationOil Report Looking at the Big Picture
March 23, 2018 Oil Report Looking at the Big Picture Exhibit 1 $65 $55 $50 $45 $40 $35 $30 Exhibit 2 $65 $55 $50 Brent Daily Prices & Volatility ~$61/bbl support level ~$56/bbl support level Daily data
More informationJeffrey Currie Goldman, Sachs & Co
The New Oil Order September 217 Jeffrey Currie Goldman, Sachs & Co. +1 212-357-681 jeffrey.currie@gs.com Goldman Sachs does and seeks to do business with companies covered in its research reports. As a
More informationSaudi Arabia Cement Sector
Arabia Sector Demand strong in Makkah and Madinah Provinces EQUITY RESEARCH April 9 The 3.38mt of cement/clinker sales achieved in KSA, for Mar-9, is the highest ever monthly sales reported in the country.
More informationSaudi Arabian economy
Research Department ARC Research Team Tel 966 11 211 9370, research@alrajhi-capital.com Saudi Arabian economy Saudi Arabian Economy The IMF executive board maintained the Kingdom s real GDP growth outlook
More informationSaudi Business & Economic Report
Saudi Business & Economic Report Summary In H15 1, the global economy was sluggish, owing to an unexpected output contraction in the US in Q15 1 and weakening domestic demand in emerging economies. The
More informationPermian Basin & Eagle Ford Shale from a Global Perspective. Art Berman Labyrinth Consulting Services, Inc.
Permian Basin & Eagle Ford Shale from a Global Perspective Art Berman Texas Energy Council 3 th Annual Symposium Dallas, Texas May, 28 Slide Permian Basin & Eagle Ford Shale from a Global Perspective:
More informationMarket Watch Presentation
Special Presentation Market Watch Presentation Petrotech Johannes Benigni December 2016 Disclaimer All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements.
More informationUsing Comparative Inventory to Bet Against the Oil Market
Using Comparative Inventory to Bet Against the Oil Market Art Berman MacroVoices Live Vancouver January 19, 2019 Slide 1 Oil-Price Collapse and Previous Collapses $220 Oil-Price Collapse Appears to be
More informationOil Markets and the US Economy
Investment Research Oil Markets and the US Economy Ronald Temple, CFA, Managing Director, Co-Head of Multi Asset and Head of US Equity David Alcaly, Research Analyst Global oil supply has been remarkably
More informationSAIBOR eases marginally. Crude oil slips
Research Department ARC Research Team Tel 966 11 211 9370, research@alrajhi-capital.com Saudi Arabian Economy - Liquidity easing Saudi Arabian economy Liquidity improving owing to the government initiatives
More informationThe construction or provision of oil rigs, drilling. equipment, including seismic data collection.
The construction or provision of oil rigs, drilling equipment and other energy related service and equipment, including seismic data collection. Engaged in the exploration, production, marketing, refining
More informationInterest Sensitive Fixed Income Market Data
Interest Sensitive Fixed Income Market Data April 2013 NORTH AMERICA KEVIN FLANAGAN Morgan Stanley Wealth Management Chief Fixed Income Strategist Managing Director kevin.flanagan@morganstanley.com +1
More informationSaudi Arabian Economy
Saudi Arabian Economy Economic Research Research Department ARC Research Team, Tel. +966 1 211 9370, devassyp@alrajhi-capital.com Saudi economy continues to improve The recent data released by SAMA indicates
More informationSelect U.S. Energy Stocks Poised to Benefit from Crude Oil Rebound
Select U.S. Energy Stocks Poised to Benefit from Crude Oil Rebound Key Takeaways: fstagnating f production combined with strongerthan-expected global demand could soon lead to a market rebalance. fflack
More informationVietnam grew quicker than expected in 3Q
September 9, 1 Global Markets Research Economics - Vietnam Vietnam grew quicker than expected in 3Q Vietnam s economy grew.93 in the past nine months (1H: +.) as momentum in the manufacturing and services
More informationSummary. September 2017 Shale Oil 2.0
(million barrels per day) September 7 Shale Oil. Summary The recently observed uptick in oil prices has given many US shale oil producers the opportunity to expand production. Latest forecasts from the
More informationPutting the Permian Basin in Perspective: Tight Oil & the Long-Term Debt Cycle West Texas Geological Society 2017 Fall Symposium.
