The world remains oversupplied with crude oil, but the fact that it has become very oversupplied with gasoline is currently worrying the market.
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T> and Honda Motor Co are not oversupplied, he said.
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But his main problem is that the market is oversupplied.
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Yet they keep pumping more oil into an oversupplied market.
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Still, it cautioned that the domestic food market remained oversupplied.
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We see DRAM remaining oversupplied throughout the year and into next.
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Producers are struggling with low oil prices and an oversupplied market.
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Falling Chinese imports is another indicator that Asia's oil market remains oversupplied.
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Ships passing in the night are a sign of an oversupplied market.
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The long-run result is an oversupplied market and lower oil prices.
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It said the market remains oversupplied by 2000 million barrels per day.
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And behind everything lurks the risk that the market will remain oversupplied.
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Yet, price controls cause some drugs to be overvalued and hence oversupplied.
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Gupta also weighed in on oil prices in a "fundamentally oversupplied" market.
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"The view is really that the oil market is oversupplied and will remain oversupplied for a long time," he said, adding that he believed global inventories would gradually start to drop over the second half of this year.
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Whether or not the market is oversupplied will largely boil down to demand.
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Every indication is that the Asian region is well-supplied, if not oversupplied.
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All of those things could bring more oil onto an already oversupplied market.
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Oil markets are going to be grossly oversupplied in 2018 without OPEC action.
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Crude remains oversupplied as top OPEC oil producers pump near record high levels.
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It is not the first time that the Mediterranean market has become oversupplied.
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The industry continues to be oversupplied, but less so than previously, Madden said.
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At the same time, the global oil market continues to be substantially oversupplied.
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That gentle approach left the oil market oversupplied, helping to send prices tumbling.
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Even miners see prices falling as iron ore, coal and copper markets remain oversupplied.
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U.S. markets remain heavily oversupplied, data from the American Petroleum Institute showed on Tuesday.
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It predicts economic uncertainty, political instability and a continuation of oversupplied markets next year.
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That strategy has kept oil markets oversupplied by about 1.5 million barrels per day.
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However, oil analysts say the market remains oversupplied, keeping a cap on crude prices.
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L and Vale to keep increasing production despite an oversupplied market and falling prices.
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For OPEC, that creates the risk of additional oil in an already oversupplied market.
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With the global gas market heavily oversupplied, new cargo offers further saturated the market.
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The world's oversupplied oil market has some scope to absorb a short-term shock.
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But despite the recent rally, oil markets remain oversupplied with supply consistently exceeding demand.
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Now, the market faces evidence that U.S. production remains high and global markets remain oversupplied.
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Many producers have accused China of selling metal into oversupplied global markets below market rates.
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Many producers have accused China of selling metal below market rates into oversupplied global markets.
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But bottom line, the U.S. data show a world that is still oversupplied with oil.
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The world is currently oversupplied with 500,000 to 2 million barrels per day of oil.
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Some analysts say the firms have effectively innovated their way into a stubbornly oversupplied market.
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Morgan Stanley sees Micron's DRAM semiconductors business remaining oversupplied throughout the year and into 2020.
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Overall, however, oil markets remain oversupplied as exporters around the world pump near record amounts.
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But contango is a symptom of an oversupplied market with abundant inventories, not the cause.
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The rally in oil prices came even after data showed the crude market remained oversupplied.
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CONTINENTAL RESOURCES CHIEF HAROLD HAMM SAYS FISCAL RESTRAINT 'MORE IMPORTANT' AS OIL MARKET IS OVERSUPPLIED
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However, more recently, crude futures have slipped amid renewed fears of an oversupplied energy market.
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The rally in oil prices came even after data showed the oil market remained oversupplied.
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S. oil production slowing, expecting a 2.2 million-barrel-a-day oversupplied market in 2018.
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"You bring that supply back into this market, we're likely oversupplied, creating downside risk," he said.
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"The LNG market is an oversupplied market ... the main focus is to secure customers," Salmon said.
|
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Meanwhile, crude remains oversupplied as top oil producers in OPEC pump at near record high levels.
|
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Energy stocks slipped as oil prices fell after Venezuela said the crude oil market was oversupplied.
|
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But the forge, based on Russian designs from the 1980s, is outdated and the country oversupplied.
|
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Market participants are therefore likely to closely track the oversupplied market and the Saudis' supply reaction.
|
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Acquisitions are seen as a way to grow in a sector that is fragmented and oversupplied.
|
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In his view, it is balanced or near balanced at best, and may still be oversupplied.
|
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The deal has helped to balance an oversupplied market and drain global stockpiles of crude oil.
|
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Crude oil prices have fallen more than 60 percent since mid-2014 due to oversupplied markets.
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The cut is also trivial in a 96-million-barrel-a-day marketplace that is oversupplied.
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China has been accused by competitors of selling metal into oversupplied global markets below market rates.
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HEAVY SUPPLY With the global gas market heavily oversupplied, new cargo offers further saturated the market.
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Iran's oil minister told state television the market was oversupplied but expected balance to be restored.
|
|
That implies an oversupplied market in which it is attractive to store oil for later sale.
|
|
If a market becomes extremely oversupplied, like PADD 230, they are going to have to cut runs.
|
|
The market could become well-oversupplied, again, causing prices to easily correct back to $35 per barrel.
|
|
Chances of joint action among OPEC and non-OPEC producers to balance an oversupplied market remained slim.
|
|
Still, bearish fundamentals remain as the Brazilian harvest picks up in pace amid an already oversupplied market.
|
|
The softer-than-expected approach left oil markets oversupplied, contributing to last fall's bear market in crude.
|
|
"The markets keep falling because globally, we're still oversupplied," said Carl Larry, an analyst with Frost & Sullivan.
|
|
That could frustrate efforts to balance an oversupplied market and send oil prices lower later this year.
|
|
The market is already oversupplied by 500,000 to 2 million barrels per day, according to various estimates.
|
|
Meanwhile, oil prices rose on hopes the market may not be as oversupplied as some analysts believe.
|
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That will add U.S. oil to an already oversupplied market and put downward pressure on global crude prices.
|
|
Russian Energy Minister Alexander Novak said Sunday he wasn't sure the oil market would be oversupplied next year.
|
|
The first major U.S. LNG shipment for export launched this week right into an oversupplied global gas market.
|
|
He also called on fellow mining firms to "exercise a little bit of discipline" on an oversupplied market.
|
|
"Gasoline margins won't be doing much for them for awhile because the market is heavily oversupplied," he said.
|
|
Asian markets are also oversupplied, with traders putting excess crude into floating storage, an indicator of a glut.
|
|
It was the fourth straight weekly decline, bolstering hopes that the long-oversupplied market was moving toward balance.
|
|
Oil markets remain oversupplied as output from the Organization of the Petroleum Exporting Countries hit a 2017 high.
|
|
However, Oman's oil minister, Mohammed bin Hamad Al Rumhi, said he still thinks the oil market is oversupplied.
|
|
Overall, however, oil markets remain oversupplied as exporters around the world pump near record amounts, while demand stutters.
|
|
Lower crude production from Venezuela would tend to support the oil market, which has been oversupplied for years.
|
|
Global stock markets have closely tracked the rise and fall in the price of the oversupplied commodity this year.
|
|
Still, the chances of joint action among OPEC and non-OPEC producers to balance an oversupplied market remained slim.
|
|
Oil prices were flat amid hopes that an OPEC output cut was beginning to balance a long-oversupplied market.
|
|
But the race is on for LNG producers to approve their own projects before the market is deemed oversupplied.
|
|
Russian Energy Minister Alexander Novak said on Sunday he wasn't convinced the oil market would be oversupplied in 2019.
|
|
And, with international sanctions being lifted, Iran is preparing to introduce its own barrels to an already oversupplied market.
|
|
The South Asian country has been earmarked as an up-and-coming demand outlet for the oversupplied LNG market.
|
|
This perhaps just goes to show that sustained rallies cannot be built by removing supply from an oversupplied market.
|
|
Oil prices touched their lowest since 2003 on Monday as an already oversupplied market braced for additional Iranian exports.
|
|
Crude prices slipped after major producer Venezuela, mired in economic crisis, said oil markets were effectively 10 percent oversupplied.
|
|
Maybe we get a little bit of a dip below but I just think the market is pretty oversupplied.
|
|
A senior U.S. energy official said he was "highly skeptical" of the deal's ability to revert an oversupplied market.
|
|
The market has been oversupplied for more than two years, by as much as 0003 million barrels a day.
|
|
It has recovered by around 50 percent, but analysts say the market will remain oversupplied for the foreseeable future.
|
|
The fracking boom in North Dakota and Texas, after all, was a big reason the oil market was oversupplied.
|
|
But Russian Energy Minister Alexander Novak said on Sunday he wasn't certain the market would be oversupplied next year.
|
|
Virginia's participation could help make a somewhat oversupplied RGGI market more competitive, spurring a faster transition to clean energy.
|
|
The projects could add about 2 million barrels per day on to a market many view as already oversupplied.
|
|
The size of the cut is fairly trivial in a 96-million-barrel-a-day marketplace that remains oversupplied.
|
|
Oil prices have swung for weeks now as traders weighed an oversupplied market against OPEC hints of production curbs.
|
|
Prices remain under pressure on concerns that the global market is oversupplied, with benchmarks posting a sixth straight weekly loss.
|
|
The same day, Saudi Arabia's OPEC governor said the oil market could be oversupplied by the end of the year.
|
|
But a worst-case scenario has emerged with European producers exposed to falling global prices in an oversupplied world market.
|
|
In Europe, trading activity was subdued, with only opportunistic interest in LNG cargoes amid a generally oversupplied European gas market.
|
|
But shale drillers could also add more supply to the already oversupplied market, and that would cap gains in oil.
