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.

More news: Simplicity the key with changes to FedExCup Playoffs finale

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.



He's Back! Tiger Woods Stylishly Records First Tournament Win In 5 Years
Once I got the ball on the green, it was done. "I loved every bit of it, the fight, the grind and the tough conditions. The magnitude of Woods's 80th PGA Tour victory wasn't lost on the president, who has partnered with Woods in the past.

DC Stabbing Suspect Arrested
Crawford has no criminal record in the District, but FOX 5 did find he had two theft charges in Prince George's County. Wendy Martinez will be buried in the wedding dress she picked out to get married in, according to CBS News .

Sanchez to start for Man United - Mourinho
Explaining his decision not to field him on Saturday, Mourinho said he would only call on Dalot to play when "totally fresh" while he adapts to life at his new club.

IPhone XS and XS Max drop test reveals which will crack first
Apple no longer sells it, though you can get it from some wireless carriers and other retailers, at least for now. Besides the fact that everybody loves freebies, a power bank would certainly come in handy for the overnight wait.

Trump addresses Kavanaugh accuser in first tweets since allegation
He has categorically denied her allegations, which suddenly put Kavanaugh's nomination on hold, as lawmakers seek answers. Grassley has allowed Judge to testify unofficially, through the letter written by his attorney and released to the public.

Meghan Markle Inspires Huge Increase in This ASOS Trend
In an unearthed post from her now closed-down blog, The Tig, Meghan wrote about how she goes about finding the flawless gift. She posted: 'I am not surprised Trump said he could shoot someone and still get votes. "This is a happy time for us".

Dont'a Hightower: Josh Gordon is 'still a monster'
Participating in a slew of drills Friday night, including the 40-yard dash, Gordon grabbed at his hamstring and limped on set, an insider said.

[Tweets] 'Useless', 'Fraud', - Some Fans Tear Into Liverpool Star Despite PSG Win
While Liverpool found a late victor , questions have already been asked about the play of PSG star Neymar . Firmino sealed victory for the Reds in their Champions League opener to stay on top of Group C.

Shooter Dead; Three Injured In Middleton Shooting
Middleton Police Chief Chuck Foulke says three victims suffered serious injuries, while a fourth person suffered a graze wound. Around 50 police cars and officials from the Federal Bureau of Investigation (FBI) initially responded to the shooting.

Did You See Ronaldo's Reaction To Red Card?
Bale added the second after a brilliant Luka Modric pass, with the Welshman lashing home brutally to double the score. Valencia were even awarded a third spot-kick of the match deep into injury-time but Daniel Parejo missed.