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Thread: Crude oil market

  1. #71
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    waltky's Avatar Senior Member
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    Saudis gonna raise oil prices next month...

    Saudi Arabia may raise December crude oil prices to Asia to highest in few years
    November 1, 2017 - Top oil exporter Saudi Arabia will hike December crude prices for customers in Asia to levels last seen in 2013 or 2014, a Reuters survey showed, with OPEC-led output cuts and robust demand re-balancing markets for the commodity.
    The producer is expected to raise flagship Arab Light’s December official selling price to at least 90 cents a barrel above Oman/Dubai quotes, the survey of five refiners showed. That would be the highest premium since $1.65 in September 2014, according to Reuters data. Prices for heavier grades may see a bigger boost in December, the survey showed, with Arab Heavy’s OSP set to rise to at least $1.30 below Oman-Dubai quotes. That would be the narrowest discount for Saudi heavy crude since minus $1.05 in December 2013, according to Reuters data.

    The increases would come on the back of stronger Middle East crude benchmark prices and firm refining margins, the respondents said. Dubai’s backwardation widened in October compared with the previous month. In a backwardated market, prompt prices are higher than those in future months signaling strong demand for spot cargoes. Complex refining margins in Singapore, a gauge of refiner profitability in the region, held above $7 a barrel for a fourth month in October, Thomson Reuters Eikon data showed.

    Gains in naphtha margins could prop up Arab Extra Light’s OSP in December by at least 50 cents a barrel, the survey showed.Saudi crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 12 million barrels per day (bpd) of crude bound for Asia.

    Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices. Saudi Aramco officials as a matter of policy do not comment on the kingdom’s monthly OSPs.

    http://www.reuters.com/article/us-sa...KBN1D13IA?il=0

  2. #72
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    One excuse is as good as another to jack up oil prices...

    Oil hits highest levels since 2015 amid tightening markets, Saudi purge
    November 5, 2017 - Oil prices hit their highest levels since July 2015 early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.
    Brent futures LCOc1, the international benchmark for oil prices, hit $62.44 per barrel early on Monday, their highest level since July 2015. Brent was at $62.27 per barrel at 0051 GMT, up 20 cents, or 0.3 percent from the last close and 40 percent above June’s 2017 lows. U.S. West Texas Intermediate (WTI) crude CLc1 hit $56.00 per barrel in early trading, also the highest since July 2015, and was at $55.83, up 19 cents, or 0.3 percent from the last settlement. WTI is a third above its 2017 lows.

    Crown Prince Mohammed bin Salman, Saudi Arabia’s designated future king, has tightened his grip on power through an anti-corruption purge by arresting royals, ministers and investors including prominent business billionaire Alwaleed bin Talal and the head of the National Guard, Prince Miteb bin Abdullah. “This consolidates the reforming process underway, part of which is a desire to drive the price of oil higher,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader, said that the purge.

    Bin Salman’s reforms include a plan to list parts of giant state-owned oil company Saudi Aramco next year, and a higher oil prices is seen as beneficial for the market capitalization of the future listed company. In oil fundamentals, traders said that there were ongoing signs of tightening market conditions. U.S. energy companies cut eight oil rigs last week, to 729, in the biggest reduction since May 2016. The decline in U.S. drilling activity comes as the Organization of the Petroleum Exporting Countries (OPEC) and a non-OPEC group lead by Russia have pledged to hold back about 1.8 million barrels per day (bpd) in oil production to tighten markets.

    The pact to withhold supplies runs to March 2018, but there is growing consensus to extend the deal. While supplies are tightening, analysts say demand remains strong. “Synchronous global economic growth and new supply disruptions are creating the most constructive oil price environment since ... 2014,” Barclays bank said. The British bank said it was raising its average Q4 Brent price forecast by $6 per barrel to $60 per barrel. ”The surprisingly strong macro backdrop and the accelerated inventory drawdown mean that these slightly higher price levels are likely to be sustained through Q1 of next year. Barclays said it raised its full-year 2018 forecast by $3 per barrel to $55 per barrel.

    http://www.reuters.com/article/us-gl...KBN1D603A?il=0
    See also:

    Saudi Arabia's crown prince is acting like Putin
    November 5,`17 - Jamal Khashoggi is a Saudi journalist and author.
    Saturday night’s high-profile arrests in Saudi Arabia have sent shock waves through the global political Richter scale. The arrests, including that of such well-known figures as my former boss Prince Alwaleed bin Talal, came within hours of changes in the leadership of a number of important ministries, as well as to the leadership and structure of the much-respected Saudi national guard. Saudi royals view themselves as The Party, sharing power and ruling by consent, in an arrangement that is largely opaque. What is absolutely clear after Saturday’s “Night of the Long Knives” is that Crown Prince Muhammad bin Salman is upending this arrangement and centralizing all power within his position as crown prince.

    This purge comes on the heels of complete intolerance for even mild criticism of Mohammed bin Salman’s reforms, resulting in at least 70 arrests that have, unfortunately, garnered far less attention. Many of us living outside Saudi Arabia will not return home for fear of the same fate. Our families have been targeted instead. All of this leaves me in a difficult quandary. I champion a real campaign to tackle the rampant corruption that is draining Saudi resources, both financial and human. Our unemployment rate would drop rather significantly if the billions we squandered on kickbacks and lavish personal enrichment schemes dressed up as public-works projects were spent instead on the development of small to medium enterprises, vocational training and 21st-century education reforms.


    Corruption in Saudi Arabia is quite different from corruption in most other countries, as it is not limited to a “bribe” in return for a contract, or expensive gift for the family member of a government official or prince, or use of a private jet that is charged to the government so a family can go on vacation. Instead, in Saudi Arabia, senior officials and princes become billionaires as contracts are either enormously inflated or, at worst, a complete mirage. In 2004, Lawrence Wright wrote in the New Yorker about “The Kingdom of Silence” where a massive sewer project in Jeddah was really a series of manhole covers across the city with no actual pipes underneath. I, as the editor of a major paper at the time, can say that we all knew, and we never reported on it.

    Another example is building an airport in the wrong location simply to benefit the princes who own the land. They received the land for free from the government and then got extravagant compensation for the property. Last year, during an interview with Bloomberg, Mohammed bin Salman revealed that “there was roughly between 80 to 100 billion dollars of inefficient spending every year, about a quarter of the entire Saudi budget” during the oil boom from 2010 to 2014. “Inefficient spending” is a far too gentle description for corruption in Saudi Arabia. So yes, I, as a Saudi citizen, am eager to see this scourge end.

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