|
|
In the coming months, that could add 300,000 to 400,000 barrels a day to an already oversupplied market, analysts estimate.
|
|
Discounts for near-to-maturity futures contracts, known as contango, are a symptom of an oversupplied market with high inventories.
|
|
Recent losses in energy jobs are due to an oversupplied global market and the policies of OPEC, not Section 1504.
|
|
Fundamentals continue to point to an oversupplied oil market, and generally warmer winters have weighed heavily on demand more broadly.
|
|
While an oversupplied market and refinery maintenance season is no news for market watchers, the impending doom doesn't end there.
|
|
Traders such as Vitol, Gunvor and Glencore are betting on oil markets remaining oversupplied for at least two more years.
|
|
"Freezing at levels that are still way oversupplied, still says you don't have a rebalance coming anytime soon," Cooper said.
|
|
In 2015, the physical market was obviously and substantially oversupplied and expected to remain in surplus for an extended period.
|
|
Despite a possible extension, Webster believed that 2018 would still be a year in which markets were oversupplied with oil.
|
|
Price per ton was also hit by multiple new mines coming online in West Texas, worsening an already oversupplied market.
|
|
It is critical to see that cohesion of the OPEC+ group because we are still dealing with an oversupplied market.
|
|
In order to maintain market share in an oversupplied market, LNG sellers have become willing to tweak more flexible terms.
|
|
OPEC is preparing to pull back output because the 15-nation cartel thinks the oil market will be oversupplied next year.
|
|
It has continued to acquire small and medium-sized companies in recent years, in a sector that is fragmented and oversupplied.
|
|
"What is important is that, first, the market is oversupplied, and, second, that Iran will not overlook its quota," he added.
|
|
A month on, however, Asia's oil markets remain oversupplied, with tankers being chartered for floating storage as onshore facilities are full.
|
|
Entrepreneurs who have successfully navigated the oversupplied market said they hoped Williams&apos approach wouldn&apost jeopardize their state-legal businesses.
|
|
However the high level of exports is symptomatic of a world oversupplied with oil and that continues to be the case.
|
|
"In an oversupplied market, if someone is interested in spot cargoes, sellers would still consider, but with more caution," said Shum.
|
|
Concerns about increased output in an already oversupplied oil market were heightened after sanctions on Iran were lifted at the weekend.
|
|
For those more interested in trading the oil futures market, it's still oversupplied, and Cushing storage facility is at record inventories.
|
|
To some, it typifies the excesses of the market, which they say feeds on speculative demand in an already oversupplied sector.
|
|
Energy Minister Khalid al-Falih has said the kingdom will prevent shocks by adding extra barrels to an already oversupplied market.
|
|
UAE energy minister Suhail Al Mazrouei, who is also OPEC president, said the cartel wouldn't allow the market to become oversupplied.
|
|
The fracking boom in places like North Dakota and Texas, after all, was a big reason the oil market was oversupplied.
|
|
That marks a profound change from 2016 when the market felt heavily oversupplied coming out of a similar winter (tmsnrt.rs/2ogRwIZ).
|
|
But Canada's overall pork shipments declined, including to China, which is oversupplied, and the United States, its two biggest export markets.
|
|
With the global oil market still vastly oversupplied, developing natural gas fields will take priority for the time being, they said.
|
|
The global LNG market remains heavily oversupplied, however, with spreads between gas prices globally shrinking and market players expecting production cuts.
|
|
Oil hit a near one-month high as speculation intensified about potential producer action to support prices in an oversupplied market.
|
|
U.S. stockpiles have been in the spotlight because they rose unexpectedly last week, stoking fears that the market is becoming oversupplied.
|
|
Without production curbs, analysts at Bank of America Merrill Lynch predict the global aluminium market could be oversupplied by 8% by 2020.
|
|
Slumping spot prices since late April have indicated traders are concerned about the market becoming oversupplied and a big build in inventories.
|
|
OPEC, Russia and several other producers have been capping their output since January 2017 in order to balance an oversupplied oil market.
|
|
International real estate In the Cape Town region, the bumpy market is now oversupplied, generating attractive deals for buyers of all kinds.
|
|
Oil consultancy Energy Aspects expects a drop of at least 200,000 bpd in 2018, helping to balance an oversupplied global oil market.
|
|
In the same vein, the oil market remains oversupplied and oil producers continue to threaten to pump more crude into the glut.
|
|
Exxon, through its local subsidiary Esso, is the latest oil company trying to reduce its exposure to Italy's oversupplied petrol retail sector.
|
|
Prices of LNG supplied from long-term contracts are currently more than double the cost of spot cargoes, in an oversupplied market.
|
|
In a market that is still oversupplied after a two-year glut, higher-quality crude is plentiful and not much more expensive.
|
|
The fundamental outlook for prices remains bearish with the market expected to remain oversupplied throughout the remainder of 2019 and into 2020.
|
|
Oversupplied conditions may improve between 2201 and 224, said Agrium Chief Executive Chuck Magro at a British Columbia investor conference on Wednesday.
|
|
Crude prices resumed their slide, after a strong two-day run, as a record output from Iraq flooded a heavily oversupplied market.
|
|
Members of the pact believe the market will remain oversupplied through the first half of the year, making the April meeting unnecessary.
|
|
A price rally now would only help support oil production, the last thing the market needed in an oversupplied market, he warned.
|
|
This is spit-in-the-bucket levels of production losses, given the market is now oversupplied by at least 100 million tonnes.
|
|
Producers are struggling with low oil prices and an oversupplied market but have been loath to cede market share by cutting output.
|
|
While diesel markets remain oversupplied and margins poor, gasoline consumption is booming and margins have improved sharply, improving economics for many refineries.
|
|
On the supply side, battery storage in solar-rich regions can shift power from oversupplied daytime hours to increasingly valuable evening hours.
|
|
Saudi Arabia and Russia have cooperated on production cuts to rebalance the oversupplied oil market and boost prices over the past year.
|
|
In the U.S., for instance, the hub at Cushing, Oklahoma, has also been oversupplied, but now those inventories are near multiyear lows.
|
|
And remember, that's in the context of all ISO/RTOs already meeting their capacity targets, and PJM in particular oversupplied with capacity.
|
|
"We are extremely oversupplied with crude in the world," said Samah Ahmed, an analyst at Kpler, a firm that tracks petroleum flows.
|
|
Croft, who was in Riyadh on the weekend, said it's clear Saudi Arabia intends to pump aggressively, flooding an already oversupplied market.
|
|
The distillate market was heavily oversupplied at the start of 2017 but has become progressively undersupplied in the course of the year.
|
|
On Tuesday, the International Energy Agency warned that surging U.S. production could delay OPEC's bid to balance the long-oversupplied oil market.
|
|
That is part of the story, but make no mistake I do believe Johnson & Johnson and Janssen oversupplied their own products as well.
|
|
Oil prices tested the $50-per-barrel mark on Thursday as production outages brought a faster-than-expected recovery to an oversupplied market.
|
|
The large holdings have typically meant a premium for nearby contracts when an oversupplied market suggests a discount should be the natural state.
|
|
Last week, Saudi Energy Minister Khalid al-Falih sought to clarify why the kingdom hiked its production in July in an oversupplied market.
|
|
All of which tells us that the Chinese market right now seems very comfortably supplied, if not oversupplied, with physical refined copper units.
|
|
"The oil market will... be slightly oversupplied again unless production is cut further or unscheduled outages occur elsewhere," Commerzbank said in a report.
|
|
It would be wrong, however, to suppose that all of this is low-grade material being dumped out of an oversupplied Chinese market.
|
|
The meeting will be watched closely for signs of whether the major producers can cooperate to bring balance back to the oversupplied market.
|
|
While some energy is inevitably lost in charging and discharging batteries, these losses are preferable to outright curtailment when the grid is oversupplied.
|
|
Iran's oil minister concurred that the market was oversupplied but said balance between supply and demand will be restored, Iranian state television reported.
|
|
At the same time, industry experts have said the market is somewhat oversupplied with jets, particularly larger and more expensive wide-body models.
|
|
A full-blown global recession would obviously reduce growth even further, potentially well below 1.0 million bpd, and leave the market severely oversupplied.
|
|
This means that it's still likely that China's iron ore market will be oversupplied in 2016 when imports and domestic productions are put together.
|
|
"In an oversupplied market, there is no intrinsic value for crude oil," analysts at Morgan Stanley wrote in a note to clients on Monday.
|
|
But markets elsewhere are also oversupplied, with evidence emerging that traders are putting excess crude into floating storage, a key indicator for a glut.
|
|
The most pressing issue facing farmers is that global agricultural markets are oversupplied, and that's putting "increasing pressure" on U.S. agriculture exports, Duignan said.
|
|
U.S. refined product exports have been growing as refineries run at high levels and the U.S. has been oversupplied with gasoline and crude oil.
|
|
Analysts warn that OPEC's bid to balance an oversupplied market by cutting production could backfire if it causes oil prices to rise too much.
|
|
Investment bank Morgan Stanley predicted a $22-$45 trading range for U.S. crude in an oversupplied but volatile market, concurring with several analysts' views.
|
|
U.S. production "continues to grow hand over fist, and the market will remain well oversupplied given the lack of " refined fuel demand, he added.
|
|
Although the potash market is oversupplied, Fraser said there was a long-term need for fertilizer as a growing global population must be fed.
|
|
The sector responded to the end of quotas by boosting production, adding to an already oversupplied global market and triggering a decline in prices.
|
|
Investment bank Morgan Stanley predicted a $25-$45 trading range for U.S. crude in an oversupplied but volatile market, concurring with several analysts' views.
|
|
Oil prices have risen this week on reports that demand for crude is better than expected and the persistently oversupplied market is finally tightening.
