Friday, 20 November 2020 07:40

NYMEX prices

The price for January’s Brent oil at NYMEX fluctuates this morning within $44.14 bbl, the price of OPEC Basket is $43.05, the Russian Urals is $39.6, WTI Crude is $41.7, and the price for December’s natural gas (Henry Hub) deliveries is $2.6 mmbtu (a decrease of 3.13% compared to yesterday). The futures for the USD index, which shows the ratio of the US dollar to a basket of six major currencies, fell 0.03% and is traded at $ 92.338.

Commercial oil reserves in the United States increased by 769 thousand barrels over the past week and amounted to 489.475 million barrels as of November 13, the US Department of Energy reported.

At the same time, analysts questioned by Bloomberg expected an increase in reserves by 1.6 million barrels.

Clouds of behind-the-scenes intrigue are beginning to gather over the OPEC + alliance, which is saving the world oil market with a record-breaking supply cut.

The United Arab Emirates, Riyadh's closest ally in the Middle East and the third largest OPEC country in terms of production, suddenly became a troublemaker within the Union, which was sealed by agreements between Russia and Saudi Arabia.

According to Bloomberg, representatives of the UAE announced their position at a closed briefing for journalists, asking for anonymity to save room for a maneuver.

The UAE's discontent is associated with the size of the quota assigned to the country as part of the deal.

With a capacity of 4 million barrels per day, the UAE pumped 2.4 million barrels per day in October, reducing production since the beginning of the year by 700 thousand barrels per day, or 22%.

Russia has removed about 2 million barrels a day from the market, or 18% of daily production. Saudi Arabia pumps 8.9 million barrels a day compared to 9.8 million in the first quarter (-9%).

Thus, the relative quota of the UAE is hardly the maximum among all participating countries.

Read 987 times Last modified on Friday, 20 November 2020 07:47