Putting the Permian Basin in Perspective: Tight Oil & the Long-Term Debt Cycle West Texas Geological Society 2 Fall Symposium Art Berman Labyrinth Consulting Services, Inc. Midland, Texas September 27,
More informationRecent oil market trends and future drivers
Multi-year Expert Meeting on COMMODITIES AND DEVELOPMENT 6-7 April, Geneva Recent oil market trends and future drivers by Mr. David Fyfe, Head of Industry and s Division, Editor, International Energy Agency,
More informationThe light tight oil revolution -- the rollover and the recovery Production in major US shale plays, millions of barrels/day
Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Oil Monday, August 1, 1 The light tight oil revolution --
More informationInterest Sensitive Fixed Income Market Data
Interest Sensitive Fixed Income Market Data NORTH AMERICA April 2014 KEVIN FLANAGAN Morgan Stanley Wealth Management Chief Fixed Income Strategist Managing Director kevin.flanagan@morganstanley.com +1
More informationSaudi Arabian Economy
Saudi Arabian Economy Economic Research Research Department ARC ResearchTeam, Tel. +966 1 211 9370, devassyp@alrajhi-capital.com IMF hikes Saudi Arabia s 2018 growth forecast The IMF raised Saudi Arabia
More informationFutures Markets, Oil Prices, and the Intertemporal Approach to the Current Account
Futures Markets, Oil Prices, and the Intertemporal Approach to the Current Account LAMES November 21, 2008 Intertemporal Approach to the Current Account Intertemporal Approach to the Current Account Dynamic,
More informationUS Crude Oil Production Million barrels/day
CHARTS OF THE MONTH We estimate global oil demand for the July-August period averaged 98.2 MM b/d. The figure is close to our forecast. The rate puts global use a wee over 1.3 MM b/d above 3Q 2016 s rate
More informationSaudi Arabian Economy
Saudi Arabian Economy Research Department ARC Research Team, Tel. +966 11 211 9370, devassyp@alrajhi-capital.com Saudi Arabian economy continued to expand in Q3 Saudi Arabian economy has continued to expand
More informationFigure 1 Global Economic Data
Global perspective Economic Research Research Department ARC Research Team Tel: 966 11 211 9370, devassyp@alrajhi-capital.com Global economic data improves, but outlook remains uncertain Medium-term risks
More informationLeading Economic Indicator Nebraska
Nebraska Monthly Economic Indicators: August 19, 2016 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Leading Economic Indicator...1
More informationOil edges up for the 3 rd consecutive day amidst supply cuts. Market Overview. Key Market Commentaries. Daily Market Assessment
Energy Daily Brought to you by Phillip Futures Pte Ltd (A member of PhillipCapital) Friday, 15 February 2019 Energy Benchmark Product Crude Oil Prices Opening Price % Change from previous day OP ICE BRENT
More informationApproaching the Redline. Dr. Mark G. Dotzour College Station, Texas
Approaching the Redline Dr. Mark G. Dotzour College Station, Texas mdotzour@gmail.com Redline A set amount of RPMs which your engine can put out before you pretty much blow it up. This is usually where
More informationSaudi Arabian Economy
Research Department ARC Research Team Tel. +966 11 211 9449, alsudairim@alrajhi-capital.com Saudi Arabian Economy Saudi economy: Reforms on track The Government announced an increase in gasoline prices