|
|
Air France-KLM's cargo performance highlighted the deterioration of oversupplied air freight markets even before the virus extended Chinese factory shutdowns, halting supply chains.
|
|
Some analysts say the global market for liquefied natural gas (LNG) is oversupplied and will remain so for the next five or six years.
|
|
The official noted that 80% of U.S. demand for processed rare earths is for lanthanum and cerium, both of which are oversupplied around the world.
|
|
OPEC and Russia have been increasing output even as they discussed future cuts, ensuring the market remains oversupplied and will enter 2017 with high inventories.
|
|
That's the biggest increase over that four-week period since 2015, when storage levels were rising toward all-time highs in a heavily oversupplied market.
|
|
Contango, a symptom of an oversupplied market, has gradually disappeared from most crude markets to be replaced by backwardation, a sign of tightness (tmsnrt.rs/22014jKOQSM).
|
|
Global oil markets, already oversupplied, have been jittery over the return of Iranian oil after the lifting of international sanctions imposed over Tehran's nuclear programme.
|
|
Earlier in the day, oil prices tested the $50-per-barrel mark as production outages brought a faster-than-expected recovery to an oversupplied market.
|
|
The global physical market is getting sloppy or oversupplied again, as evidenced by the discount of near-term futures contract prices to longer-dated contracts.
|
|
Halliburton Chief Executive Officer Jeff Miller said that market remains oversupplied and the company idled equipment during the quarter and will continue to do so.
|
|
The International Energy Agency, which advises developed countries on energy policy, said the market should remain oversupplied this year and weaker prices could lie ahead.
|
|
First, Iran could increase crude exports as soon as next week, adding to a market that is oversupplied by about 1.5 million barrels a day.
|
|
At least some analysts and U.S. oil producers worry the project could further depress prices by adding more crude to an already oversupplied global market.
|
|
Offshore rig services is perhaps the most oversupplied sector of the glut-ravaged oil industry, and many players besides Hercules have begun exploring restructuring options.
|
|
Worries about Iran's return to an already oversupplied oil market drove down Brent crude to $2000 a barrel early on Monday, its lowest since 2003.
|
|
The nation's fuel markets will remain oversupplied, the CNPC forecast showed, with China expected to add 170.83 million tonnes of new refining capacity in 2019.
|
|
However, LNG prices will continue to struggle as massive new supplies come online in an already oversupplied market, ANZ analysts wrote in a recent report.
|
|
According to Gulf Business, Dubai's housing market is seriously oversupplied, with construction of a huge number of gigantic new apartment buildings continuing seemingly without end.
|
|
Over all, the Milan market is oversupplied with apartments, many still overpriced, Mr. Torchiani said, but demand is increasing from both local buyers and foreigners.
|
|
Oil rose, steadying after steep recent declines as fuel stockpile declines in the United States helped offset concerns about a potentially oversupplied market next year.
|
|
The emirate's oversupplied residential real estate market, down by at least a quarter since the middle of 2014, is showing no signs of a recovery.
|
|
"If stocks are still rising strongly, you've still got an oversupplied situation," said Jamie Webster, a fellow at Columbia University's Center on Global Energy Policy.
|
|
The production caps, in effect since January, have helped to reduce brimming stockpiles of crude oil and tighten a market that has long been oversupplied.
|
|
The extra volume adds to an already oversupplied global LNG market, with spot prices in Asia LNG-AS down 36 percent so far this year.
|
|
The IEA and most other forecasters predict the oil market will remain oversupplied throughout 2.0 and the first half of 2017, ensuring stockpiles continue growing.
|
|
Saudi Arabia and other OPEC members have said the oil market is now oversupplied largely because Washington kept its allies in the dark about the waivers.
|
|
Dubbed oil's "Black Friday," global benchmark Brent crude dropped 903 percent to $58.80, down 22 percent for the month on fears that the world is oversupplied.
|
|
"OPEC needs to cut if it wants the market to be a little less oversupplied in the first half of 2019," said Petromatrix analyst Olivier Jakob.
|
|
The U.S. corn harvest is slowly ramping up, and the introduction of new supplies into an already oversupplied market has and will continue to pressure futures.
|
|
JP Morgan said copper is the "the most visibly oversupplied market under our coverage" as the house predicted weakness in the second half of the year.
|
|
Also on Monday, Iran's oil minister said the oil market was oversupplied but said balance between demand and supply will be restored, Iranian state television reported.
|
|
Worries about Iran's return to an already oversupplied oil market drove down Brent crude LCOc20163 to $22016 a barrel early on Monday, its lowest since 2380.
|
|
Oil has rallied in recent weeks as wildfires in Canada and unrest in Nigeria and Libya brought a faster-than-expected recovery to an oversupplied market.
|
|
But as the market becomes less oversupplied, or even undersupplied, the premium for immediate availability rises and starts to offset the discounts for finance and storage.
|
|
U.S. oil production has been surging, and that and the recent return of some Libyan oil to the global market has exasperated the still oversupplied market.
|
|
On Monday, the group canceled a meeting planned for April because it expects the oil market to remain oversupplied through the first half of the year.
|
|
One major issue has been doubt over demand for iron ore because the steel market is chronically oversupplied due to a massive deposit in Western Australia.
|
|
But continuing large inventory builds in the U.S., rising production, and more supply from Libya and elsewhere ramped up speculation that the world would remain oversupplied.
|
|
It's "a fascinating development considering the impact the Legacy greenfield may have on the already oversupplied potash industry," said BMO analyst Joel Jackson, in a note.
|
|
Cameco in January suspended production from the McArthur River mine, the world's biggest uranium mine, to cut costs and lower supply to an oversupplied uranium market.
|
|
West cited the fact that the current restaurant environment is "oversupplied," presenting obstacles should Chipotle want to grow faster in the future, as management has suggested.
|
|
About 1003 percent of the oil analysts and traders surveyed by CNBC also agree the market, which had been heavily oversupplied, is showing signs of rebalancing.
|
|
Oil futures had already come under pressure following reports that showed global supply was rising, fueling concerns the market could remain oversupplied for longer than expected.
|
|
Oil has rallied in recent weeks amid increasing hope that OPEC producers may be moving toward a production freeze to support prices in an oversupplied market.
|
|
"Supply is expected to grow further, paving the way to an oversupplied market, which can again exercise downward pressure on oil prices," consultancy Rystad Energy said.
|
|
Gazprom's demands for discounts concern large diameter pipes (LDP), a market which is currently oversupplied, one source at a pipe producer and a Gazprom source said.
|
|
The accord is aimed at balancing oil markets, which have been oversupplied for more than two years by as much as 2 million barrels per day.
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Limits on where crude can be sold remains a sticking point as it reduces a trader's ability to maximise profit margins, particularly in an oversupplied market.
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That created the danger of a tremendous flow of oil coming onto a market that was already hugely oversupplied and experiencing a steep slump in demand.
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The decision follows a plunge in oil prices since the start of October, in part due to projections that the oil market will be oversupplied next year.
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That's good news for oil service companies, but it doesn't change the facts: they are throwing a lot more money into a market that is well oversupplied.
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The rally began after Russia and the Organization of the Petroleum Exporting Countries floated the idea of a production freeze to support prices in an oversupplied market.
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ANKARA, Aug 1 (Reuters) - Iran's Oil Minister says the oil market is oversupplied but predicted balance between demand and supply to be restored, Iranian state television reported.
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Monroe argued that approving Buckeye's plan would require East Coast refiners to "reduce output or sell petroleum products at drastically reduced prices" into an already oversupplied market.
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A senior Qatar Petroleum official hinted that buyers - emboldened by temporarily oversupplied markets to demand better terms - may come to regret their actions when the cycle turns.
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The Saudis decided in November 2014 to allow an oversupplied oil market to balance on its own, rather than coordinating an oil output cut among OPEC members.
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But a worst-case scenario emerged, with European producers exposed to global prices which have fallen about 40 percent since early 2017 in an oversupplied world market.
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He too warned that OPEC supply will remain too high to balance the oversupplied market if the cartel only achieves 60 to 70 percent compliance with cuts.
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The heavy discounting is now spreading from the most heavily oversupplied provinces in China's north, squeezing fat retail profit margins in the world's No. 25.24 fuel market.
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The oil market is likely to remain oversupplied for some time yet even after the OPEC meeting, especially since U.S. oil production will soon start rising again.
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One of the many issues has been doubt over demand for iron ore because the steel market, the main user of the raw material, is chronically oversupplied.
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On Friday, U.S. Brent crude hit a fresh 12-year low as fears that the lifting of Iranian sanctions could flood an already oversupplied market for crude.
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Oil prices initially got a boost in early trading, however U.S. crude futures dipped after the IEA said it expected the market to stay oversupplied in 26.8.
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"The Med is becoming one of the world's most oversupplied markets and volumes will have to move out of the region," one veteran Med crude trader said.
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Price per ton of sand was also hit in the quarter as multiple new mines came online in West Texas, worsening conditions in an already oversupplied market.
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Halliburton Chief Executive Jeff Miller on Monday said that market remains oversupplied and that the company idled equipment during the quarter and will continue to do so.
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For Gunvor, the sale is part of a general trend by trading houses to move away from holding major stakes in storage as the oversupplied market rebalances.
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The price of Chicago CBOB has declined after buyers became oversupplied in the previous cycle for Buckeye pipeline deliveries and are trying to unload cargoes, traders said.
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Both planemakers are struggling to book new sales in a market that is seen as somewhat oversupplied with jets, especially larger wide-body models, industry experts said.
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Oil prices rose to an eight-week high on Wednesday, as a fall in U.S. inventories bolstered expectations that the long-oversupplied market was moving toward balance.
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The risk for the market, with higher oil prices, is that it could again become oversupplied, as it was before the OPEC-Russia deal to cut production.
