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Oil prices hold ground after U.S. stockpiles soar to record - Wed, 15th Feb 2017 20:35

* U.S. crude, gasoline stockpiles at all-time high -EIA
* High OPEC compliance with supply cuts supports prices
* Weaker dollar also supports crude prices

NEW YORK, Feb 15 (Reuters) - Oil prices eased slightly on Wednesday in choppy trade as record high U.S. crude and gasoline inventories fed concerns about a global glut.

The bearish U.S. inventory data was largely offset by evidence earlier this week that the Organization of the Petroleum Exporting Countries and other producers were complying with agreed-upon supply cuts. A weaker dollar also helped to support greenback-denominated oil.

"There's a certain resilience in price - forward expectations that we are going to reduce supplies globally is holding the market," said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut.

U.S. crude stocks soared 9.5 million barrels last week, nearly three times forecasts, to reach a peak at 518.12 million barrels, U.S. Energy Information Administration (EIA) data showed.

U.S. gasoline stocks also hit a record, rising 2.8 million barrels to 259.1 million barrels.

Prices had whipsawed after the EIA data, but at settlement, Brent futures ended down 22 cents, or 0.4 percent, at $55.75 a barrel and U.S. crude fell 9 cents, or 0.2 percent, to $53.11 a barrel.

Bloomberg - For the first time ever, hedge funds hold more than a billion barrels of bets that crude oil prices will rally. Money managers last week extended their faith in OPEC-led supply cuts, increasing outright long positions in the global benchmark Brent and its U.S. counterpart West Texas Intermediate to a fresh record. Speculators are on hold, though, with futures in New York stuck in the tightest range in 13 years and Brent implied volatility the lowest in more than two years, data compiled by Bloomberg show.

U.S. oil holds near seven-week high; OPEC upbeat on output curbs

Gold charts seem to have gone AWOL again!

Marvelous!! :0)

Oil rises as OPEC achieves output targets

Oil majors reverse decade of stalled growth to beat supply crunch fears

Very volatile once again



http://www.euroinvestor.com/exchanges/gtis-energy/brent-oil/2327059/chart#tid=1

Gold charts seem to be working again!

Yes and in the right direction as well.

Oil inventories effect!

USD Crude Oil Inventories 5.0M 1.9M -0.2M

Crude Oil Price Forecast: Long Term 2017 to 2030 | Data and Charts" - KNOEMA 22 February 2017

Oil prices grew by 1.1 percent in September modestly rebounding from a 7 percent drop in July. Since January, when the price of Brent crude reached a 12-year low, oil prices have rebounded by 50 percent and nearly reached last year's average of $46.99 per barrel. Barring any market surprises, a further recovery of oil prices hinges on a reduction of oil production by OPEC member states in the fourth quarter.

Fluctuations in global crude oil prices have always been the focus of the economic and financial news. The higher crude oil prices rise, the more positive is the economic outlook for petroleum exporters. In contrast, countries dependent on petroleum imports suffer to varying degrees from those same higher prices as import bills increase. Estimates for the price per barrel for crude oil from leading financial and multilateral institutions are thus closely monitored by governments, investors, and consumers alike Leading international agencies made the following oil price predictions during the first half of this year

The World Bank in its July commodity forecast report estimated that the average spot price for crude oil will fall slightly further in 2016 to $43/bbl from $51/bbl in 2015. This is a revision of the Bank's earlier 2016 forecast of $41/bbl and takes into account supply disruptions in Canada and Nigeria during the second quarter as well as strong demand.
June report revealed a similar expected decline from $51.6/bbl in 2015 to $43.6/bbl in 2016, based on demand projections, supply outages and a modest rebound in the number of rotary rigs in the US.

Global crude oil price forecasts from the OECD and the Economist Intelligence Unit (EIU) are also provided in our visualizations below. The OECD in June published a forecast that shows 2017 oil prices flat at $50 per barrel. In contrast, according to the April estimate from the EIU, oil prices will go up in 2017, because oil consumption will outstrip production.