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13 May 2017, 12:51 | Maryann Sutton
Goldman On Commodities: Upside & Downside For Oil
The increased production has undermined OPEC's efforts to keep prices between $50 and $60 per barrel.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in June traded at $47.87 a barrel at 0256 GMT, up $0.04 in the Globex electronic session.
"We saw the biggest draw in (US) inventories for the year last week with stockpiles down more than five million barrels, and it looks like OPEC's production cut is finally biting", said Greg McKenna, chief market strategist at brokerage AxiTrader.
In recent days major producers like Iraq, Algeria and Kuwait have voiced support for extending last year's deal from Opec and other producers to cut supply by nearly 1.8 million barrels per day (bpd).
OPEC and other producers meet on May 25 to decide whether to extend cuts.
"U.S. tight crude output is expected to rise rapidly and increase by 600,000 bpd in 2017", OPEC said, using another term for shale.
OPEC says what the world needs now is a bit less supply on the global oil market.
M - Turkmenistan is likely to join an OPEC-led cut in oil supply aimed at supporting prices, sources in OPEC and the industry said, potentially enlarging the output reduction slightly, Reuters reported. If they don't, Glickman said, "they'll take the floor out from oil prices".
On Friday the U.S. Commodity Futures Trading Commission (CFTC) said money managers cut their net long U.S. crude futures and options positions in the week to May 9th to their lowest level since November.
"Three months later (after the OPEC-led deal), we see the USA rig count double and it says this isn't the only driver in the market any more". USA light crude oil CLc1 was down 29 cents at $47.54.
Opec said Thursday that group production fell in April. If prices were to settle in that range, it would mean a whole bunch of new drilling in the U.S. The Citi report points to Canadian heavy oil producers in particular, who benefitted from OPEC's strategy.
Pioneer Natural Resources Co., one of the most prolific actors in Texas' Permian shale basin, has contracts in place for 85% of its expected oil and natural gas output this year, the company said on a May 4 conference call.
According to the U.S. Energy Information Administration, American crude production will surpass the 10 million barrel a day mark by late next year, breaching the record high set in 1970.
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