More informationFIRST QUARTER June 4, 2018
FIRST QUARTER 2018 June 4, 2018 Presenters Petter Holland CEO Gunilla Spongh CFO 2 Disclaimer This presentation has been prepared by Corral Petroleum Holdings AB (publ) and/or its subsidiaries and affiliates
More informationSaudi Arabian Petrochemicals 4Q2014 Preview
January 4, 2015 Expanding Margins Declining petrochemical prices in tandem with oil has been the highlight of the quarter. However, petchem margins have improved in 4Q substantially worldwide as feed prices
More informationAug-12. Oct-13. Dec-14. Feb-16
Feb-2 Apr-3 Jun-4 Aug-5 Oct-6 Feb-9 Apr-1 Jun-11 Aug-12 Feb-16 Dec-1 Dec-2 Dec-3 Dec-4 Dec-5 Dec-6 Richard Farr Jim McGovern U.S. Trading European Trading Chief Market Strategist Market Strategist Tourmaline
More informationTable 1 Key macro indicators. Source: SAMA, * Provisional
Saudi Arabian economy Research Department ARC Research Team Tel 966 11 211 9370, research@alrajhi-capital.com Saudi Arabian Economy The Kingdom maintained oil output at an elevated level (~10.3mbpd in
More informationLatin American E&P Outlook
Latin American E&P Outlook Society of Petroleum Engineers April 20, 2017 www.stratasadvisors.com UPSTREAM MIDSTREAM DOWNSTREAM FUEL & TRANSPORT Who We Are Stratas Advisors is a global consulting and advisory
More informationAlaska Power Association: Accounting & Finance Conference
Alaska Power Association: Accounting & Finance Conference Overview US economic update Interest rate update / outlook Oil markets supply / demand Transmission discussion Infrastructure as a vital part of
More informationMarket Overview. Key Market Commentaries. Daily Market Assessment. Today s Outlook: Range-Bound (WTI: ) Mid-Term Market Assessment
Energy Daily Brought to you by Phillip Futures Pte Ltd (A member of PhillipCapital) Friday, 22 March 2019 54. Energy Benchmark Product Crude Oil Prices Opening Price % Change from previous day OP ICE BRENT
More informationThe Persian Gulf s predominance endangered? Amrita Sen, 13 November 2013
The Persian Gulf s predominance endangered? Amrita Sen, 13 November 2013 The sudden burst of shale was viewed as a key threat to OPEC US oil production North Dakota oil production 12.0 1.0 11.0 10.0 9.0
More informationEmerging Trends in the Energy Industry. Paul Horak Partner, Audit and Enterprise Risk Services Deloitte & Touche LLP
Emerging Trends in the Energy Industry Paul Horak Partner, Audit and Enterprise Risk Services Deloitte & Touche LLP August 2016 Agenda Introduction Drilling and Production Trends Crude Oil and Refined
More informationGULF WisdomTree Middle East Dividend Fund
WisdomTree Middle East Dividend Fund ETF.com segment: Equity: Frontier Middle East & Africa - Total Market Competing ETFs: N/A Related ETF Channels: Frontier Middle East & Africa, Smart-Beta ETFs, Dividend,
More informationQUO VADIS, OPEC+? executive summary
executive summary VYGON Consulting - June Authors Ekaterina KOLBIKOVA Analyst, Ph. D. in Economics E.Kolbikova@vygon.consulting Ivan TIMONIN Junior Analyst I.Timonin@vygon.consulting With participation
More informationNews & Development Bollinger Band Retracement Levels Rising Channel Overall, we maintain our bullish view in MCX Crude Oil for the next one month.
