Commodities futures - Yahoo Finance
- Barrons.com•39 minutes ago
Saudi Arabia needs oil prices to average at $75 per barrel in 2017, according to Bernstein Research. At the current Brent crude price of $56 a barrel, Saudi Arabia can't balance its budget, says Bernstein's Neil Beveridge: Saudi will increase spending in 2017 by 8%, after a US$79bn deficit in 2016. In addition, Saudi Arabia plans to take its giant oil company Saudi Aramco public - it has already found its leader bankers and aims for an IPO in New York. But analysts say at the current oil prices, Aramco needs to check its ambition.
- Reuters•1 hour ago
Argentina's state-run oil company YPF SA said it reached a preliminary deal with Royal Dutch Shell Plc on Thursday to develop oil and gas assets in the Vaca Muerta shale field, involving a $300 million investment from Shell. Both companies will take a 50 percent stake in the Bajada de Añelo field to develop a pilot program, which will be operated by Shell, YPF said in a statement.
- Reuters•2 hours ago
Traders are selling oil held in tankers anchored off Malaysia, Singapore and Indonesia in a sign that the production cut led by OPEC is starting to have the desired effect of drawing down bloated inventories. The Organization of the Petroleum Exporting Countries (OPEC) and other producers outside the group, including Russia, announced late last year that they would cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, looking to drain a glut that pulled down prices from over $100 per barrel in 2014 to around $56.50 currently (LCOc1). "OPEC's strategy is targeting inventories – given the scale of the overhang, the market won't rebalance in six months – we expect an extension into (the second half of 2017)," said Energy Aspects analyst Virendra Chauhan.