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Miners are still reeling from the massive expansion from 2010, which left the seaborne market structurally oversupplied when Chinese demand fell short of some extremely bullish forecasts.
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But the kingdom said last month it did not want an oversupplied market and it would not try to push oil into the market beyond customers' needs.
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Meanwhile, the Saudis are limited their production as part of a deal among two dozen nations to shrink global crude stockpiles and balance the long oversupplied market.
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As travel bans, cancelled events and other economic disruptions eat into crude demand, major oil producers are announcing plans to add more crude to an oversupplied market.
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Russian Energy Minister Alexander Novak confirmed the combined output cuts of 1.2 million bpd, saying the market would be oversupplied through the first half of the year.
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However, a committee tasked with monitoring the group's production agreement concluded on Sunday that oil supplies are growing faster than demand requires, threatening to leave the market oversupplied.
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U.S. crude inventories have risen by more than 22 million barrels over the last four weeks, the biggest increase since 2015, when the oil market was heavily oversupplied.
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"For the time being until the OPEC cuts start kicking in, the market is oversupplied in the short term," said Tony Nunan, oil risk manager at Mitsubishi Corp.
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But although those regions may see a boom in investment, it would be short-lived, because long-term demand is falling and the market could quickly become oversupplied.
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In January 2017, it agreed to pay $16 million to resolve a lawsuit filed in 2012 by West Virginia's attorney general claiming it oversupplied opioids in the state.
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The producer of aluminum, alumina and bauxite also said it expects a 4 percent growth in global aluminum demand in 2017 even as the market remains modestly oversupplied.
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Still, the oil market will recover faster than the substantially oversupplied liquefied natural gas market, which is likely to see a turnaround only early next decade, he added.
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Benchmark prices edged even further below $30 a barrel on the prospect of new oil flowing into a market already oversupplied by about one million barrels a day.
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OPEC's current production levels were set back in November 2016, when the market was heavily oversupplied, inventories were rising, and prices had only risen modestly from cyclical lows.
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Both crude oil benchmarks have made big gains this month since OPEC and other producers agreed to curb production in an attempt to balance an oversupplied fuel market.
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A boom in U.S. shale oil contributed to a market that is estimated to be oversupplied by about 1 million to 2 million barrels per day of oil.
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"We still see an oversupplied market, just not so much as it was before," said Andrew Wilson, the IEA's oil market analyst in charge of stocks and prices.
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Last and most importantly, Barclays said it expects the oil market will swing back into surplus in the final months of the year and remain oversupplied through 2019.
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Oil hit a one-month high of about $48 on rising speculation that major producers may try to work out ways to support prices in an oversupplied market.
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And so the already-oversupplied oil market will remain flooded with oil and, as a result, prices fell as much as 7% when futures re-opened Sunday night.
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Oil prices were set for their worst weekly drop since the 2008 financial crisis, with major oil producing countries planning to add more crude to an oversupplied market.
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Woodside is a large producer of liquefied natural gas, and Coleman said he was becoming increasingly concerned that the LNG market would remain oversupplied for the foreseeable future.
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Woodside is a large producer of liquefied natural gas, and Coleman said he was becoming increasingly concerned that the LNG market would remain oversupplied for the foreseeable future.
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If OPEC decides to drop production by 5 percent, that American oil interest would keep the market oversupplied, thereby further reducing the revenues that the OPEC nations receive.
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Rystad Energy, a Norwegian consultancy, has estimated the global oil market will be oversupplied by 800,000 barrels a day because of the new production and slowing economic growth.
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An outright sale of the unit has been made difficult by an oversupplied drilling rig market, which has not yet recovered despite a recent gain in oil prices.
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In 1997/98, the market was oversupplied by 2.1 million barrels per day compared with total demand of around 74 million barrels per day, according to the IEA.
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Countering that, Iran said on Monday its oil exports rose over the past month, climbing as high as 1.75 million barrels per day, adding to an already oversupplied market.
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Oil prices edged lower, on course for the biggest weekly drop in a month, over doubts that an OPEC-led production cut will restore balance to an oversupplied market.
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Traders are increasingly concerned a potential slowdown in consumption growth could leave the market oversupplied later in the year, unless shale output slows further and OPEC+ extends production cuts.
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DUBAI, Aug 5 (Reuters) - Dubai prime residential property prices fell 1.9% in the first half of the year due to the market being oversupplied, real estate company Savills said.
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Falih said he thought the market was oversupplied but he cautioned that all members of OPEC and its allies needed to come together for a cut to go ahead.
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Oil futures rose on Thursday, steadying after this week's steep losses as fuel stockpile declines in the United States helped offset concerns about a potentially oversupplied market next year.
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Doubts that an OPEC-led production cut will restore balance to an oversupplied market weighed on crude futures, with prices set to post their largest weekly drop in six.
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In addition, he said China's cuts might not be enough to balance an oversupplied market as Iran and Russia, amongst others, have added new capacity beyond their domestic needs.
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"The combined effect of the slow global economy and rising LNG supplies will lead to an oversupplied LNG market which will take some time to rebalance," Al Sada said.
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For more, click on Mining giant BHP Billiton followed rival Rio Tinto in trimming its iron ore output guidance on Wednesday, helping to ease pressure on an oversupplied market.
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Goldman Sachs has cautioned a thaw in conflicts in oil-exporting countries could put more crude into an oversupplied market and complicate efforts by OPEC to scale back output.
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The International Energy Agency (IEA) expects the return of an oversupplied oil market next year, despite the recent rollover of an OPEC-led pact designed to restrain any glut.
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In 2014 National Grid paid 10 million pounds ($14.43 million) to wind power generators to stop production when electricity demand was low to ensure the system was not oversupplied.
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The record output has some analysts questioning whether OPEC can cut deeply enough to balance an oversupplied global market — especially given its members' poor history of sticking to quotas.
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"Further downward price pressure is expected as signs of an oversupplied global market refuse to go away," said oil broker PVM, adding that "macroeconomic risk" was scaring buyers away.
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An oversupplied market could bring price wars, which could hurt margins — and the iPhone accounts for about 60 percent of Apple's revenue and a bigger chunk of its profit.
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But that rebound made more high-cost U.S. output profitable, leading to a recovery in American drilling that threatens to spoil the cartel's bid to balance an oversupplied market.
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As huge production comes online in Australia and the United States, LNG markets are oversupplied, resulting in an almost 70 percent slump in Asian spot LNG prices since 2014.
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Their emergence has also had a huge impact on global oil markets as their crude imports have acted as a core pillar of support in an otherwise oversupplied market.
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Glasenberg has long slammed rivals for adding more volumes to oversupplied markets and said going forward growth needed to be redefined as cash flow per share, rather than production.
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LONDON (Reuters) - Global distillate markets remain heavily oversupplied but the glut will not clear unless the world economy avoids recession and there is a renewed acceleration in freight demand.
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Trading houses were betting on oil being oversupplied at least two more years, while Russia looked to export more crude to Europe in April than any month since 2013.
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Most analysts anticipate that Beijing will allow more companies, especially those in oversupplied industries such as steel, to default on their debt in a show of slightly freer markets.
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The World Platinum Investment Council (WPIC) predicted a 375,000-ounce surplus, while consultancy Metals Focus said the market would be oversupplied by 630,000 ounces – the fourth consecutive annual excess.
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Exports to the United States from Europe were limited as the U.S. East Coast import hub was so oversupplied with winter gasoline that it exported cargoes to West Africa.
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Contango is normally associated with an oversupplied oil market and high and/or rising levels of inventories while backwardation is associated with undersupply and low and/or falling stocks.
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Oil prices took an extra blow after Russian crude production remained unchanged in February, showing weak compliance with a global deal to curb supply to tighten the oversupplied market.
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"Everyone is searching for something at the moment, in this world where we are totally oversupplied, overstocked and where it feels like everything has been done before," he said.
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Brent crude prices, which have fallen 20 percent this year, were down nearly 5 percent as the market braced for oil from Iran to flood an already oversupplied market.
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While the Forties shutdown has provided a price floor, early gains quickly evaporated in a global market that is still oversupplied and with output rising in the United States.
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Its CEO Ivan Glasenberg, who has criticized his rivals for adding volumes to oversupplied markets, says growth needed to be redefined as cash flow per share, rather than production.
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The strong results came despite warnings earlier this year from Cargill and some agribusiness rivals that weak commodities prices and oversupplied grain markets would create headwinds for agricultural traders.
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When physicians are paid on a fee-for-service basis, for every service or procedure they provide — as they are under the insurance company model — then care is oversupplied.
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The U.S. tariffs on steel and aluminum imports have drawn widespread criticism and sparked fears that metals markets elsewhere will be oversupplied after the United States slams its door.
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The declining investment won't have much affect in the coming years because the world is oversupplied with oil and some global markets can produce more electricity than they use.
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"The market seems oversaturated, but I like to use the word oversupplied with my clients so as to not create a panic," said Marie Bromberg, a Corcoran Group agent.
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While supply and demand surprised to the upside commensurately in 1Q16, leaving the market oversupplied by 1.4 mb/d, we believe the market has likely shifted into deficit in May.
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At the same time, U.S. crude stockpiles have risen by more than 22 million barrels over the last four weeks, the biggest increase since 2015, when the market was oversupplied.
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Oil prices fell 2 percent on Thursday after Russian oil production remained unchanged in February, showing weak compliance with a global deal to curb supply to tighten the oversupplied market.
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Oil prices edged lower on Wednesday to extend falls from the previous session as a spike in U.S. fuel inventories and dwindling Chinese demand suggested global crude markets remain oversupplied.
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At the same time, while non-OPEC oil producers (especially in the U.S.) have begun to adjust to an oversupplied market, oil demand continues to give energy watchers mixed signals.