2 nd June 2018 News & Development MCX Crude Oil prices had witnessed a significant incline during the month of April owing to geopolitical tensions prevailing across the globe. MCX Crude futures further
More informationCommodities Monthly Review
Commodities Monthly Review March 9, 2016 We forecast higher oil and lower iron ore prices Iron-ore prices rose to USD 60/ton from USD 40/ton, but fundamentals for the sector still point to the downside,
More informationBen Brunnen, Vice President, Oil Sands January 19, Upstream Oil and Gas Industry Outlook Presentation to Alberta s Industrial Heartland
Ben Brunnen, Vice President, Oil Sands January 19, 2017 Upstream Oil and Gas Industry Outlook Presentation to Alberta s Industrial Heartland 2 About CAPP and Canada s Oil and Gas Industry Large and small
More informationEnergy Daily. Energy Benchmark. Weekly: Oil crashes as potential market surplus looms large
Energy Daily Brought to you by Phillip Futures Pte Ltd (A member of PhillipCapital) Monday, 19 November 2018 Energy Benchmark Product Crude Oil Prices Opening Price % Change from previous day OP ICE BRENT
More informationMarket Overview. Key Market Commentaries. Daily Market Assessment. Today s Outlook: Mildly Bullish (WTI: ) Mid-Term Market Assessment
Energy Daily Brought to you by Phillip Futures Pte Ltd (A member of PhillipCapital) Friday, 22 February 2019 54. Energy Benchmark Product Crude Oil Prices Opening Price % Change from previous day OP ICE
More informationInflation Remains Tepid in November at 0.2% as Transport Cost Trending Downward
19 December 2018 ECONOMIC REVIEW November 2018 Consumer Price Index Inflation Remains Tepid in November at 0.2% as Transport Cost Trending Downward Headline inflation back to near 4-year low. Consumer
More informationOil prices: where next? Fundamental importance of the cycle. JOHN KEMP REUTERS 14 Nov 2017
Oil prices: where next? Fundamental importance of the cycle JOHN KEMP REUTERS 14 Nov 2017 Oil market fundamentals: the cycle goes on Oil industry has always been subject to deep and prolonged cycles of
More informationThe next release is scheduled for Monday, November 23, 2009 at 11:00 A.M. (ET) In Mexico Monday, November 23, 2009 at 10:00 A.M.
FOR RELEASE: 10:00 A.M. (CST), THURSDAY, OCTOBER 29, 2009 The Conference Board Mexico Business Cycle Indicators SM THE CONFERENCE BOARD LEADING ECONOMIC INDEX (LEI) FOR MEXICO AND RELATED COMPOSITE ECONOMIC
More informationSaudi Chartbook. Summary. December 2014
December 1 Saudi Chartbook Summary Real Economy: Economic data for October showed signs of cooling. The non-oil PMI fell following a 39-month peak in the previous month. Data on consumer spending showed
More informationMarket Bulletin. Oil plunges to $35 as OPEC fails to shift its course. December 18, 2015 MARKET INSIGHTS. In brief
MARKET INSIGHTS Market Bulletin December 18, 2015 Oil plunges to $35 as OPEC fails to shift its course In brief Oil prices reached fresh multi-year lows this week as domestic benchmark West Texas Intermediate
More informationSaudi Arabian Petrochemicals 2015 Sector Update
Saudi Arabian Petrochemicals December 18, 2014 Look Beyond 2015 Our core premise for the petrochemical sector is that investors should look beyond 2015. Next year will be bad as the full impact of lower
More informationThe Lies We ve Been Told
The Lies We ve Been Told October 29, 2008 Role of Oil in US Energy Policy University of Southern Maine Conversations at Muskie Lucian Pugliaresi Energy Policy Research Foundation, Inc. Washington, DC www.eprinc.org
More informationSaudi Chartbook. Summary. November Real Economy: Economic data for September showed a downward trend in economic activity.
