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emfizz.com November 23, 2017


Oil prices surge after Saudi Arabia's anti-corruption crackdown

11 November 2017, 01:20 | Jan Cross

Waning risk premium, more US production pushes oil prices lower

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The arrest orders were made by a panel Saudi King Salman bin Abdulaziz Al Saud formed on Saturday, headed by Crown Prince Mohammed bin Salman.

"The U.S. shale machine is poised to shift up a gear as producers make hay amid the improving price backdrop", Stephen Brennock, an analyst with London oil broker PVM, said in an emailed market report.

The price rose by $2.45 per barrel or 4.2 percent to push Iranian crude price once again into the $60 range after two years.

Oil prices rose almost 1% on Thursday, supported by supply cuts by major exporters as well as continuing concern about political developments in Saudi Arabia. "We're on our way to set record crude oil production in 2018", said Andrew Lipow, president of Lipow Oil Associates in Houston.

Saudi Arabia plans to cut crude exports by 120,000 barrels per day in December from November, slashing allocations to all regions, a spokesman for the energy ministry told Reuters.

Crude oil prices spiked as much as 3 percent early this week after the government in Riyadh rounded up a handful of ministers as part of a sweeping crackdown tacitly broadcast as a move against corruption.

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Oil prices held steady on Thursday after falling late in the previous session, supported by ongoing supply cuts led by OPEC and Russian Federation. If that happens, some said prices could rally more.

Despite this, many analysts say the strong price rally of the past months has likely run its course, at least for now.

"It doesn't matter how bullish the fundamentals are ... when an asset goes vertical there is always room for a pullback and consolidation of recent price moves", said Greg McKenna, chief market strategist at brokerage AxiTrader.

There are also expectations in the market that OPEC's next meeting on November 30 will agree to extend cuts beyond the current expiry date in March 2018.

USA crude production rose 67,000 barrels per day to 9.62 million bpd, the highest for decades. Texas issued 997 oil and gas drilling permits last month, up almost 17 percent versus the same month a year ago.

"EIA expects global oil supply growth to outpace global oil demand growth in 2018, contributing to global oil inventories rising by a forecast 0.3 million barrels per day in 2018, compared with an estimated 0.2 million barrels per day draw in 2017", the report read.



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