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by Stockwatch Business Reporter
West Texas Intermediate crude for July delivery added 79 cents to $48.19 on the New York Merc, while Brent for August added 65 cents to $50.12 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.45 to WTI ($37.74), unchanged. Natural gas for July added six cents to $3.04. The TSX energy index added 2.66 points to close at 186.77.
The U.S. Energy Information Administration (EIA) released its monthly Short-Term Energy Outlook (STEO) this morning. This was the first STEO released since OPEC decided on May 25 to extend its production-cutting agreement to next March. The EIA acknowledged the agreement and predicted that the cuts will likely be extended again, but warned that non-compliance with the agreement will start increasing by late 2017. The EIA also forecast that U.S. crude oil production, which averaged 8.9 million barrels a day in 2016, will rise to 9.3 million barrels a day in 2017 and 10 million barrels a day in 2018. The 2018 forecast would surpass the 9.6-million-barrel-a-day record set in 1970. Rising crude supplies will put pressure on global oil prices, said the EIA. It left its 2017 Brent price forecast at $53 (U.S.) a barrel, but lowered its 2018 Brent forecast to $56 (U.S.) from $57 (U.S.). WTI prices are still expected to average $2 (U.S.) less than Brent in both years.
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