Oil
New stock figures from the United States sends oil prices up.
the article has been added to your reading list.
Oil prices continue rise Thursday afternoon and rises thus above 50 barrel.
The price of North Sea oil (Brent 1st position) was also noted above this level briefly Thursday morning, but have since vaket just below.
In the time of writing first position contract, which is the oil for delivery next month, to $ 50.39, up around half a dollar since yesterday’s last entry.
The latest price rise comes after US oil inventories Wednesday afternoon showed a surprising decline of last week, writes TDN Finans.
The dollar also weakened against several other major currencies in recent days, something which may also have an impact on oil prices, which also quoted in dollars.
First Position The contract has risen by over nine per cent last week, representing an increase of over four dollars. And we will no longer back than Friday 5 August to find the last time it was listed far down on 42′s.
Besides the short movement over $ 50 Thursday morning, we must return to 5th July years to find the last time the first position contract was over $ 50.
Also, the spot price went above $ 50 on Thursday afternoon and it is at the moment is $ 50.24 per barrel.
Looking balance
Oil prices began to fall on late summer 2014 from levels well above $ 100 a barrel. In January, the bottom reached 27 dollars a barrel, before a new rise accelerated. In summer showed oil prices again signs of weakness. The level dropped to 40 dollars a barrel, after a period had been over 50 dollars a barrel.
Oil analyst Torbjorn Kjus of DNB Markets pointed Thursday morning that the latest available figures show that the market is in balance, after two years of too much cheap relative to demand.
in the latest monthly oil market report from the international energy agency (IEA) was the estimate for world oil demand in 2016 and 2017 revised upwards from the previous report, indicating market balance .
Renewed speculation
oil analyst Thina Saltvedt mean price rise this week may also be justified by reports that oil cartel OPEC will hold informal meetings during the international energy forum in Algiers on 26 to 28 September.
Speculation that it could be relevant with new freezer calls admittedly been dismissed from several sources, and it is not expected by analysts.
– We do not think it is appropriate to freeze in production – and it is not necessary. Demand takes care of this, said Kjus in DNB Markets.
Follow the markets with DN Investor
Listen DN podcast in which we discuss the fall in the stock market, the prospects for rate cuts and have reached the bottom of the Norwegian economy.
Recommended by DNtv:
No comments:
Post a Comment