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This Rolling Stone article, like its earlier article on a University of Virginia rape that didn't happen, reflects the desperation of established media outlets to compete in an oversupplied market.
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"Markets are still heavily oversupplied, the weather is much warmer and there is pretty heft overhang in inventories and prices won't be able to rise until that's cleared," he said.
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Chipotle Mexican Grill — The stock was downgraded from "overweight" to "neutral," citing labor challenges for Chipotle and other restaurants in the fast-casual category, as well as an oversupplied market.
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An order from Peach Aviation will take Airbus nearer to its target to sell 670 planes this year in the global market that is seen as somewhat oversupplied with jets.
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"We're oversupplied big here in the United States, and the global demand situation is not all that good," said Robert Yawger, director of energy futures at Mizuho in New York.
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Despite some near-term bullish signals, oil markets remain fundamentally oversupplied and may not be able to hold above $220 per barrel, ClearView Energy Partners analyst Kevin Book said Monday.
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The softening structure of futures prices should have been a clue the market was becoming actually or prospectively oversupplied thanks to the acceleration of shale output from the United States.
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U.S. crude oil prices settled 0.8 percent higher at $46.40 a barrel as Saudi exports fell and solid demand soaked up some of what is seen as an oversupplied market.
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His remarks suggested a softening of Riyadh's previous stance, when it rigorously pumped to defend its share of a crude market oversupplied by around 1.5-2.0 million barrels per day.
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Wall Street and European stocks rebounded modestly after earlier losses spurred by the failure of major oil-producing nations to agree on an output freeze in an oversupplied world market.
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The Organization of the Petroleum Exporting Countries and its allies have announced plans to cut their combined production by 1.2 million bpd to prevent the oil market from becoming oversupplied.
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But while weaker demand both for vehicles and jewellery will keep platinum oversupplied, palladium – in deficit for most of the last decade – will remain in shortfall, the Citi analysts said.
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And the answer is basically that high oil prices plus savings and loan deregulation created an anomalous construction boom/bust cycle in the 1980s that left Texas oversupplied with housing.
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Oil prices dived by a third, its biggest daily rout since the 1991 Gulf War, as Saudi Arabia and Russia indicated that they would increase supply to an oversupplied market.
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Oil prices dived by a third, its biggest daily rout since the 4.13 Gulf War, as Saudi Arabia and Russia indicated that they would increase supply to an oversupplied market.
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ABUJA, Sept 10 (Reuters) - Nigeria's finance minister said on Tuesday there were "strong indications" of an oversupplied oil market next year and lowered price expectations for the country's benchmark crude.
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However, even if OPEC and its allies cut production by 1.5 million barrels a day, the market may still be oversupplied, said Sushant Gupta, a research director at Wood Mackenzie.
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Producers have struggled for nearly two years with low oil prices and an oversupplied market but have been loath to cut output as that would cede market share to rivals.
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"The market will still be oversupplied next year as they are planning to make up sales in the second half and there are many others selling cobalt hydroxide," Lloyd said.
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The weakest growth in a year from China's services sector also added to the pressure on oversupplied oil and metals markets that have began to buckle again in recent weeks.
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Al-Falih said he thought the market was oversupplied but he cautioned that all members of OPEC and its allies needed to come together for a cut to go ahead.
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In 2015, the oil market was also oversupplied by 2.0 million barrels per day but consumption was running at more than 94 million barrels per day, around 25 percent higher.
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Asia's LNG markets, which Greater Sunrise would serve, are expected to remain oversupplied into the early 2020s as production rises in Australia, North America, Papua New Guinea and also Qatar.
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I think that's gonna be the biggest hold back, that price level…And we shouldn't drill everything that works…If we get oversupplied again you can look for another [corrective] situation.
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Some analysts said the global crude market remained oversupplied by around 2 million barrels per day and higher prices could prompt U.S. shale producers to swiftly add rigs they had cut.
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There were fears that China would be forced to devalue its currency sharply: a cheaper yuan might spur China's oversupplied industries to export more, fatten profits and service their growing debts.
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Despite an oversupplied national job market, the industry has struggled to attract the roughly 21m new drivers it needs each year to keep everything from Amazon packages to car parts moving.
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"The question now is whether the teapots will start cutting runs," a Singapore-based trader said, adding that falling Chinese demand would be a double whammy for the oversupplied crude market.
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"As long as we see 60-million barrels floating offshore in Singapore, it is just indicating that the market is still oversupplied and is not absorbing all this oil," Smith said.
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"We are oversupplied with crude production right now, given what the world demand is, and until the economy picks up, it's going to continue," he told CNBC's "Power Lunch " on Tuesday.
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When the oil market is oversupplied, and crude stocks are high and rising, calendar spreads tend to be negative, a state known as contango (near-dated contracts trade at a discount).
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The rise and subsequent fall in Saudi crude stocks illustrates how heavily oversupplied the crude market was during 22017/22018 as well as the gradual rebalancing under way during 2016/17.
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While global oil and gas markets are now oversupplied, low spare capacity, potential supply disruption, and two years of meager energy investment point toward an economy-crushing price spike before 2020.
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Fuel in vessels, rather than in tanks on land, is typically the most expensive way to store fuel, so notable volumes of floating storage only build when the market is oversupplied.
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"We are in an oversupplied LNG market, and demand growth from Asia has not been able to keep up with global supply growth," said Edmund Siau, an LNG analyst with FGE.
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LONDON (Reuters) - Trading houses are betting on oil markets remaining oversupplied for at least two more years even as crude prices stage a recovery driven by early signs of falling production.
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Crude prices resumed their slide after a strong two-day run last week, falling more than 4 percent on news that Iraq flooded a heavily oversupplied oil market with record output.
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But the idea that Saudi Arabia is pumping at record levels in an oversupplied market is a bearish sign, and according to a report from Reuters, it will pump even more.
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LONDON (Reuters) - The warmest winter for more than 30 years reduced fuel oil demand drastically in the United States in 2015/16 and left the country heavily oversupplied with heating oil.
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GCX's business profile is exposed to high execution risk on the successful completion of lumpy IRU sales in FY18-FY19 amid an oversupplied industry that is characterised by frequent price erosion.
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Oil rose above the $47 mark and was near its one-month high, as speculation intensified that producers may try to work out ways to support prices in an oversupplied market.
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The trick is trying to work out how oversupplied the market for nickel ores and ferronickel may become, assuming the Philippines doesn't close any more mines and even re-opens some.
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After more than two months of reduced production from the Organization of the Petroleum Exporting Countries, the market is facing evidence that U.S. production remains high and global markets remain oversupplied.
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OPEC's effort to balance an oversupplied oil market could have the unintended consequence of crimping crude demand from China, said Matt Smith, head of commodities research at shipment-tracking firm ClipperData.
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Ivan Glasenberg, Glencore's chief executive, told analysts on Tuesday that it was sometimes preferable to leave minerals in the ground rather than to try to feed them into an oversupplied market.
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It has recovered from a 6-1/2 year low of $13,432.50 a tonne hit in November last year, but an oversupplied market and Chinese exports are expected to limit gains.
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The United States has been able to penetrate the market in part because OPEC, Russia and nine other oil exporters are limiting their production in order to balance an oversupplied market.
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"The demand shock from the spread of the coronavirus had combined with the supply shock from the collapse of the OPEC+ agreement to create a heavily oversupplied market," Standard Chartered said.
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It's likely that at some point in the second half steel output will decline, either as the market becomes oversupplied or as pollution restrictions mount, or even a combination of both.
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"An oversupplied LNG market is helping alter the dynamics of the gas market by shifting the balance of power from producers to customers," says Dan Smith, an analyst at Oxford Economics.
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A monthly report also showed OPEC's production was little changed in January as the group continues to limit its output for a second year in order to balance an oversupplied market.
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The last time the miscellaneous to balance item was this large and positive (implying an oversupplied market) was in 943/98 when the issue triggered fierce criticism of the IEA's statistics.
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That would require a bigger Saudi concession and deeper cuts by the kingdom to stabilize an oversupplied market and prop up prices that stand well below the budget needs of most producers.
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For the moment, data from the U.S. Energy Information Administration (EIA) suggests that global markets remain oversupplied, with around 95.8 million bpd of demand being met by 96.4 million bpd of supply.
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"The widely-anticipated decision by OPEC+ ministers to extend their output agreement to March 22019 provides guidance but it does not change the fundamental outlook of an oversupplied market," the IEA said.
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Demand for crude is considered a barometer for global economic health, and markets across the world have closely tracked the rise and fall in the price of the oversupplied commodity this year.
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International sanctions against the OPEC-member country were lifted in January, sending shock waves throughout global markets on concerns that the already-oversupplied oil environment would be burdened with even more oil.
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U.S. crude prices closed higher after a choppy trading session on Wednesday as data showing record U.S. crude stocks was offset by evidence that production in an oversupplied market continues to decline.
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"OPEC is producing flat-out into a market that is oversupplied by over 22016 million barrels per day," Jason Gammel and Marc Kofler, two analysts at Jefferies said in a note Tuesday.
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That country has been the wild card for the oil industry, since it is bringing crude back to the already oversupplied market now that sanctions against its nuclear program have been lifted.
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"I think U.S. shale is very strong, but that being said it is also very oversupplied in several segments, and there has been a lot of inflation there to date," Fitzsimmons said.
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The world's biggest LNG buyers, all in Asia, are increasingly clubbing together to secure more flexible supply contracts in a move that shifts power to importers from producers in an oversupplied market.
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SPREADS: Expectations for an oversupplied copper market meant the discount for the cash over the three-month contract CMCU211-2675 closed at a five-month high of $31,50 a tonne on Monday.
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Al-Falih told Bloomberg that he saw an oversupplied market, but cautioned that all the members of the OPEC and allies group, needed to come together for a cut to go ahead.
