As of March 2017, the electronic version of the report includes a bookmark feature, allowing readers to access individual sections directly from the table of contents, to make navigating the report as easy as one click.Īdditionally, as of February 2019, key tables providing the latest information on the world oil demand and supply balance, including monthly revisions OECD oil stocks and oil on water non-OPEC supply and OPEC natural gas liquids and world rig count – as contained in the MOMR appendix tables – will also be made available on the OPEC Website and can be downloaded in Excel, for ease of use. In an effort to continuously enhance the service provided to our readers, we are pleased to announce that the analysis provided in the OPEC Monthly Oil Market Report is now more accessible than ever. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance. The Energy Information Administration refers to the Strait of Hormuz, located between Oman and Iran, as the world’s “most important oil transit chokepoint.The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. In both cases, the Iranian naval vessels backed away after the U.S. Iran attempted to seize two oil tankers near the Strait of Hormuz and fired shots at one of them, CBS News reported, citing a U.S. has tapped into its Strategic Petroleum Reserve - so it has less emergency supplies “if there’s actually a real emergency,” Flynn said. However, such gains are “unlikely sustainable given the increasing threat of recession” in the second half of this year, which would “almost certainly cripple consumer demand and send WTI below 2023 support at $67,” he said.ĭrama in the Strait of Hormuz, meanwhile, “reminded us that it’s probably not a very good idea” that the U.S. The “‘whatever it takes’ mentality and display of unity by OPEC+ can help support oil prices in the near term” and the $70-a-barrel mark is looking to offer initial support again,” Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. Saudi Arabia had announced Monday it would extend a July production cut of 1 million barrels a day through August, while Russia said it would cut exports by 500,000 barrels a day. The Saudis said that they and their allies were going do whatever it takes to support oil prices “and the fact that we got a commitment from Russia to do a voluntary additional 500,000 barrel a day production cut gave the market initial bounce” on Wednesday, Phil Flynn, senior market analyst at The Price Futures Group, told MarketWatch.Īt the Organization of the Petroleum Exporting Countries’ international seminar, which ends on Wednesday, Prince Abdulaziz said OPEC+, which is made up of OPEC and its allies, will do “whatever necessary” to support the oil market, Reuters reported Wednesday. Lost 1.9% at $2.657 per million British thermal units. Rose 2.3% to $2.5183 a gallon, while August heating oil Brent and WTI marked their highest front-month settlements since June 21, according to Dow Jones Market Data Heres why CNN Business Markets DOW 34,407.60 0.84 S&P 500 4,450.38 1.23 NASDAQ 13,787.92 1.45 Fear & Greed Index 80 Latest Market News Former. Overview Futures Contracts Sectors CL.1 U.S.: Nymex Crude Oil WTI (NYM /bbl) Front Month Watch list Closed Last Updated: 4:59 p.m. The global benchmark, added 40 cents, or 0.5%, at $76.65 a barrel on ICE Futures Europe. WTI futures didn’t settle Tuesday due to the holiday. benchmark, climbed $2, or 2.9%, to settle at $71.79 a barrel on the New York Mercantile Exchange. West Texas Intermediate crude for August delivery Tensions in the Middle East, following news of an attempt by Iran to seize two oil tankers at the Strait of Hormuz, also provided support to oil prices.
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