collected by :Jack Alex
New Saudi Oil Prices Met by Mixed Reactions. The formal selling prices (OSPs) which Saudi Arabia determine for its Asia-bound crude oil for November were met with mixed reactions from traders that had foreseen reduce value hikes for the lighter grades & no value reliefs for the heavier grades, according to Asian traders polled with Platts.
The Arab Light crude pricing was raised with US$0.30 compared to October, to a premium of US$0.60 to the Oman/Dubai average.
This compares with expectations for a US$0.10 value promote for Arab Light in a Bloomberg survey of 6 refiners & traders.
The November value promote was the 3rd consecutive 30 days in which the Saudis have raised the OSPs for light grades to Asia.
The promote signaled growing request for Saudi crude & got better refining margins in Asia because of the supply disruptions in the Gulf of Mexico which Hurricane Harvey caused.
Oil Prices probably chock $60 with finish Of 2017
As it turned out, my predictions of where prices would finish up with the finish of September were spot on.
And now, we’re entering a period of rather narrow trading in oil prices.
They have a have aTry this after every great move up in oil prices.
It’s just the time the short acts as a device to manipulate genuine market prices which the practice comes into question.
So my fresh oil value predictions, for the finish of 2017, are as follows…Here’s Where Oil going to Be with the finish of the YearI guess WTI to be at $55-$57 a bbl with the finish of the year.
U.S. Oil tamper Count Falls As Prices Falter
The number of active oil & gas rigs in the U.S. fell this 7 days with four rigs.
The total oil & gas tamper count in the U.S. this day stands at 936 rigs, up 412 rigs from the year prior, with the number of oil rigs in the U.S. decreasing with two this 7 days & the number of natural gas rigs decreasing with 2.
The oil tamper count this day stands 320 above the count 1 year ago.
Oil rigs in the U.S. this day number 748—320 rigs above now final year.
The 1st quarter 2017 saw 137 oil rigs added in the United States, When the 2nd quarter 2017 saw 97 rigs added.