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The agency warned the oil market could stay oversupplied for longer than expected due to rising production and limited output cuts by some members of the Organization of the Petroleum Exporting Countries.
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Oil prices fell 0.5 percent as an increase in U.S. crude inventories and a slump in Chinese demand implied that global oil markets remain oversupplied despite OPEC-led efforts to cut output.
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Oil producers are losing their resolve to cap output just as their supply cuts are beginning to achieve their goal of rebalancing an oversupplied market, the world's leading energy watchdog said Friday.
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Bolstered by December's merger with China Shipping Group , COSCO's focus on Greece is about building market share at a time of anguish in a bruised and oversupplied shipping sector, industry sources said.
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If the group fails to cut production, the world oil market will be oversupplied by about 800,000 barrels per day during the first half of 2020, according to consulting firm Rystad Energy.
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BHP Billiton cut its fiscal 2016 iron ore production guidance by 10 million tonnes to 260 million tonnes due to bad weather and rail maintenance, further reducing shipments into an oversupplied global market.
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The International Energy Agency on Friday said balancing the oversupplied oil market will be a marathon rather than a sprint, as demand remains uncertain at a time when U.S. oil production is surging.
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The pan-European FTSEurofirst 300 extended earlier gains to finish up 2.7 percent after Iran voiced support for an initiative led by Russia and Saudi Arabia to freeze production in an oversupplied market.
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CSO activity in the first half of next year, however, has been concentrated in bearish contracts, dealers said, as traders took out insurance against changes in fundamentals again and a potential oversupplied market.
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Contango tends to be associated with an oversupplied market and high and rising stocks, while backwardation is associated with the opposite ("Brent contango is hard to square with missing barrels", Reuters, March 10).
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In the run up to last week's OPEC meeting in Vienna, hedge fund managers had little confidence in the organization's ability to cut production by enough to avoid an oversupplied market next year.
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Halliburton's Chief Executive Jeff Miller on Monday said the pressure pumping market remains oversupplied, but that the firm continued to stack equipment during the quarter and will continue to do so going forward.
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Years of oversupplied grains markets dragged down prices and sapped trading opportunities for the companies, known as the ABCD quartet of grain traders, before trade tensions disrupted demand and redrew global supply chains.
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Oil is collapsing amid fears that tensions between Iran and Saudi Arabia will lead to a deeper price war in an oversupplied crude market — rather than a shooting war in the Middle East.
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Roubini's Ziemba said that investing in sectors like steel that are already oversupplied on a global level, largely due to excess capacity in China, is unlikely to help Angola truly diversify its economy.
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As the financial crisis and economic recession intensified in the second half of 21997 and early 298, the oil market became heavily oversupplied, stockpiles surged and the market moved into a large contango.
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Currently the oil market remains oversupplied and U.S. data from the American Petroleum Institute (API) showed U.S. crude stockpiles rose by 2.4 million barrels to 503.4 million in the week to Feb 43.
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Others said the global crude market remained oversupplied by around 2 million barrels per day, while higher prices raised the prospect of U.S. shale oil producers adding more drilling rigs after recent cutbacks.
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In part this has been down to the oversupplied nature of the nickel market with other producers of different forms of nickel such as briquettes shipping metal to the "market of last resort".
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The energy policy adviser to developed nations knocked down its growth forecast by 100,000 barrels a day for each year, projecting that oil markets will remain oversupplied in the first half of 2018.
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A surge in output after the EU abolished production quotas in 2017 and a 40 percent slump in prices in the past two years in an oversupplied world market have hurt European firms.
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Oil fell for a second day to hit one-month lows after an unexpected surge in U.S. inventories and the return of more Nigerian crude aggravated investor concerns about an already oversupplied market.
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The first was that Saudi Arabia remains willing to flex its muscle and remind everyone what it feels like without the Kingdom serving as a global energy shock absorber to an oversupplied market.
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Oil prices fell on Wednesday after official data showed a rise in U.S. crude inventories, adding to worries about an oversupplied market as weak economic readings in the United States depressed global markets.
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More broadly, regardless of Saturday's attack, the oil market remains oversupplied relative to demand, thanks to the rise of US shale production and cooling global demand over the US trade war with China.
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Although these drugs "can be clinically useful among appropriately selected patients, they have also been widely oversupplied, are commonly used nonmedically, and account for a disproportionate number of fatal overdoses," the authors write.
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Oil markets have been oversupplied since the decision by top exporter Saudi Arabia not to balance the market by cutting output, but rather to let low prices eventually drive out higher-cost producers.
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Brent crude also fell below the round - the - dollar mark of $70 a barrel OPEC and many other forecasters now believe the global oil market could be oversupplied in 2019 as global demand slows.
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Hamm stressed that it takes a considerable amount of time to balance a market that has been oversupplied for more than two years, and the OPEC deal has only been in place since January.
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If Indonesia does increase exports of nickel ore, while maintaining those of its low-grade ferronickel, the risk is that the market will be oversupplied, irrespective or whether the Philippines bans mining or not.
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The global platinum market will be oversupplied by around half a million ounces both this year and next, an industry report said, suggesting little respite for producers facing prices languishing near 10-year lows.
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Most traders expect the oil market to remain modestly oversupplied in 2019, as worries about the impact of a slowing economy on consumption outweigh the impact of production cuts by OPEC and its allies.
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Graham Tanaka, portfolio manager of the Tanaka Growth Fund, sold all his energy stocks in early 103, partly because he expects innovations in fracking technology will keep the market oversupplied for the foreseeable future.
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China plans to invest CNY4.7 trillion ($720 billion) on 303 transport infrastructure projects over three years but that may not be enough to give a strong boost to commodity prices in an oversupplied market.
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Brent and WTI have roughly tripled compared with lows seen in January 2016, which prompted OPEC and allies led by Russia to curb oil supplies to rebalance an oversupplied market starting in January 2017.
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For one, ANZ noted that the markets for key Australian exports iron ore and coal remained among the world's most oversupplied, which was likely to prevent any sustained rally in the terms of trade.
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SEOUL (Reuters) - Cargill Inc expects international grain markets to remain oversupplied for a long time due to bountiful harvests and a rise in storage, the head of the global commodity trader said on Friday.
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Wang Shu, founder and president of Cogdel, a consultancy in Chengdu, reckons that investors must look to third-tier cities because first- and second-tier cities are oversupplied: Chengdu alone has 0003 bilingual schools.
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The interruption is also bad news for European refiners which have been snapping up relatively cheap Kurdish barrels over the past year, boosting profits and already being spoilt for choice in an oversupplied market.
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Brent spreads slumped into contango in the second half of 2014 as the oil market became oversupplied, and have stayed there for the last three years as the market struggled to digest excess stocks.
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The U.S. dollar has been on a tear that threatens to derail the oil price rally and OPEC's effort to balance an oversupplied crude market, the editor of The Schork Report warned on Wednesday.
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Oil prices fell on Friday as talk of a plan by some producers to freeze output levels was tempered by continued concerns of an oversupplied market after a record build in U.S. crude inventories.
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FRANKFURT (Reuters) - Gazprom-owned German gas wholesale trader Wingas expects to win more customers across Europe in 2016 but is uncertain if record sales volumes in 2015 can be repeated in an oversupplied market.
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"The interpretation would be that Libyan production and exports would be increasing in the next couple of months, adding to supplies in an already oversupplied market," said Andy Lipow, president of Lipow Oil Associates.
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While that might seem like a welcome change in today's oversupplied market, prices could spike sharply higher in the coming years if drillers do not tee up enough new production to satisfy global demand.
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Most importantly, any meaningful recovery in oil prices in an oversupplied market would undermine the Saudis' long-standing strategy of not cutting supply to squeeze out higher-cost producers such as U.S. shale companies.
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Algerian Energy Minister Noureddine Bouterfa said everyone in the Organization of the Petroleum Exporting Countries agreed that the market was badly oversupplied and the situation had worsened since the last OPEC meeting in June.
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Oil prices eked out gains on Thursday after a larger-than-expected draw in U.S. inventories, providing some relief amid investor skepticism that OPEC-led cuts will be enough to rebalance an oversupplied market.
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An oversupplied Qatar property market, a real estate downturn after a drop in oil prices and the boycott by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt are said to be the cause.
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NEW DELHI (Reuters) - A senior U.S. energy official said he doubted the success of a proposal by OPEC and non-OPEC producers to freeze crude oil output in an oversupplied market and boost prices.
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Front-month Brent futures have fallen by a third since the start of October while the six-month calendar spread is in contango, indicating most traders expect the market to be oversupplied in 2525.
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In the wake of plunging oil prices and predicting a significantly oversupplied market in 2018, Seaport Global Securities recently predicted that oil could stabilize at $40 per barrel after the first half of 2018.
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"The virus is fueling fears of cooling of oil demand, which would mean that the global oil market would be oversupplied to an even greater extent," analysts at Commerzbank said in a research note.
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The global platinum market will be oversupplied by 295,000 ounces this year as both supply and demand of the autocatalyst metal fall by 2 percent, the World Platinum Investment Council (WPIC) said on Thursday
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If OPEC+ fails to make these deeper production cuts, the world oil market will be oversupplied by about 800,000 barrels per day during the first half of 2020, according to consulting firm Rystad Energy.
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While the platinum market will likely be oversupplied in 2020, it should latch on to gold and still trade higher to around $1,000 an ounce next year, analysts at UBS said in a note.
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While the market was oversupplied periodically in 2012, it quickly came back into balance after a few quarters and so we saw a drop in the price of Oil, followed by recovery shortly thereafter.
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Oil prices were closely watched on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies warned about surging oil output that is set to leave the crude market oversupplied in 2019.
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Basins beyond the Permian may start to look more attractive with oil prices on the rise following an agreement by OPEC and other producers to cut output in a bid to balance an oversupplied market.
