WTI Crude Oil and Natural Gas Forecast

24 September, 2018, 02:27 | Author: Frank Williams
  • Trump hits OPEC amid cartel fractures

President Trump demanded Thursday that the Organization of Petroleum Exporting Countries immediately work to lower oil prices.

Varga further expanded by saying that the current trade war between the USA and other countries should have impacted the price of oil. US light crude oil was 40 cents higher at $71.52 after rising almost 2 percent on Wednesday. Please read our before commenting.

Brent has been trading just below $80 a barrel, backed by concerns of supply shortages from looming USA sanctions against Iran, which are set to take effect in November. Specifically, helping to underpin prices is another drawdown in USA inventories and strong US gasoline demand. High oil prices have pulled up the domestic oil price in the U.S.

Gasoline stocks fell 1.7 million barrels, compared with analysts' expectations for a 104,000-barrel drop. Additionally, there are also signs that OPEC may not raise output to offset shrinking exports from Iran.

Global benchmark Brent crude was up by 20 cents, or 0.3 per cent, at $79.60 by 0214 GMT, after gaining half-a-per cent on Wednesday.

Meanwhile, American Petroleum Institute data showed that crude stockpiles increased last week, while those in the storage hub at Cushing in Oklahoma fell.

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Trump's criticism was directed primarily at Saudi Arabia, Opec's biggest producer, after the kingdom said it could tolerate oil prices above $80, at least in the short term, said Commerzbank commodities analyst Carsten Fritsch. Many buyers have already scaled back Iranian purchases, and it was unclear how easily other producers, such as Saudi Arabia, Iraq and Russian Federation, can compensate for lost supply.

US President Donald Trump increased pressure on Opec on Thursday, calling on the organisation to "get prices down now".

Falih also met last week with US Energy Secretary Rick Perry, who praised the efforts of Saudi Arabia and Russian Federation to keep the market well-supplied.

The market reversed course after a source told Reuters that OPEC and its allies were discussing the possibility of raising output by 500,000 barrels per day. However, the United State's numbers were less than Russia's 11.21 Million bpd for the same month.

Trump has been consistent in his demands and belief that oil prices are too high.

Trump has urged Saudi Arabia to increase oil production in recent months to combat higher oil prices brought about by his own sanctions on Iran.

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