The crude oil price moved closer to its lowest levels in 2018
Feb 09, 2018, 01:59
The United States has been a net energy importer since 1953, but in its in annual energy outlook released on Tuesday, the EIA projects the USA will become a net energy exporter as early as 2022.
"The US record production - that's the nail in the coffin", David Lennox, resource analyst at Fat Prophets, said. Demand, however, continues to grow. Exports averaged 1.29 million barrels a day last week and have a cumulative daily average for the year of 1.38 million barrels a day, a 121% increase over the year-ago export total.
Marketing the superiority of American crude oil - compared to that which is produced in the Middle East - appears to be the difference in the latest transaction, which puts America a step in the right direction as the Trump administration seeks to wean the US off its longstanding dependence on oil from OPEC and begin to be one of the world's largest exporters of "liquid gold".
The key driver for the price decline was news from the United States.
As the Dow plummeted oil prices were lower, pressured by rising USA output and other factors.
"Such a rapid increase in production makes traders nervous". According to an annual survey of energy professionals by Reuters, the number of respondents expecting crude-oil prices to fall below $50 in 2018 slipped to 15 percent from 37 percent a year earlier, although a majority of them expect prices to remain around $70 until the end of this decade.
"The new world order of US production over 10 million bpd is officially here", said John Kilduff, partner at energy hedge fund Again Capital in NY. Brent crude fell 0.6% to $66.49. The Brent-WTI price spread averaged around $3.33/b in 2017.
In the last three years, the USA has seen huge growth in the production of shale, particularly after the federal government decided in 2015 to end the ban on United States exports of crude oil.
At the Multi Commodity Exchange, crude oil for delivery in March shed Rs 32, or 0.77 per cent, to Rs 4,145 per barrel, with a business volume of 160 lots. Over those five years, Russian Federation and Brazil significantly boosted their market shares on the Chinese market, with Russia's rising to 14 percent from 9 percent, and Brazil's imports went to 5 percent from 2 percent.
Ongoing infrastructure expansions will likely contribute to further increases in China's crude oil imports.
Following a spike in USA bond yields generating fears of a potential increase in inflation and higher interest rates, the financial markets tanked on Monday.
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