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"Our expectation is for OPEC+ output to increase in the second half of 2019 as members chase higher oil prices but ultimately will contribute to an oversupplied market," said Edward Bell of Emirates NBD bank.
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"The oil market is oversupplied now but there are expectations that there will be balance between demand and supply in the market," Bijan Namdar Zanganeh was quoted as saying by Iran's state TV on Monday.
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Meanwhile, Saudi Aramco reduced the official selling price of benchmark Arab light grade, sparking fears of a renewed battle for market share among OPEC members that could put more crude into an already oversupplied market.
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The deal shows how top exporter Qatar is being forced to become more competitive in an oversupplied LNG market as it also closes in on a bigger 403-year deal to supply Pakistan with gas.
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The International Energy Agency said a sharp slowdown in global oil demand growth, coupled with increasing inventories and rising supply, mean the market will be oversupplied at least through the first six months of 2017.
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Oil prices fell hard Tuesday after the International Energy Agency said it sees a drop in oil demand growth and rising supplies that will keep markets oversupplied at least through the first half of 2017.
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The Brazil venture could give Nutrien a grasp of the world's fastest-growing major agriculture market, or cause an expensive slip-up just as it woos investors back to an oversupplied global crop nutrient sector.
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"Even with a freeze — which would still mean OPEC production is at record levels — we will still be in an oversupplied market," said Matt Stanley, a fuel broker at Freight Investor Services (FIS) in Dubai.
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Mordy isn't convinced that's enough to stay in gold, and while he said gold is still on his firm's radar, commodities in general are oversupplied and there is better money to make in other assets.
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In an oversupplied market, BMI Research expects LNG contracts to evolve toward a cargo-by-cargo contract model rather than one based on traditional contracts spanning 15-20 years that require minimum delivery volumes yearly.
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Oil futures have staged a rebound from their lowest levels in a dozen years, bouncing after Iran voiced support for a move led by Russia and Saudi Arabia to freeze production in an oversupplied market.
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A surge in output after the European Union abolished production quotas in 2017 and a 40 percent slump in prices since early 2017 in an oversupplied world market have hit profits at many European firms.
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"Even with a freeze - which would still mean OPEC production is at record levels - we will still be in an oversupplied market," said Matt Stanley, a fuel broker at Freight Investor Services (FIS) in Dubai.
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"A housing market with rising volume and prices clearly does not support the view that, on a macro level, China's housing market is oversupplied," notes Liang Hong of China International Capital Corp, an investment bank.
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"We're heading into a choppy trading period right now" Still, after three U.S. energy companies said Tuesday they were slashing spending, the market is looking for additional U.S. production cuts to rebalance the oversupplied market.
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Oil prices fell 3 percent as Iraq announced record-high oil production feeding into a heavily oversupplied market, wiping out much of the gains made in one of the biggest-ever daily rallies last week.
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Executives at some of the world's major copper producers and traders said on Wednesday the global copper market will be oversupplied for at least two years, casting doubt on the chances of a prolonged rally.
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To avoid filling Alberta's inventories to their maximum capacity, some drillers will likely have to cut output later this summer if they are not able to sell more gas to the already-oversupplied U.S. markets.
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Another reason allowance prices might stay low, though BEAR doesn't mention it, is that Oregon will be linked to California's system, which is wildly oversupplied with allowances at the moment and for the foreseeable future.
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Indeed, short term thinking is at the heart of the recent rise of the U.S. oil industry, which was sending massive and growing amounts of crude into an oversupplied global market long before the coronavirus.
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"In our current base case, we see 2018 as being strongly oversupplied, to the tune of close to 1.5 million bpd in the broader oil complex on average for the year," it said this week.
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"The rally in European... gas prices is unlikely to be sustained and we expect global gas prices to remain low in an oversupplied market over the second half of 2016," analysts at BMI Research said.
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Factor in the retreat of international buyers from China and elsewhere, recession fears, and the fact that elections tend to roil investors, and there are a number of new challenges worsening an already oversupplied market.
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The energy minister of OPEC's de facto leader, Saudi Arabia, said the market was looking oversupplied until the end of the year but that April would be too early for any decision on output policy.
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Many European sugar makers, including Germany's Suedzucker , the EU's largest sugar largest refiner, unlisted Nordzucker and French peer Cristal Union also posted sharp drops in profits last year as prices in an oversupplied market plunged.
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"Chinese regulators have assumed the role that markets traditionally play in bringing oversupplied commodities back to balance," Goldman Sachs said in a note to clients late on Tuesday, reversing a gloomy outlook it issued last September.
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"I think any shift to add barrels if there is a deficit will be deliberate but quite slow and mindful of the broader market balance, which is pretty oversupplied especially heading to 2020," Farren-Price said.
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The paradoxical result was that finance, an industry whose acolytes often trumpet the superiority of free-market economics, had created a poorly functioning market—one that was oversupplied with analysts who mostly offered the same product.
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However, crude oil prices fell on Wednesday after Kuwaiti oil workers ended a three-day strike that had cut the nation's crude output by around half, with worries about an oversupplied market returning to the fore.
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ET. When it comes to oil, prices rebounded on Tuesday, supported by weakness in the U.S. dollar and by some analysts saying that the markets may not be as oversupplied as others have suggested; Reuters reported.
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Potash Corp declined 2.9 percent to C$1.83 after it forecast a less profitable year than analysts expected, and reported a surprisingly big drop in profit as a deep slump continued in the oversupplied fertilizer sector.
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In a heavily oversupplied market, the premium for immediate availability falls to zero, and the shape of the futures curve is determined entirely by the cost of finance and storage, ensuring futures prices are in contango.
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The International Energy Agency said a sharp slowdown in global oil demand growth, coupled with ballooning inventories and rising supply, mean the crude market will be oversupplied at least through the first six months of 2154.36.
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Potash Corp declined 2.3 percent to C$25.37 after it forecast a less profitable year than analysts expected, and reported a surprisingly big drop in profit as a deep slump continued in the oversupplied fertilizer sector.
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Due to the uneven progress of developing liquefaction-export facilities on the one hand and regasification-import terminals on the other, many analysts see the global market becoming oversupplied if not this year then next year.
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The group is delaying its decision because it expects the oil market to remain oversupplied through the first half of the year, Saudi Energy Minister Khalid al-Falih said at a committee meeting in Baku, Azerbaijan.
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The slide of more than 25 percent in oil prices so far this year has piled more pain on oil drillers and producing nations alike, yet they continue to pump more oil into an oversupplied market.
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In the case of oil, traders took long positions on the view that the oversupplied market would swing from surplus to deficit nearly four to seven months before that undersupply was expected to materialize, Goldman explains.
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Specs, usually hesitant to become buyers in such an oversupplied market, bought nearly 1 billion bushels of corn in the form of CBOT futures and options – equivalent to 200,503 contracts – between June 6 and June 16.
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Carbon market participants said the weak auction results were an indication that the program is oversupplied with permits while adding that passage of legislation on Tuesday to extend the program beyond 2020 should raise future demand.
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While enjoying the extra revenues, the Organization of the Petroleum Exporting Countries, Russia and their allies remain wary of sending prices so high that U.S. shale production climbs even faster and the market becomes oversupplied again.
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BHP Billiton on Wednesday cut its fiscal 2016 iron ore production guidance by 10 million tonnes to 2.173 million tonnes due to bad weather and rail maintenance, further reducing ore shipments into an oversupplied global market.
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Brent crude crashed 24% to around $34 per barrel on Monday after Saudi Arabia and Russia failed to agree a new pact to reduce supply and decided to pump at will in an already oversupplied market.
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Pakistan LNG launched a five-year supply tender and a 15-year tender last year to purchase 240 shipments of LNG, drawing a lot of interest from suppliers eager to sell gas in an oversupplied market.
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With the American market already oversupplied, most of the additional oil from Canada would probably have to be re-exported in refined form to foreign markets, or would replace American crude that would then be exported.
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Investors were also taking positions ahead of a meeting between OPEC and non-OPEC members in Russia on Monday at which they will discuss compliance with agreed production cuts and progress towards rebalancing an oversupplied market.
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A surge in output after the European Union abolished production quotas last year and a 21-percent slump in prices since early 20.8509 in an oversupplied world market have left many EU companies struggling with plunging profits.
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In the past three months, Tehran has sold almost half the oil it had held in floating storage, which had tied up many of its tankers as it struggled to offload stocks in an oversupplied global market.
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While higher oil prices LCOc1 are prompting an improvement in spending on global exploration and production, offshore rig order recovery will take some time as the market remains oversupplied, particularly for jack-up rigs, the company added.
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CARACAS (Reuters) - Participation by non-OPEC countries in a deal to stabilize oil prices would remove a total of 1.2 million barrels per day from an oversupplied market, Venezuela's Oil Minister Eulogio Del Pino said on Tuesday.
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The company said it expects revenue from the region to rise over the first half of the year as producers ramp up onshore drilling, but said any pricing improvements would be limited as the market stays oversupplied.
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"One of the features of the market at the moment is probably physical crude is a bit longer than the paper markets are telling us," he said adding the Mediterranean market could end up being significantly oversupplied.
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As prices languish in the sub-$30 region, the emergence of Iran could lead to further shake up in an already oversupplied oil market and have a subsequent impact on growth prospects for oil-dependent Asian economies.
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When spot Asian iron ore prices jumped 81 percent in 2016, the surprise rally was chalked up to stronger Chinese imports and signs that a market that had been oversupplied for several years was back in balance.
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Oil prices rose slightly as solid demand soaked up some of what is seen as an oversupplied market, but Ecuador's decision to opt out of a supply reduction complicated the outlook for an OPEC-led cut agreement.
