U.S. Frackers, Energy ETFs Could Slow as Costs Mount
U.S. Frackers, Energy ETFs Could Slow as Costs Mount
Trump administration pressure on Tehran forces Iran to start selling discounted oil
15 August, 2018, 19:17
In the absence of any significant fundamental developments today, global market developments are likely to be the biggest driver for crude oil prices.
On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 1.2% at $66.23 a barrel.
October ICE Brent crude settled 20 cents/b lower at $72.61/b, while the September NYMEX WTI crude settled 43 cents/b lower at $67.20/b.
BMI Research said oil markets would "struggle for direction, as uncertainty around both the impact on supply from the Iranian sanctions and escalating trade tensions between the US and China persists".
The prospect of continued strength in the USA dollar over the coming months should constitute an even greater concern to bullish oil traders than an escalating trade war between the world's two largest economies, an analyst told CNBC on Monday.
The U.S. benchmark crude has declined more than 2 percent this month as global trade disputes threatened to deflate energy demand growth.
It also said that trade friction between the United States and China was unlikely to have much impact on global oil demand growth, unless the rifts spread beyond those two nations.
Former Exxon Arabian Gulf President Jerry Bailey on the outlook for USA oil exports.
Analysts expect Iranian crude exports to fall by between 500,000 and 1.3 million barrels per day (Mmbpd), with buyers in Japan, South Korea and India already cutting orders.
In America, the number of working rigs targeting oil rose by 10 to 869 last week, rising to the highest level since March 2015, Baker Hughes data showed.
LONDON-Oil prices fell Wednesday after data showed a rise in US crude stockpiles, following days of volatile trading.
But output from non-OPEC countries, particularly the United States, is rising quickly, limiting demand for OPEC oil.
"Oil, gas and trade shouldn't be influenced by the United States anymore", he said.
Also on Monday, a monthly OPEC report showed oil production in Saudi Arabia unexpectedly fell last month from June.
In spite of the cautious mood in oil markets, bullish sentiment found some support from expectations that USA sanctions against Tehran would restrict Iranian crude exports, tightening global supply. Iran is OPEC's third-largest oil producer - behind Saudi Arabia and Iraq - and now pumps around 3.65 million barrels per day, according to Reuters data. Iran's foreign minister said officials won't meet with the U.S.at the United Nations General Assembly in NY in September, with sanctions on the Middle Eastern nation's oil industry due to come into effect on November 5.
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Viewers of solar eclipses are advised to never look directly at the Sun, and either wear specialised glasses or viewing boxes. It should be noted that in 2018, residents in some parts of the world have seen the solar Eclipse of 15 February and 13 July.
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