Rising Oil Prices Propel Canadian Energy Stocks
- Author: Kelly Blake Sep 27, 2017,
Sep 27, 2017, 0:35
Brent on Monday closed up 3.8%, at $59.02 a barrel, its highest settlement since July 2015, while US crude futures settled almost 23% above this year's low of $42.53 a barrel on June 21.
Recep Tayyip Erdogan, the president of Turkey, threatened to cut off the pipeline that carries crude from northern Iraq to foreign markets as part of his opposition to an independence referendum in Kurdistan.
Other signs there could be a restriction in oil supplies has also been pushing up prices.
Pak violates ceasefire on IB; one BSF jawan killed
Pakistan Rangers started unprovoked firing and shelling on Indian positions and civilian areas in Arnia sector around 1 am today. Though no loss of civilian life has been reported, sources said at least one local was injured in the crossfire.
With continued growth in demand and the belief the market is starting to rebalance and supply to tighten, the market is bullish for oil - at least for now. Let's go over why oil price have returned to bull market territory. While WTI Crude for November delivery was up $1.12, or 2.21 percent, at $51.78 on the New York Mercantile Exchange, hitting a fresh four-month high.
Demand from China has been a crucial driver of the return to above $55 a barrel prices as the world's second largest economy builds its strategic petroleum reserve. "Further, the milestone of 2017-2018 will be important, when Russian Federation and Saudi Arabia will or will not extend the OPEC agreement", Konstantin Simonov emphasized.
A source in the OPEC reported that the parties to the historical oil deal considered the prolongation of production cuts after March 2018 for a period of three to six months, but consensus has not yet been reached on this issue.
The state-owned company calculates weekly fuel prices based on a weighted oil price formula made up of 70 percent Dubai crude and 30 percent Brent crude and adjusts fuel prices upward or downward on a weekly basis, depending on the price of global crude.
Saquon Barkley turned in an eye-catching performance in win over Iowa
It's another dynamic and electrifying player like that on the field. "That really is not a topic of conversation". This felt like that game, but one could argue that it shouldn't have.
Shale producers took advantage of rising prices spurred by OPEC cuts to produce more themselves: the US Energy Information Administration forecasts crude production to reach more 10 million barrels a day next year, from 9.3 million so far this year.
Nigeria has been given another extension in respect of oil production output ceiling, thereby raising hope of her recovering fully from the economic recession she just marginally exited recently. The producers have agreed to a cut of 1.8 million barrels per day since the beginning of 2017. "I think (Nigeria's oil - TASS) minister will make it public himself", he said.
"We're seeing more and more evidence that it's not the worldwide oil companies, it's not the independent oil companies that are lagging new investments, but it's OPEC countries lagging, particularly those five", he said. That rally pushed the US oil benchmark, WTI, up to more than $52 per barrel, while the global benchmark, Brent, rose above $59 per barrel.
Cassini to crash into Saturn ending 20-year mission
The most prevalent and perhaps lasting "souvenir" of the Cassini mission is the image archive it filled over the past 20 years. There was particular interest in Saturn's biggest moon Titan, which in some ways resembles an early version of Earth.