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Oil Markets Mixed On Lower Canadian Flows, Firmer Dollar

Oil Markets Mixed On Lower Canadian Flows, Firmer Dollar

Oil Markets Mixed On Lower Canadian Flows, Firmer Dollar

The futures on USA light WTI crude oil with delivery in March rose by 1.02% to 62.31 United States dollars per barrel, while the Brent variety reported a drop of 0.15% to 65.57 USD per barrel. London Brent crude was up 52 cents, or 0.8%, at $65.36, after rising more than 3% last week.

"Benign stock markets are providing.as are geopolitical tensions in the Middle East", Commerzbank said in a note.

The Brent variety was moving in the red zone because of the rise in the U.S. dollar, which also affects demand, making commodities denominated in dollars more expensive for countries using other currencies.

Surging U.S. production is offsetting efforts by the Organization of the Petroleum Exporting Countries (OPEC) and some other producers including Russian Federation to curb production by 1.8 million barrels per day (bpd) until the end of 2018. Transactions on Monday will be booked Tuesday for settlement because of the U.S. Presidents' Day holiday.

It seems it is not just the futures market that is under pressure but the physical crude markets are also flashing signals that the decline might be far from over, Reuters reported last week. WTI was trading above $65 in early February.

The split of the two major crude benchmarks has shrunk WTI's cut rate to Brent by less than $3 per barrel, compared to more than $7 late a year ago. That threatens the oil exporter's plans regardless of tent size.

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UMW Oil and Gas Corp Bhd rose 1.5 sen or 4.69% to 33.5 sen, with 20.35 million shares traded, valuing the company at RM2.71 billion.

Oil and gas production will also continue to grow along with renewables, although oil production growth will stagnate around 2032, according to the EIA forecast. This is an additional blow to America's already-reduced imports from Nigeria starting in 2012, when USA shale production took off.

The stronger dollar is expected to weigh on foreign demand over the short-term. This made WTI futures extend their gains well above $60 per barrel levels and the counter is now up 1.28% at $62.35 per barrel. It hit its highest since January 26 at $1,355.50 on Wednesday, and has gained almost 4pc since it dropped to a one-month low last week. The preliminary reading on the consumer sentiment index for February came in at 99.9, up from the final January reading of 95.7. But expectations that the Fed will raise interest rates to fight inflation make gold less attractive since it is not interest-yielding.

Futures added as much as 1.4% in NY after advancing 4.2% last week. Volumes were massive with 39.4m ounces of April delivery gold traded.

OPEC's cuts have mostly helped US producers though, which are pumping more now and are expected to capture the market that OPEC is forgoing over the next year. The yield on U.S. benchmark 10 year Treasury rose to a four year high of 2.9pc.

So far this year North American gold investors have the led the charge with funds adding 21.5 tonnes worth $940m during the month or three-quarters of the global total.

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