Published: Tue, January 23, 2018
Markets | By Noel Gibbs

TSX May Open Lower As Oil Prices Slide

TSX May Open Lower As Oil Prices Slide

OPEC said US shale producers lowered breakeven costs between 2015 and 2017 but now service companies are raising rig and labor costs so breakeven prices are rising.

That would take US production past 10 million barrels a day, topping heavyweight Saudi Arabia and rivaling No. 1 producer Russian Federation. The decline was due to lower production from the North Sea and from Venezuela.

"The big 2018 supply story is unfolding fast in the Americas" the IEA said in its monthly report.

However, losses for oil picked up in electronic trading as the International Energy Agency predicted US production will rise above 10 million barrels a day in 2018 (, a level not visited since 1970.

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Eventually Ali played on a Mitchell Marsh delivery for just six runs as his miserable form with the bat continued. Finch after two hundreds in the first two matches scored another half century but couldn't carry on this time.

The Forties pipeline system, which normally carries 40pc of United Kingdom oil and gas production in the North Sea, was recently hit by a cracked pipe.

Although these factors might have faded somewhat, there are others at work, said the IEA.

As of Friday (January 19) at 1:35 p.m. EST, oil prices were down, sitting at $63.35 per barrel. Prices, however, recovered after the Energy Department reported that commercial crude inventories fell by almost 7 million barrels last week - the ninth consecutive weekly decline.

The country produced 4.397 million barrels per day of crude oil in November, the report read. Since then, the stockpiles in USA have continued to decline. Yet, the Organization of Petroleum Exporting Countries continues to reduce output and producers will meet in Oman this weekend to review strategy.

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Slimani has been linked with a move to Besiktas to replace their striker Cenk Tosun who joined Everton earlier this month. Watford's struggles continue, with Marco Silva's side having won just once in 11 games.

Market tightening in the final months of 2017 was evident and continued into 2018. Distillates - used to make diesel and heating oils - fell by 3.9 million barrels. Preliminary data for December suggested a further fall of 42.7 million barrels.

Falih, a prominent voice in OPEC gave the most explicit call for the 14-nation cartel and 10 non-member allies to keep supporting the oil market into 2019.

On the demand side, estimates for 2017 and 2018 were roughly unchanged at 97.8 million bpd and 99.1 million bpd respectively. Both countries, however, have agreed to ease production to push up prices.

Remember, U.S. shale production represents only about five percent of total global production. The OPEC quota deal is expected to be in force for most of 2018, but a potentially larger-than-expected reduction in world oil stocks may be revised at the mid-year meeting in Vienna that would slow the pace of price growth. Whether or not the recent price rise has run out of steam and seventy really is plenty remains to be seen.

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I'd say the number of investigations into the matter and amount of blowback Apple has taken are enough to eliminate any "maybe". Sources expect this iPhone battery management upgrade to be included in an update which could be out as soon as March of 2018.

"The demand side of the equation is keeping us well-healed", said Phil Flynn, analyst at Price Futures Group in Chicago, who expects oil demand to hit between 1.8 million bpd to 2 million bpd.

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