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Oil rallies to fresh 3-year high

15 May, 2018, 22:42 | Author: Kristi Dunn
  • Opec and its allies face some important decision making in the coming weeks. Luis Enrique Ascui  Reuters

He also downplayed the impact of oil supplies from renewed US sanctions on Iran: "Don't worry about supply", he said, adding that this was not the first time an OPEC member had been in such a situation.

Brent crude futures LCOc1, the worldwide benchmark for oil prices, were at $78.21 per barrel at 0639 GMT, virtually unchanged from their last close and not far off a three-and-a-half year high of $78.53 a barrel reached the previous session.

West Texas Intermediate (WTI) crude for June delivery traded 24 U.S. cents lower at US$70.46 a barrel on the New York Mercantile Exchange at 2.37pm in Singapore. Tennessee gas prices rose 3 cents during the past week to $2.62 per gallon, the highest daily price since November 2014.

As such, traders should keep an eye out for exactly what European and Asian allies do following the imposition of sanctions from the USA, as this will greatly impact quite how much oil is taken off the market.

Crude oil prices are now stable - both Brent and WTI are only slightly lower. Production rates are strong, but so too are US demand and fuel exports. Total volume traded Tuesday was 17 per cent above the 100-day average.

Futures for September delivery on the Shanghai International Energy Exchange fell 1.2 percent to 465.5 yuan a barrel. The contract closed 1.1 per cent lower on Friday.

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Total shale spending is expected to rise 20% year on year in 2018 and 16% in 2019, with the bulk of investment expected to flow into the USA, compared 3.5% for total non-OPEC spending this year and 8.1% the next as producers start to increase their capital expenditure. The previous round of sanctions cut Iran's output in half. Foreign ministers from the UK, France and Germany will meet with their Iranian counterpart, Javad Zarif, to discuss salvaging an accord that allows Iranian oil exports, after the U.S. withdrew last week.

Oil price is now trending towards $80 per barrel following bullish trading that heightened yesterday in the worldwide market which saw the price leap to $78 yesterday, up from $67 April average.

But Saudi Arabia could still keep supply constrained as it needs higher oil prices to fund its government.

Current estimates by investment banks that see lowered Iranian and Venezuelan supply pushing up oil prices also assume that the global-and Chinese in particular-demand growth will continue to be strong.

WTI is now trading above $70.80.

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