Markets

Crude Oil Price Forecast February 5, 2018, Technical Analysis

Crude Oil Price Forecast February 5, 2018, Technical Analysis

Production rose above 10 million barrels a day for the first time in more than four decades in November, while USA crude stockpiles broke a 10-week run of draw-downs last week, Energy Information Administration data showed Wednesday. "It would be surprising to see OPEC ending the cuts deal in June".

US production doesn't look to slow any time soon.

Brent oil prices held near $70 per barrel, supported by strong compliance with output cuts by oil cartel Opec and its ally Russian Federation, as well as expectations for strong demand growth in 2018.

Yet others predict oil's era is far from over, in the United States and globally.

Goldman said that thanks to supply-demand fundamentals returning to a finer balance, it now believed Brent crude would reach $82.50 a barrel within six months.

Net imports to the U.S. are still now about 2.5 million barrels a day, down from a record high in 2006 of 13.4 million barrels a day.

Surging domestic production means American dependence on global oil imports has diminished greatly.

With the oil market much more precariously balanced than it was just six months ago, geopolitical events and supply outages are having a much more profound impact on the oil market.

Your minute-to-minute guide to Wednesday's rare super blue blood moon
The National Aeronautics and Space Administration ( NASA ) estimate that the Moon will be nearly 14 percent brighter than usual. If the weather cooperates, she suggests those hoping to see the whole ordeal should get to their viewing spot by 5:45 a.m.


In November 2016, the OPEC summit was held in Vienna, where OPEC members reached an agreement on reducing oil output by 1.2 million barrels per day.

Industry experts also forecast a steady increase in crude oil prices deep into 2018. That puts December stocks only 0.7% above the average with above average demand.

In other words, we have no oil glut!

USA oil production has rapidly increased.

What do you think shale oil companies will do? It is just good old fashion supply and demand. The dollar declined, further adding support to crude prices. Given that Oil is quoted and traded in U.S. Dollars, a rise in the U.S. currency is a direct hit to Oil prices.

Reuter's is reporting "Surging shale oil production in Texas and North Dakota is being felt on trading desks in Chicago, Houston and NY, where a brisk business in West Texas Intermediate crude futures is far outpacing contracts for London-based Brent crude".

The US oil production is expected to reach an average of 10.3 million barrels per day this year and 10.9 million barrels per day in 2019, the IEA said in its monthly market report. The country exported nearly 3.5 million bpd from the south, the outlet for most of its crude, in a slight decline from December's record high. OPEC countries have suffered the most as their light blends are being displaced by USA shale.

American production isn't only expanding in onshore shale. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.06%, at $65.84 a barrel.


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