GPS News  
OIL AND GAS
Supply nervousness pulls oil prices higher
by Daniel J. Graeber
New York (UPI) May 24, 2016


disclaimer: image is for illustration purposes only

Supply-side constraints put renewed momentum behind a rally in crude oil prices for Tuesday even as some production returns to ease lingering concerns.

Though wildfires continue to burn out of control in parts of Canada, fires are moving east toward Saskatchewan and the provincial government of oil-rich Alberta said it was now permissible for workers to return to oil sands installations. Suncor, one of Canada's largest producers, said it already started returning its operations to normal.

Crude prices were pulled higher by the wildfires in Canada, which impacted about 1 million barrels per day in production. A survey emailed from S&P Global Platts reports U.S. crude oil stockpiles will likely move lower as a U.S. decline in Canadian crude oil weighs on inventories at a time of a spike in seasonal demand for consumer fuel products.

Gasoline stocks are expected by Platts to show a 1.6 million barrel draw.

Though Canada is expected to return to normal with full citizen returns planned to start next week, crude oil prices moved higher in anticipation of more formal indications of crude oil inventories, which should give an indication of the short-term balance between supply and demand.

The price for Brent crude oil moved into the black after trading in negative territory in overnight trading, opening up 0.2 percent to start the day at $48.44 per barrel. West Texas Intermediate, the U.S. benchmark price for crude oil, moved higher by 0.4 percent to open at $48.28 per barrel.

Brent may be influenced by labor strikes in France, which has impacted all eight of the country's refineries.

Anticipation may be brewing as well ahead of a meeting next week of ministers for the Organization of Petroleum Exporting Countries. Some OPEC members this year had considered a production freeze to control the market, though those efforts collapsed after Iran said it would join that effort only after it regained a market position lost to economic sanctions.

Crude oil prices are up more than 70 percent from lows below $30 per barrel early this year as supply-side pressures subside. Speaking from Oslo, Norwegian Energy Minister Tord Lien told Bloomberg News it was unlikely that prices will return to the $100 mark common just two years ago.

"It's better to plan for $60 and let the people who want to hope for $100, hope for $100," he said.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Statoil cancels Norwegian Sea rig contract
Stavanger, Norway (UPI) May 23, 2016
Norwegian energy company Statoil said it canceled relocation plans for a drilling rig from Canada to the Norwegian Sea following field delay decisions. Statoil canceled its lease contract with rig company Seadrill for the West Hercules platform, deployed for the past 18 months for an exploration campaign off the coast of Newfoundland and set for relocation to the Aasta Hansteen field of ... read more


OIL AND GAS
Genetically engineered crops: Experiences and prospects

Farms have become a major air-pollution source

Illinois River water quality improvement linked to more efficient corn production

UN panel says weedkiller 'unlikely' to cause cancer

OIL AND GAS
Ferrous chemistry in aqueous solution unravelled

Cobham announces new GaN-based solid state technology

Primitive quantum computer finds application

First single-enzyme method to produce quantum dots revealed

OIL AND GAS
Solar Impulse 2 plane lands in Dayton

NASA super pressure balloon begins globetrotting journey

Saab rolls out its Gripen E 'Smart Fighter'

NASA mini-balloon mission maps migratory magnetic boundary

OIL AND GAS
Fiat Chrysler suspected of emissions cheating

Google patent glues pedestrians to self-driving cars

Ex-Googlers rev up plan for self-driving trucks

Tesla raising cash to fund accelerated production

OIL AND GAS
Chinese investors to build industrial city in Oman

European vote against China market status not 'constructive': Beijing

Australia, US boost efforts to protect steelmakers

China and Caribbean cosy up to the sound of music

OIL AND GAS
How do trees go to sleep

Natural regeneration of tropical forests reaps benefits

US must step-up forest pest prevention

Californian sudden oak death epidemic 'unstoppable'

OIL AND GAS
Van Allen Probes Reveal Long-Term Behavior of Earth's Ring Current

New data on the variability of the Earth's reflectance over the last 16 years

Astrosat welcomes the Copernicus Masters Challenge

China Launches Yaogan-30 Remote Sensing Satellite

OIL AND GAS
Physicists create first metamaterial with rewritable magnetic ordering

Little ANTs: Researchers build the world's tiniest engine

New movies from the microcosmos

Ultra-long, one-dimensional carbon chains are synthesised for the first time









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.