Oil prices jump in world markets

Brent daily chart

While prices surged last week, oil in NY and London still posted a monthly loss in June after tumbling into a bear market on concerns that rising global supply will counter cuts from the Organization of Petroleum Exporting Countries and its partners. Global benchmark Brent crude futures were up 43 cents at $47.74 a barrel at 1321 GMT, having touched a two-week high of $47.98 earlier in the session.

Last week's drop in a weekly count of USA rigs by Baker Hughes came after a record 23-straight weeks of rises.

This week's awesome performance has been greatly anchored by the United States crude output decrease; according to recent news, the out was down by 100,000 barrels a day to 9.3 million barrels per day last week.

The price Venezuela receives for its mix of medium and heavy oil bounced off its lowest point since the coordinated OPEC supply freezes were announced back in November. WTI-Brent spread was stable on Jun-2017.

Front-month NYMEX WTI futures averaged $48.18/barrel in the second quarter, versus $51.82 in Q1. Several large market capitalisation integrated oil producers such as BP and Shell are down in the region of 10pc year to date, while smaller exploration and production-focused companies have declined by up to 60pc.


The rig count drop follows a report Wednesday that U.S crude output fell by the most in nearly a year last week amid field maintenance in Alaska and tropical storm Cindy, while gasoline inventories fell for a second week.

U.S. Energy Information Administration figures, released Friday, showed that U.S. output fell by 24,000 barrels per day on a monthly basis, a bullish signal for the market.

On the inventory side, USA oil inventories fell by 0.8 per cent MoM in June to 509.2 million but were 3.1 per cent higher YoY.

"At current output levels OPEC will not succeed in eliminating the inventory overhang completely by year's end", Commerzbank analysts said in a note. OPEC said that Russian Federation and 10 other non-OPEC countries on Saturday said that they will bring a reduction in oil production by more than 5.0 million barrels per day to stop the significant decline in income.

Plus, Nigerian exports are expected to rise further in August to reach at least 2 million bpd, a 17-month high; meanwhile, Libya's output has now exceeded 1 million bpd, a four-year high. That makes Venezuela the third largest supplier of crude to the US, after Canada's 3.556 million bpd and Saudi Arabia's 1.02 million bpd.

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