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

Crude spike on Friday blamed on 'sideways trading'

Pubdate:2018-03-19 11:16 Source:liyanping Click:

NEW YORK (Bloomberg) -- Crude ended Friday higher after a curious, late-morning spike left analysts scratching their heads.

The market was little changed during morning hours of trading, but rocketed upwards just before 11:30 a.m. in New York, with no news catalyst identified by traders and analysts. The U.S. benchmark crude ended the session 1.9% higher on Friday, driving futures to post a 0.5% rise this week.

“When the market falls into sideways trading in a band, you get a lot of price fluctuations that you have to turn a blind eye to,” said Gene McGillian, a market research manager at Tradition Energy in Stamford, Connecticut. “This area between $58 and $64, the market inside that, is still consolidating and looking for signals.”

While the Organization of Petroleum Exporting Countries and allied producers trim output to tighten global markets, an ongoing rise in U.S. crude production threatens to block OPEC’s efforts. However, the International Energy Agency said this week that the decline in Venezuela’s oil output could exacerbate a global supply deficit later this year.

West Texas Intermediate for April delivery advanced $1.15 to settle at $62.34/bbl on the New York Mercantile Exchange, the highest level in more than a week. Total volume traded was about 25% below the 100-day average.

Brent for May settlement climbed $1.09 to end the session at $66.21/bbl on the London-based ICE Futures Europe exchange. The global benchmark traded at a $3.80 premium to WTI for the same month.

While record U.S. production beyond 10 million barrels a day has weighed on oil’s rebound, a sense of uncertainty was heightened by a slew of recent events like the firing of Rex Tillerson as U.S. secretary of state, the potential delay of Saudi oil giant Aramco’s initial public offering, talks of a trade war and expectations that Venezuelan production will plunge.

“You’ve got a lot going on, on the world stage,” Tamar Essner, an analyst at Nasdaq Inc. in New York, said by telephone. “The more unexpected elements of this week’s developments were on the macro, international, geopolitical front. We are setting ourselves up for a little volatility ahead.”

Other oil-market news. Hedge funds boosted their net-bullish ICE Brent crude oil bets by 0.1% in the week ended March 13, according to weekly ICE Futures Europe data on futures and options show. Gasoline futures climbed 1.1% to settle at $1.9459/gal on Friday, the highest level since August. The U.S. oil rig count rose by four rigs to 800 this week, according to Baker Hughes data. Saudi Arabia’s willingness to delay the initial public offering of state oil company Aramco to 2019 has several motivations, from regulatory risk to competing projects in the government’s crowded agenda.

 

主站蜘蛛池模板: 久久99精品久久久久久清纯| 国产午夜无码精品免费看| 国产精品久久久久影院免费 | h无遮挡男女激烈动态图| 日本zzzzwww大片免费| 波多野结衣免费观看视频| 大学生初次破苞免费视频| 又黄又爽一线毛片免费观看| 中文字幕免费播放| 992tv国产人成在线观看| 欧美最猛黑人xxxx黑人猛交98| 性一交一乱一伦一色一情| 国产在线观看色| 久久久精品日本一区二区三区 | 美女把腿扒开让男人桶爽国产| 欧美丰满熟妇XXXX| 在线天堂中文官网| 免费人成视频在线观看视频| 久久久久人妻精品一区蜜桃| 中文天堂最新版在线精品| 欧美老妇与禽交| 国产精品无码日韩欧| 亲密爱人在线观看韩剧完整版免费| 中文字幕免费在线看电影大全| 精品无码成人片一区二区| 日本xxxx69| 国产剧情jvid在线观看| 亚洲sss视频| 高清一区二区三区视频| 最近2019免费中文字幕视频三| 国产精品无码专区av在线播放| 亚洲爆乳精品无码一区二区三区| www.四虎com| 精品久久久久久久免费人妻| 夜夜高潮夜夜爽夜夜爱爱一区| 免费无遮挡无码视频网站| 一级美国片免费看| 精品影片在线观看的网站| 扒开双腿猛进湿润18p| 国产99在线观看| 中文字幕欧美成人免费|