WTI Crude Oil and Natural Gas Forecast

WTI Crude Oil and Natural Gas Forecast

WTI Crude Oil and Natural Gas Forecast

USA crude futures CLc1 had risen 20 cents, or 0.4 percent, to $50.49 per barrel by 0737 GMT.

The Indian consumers of fuel have so far enjoyed the thaw in prices, after berserk growth in the prices of petrol and diesel tested nerves for most part of the year. Petrol had crossed Rs 90 per litre in Mumbai while diesel rallied beyond Rs 80 for the first time ever, forcing the central government to slash the central excise duties. Russian Energy Minister Alexander Novak said current crude prices are acceptable and the nation's oil output will hold steady until the end of the year.

What's in store for crude prices as of now?


Investors have anxious that Saudi Arabia would avoid confronting with the United States over issues including propping up oil prices, as U.S. President Donald Trump stood behind Salman over the murder of Khashoggi.

The recent spurt in prices was orchestrated by Saudi Arabia, which took the Russian support to stage an output reduction eelier this year.

Global benchmark Brent crude LCOc1 gained 6 cents, or 0.1 percent, to $58.82 a barrel, having dropped 2.4 percent on Wednesday to $58.76 a barrel. That doesn't mean the Kremlin is about to give up its alliance with Saudi Arabia, which extends beyond oil, but it means could drive a hard bargain. Trump cheered the Saudis on, even as he appeared to side with the conclusions arrived at by Riyadh after the probe into Khashoggi killing. "As Saudi Arabia we can not do it alone, we will not do it alone".

US gasoline futures fell 2.1 percent to $1.4241 a gallon.

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While Saudi Arabia and its Energy Minister Khalid al-Falih have been airing the idea of a new production cut, Russian Federation has been less convinced that it could take part in another reduction, or at least so it lets the market to believe.

"We are going to.do whatever is necessary, but only if we act together as a group of 25", Falih said, referring to OPEC and its allies. It lacks the financial reserves of 2014, the last time it decided against cutting output to support prices and instead chose to fight a price war against US shale producers.

Oil traded down to below $60 a barrel on Wednesday, pressured by rising United States stocks and questions over whether OPEC will agree on out put cuts.

If the past is any guide, however, Saudi Arabia will do most of the cutting, Russia's output will end up little changed, and the main beneficiaries will be USA shale firms.

OPEC and its allies will be meeting amid concerns over a slowing global economy and rising oil supplies from the United States, which is not involved in the existing pact.

Earlier in the day WTI Crude had breached the $50 support level for the first time in more than a year, following yet another USA crude inventory build that the EIA reported on Wednesday.

USA crude stockpiles went through a 10th straight week of increase, up 3.6 million barrels in the week ending on November 23, piling concerns over supply surplus and sagging demand growth, according to a weekly EIA report released on Wednesday.

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