Gold Silver Reports (GSR) — Crude Oil prices were also supported by comments from US Federal Reserve Chairman Jerome Powell on Thursday that the central bank had the ability to be patient on monetary policy.
Saudi Arabia
Nymex Crude Oil Prices Forecast Above $45 Level, Target $49 — $52 – Neal Bhai Reports
Gold Silver Reports (GSR) – The Energy Information Administration said domestic oil inventories rose by 7,000 barrels last week, defying analyst projections for the decline that usually accompanies growing winter fuel demand. Gasoline supplies surged by 6.9 million barrels and stockpiles at a key storage hub in Oklahoma also grew.
OPEC Has Shown it can Reach Deal Despite Splits: Iran Oil Minister
The Organization of the Petroleum Exporting Countries and its Russia-led allies agreed on Dec. 7 to cut output by more than expected, despite pressure from U.S. President Donald Trump to reduce the price of crude.
Breaking News – Saudi Arabia to cut output by 900,000 Barrels a day in January – Neal Bhai Market Analyst
Gold Silver Reports (GSR) – Futures rose above $52 a barrel in New York. The industry-funded American Petroleum Institute was said to report U.S. crude supplies fell 10.2 million barrels last week, according to people familiar with the data. Earlier, oil settled higher on renewed optimism that announced production cuts from the OPEC+ coalition will re-balance global markets, while Libya’s biggest field remained shut, taking supply off line.
Russia has reportedly agreed to cut 200,000 bpd, clearing a hurdle for OPEC to agree to specific reductions.
Russia has reportedly agreed to cut 200,000 bpd, clearing a hurdle for OPEC to agree to specific reductions.
OPEC source says Iran has agreed to OPEC deal: RTRS
OPEC source says OPEC to cut around 800 kbpd- RTRS
The Saudis have been leading calls for the group to trim output, amid surging supply and fears that an economic slowdown will erode fuel demand. The oil-rich kingdom has previously indicated it wants the group to curb output by at least 1.3 million barrels per day (bpd).
Crude Oil Jumps – Russia, Saudis Agree to Extend Alliance, But without specifics
Oil surged the most in more than five months as Saudi Arabia and Russia extended a cooperation pact and U.S.-China trade tensions cooled. Unprecedented supply cuts in Canada also drove prices higher.
Qatar Quits OPEC
“Qatar has decided to withdraw its membership form OPEC effective January 2019 and this decision was communicated to OPEC this morning,” Saad al-Kaabi said, as quoted by Reuters, at a news conference.
Slowing Demand and a Supply Glut to Drain Oil’s Gains in 2019: Reuters Poll
A survey of 38 economists and analysts forecast Brent crude LCOc1 to average $74.50 a barrel in 2019, lower than the $76.88 outlook last month. The poll predicted Brent would average $73.20 in 2018, mostly in line with the $73 average for the global benchmark so far this year.
Breaking News – Crude Oil Prices Dip on Swelling U.S. Supply – OPEC Output Cuts Loom
U.S. West Texas Intermediate (WTI) crude futures were at $51.30 per barrel at 0023 GMT, down 15 cents, or 0.3 percent from their last settlement.
Saudi Arabia Pumps Record Amount of Oil as Trump Piles on Pressure
Gold Silver Reports (GSR) – The meeting, at which OPEC members will consider how to arrest a decline in oil prices, comes days after leaders of top global oil producers – Russian President Vladimir Putin, Saudi Crown Prince Mohammed bin Salman and Trump – travel to Argentina for a G20 summit this week.