Oil jumps 2 percent as market tightens, more gains seen

27 September, 2018, 04:03 | Author: Mary Valdez
  • Trump tweet biggest insult to US allies in ME: Iran

The physical Dubai crude market structure also strengthened to a multi-year high recently, with the spread between front-month cash Dubai and same-month Dubai swap at $1.44/b on Friday in Singapore, the highest since May 21, 2014 when it stood at $1.53/b.

Fibonacci projections at $82.84 (200% of the upleg from $77.36) and $83.89 (Fibo 238.2%) mark next targets, however, bulls may accelerate further in unobstructed positive environment.

"Fears that supply will be hit when the USA sanctions on Iran kick in come November are pushing up oil prices".

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Crude oil prices gapped higher from weekend trading, in response to announcements from delegates of the Organization of the Petroleum Countries and allied governments crossing the newswires.

Meanwhile, Daniel Jaeggi, president and co-founder of Mercuria Energy Trading said worldwide crude oil prices could surpass the $100/b level, indicating that the global oil market does not have an adequate supply response for a potential reduction in Iranian supplies.

But he said the trade war between China and the USA as well as Trump's sanctions on Iran were creating new challenges for oil markets.

"Last week, Mr. Trump verbally attacked OPEC and some traders thought we might see an increase in supply from the United States' Middle Eastern allies". "My information is that the markets are adequately supplied".

This report drew criticism from President Trump who called for the cartel and other non-OPEC members to increase production.

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In June this year, however, after months of cutting by more than their pact had called for, largely due to involuntary reductions from Venezuela and other producers, they agreed to boost output by returning to 100 percent compliance.

Saudi energy minister Khalid al-Falih said he did "not influence prices" and that increased oil output wasn't necessary, at a meeting in Algeria on Sunday.

Iran's OPEC representative Hossein Kazempour Ardebili on Sunday said his country was continuing to meet its OPEC quota share.

"We don't believe OPEC can actually raise output significantly in the near term, as the physical spare capacity in the system is not that high".

The speculation has kept global crude prices high.

Brent futures were trading at $80.48 a barrel at noon Monday, up $2.24.

"While investments picked up slightly in 2017 compared to the previous two years, and the expectations are for higher levels again in 2018, it is vital that as an industry we ensure there is timely and adequate investment so as not to lead to a supply shortage in the future", OPEC Secretary-General Mohammad Barkindo said.

The country's producers continue to "monitor closely the supply and demand and we will respond in the appropriate manner and at the appropriate time, as may be necessary", said the saudi minister.

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