Hi jr yes another day closer NFX and Continental are reporting regular fracks , one day I will get ours up I think they will make a big difference to our SP and cash flow, we still have some time before completion IMHO so maybe a top up before then. expecting quicker movement in the dinghy so had a wee top up there today.
Oil prices dip on rising Middle East supply By Reuters | Tue, 3rd May 2016 - 01:19
By Henning Gloystein
SINGAPORE (Reuters) - Oil prices dipped in early Asian trading on Tuesday on signs that production in the Middle East is continuing to rise, countering falls in U.S. output and threatening to keep a global supply overhang in place for longer.
The international Brent crude benchmark was trading at $45.68 per barrel at 0100 GMT, down 15 cents from its last close. U.S. West Texas Intermediate (WTI) crude futures were down 6 cents at $44.72 a barrel.
The dips came as Iraq, the second biggest exporter within the Organization of the Petroleum Exporting Countries (OPEC), was the latest OPEC-member to announce its exports were rising, reporting oil shipments from southern fields at an average rate of 3.364 million barrels per day (bpd) in April.
That was higher than the March average of 3.286 million and close to its November record of 3.37 million bpd.
"Energy was weaker. Concerns over rising OPEC supply were raised after Iraq announced it had shipped 3.36 million bpd in April," ANZ bank said on Tuesday.
Production in OPEC's biggest exporter, Saudi Arabia, was 10.15 million bpd in April, but sources have said it may rise to near-records of 10.5 million bpd in coming weeks.
Adding to surging Middle East output is Iran which, relieved of crippling sanctions in January, has increased its exports to almost 2 million bpd currently from little over 1 million bpd at the start of the year, with sales especially to South Korea soaring.
The surging supplies from the Middle East counter falling U.S. output, where production has declined from a peak of around 9.6 million bpd in June 2015, to below 9 million bpd now, according to U.S. Energy Information Administration (EIA) data.
"It was the falling U.S. production that helped lift prices earlier this year, so if a surge in Middle East output now counters the U.S. decline, then we could well be in for another downward correction in oil markets," one trader said.
Crude futures surged by almost a third in April, and they have recovered over 70 percent from decade lows reached in early 2016.
"A weaker dollar, falling U.S. oil production, improving economic data from China, combined with large speculative positions fuelled the rally. Analysts, however, have cautioned that inventories remain high and oversupply persists," Singapore Exchange (SGX) said on Tuesday in its monthly report.
Oil prices fall on rising OPEC crude production By Reuters | Mon, 2nd May 2016 - 05:00
By Henning Gloystein and Osamu Tsukimori
SINGAPORE/KITAKYUSHU (Reuters) - Oil prices fell on Monday as rising production in the Middle East outweighed a decline in U.S. output and a recent slide in the dollar, which has been supporting crude.
Brent was trading at $46.77 (32 pounds) per barrel at 0440 GMT, down 60 cents, or 1.3 percent, from its last settlement. U.S. crude was down 48 cents, or just over one percent, at $45.44 a barrel.
Liquidity was low due to a holiday in many countries for May Day.
Analysts said rising output from the Organization of the Petroleum Exporting Countries (OPEC) was outweighing supportive factors such as a decline in U.S. output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.
"The weaker dollar failed to excite investors in the crude oil markets," ANZ bank said, citing a rise in OPEC-output as the main downward driver for prices.
The dollar has fallen more than 6 percent this year against a basket of other leading currencies, but traders said the weak greenback and falling U.S. output had been priced into the market during April's price rally.
The recent oil rally, which saw prices run up by nearly a third in just four weeks, was largely driven by sentiment, BNP Paribas said.
"We see the recent rally as sowing the seeds of its own demise, and extending our recommendation to protect against short-term downside risk," the French bank said.
OPEC supplies rose to 32.64 million barrels per day (bpd) in April, from 32.47 million bpd in March, according to a Reuters survey. That almost matches January's 32.65 million bpd, when Indonesia's return to OPEC boosted production to the highest since at least 1997.
Despite Monday's lower prices, other analysts are confident that a near-two-year rout in oil has ended, and many have raised their price forecasts.
The chief of the International Energy Agency (IEA) said oil prices may have bottomed out, providing the health of the global economy does not pose a concern.
"In a normal economic environment, we will see the price direction is rather upwards than downwards," IEA Executive Director Fatih Birol said on Sunday during a G7 meeting of energy ministers in Japan.
Non-OPEC output is set to fall by more than 700,000 bpd this year, the biggest decline in around 20 years, he said.
With global oil demand seen growing by 1.2 million bpd this year, the draw in global stockpiles will start soon, helping push up prices, he said.
U.S. energy secretary Ernest Moniz said on Monday at the same event in Japan that U.S. oil production would likely fall 600,000 bpd this year, compared with 2015 when output peaked around 9.6 million bpd.
Oil ends steady near $50; best monthly gain in Brent in seven years By Reuters | Fri, 29th April 2016 - 19:41 By Barani Krishnan
NEW YORK (Reuters) - Oil prices ended steady on Friday after hitting 2016 highs but finished April trading about 20 percent higher, with Brent crude having its best monthly gain in seven years.
A weaker dollar and optimism that a global oil glut will ease have lifted crude futures by more than $20 a barrel since they plumbed 12-year lows below $30 in the first quarter.
Brent futures settled just a penny lower at $48.13 a barrel, after reaching a 2016 peak at $48.50. It rose 21.5 percent in April, its largest monthly advance since May 2009.
U.S. crude futures closed 11 cents lower at $45.92 a barrel, after hitting a year-to-date high at $46.78. It gained 20 percent in April, the biggest monthly gain in a year.
With prices less than $5 away from $50 a barrel, investment bank Jefferies said the market "is coming into better balance" and would flip into undersupply in the second half of the year.
But others warned that the rally was driven by investors holding large speculative positions, while oil stockpiles were still high, with a Reuters survey showing OPEC output in April rising to its most in recent history.
"The issue is that we haven't seen price rallies ... correlate with fundamentals," said Hamza Khan, senior commodity strategist at ING. "The fundamentals - high stocks, high production - haven't changed."
Technical analysts said crude could cruise to $50 a barrel but stiffer resistance before $55 could spark profit-taking on the market's biggest rebound in two years.
Analysts polled by Reuters raised their average forecast for Brent in 2016 to $42.30 per barrel, the second consecutive month of increases.
Bank of America Merrill Lynch said in a note that "non-OPEC oil supply is indeed hanging off a cliff", and estimated that global output would contract year-on-year in April or May for the first time since 2013.
The OPEC survey aside, Saudi oil output was expected to edge up by 350,000 barrels per day to around 10.5 million bpd, sources told Reuters, as tankers filled with unsold oil floated at sea seeking buyers.
The discount in spot U.S. crude to the next trading month meanwhile whittled to its smallest since January, reducing the advantages of storing oil in the United States for later delivery.
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