Pace Of US Oil Rig Count Growth Slows As Prices Climb

29 July, 2017, 00:52 | Author: Gladys Mathis
  • West Texas Intermediate Crude Oil

The price for September Futures Brent oil rose by 1,84% reaching $50,62 per barrel on the London ICE Futures Exchange.

Robust demand in particular has sent spot prices outperforming two-year forward West Texas intermediate prices by $2.40 barrel over the past month, Goldman analyst, Damien Courvalin, wrote in the note.

Yesterday, the EIA once again helped to lift oil market spirits by reporting another hefty decline in US commercial crude oil inventories for the week ending July 21.

Earlier this week, Saudi Energy Minister Khalid al-Falih indicated that OPEC's de facto leader and biggest producer Saudi Arabia would cut its crude exports to just 6.6 million barrels per day next month. The monitoring committee, known as JMMC said it would track Nigerian production patterns in the next weeks. Physical markets have firmed due in large part to very strong refining margins.

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ClipperData LLC, the global leader in real-time tracking of crude oil and petroleum product flows, today announced a no-cost trial of its Global Crude Oil Report to help serious market participants assess crude oil supplies at what could turn out to be a turning point for the oil market. For the month, 10 oil rigs have been added, the fewest for a month since May 2016.

Government data showed US crude inventories fell more than expected last week.

Royal Dutch Shell Plc extended its force majeure on exports of Nigeria's Bonny Light crude oil to cover the outage of the Trans Niger pipeline, the company said on Friday, providing further support to Brent crude. The United States is considering sanctions against the oil exporter that could raise certain oil prices.

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