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 advances as cheap dollar stokes demand for tightening supply

Pubdate:2018-01-29 11:34 Source:liyanping Click:

NEW YORK (Bloomberg) -- Oil is on course for its third weekly gain this month as the cratering value of the U.S. currency elevated demand for dollar-denominated commodities when spare crude supplies already were shrinking.

Futures climbed as much as 1.2% on Friday in New York, pushing the weekly advance to 4.4%. The dollar was poised for its longest stretch of weekly declines since 2010. Crude stowed in U.S. tanks and terminals has never been in more demand, as evidenced by the record, 10-week drawdown on American inventories.

Oil traders are reacting to “U.S. dollar movements,” Eric Nuttall, a portfolio manager with Ninepoint Partners LP in Toronto, said in a phone interview. “I’m encouraged that oil is better reflecting underlying fundamentals and an under-supplied market relative to last year, where it seemed to ignore those improving fundamentals for much of the year.”

Oil traded in New York is on track for its strongest January performance in 12 years as the Organization of Petroleum Exporting Countries, Russia and other major producers pressed on with supply caps amid robust demand.

JPMorgan Chase & Co. expects London-traded crude futures to approach the $78 level by the beginning of the second quarter. Meanwhile, hedge funds raised their net-bullish Brent bets to a record, according to weekly ICE Futures Europe data.

“We continue to get direction from the dollar,” Gene McGillian, a market research manager at Tradition Energy in Stamford, Connecticut, said by telephone. “The long-term effect of production cuts and increased demand are still the main drivers of the rebalance of the market and higher prices.”

West Texas Intermediate for March delivery added 63 cents to $66.14/bbl at 1:17 p.m. on the New York Mercantile Exchange. Total volume traded was about 17% above the 100-day average.

Brent for March settlement added 23 cents to $70.65 on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a premium of $4.51 to WTI.

The Bloomberg Dollar Spot Index, a gauge of the currency against 10 major peers, has declined about 1.7% this week.

“A lot of people looking at the oil market focus 90% of their time on supply,” Pavel Molchanov, an energy research analyst at Raymond James in Houston, said by telephone. “Demand tends to be overlooked sometimes and it’s actually worth emphasizing how strong oil demand has been.”

Oil-market news. The U.S. oil rig count rose by 12 to 759, the largest addition since March, data from Baker Hughes showed on Friday. The crude market will remain backwardated throughout this year with prices trading between $60 and $75/bbl, Mercuria Energy CEO Marco Dunand said during an interview in Davos. Total SA “is making a big”’ oil discovery in the Gulf of Mexico, CEO Patrick Pouyanne said at dinner with U.S. President Donald Trump in Davos on Thursday.

 

主站蜘蛛池模板: 久久婷婷五月综合97色直播 | 在线视频亚洲一区| 亚洲欧美中文日韩综合| 精品久久久久久久中文字幕| 天天摸天天做天天爽天天弄| 一本色道久久HEZYO无码| 日本护士handjob| 久久精品二三区| 日韩欧美在线观看| 亚洲AV无码乱码在线观看代蜜桃 | 成人品视频观看在线| 久久男人资源站| 日本不卡高清中文字幕免费| 久久精品免费一区二区喷潮| 星空无限传媒好闺蜜2| 久久综合伊人77777| 日韩电影在线|中韩| 中文字幕日韩人妻不卡一区| 新婚之夜性史观看| 中文字幕日本电影| 天海翼电影在线观看| baoyu122.永久免费视频| 实况360监控拍小两口| www.91亚洲| 在线精品自拍亚洲第一区| 99久久精彩视频| 在线视频免费国产成人| 亚洲国产激情在线一区| 国产白袜脚足j棉袜在线观看| 亚洲欧美日韩人成| 国产猛男猛女超爽免费视频| 艺校水嫩漂亮得2美女| 国产午夜精品福利| 高贵的你韩剧免费观看国语版| 国产好深好硬好爽我还要视频 | 试看120秒做受小视频免费| 怡红院色视频在线| 三级黄色在线观看| 女人与拘做受AAAAA片| 日日夜夜嗷嗷叫| 国产成年无码久久久免费|