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Fuel oil prices today


Offshore rigIt is International Ninja evening, then oil is stealthily climbing higher to another everyday gain. As OPEC optimism abounds, prices drive greater for a fourth consecutive day to start the latest week. Hark, here are five facts to consider in oil areas these days.

1) whilst the most Iraqi crude exports leave through the south associated with the nation through Basrah, production in Northern Iraq features ramped up significantly in recent years, with greater volumes traversing through the Kirkuk-Ceyhan pipeline. The 600-mile pipeline takes crude to the port of Ceyhan, before the light bad grade is loaded onto tankers and predominantly delivered into European countries.

Kurdistan's regional all-natural sources minister states that it views no significant effect on its crude oil production through the OPEC choice. The dedication to reduce production has arrived from the Iraqi government in Baghdad, for this reason slices are required ahead from the south for the country, maybe not the north.

(Simply click to expand)

2) While it is too soon for the most recent CFTC information to mirror the market's response to the OPEC choice (CFTC only states until last Tuesday), the forward bend is providing us good indicator of just what features occurred.

Short positions held by investors have actually definitely been closed out amid the post-OPEC conference euphoria, while manufacturers have actually snapped up brief positions across the forward curve, hedging future production out on the coming many years.

The most traditional hedgers, like Pioneer Natural Resources, have already hedged 75 percent of production for next year. But a week ago's cost pop gave the chance to others to secure cost certainty for the coming many years at ~$55/bbl. Therefore the forward curve has actually swiftly moved to backwardation - in which near-term costs are more costly than those further out over the futures bend, as attempting to sell stress pushes it lower.

3) The detachment of higher-denominated expenses in India final month is having an enormous ripple influence on its economic climate. Removing higher-value money notes in a country in which almost everyone uses cash is causing the economic climate to slow. Even as we know-all too well, all paths lead to energy, thus the slowing Indian economy is defined to influence oil demand development.

4) While on the subject of Asia, the chart under shows exactly how progressively reliant Asia is on international manufacturers, and particularly OPEC. As Indian imports continue to go above 4 million bpd, some ninety % among these inflows result from the cartel:

Information on the U.S. coal and oil industry is on a one-month lag, therefore the most recent data is from October. It demonstrates that jobless is needs to improve on a year-over-year foundation. 154, 000 tasks have-been lost into the industry in the last two years; the latest rally should ensure the industry's leads still enhance.



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