Oil prices plunged on Friday in Asia while investors wait for U.S. rig count data as a supply potential gauge. On NYMEX, September delivery for WTI crude eased 0.36 percent to $42.08 per barrel. According to Baker Hughes’ statement last week, the number of rigs drilling for oil in the U.S. climbed by 6 from previous week to 670 as its third consecutive weekly highs.
On the Intercontinental Exchange, Brent crude’s September delivery traded between $49.26 and $50.83, but eventually settled at 49.59 which are down 0.59 or 1.18 percent. The pace between the international and U.S. benchmarks of crude was at 7.36, higher than Wednesday’s $6.93 level.
There are still approximately 60 percent fewer rigs working since a peak of 1,609 in October, though the pace of falling from recent weeks slightly eased, there are still fueling concerns that U.S. shale production could bounce back.
Since U.S. crude stockpiles tumbled for a second straight week on Wednesday, traders preferred to shift their focus on long-term forecasts of diminishing production. The U.S. EIA’s 2015 supply growth estimates were 650,000 barrels per day, lower than previous forecasts of 750,000 barrels per day.
The Energy Department is expecting U.S. crude output to dip 400,000 barrels per day from prior forecasts of 150,000 barrels-per-day reduction. EIA also expects a growth of 190,000 bpd which climbed from previous 130,000 bpd estimates. However, U.S. crude output fell by 70,000 bpd to 9.395 million bpd which is the lowest level since May.
On the Intercontinental Exchange, Brent crude’s September delivery traded between $49.26 and $50.83, but eventually settled at 49.59 which are down 0.59 or 1.18 percent. The pace between the international and U.S. benchmarks of crude was at 7.36, higher than Wednesday’s $6.93 level.
There are still approximately 60 percent fewer rigs working since a peak of 1,609 in October, though the pace of falling from recent weeks slightly eased, there are still fueling concerns that U.S. shale production could bounce back.
Since U.S. crude stockpiles tumbled for a second straight week on Wednesday, traders preferred to shift their focus on long-term forecasts of diminishing production. The U.S. EIA’s 2015 supply growth estimates were 650,000 barrels per day, lower than previous forecasts of 750,000 barrels per day.
The Energy Department is expecting U.S. crude output to dip 400,000 barrels per day from prior forecasts of 150,000 barrels-per-day reduction. EIA also expects a growth of 190,000 bpd which climbed from previous 130,000 bpd estimates. However, U.S. crude output fell by 70,000 bpd to 9.395 million bpd which is the lowest level since May.
Daily outlook 8-14-2015 - oil dips in asia as market waits for u.s. Rig count data
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