Billions wiped from ASX energy companies as oil price falls
30 May, 2018, 18:40
The West Texas Intermediate for July delivery fell 1.15 USA dollars to settle at 66.73 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.09 dollar to close at 75.39 dollars a barrel on the London ICE Futures Exchange.
"But at the same time there are some worries over a fall in US oil demand if more Middle East crude supplies flow into the market", Hwang said.
Renewed US sanctions on Iran that could seriously hamper the country's oil exports, along with involuntary output decline in big producers such as Venezuela, Mexico and Angola, has contributed to some bounce in price.
USA oil got some support as US crude inventories likely fell by 1.8 million barrels last week, a preliminary Reuters poll showed on Tuesday.
The emerging theory to explain the possibility of OPEC turning the taps back on is that US president Donald Trump recently abandoning the Iran nuclear deal pleased rival Saudi Arabia, which is now being persuaded by Trump to put more barrels on the market - thus lowering prices and deflecting blame that he is responsible for high gas prices.
The fall in prices of oil for drivers has been welcome news as it has been for companies that purchase large amounts of energy. However, an oil expert said these are short-term blips and there are plenty of options for oil producers to ease price hikes.
After nearly two months of turmoil, crude oil prices recorded a sharp reversal in the last three sessions.
Still, there are some concerns surrounding political turmoil in Italy, and the potential for further instability there rattled the stock market and raised concerns over a possibly decline in European oil demand, said Flynn.
The Organization of the Petroleum Exporting Countries and allies led by Russian Federation have agreed to curb output by about 1.8 million barrels per day (bpd) through 2018 to reduce global stocks, but the inventory overhang is now near OPEC's target.
"The market is now pricing in the possibility that OPEC is going to raise production", Phil Flynn, an analyst at Price Futures Group in Chicago, said by phone.
The value of the energy sector on the ASX fell more than 3 per cent and slashed oil and gas companies market caps by $3 billion, marking the worst trading day for these companies since February 6 this year, when values fell just over 4 per cent.
United States energy companies added 15 rigs looking for new oil in the week ended May 25, bringing the rig-count to 859, the highest level since 2015, in a strong indicator that American crude production will continue to rise.
Selling half the reserve over a full decade would have limited impact on world oil prices.
Ahead in the week aligns the API and EIA reports followed by rig count. USA crude CLc1 was up 40 cents at $67.13. US production broke 10 million bpd for the first time in 48 years in November.
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