WTI Crude Oil and Natural Gas Forecast July 17, 2018

Galtero Lara
Julio 18, 2018

USA crude oil futures fell on Tuesday as worries over supply disruptions eased and the focus moved to increasing domestic production and potential damage to global growth from the U.S.

Brent futures rose 32 cents to $72.16 a barrel, after earlier trading as low as $71.35 a barrel, its lowest level since April 17. Brent fell 4.6 percent on Monday.

Crude oil futures steadied on Tuesday as the focus turned to falling inventories in the United States and further output constraints in Venezuela and Libya.

"The uncertainty on the magnitude and timing of the supply shifts has muddied the near-term outlook for oil fundamentals", Goldman said, adding that it continued to expect high supply volatility with potential for further disruptions.

Although Libyan ports are reopening, output at its Sharara oilfield was expected to fall by at least 160,000 barrels per day (bpd), the National Oil Corporation said. If we were to break down below the uptrend line, then the market could go much lower, but as you can see the 200 day EMA is just below, so I think it's going to be hard to slice through there.

More news: Según el Indec, la inflación de junio fue de 3,7%

Russian crude production could also ramp up, restoring 300,000 barrels per day (bpd) that were cut in an agreement with OPEC, he said.

Production from seven major U.S. shale oil formations is expected to rise by 143,000 bpd to a record 7.47 million bpd in August, the U.S. Energy Information Administration said on Monday.

Output is expected to rise in all seven formations.

Beijing's state planning agency said it was still confident of hitting its economic growth target of around 6.5 percent this year, despite views that it faces a bumpy second half as the trade dispute with Washington intensifies.

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