The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Oil edges higher, growing U.S. supply limits gains

Pubdate:2017-06-27 10:27 Source:liyanping Click:

NEW YORK (Reuters) - Oil prices crept higher on Monday in quiet trade that featured bargain hunting after prices slid last week and hit seven-month lows, but gains were limited by rising crude supply in the United States and other countries.

Brent crude futures were up 25 cents, or half a percent, at $45.79/bbl by 1:13 p.m. (1713 GMT), still set for a near 20% drop in the first half of the year.

U.S. crude futures were up 35 cents, or 0.8%, at $43.36/bbl.

"I think it’s mostly bottom fishing at this point," said John Kilduff, partner with energy hedge fund Again Capital in New York, who noted there was some "book squaring" with the end of the quarter approaching.

"After how much we’ve fallen prices are attractive here as a result, so it’s not surprising that we're getting some buying, just on a valuation perspective."

In the week to June 20, investors in U.S. crude futures and options increased their short positions, or bets against rising prices.

"On a speculative basis it’s arguably worth going long here and playing for a bounce," Kilduff said. "The market is taking a breather here before we take a next move which I think will be lower."

The Organization of the Petroleum Exporting Countries and its partners have been trying to reduce a global crude glut with production cuts. OPEC states and 11 other exporters agreed in May to extend cuts of 1.8 MMbpd until March.

However, Nigeria and Libya, OPEC members exempt from the cuts, have hiked output. Iran was allowed a small increase to recover market share lost under Western sanctions. It said its production has surpassed 3.8 MMbpd and is expected to reach 4 MMbpd by March.

Also, U.S. shale oil output is up around 10% since last year. The number of U.S. oil rigs in operation has hit its highest in over three years.

“U.S. production could jump to 10, maybe 10.5 MMbpd by the end of the year, and when you add Libya, Nigeria and North Sea production that will negate the Saudi-led cuts," said Gene McGillian, manager of market research at Tradition Energy in Stamford, Conn.

Analysts at Bank of America-Merrill Lynch said demand had not grown quickly enough to mop up excess output.

"Looking into the second half of 2017, we now doubt that demand growth will accelerate sufficiently," they wrote.

 

主站蜘蛛池模板: 国产成人精品久久一区二区三区 | 大片毛片女女女女女女女| 国产aⅴ激情无码久久| 向日葵app在线观看免费下载视频| 久久精品一区二区三区四区| a级韩国乱理论片在线观看| 精品久久久无码人妻中文字幕豆芽 | 天天干天天干天天干天天干天天干| 国产伦精品一区二区三区视频小说| 久久综合国产乱子伦精品免费| 欧美jizzjizz在线播放| 最新国产AV无码专区亚洲| 在线视频国产99| 午夜性色一区二区三区不卡视频| 久久精品国产免费观看| 91www永久在线精品果冻传媒| 精品一区二区三区免费视频| 好吊妞免费视频| 亚洲综合久久精品无码色欲| 一出一进一爽一粗一大视频免费的| 精品一区二区三区在线播放视频| 天天爱天天色天天干| 亚洲男人天堂影院| ass日本大乳pics| 站在镜子前看我怎么c你| 无码国模国产在线观看| 国产性色视频在线高清| 亚洲va中文字幕无码| 91精品视频免费| 无忧传媒视频免费观看入口| 国产人人为我我为人| 中文在线观看永久免费| 电影在线观看视频| 国产精品网站在线观看免费传媒 | 色综合色综合久久综合频道 | 青青网在线视频| 日本边添边摸边做边爱边| 国产成人高清亚洲一区91| 丰满的寡妇3在线观看 | jazzjazz国产精品一区二区| 精品国产午夜肉伦伦影院|