Saudi Chartbook Summary Real Economy: Economic data for September showed a downward trend in economic activity. Government Finance: The net monthly change in government accounts with SAMA remained negative
More informationThursday, June 29, 2017 MAJOR COMMODITIES. News & Development. For Private Circulation Only
Thursday, June 29, 2017 For Private Circulation Only MAJOR COMMODITIES Commodity Expiry High Low Close Change Commodity Expiry High Low Close ($) Change Gold Aug 28725 28508 28567 14 Gold (Oz) Aug 1255.70
More information22-26 Oct.2018 COMMODITY WEEKLY REPORT OCTOBER 2018
COMMODITY REPORT 22-26 Oct.2018 Trade House 426 Alok Nagar, Kanadia Main Road Near Bangali Square Indore-452001 (M.P.) India Mobile :+91-9039261444 E-mail: info@tradenivesh.in COMMODITIES PREVIOUS WEEKS
More informationECONOMIC & REVENUE UPDATE
January 11, 2018 Summary summary The U.S. labor market gained 148,000 net new jobs in December. U.S. housing starts in November 2017 were 12.9% above their year-ago level. Consumer confidence declined
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationMarket Bulletin. Oil plunges to $35 as OPEC fails to shift its course. 18 December In brief
Market Bulletin 18 December 2015 Oil plunges to $35 as OPEC fails to shift its course In brief Oil prices reached fresh multi-year lows this week as domestic benchmark West Texas Intermediate (WTI) crude
More informationSlower take-up but most prices continue to rise
PROPERTY INSIGHTS Singapore Quarter 1, 211 Slower take-up but most prices continue to rise Market Overview Following a 14.5% GDP growth in 21, the economy is forecasted to grow by 4-6% in 211. While interest
More informationCommodity Roundup. Treasury Research Group For private circulation only
May-15 Jun-15 Aug-15 Sep-15 Nov-15 Dec-15 Feb-16 Mar-16 May-16 Commodity Roundup Treasury Research Group For private circulation only June 7, 2016 Radhika Wadhwa radhika.wadhwa@icicibank.com Commodity
More informationGDP Forecast Revised Due to Weak Global Outlook
5 July 2016 MONTHLY ECONOMIC REVIEW Jun 2016 GDP Forecast Revised Due to Weak Global Outlook Exports were down by 0.9%yoy in May, while trade balance moderated to RM3.2 billion. This was largely due to
More informationSaudi Arabian economy Moderation in 2013 and rebound in 2014
Research Department Md. Rahmatullah Khan, Economic analyst Tel: +966 1 211 9319, khanmr@alrajhi-capital.com Saudi Arabian economy Saudi Arabian economy Moderation in 2013 and rebound in 2014 Saudi Arabian
More informationThe Compelling Case for Value
The Compelling Case for Value July 2, 2018 SOLELY FOR THE USE OF INSTITUTIONAL INVESTORS AND PROFESSIONAL ADVISORS 0 Jan-75 Jan-77 Jan-79 Jan-81 Jan-83 Jan-85 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97
More informationWeekly Economic Update
Weekly Economic Update Sunday, 13 May 2012 1 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 % US$ Bn Weekly Economic Update Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 Sunday, 13 May
More informationMarket Overview. Daily Market Commentaries. Daily Market Assessment. Today s Outlook: Range-Bound ( ) Mid-Term Market Assessment
Energy Daily Brought to you by Phillip Futures Pte Ltd (A member of PhillipCapital) Wednesday, 05 December 2018 Energy Benchmark Product Crude Oil Prices Opening Price % Change from previous day OP ICE
More informationApproaching the Redline. Dr. Mark G. Dotzour College Station, Texas
Approaching the Redline Dr. Mark G. Dotzour College Station, Texas mdotzour@gmail.com Redline A set amount of RPMs which your engine can put out before you pretty much blow it up. This is usually where
More informationJohn Gerdes Head of Research. The Dynamic and Global Oil & Gas Industry Next Steps for 2016 & 2017
John Gerdes Head of Research The Dynamic and Global Oil & Gas Industry Next Steps for 2016 & 2017 Differentiated Energy Research Mission: Consistent, objective analysis of full-cycle economic returns derived
More information