Oil falls after U.S. signal on Russian Federation sanctions batters commodities

24 April, 2018, 15:39 | Author: Regina Silva
  • Kemp Mission Accomplished for OPEC as Oil Moves from Slump to Boom

Commodity funds are now attracting investments at the fastest pace in more than a year as geopolitical concerns are boosting oil prices to the highest levels since 2014.

Now, high prices brought about by that pact, coupled with surging United States output, are making it harder to sell Russian, Nigerian and other Crude Oil grades in Europe, traders say.

Yet, the upside pressure of geopolitical concerns amid the tightest market in years could tip the scales into oversupply again, as higher oil prices would encourage more US shale areas to pump at profit, and could also weigh on demand growth.

Michael Hewson, chief market analyst at CMC Markets UK said: "The rise in Brent crude prices through $75 a barrel along with a positive broker note on BP from Goldman has seen the oil and gas sector continue to lead the recent gains".

"We expect oil prices to recede slightly today as market anticipates on the prospect of rising production in the US", Singapore-based Phillip Futures said on Monday.

Brent crude, the worldwide benchmark, fell about 69 cents at the time of the tweet, before trading down 0.8 percent at $73.17 a barrel as of 2:31 p.m.in London.

Responding to Trump's tweet at that meeting, Saudi energy minister Khalid al-Falih said there was "not such a thing as artificial prices", according to Bloomberg.

The Journals says that "While production is expected to continue rising, the Permian's stumbles could ripple out to the global oil market at a time when OPEC has curtailed output and many companies have cut back on megaprojects".

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Elsewhere, May gasoline rose 1.3% to $2.124 a gallon, while May heating oil added 0.8% to $2.141 a gallon. Currently, the U.S.is producing 10.54 million barrels compared to Russia's 11 million.

Perhaps this Panglossian scenario will come to pass, but if it does not, lopsided hedge fund positioning could be setting the oil market up for some sharp price movements ahead.

The potential of renewed US sanctions against Iran is also pushing prices higher.

"Looks like OPEC is at it again", he wrote. That neatly ignores the massive transfer of wealth from consumers to producers that occurs at higher prices, and if higher prices are only achieved by artificially constraining supply rather than market forces, there is little justification for allowing that transfer to take place.

However, Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, three industry sources said this week, indicating Riyadh will likely seek no changes to the deal in June. "No good and will not be accepted".

After reacting in fear, Flynn said the market recovered on conviction that US sanctions could dampen Iran's output, even if the nation produces above its OPEC quota.

The most popular US grades in Europe are WTI, Light Louisiana Sweet, Eagle Ford, Bakken and Mars.

June West Texas Intermediate crude rose 24 cents, or almost 0.4%, to settle at $68.64 a barrel on Nymex, after trading as low as $67.14.

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