Oil drops below $50 for first time since December on supply glut
Oil drops below $50 for first time since December on supply glut
Record US Supplies Push Crude Oil Below $50
14 March, 2017, 00:44
Finally, on March 10, energy services firm Baker Hughes, Inc. said US drillers added oil rigs for an eighth week in a row to the most since September 2015, extending a ten-month recovery.
Crude oil futures continued to slide on Monday, adding to the downwards move seen last week.
The Saudis will continue to be interested in controlling the price of oil by trying to strike a balanced price that would allow them to increase oil revenues on the one hand, and curtail a significant rise in US shale output on the other hand, Rosneft told Reuters. The continuing rise in US output is thwarting the efforts by OPEC, Russia and 10 other exporters to reduce daily output, trim the global supply and stabilize prices.
Oil prices were put under further pressure at the end of last week, when energy services firm Baker Hughes reported United States drillers added oil rigs for the eight consecutive week. The contract dropped $0.79 to $48.49 on Friday, capping the biggest weekly decline since November.
On Wall Street, the S&P 500 was little changed at 2,373.5, the Dow slipped 0.1% to 20,881.7 and the Nasdaq Composite rose 0.3% to 5,877.2. "That should make [the Organization of the Petroleum Exporting Countries] nervous". The lack of cohesion among OPEC members is also raising concerns.
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"With the market still digesting the big increase in inventories, oil prices are likely to remain under pressure today", ANZ bank said in a note. Production is expected to rise mainly in the Permian and Eagle Ford Shale regions during this period. The nation's active oil-rig count has nearly doubled since May to 617 last week, according to Baker Hughes.
According to the EIA, the amount of crude oil in US storage reached another record high the week-ending March 3, jumping 8.2 million barrels. "Is price the only consideration when it comes to the decision of extending cuts?"
As output climbs, producers are increasingly seeking protection against a price reversal.
"We're going to be watching the rig counts pretty closely from now on", Mark Watkins, the Park City, Utah-based regional investment manager for the Private Client Group at U.S. Bank, which oversees $136 billion in assets, said by telephone. "For the market to establish the fact that it has finally hit bottom, we really have to get the price of oil back above $US50 a barrel, which is still a tall order at this point".
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