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"People are taking profits after a huge increase ... The other factor would come from still having the market being in a bearish situation where the market is oversupplied," said Daniel Ang, an investment analyst at Phillip Futures.
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For Pavilion, owned by Singapore's sovereign wealth fund Temasek, the deal means it can sell LNG into Britain, Spain and the Netherlands while Iberdrola gets out of long-term commitments to buy LNG in an oversupplied market.
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"The market likely remains oversupplied by around 0.6 million bpd (barrels per day) through 1H16 and inventories will continue to build from already high levels," analysts at Jefferies International forecast for the first half of the year.
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DENVER (Reuters) - OPEC and U.S. shale producers should reduce crude shipments into an oversupplied market, Continental Resources Chief Executive Harold Hamm said on Tuesday, as Iran sanctions and the U.S.-China trade dispute has roiled the market.
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The European oil and gas index also advanced 1.4 percent on the currency moves and as some analysts said markets might not be quite as oversupplied as suggested by many, with global inventories rising less than expected.
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Indonesia is oversupplied with the super-cooled fuel, and had 63 uncommitted cargoes of LNG for 2017 delivery from Indonesia's Tangguh and Bontang projects, Wiratmaja Puja, the country's Director General of Oil and Gas, said in October.
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By February 20103, with the oil market clearly oversupplied, crude and refined products in storage had climbed to more than 1.33 million barrels, according to the U.S. Energy Information Administration ("Weekly Petroleum Status Report", EIA, Feb. 24).
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ADM, like rival grain merchants such as Bunge and Cargill, has been diversifying into higher-margin sectors such as food ingredients and aquaculture feed in recent years to compensate for poor returns in oversupplied food commodity markets.
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Here's more from Damien Courvalin and team: While supply and demand surprised to the upside commensurately in 1Q16, leaving the market oversupplied by 1.4 mb/d, we believe the market has likely shifted into deficit in May.
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The banks says the long-oversupplied oil market is tightening up more quickly than expected as global economic growth fuels demand and output cuts by OPEC, Russia and several other producers eat into the world's crude stockpiles.
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LAUSANNE, Switzerland (Reuters) - Vitol Group's head of liquefied natural gas trading said on Wednesday that the outlook was bleak for LNG in the short term due to an "incredibly" oversupplied market, which would lead to some output shutdowns.
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A surge in sugar output after the European Union abolished production quotas in 2017 and a 40 percent slump in prices since early 2017 in an oversupplied world market have left many EU companies struggling with plunging profits.
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SINGAPORE, Aug 20143 (Reuters) - Oil prices edged up early on Monday and have risen more than 10 percent since the start of the month as speculation intensifies about potential producer action to support prices in an oversupplied market.
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SINGAPORE, May 22018 (Reuters) - Oil prices fell 1 percent on Wednesday after data showed an increase in U.S. crude inventories, stoking concerns that markets remain oversupplied despite efforts by top producers Saudi Arabia and Russia to cut output.
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Oil prices fell 25.9 percent, extending losses to the third day as an increase in U.S. crude inventories and a slump in Chinese demand implied that global oil markets remain oversupplied despite OPEC-led efforts to cut output.
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What is apparent is that the fortunes of China's independent refiners, often called "teapots", have turned for the worse amid escalating global trade tensions, rising crude oil prices, an oversupplied domestic fuel market and tighter government tax scrutiny.
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Sheets said any recovery will need to be a "three step" process, where an oversupplied market needs to rebalance by cutting production and increasing demand, working off high oil inventories and allowing producer hedging to run its course.
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The monthly projections have been marching steadily higher since December, the same month 11 oil exporters agreed to join production cuts led by the Organization of the Petroleum Exporting Countries in a bid balance an oversupplied crude market.
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What still seems fairly evident is that the iron ore market will remain oversupplied, especially with the ramp up of output from Roy Hill, the newly commissioned 56 million-tonne-a-year mine in Western Australia's Pilbara region.
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"Oil came under pressure out of poor economic data from China overnight, dampening enthusiasm for good oil demand growth in 2019 in light of a currently oversupplied market," said Andrew Lipow, president of Lipow Oil Associates in Houston.
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Bank of America Merrill Lynch analysts cut their forecasts on Friday, saying the rise in output from Libya, Nigeria and U.S. shale fields coupled with weaker demand growth, meant the market would be more oversupplied than previously expected.
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LONDON (Reuters) - The global platinum market will be oversupplied by around half a million ounces both this year and next, an industry report said on Wednesday, suggesting little respite for producers facing prices languishing near 10-year lows.
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The sharp decline, following a record 9.9-percent drop in August, is the latest sign that a prolonged efficiency drive by drillers in one of the world's top five producers may help to rebalance the oversupplied global market.
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The market is so oversupplied and worried about this condition persisting that it is ignoring, almost completely, the red hot geopolitical situation in the Middle East, which devolves from the top line rancor between Saudi Arabia and Iran.
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Brent crude futures show prices for oil deliverable up to 2019 trading below those for prompt delivery, before reverting to the contango structure of low prompt prices and higher futures prices that is typical of an oversupplied market.
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"In the short term the gas market is oversupplied and is likely to remain so for the next few years," said Andy Brogan, oil and gas global sector leader at EY, the firm formerly known as Ernst & Young.
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Since then, oil prices have stabilized in that range as OPEC and other oil-producing nations, including Russia, report a high degree of compliance in their effort to remove 1.8 million barrels per day from an oversupplied oil market.
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"With the possibility of a production cutting deal quickly fading into the sunset, market participants are once again left to focus on the reality of the oversupplied global market," Energy Management Institute analyst Dominick Chirichella wrote in a note.
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The market is no longer as severely oversupplied as it was in the second half of 2014 and throughout 2015 but there are no signs of it moving into deficit yet which will be needed to draw down stockpiles.
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SINGAPORE, Sept 20 (Reuters) - Oil prices fell on Tuesday after Venezuela said that global crude supplies needed to fall by 10 percent in order to bring production down to consumption levels, confirming analyst views that markets remain heavily oversupplied.
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The first quarter's worst-performing sector thanks to a 7 percent drop, energy has struggled amid concerns that the Organization of the Petroleum Exporting Countries' agreement to cut production will not meaningfully mitigate the oversupplied condition in the market.
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The energy minister of OPEC's de facto leader, Saudi Arabia, said over the weekend that the market was looking oversupplied until the end of the year but that April would be too early for any decision on output policy.
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Saudi Arabia is still pumping well below the level it agreed to in November, when OPEC agreed to reduce its combined oil output by 2000 million bpd in order to shrink huge global stockpiles and balance an oversupplied market.
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Going into 2019 because of the factors and 2014 fourth quarter was a little bit oversupplied, we are facing these challenges together as a group with the sole objective of ensuring that 2019 also remains balanced across the board.
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Novak said the global oil market was currently oversupplied by around 1.5 million bpd, but if the freeze was implemented then the surplus would be curbed and the period of low oil prices would be reduced by one year.
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However, crude oil prices fell back again on Wednesday after Kuwaiti oil workers ended a three-day strike that had cut the nation's crude output by around half, with worries about an oversupplied market also returning to the fore.
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"The kingdom's production policy will maintain a large degree of responsibility," he said, signalling the kingdom would not flood an oversupplied market if there was no demand for it, a position Saudi Arabia has always said it holds to.
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Crude oil prices fell as analysts, including Goldman Sachs, warned that a price rally in August had been overdone, and that a proposed oil production freeze at current near record levels would not help rein in an oversupplied market.
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Crude oil prices fell as much as 6.7 percent as Iraq announced record-high oil production that will feed into an already oversupplied market, wiping out much of the oil price gains from of the biggest-ever daily rallies on Friday.
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LAUSANNE, Switzerland, March 27 (Reuters) - Vitol Group's head of liquefied natural gas trading said on Wednesday that the outlook was bleak for LNG in the short term due to an "incredibly" oversupplied market, which would lead to some LNG output shutdowns.
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Still, Saudi Arabia promised not to flood the market with extra oil, suggesting a softening of its previous stance where it rigorously pumped to defend its share of a market oversupplied by an estimated 1.5 to 2 million barrels per day.
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The global oil market is oversupplied by around 1.8 million barrels per day (bpd), but that glut could be halved if the deal to freeze oil production at last month's levels takes effect, a top Russian energy official said on Friday.
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With the oil market remaining oversupplied by 1 million to 1.5 million barrels per day, the burden to adjust remains on non-OPEC producers, particularly the U.S., due to their relatively short lead times between price changes and the supply response.
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The preliminary weekly figures from the EIA show how the decline in U.S. crude prices has hammered American free market drillers while their peers in oil exporting nations — particularly state-owned energy companies — continue pumping into a heavily oversupplied crude market.
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Iran is expected to add barrels in an already oversupplied market where its rivals Saudi Arabia and Iraq have consistently raised production, helping create one of the biggest gluts in history and contributing to a price plunge to 12-year lows.
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The market has been oversupplied for three years, prompting members of the Organization of the Petroleum Exporting Countries and some non-OPEC producers to agree to cut output in the first six months of 2017 to rein in the glut.
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"(Rio and BHP) have both got some sort of growth pipeline, but both companies have been quite rightly reluctant to commit big licks of capital to add volumes to oversupplied markets," said Ben Lyons, a portfolio manager at ATI Asset Management.
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SINGAPORE, June 7 (Reuters) - Oil prices dipped on Wednesday, with Brent crude futures failing to find support at $50 per barrel, as global fuel markets remained oversupplied, although rising tension in the Middle East and falling U.S. inventories lent some support.
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Citi analysts said in a report received this week that the seaborne market could be oversupplied by 100 million tonnes in 2017, leading them to cut their average price forecast for this year to $61 a tonne from $70 previously.
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LAUNCESTON, Australia (Reuters) - China stands out as a bright spot for oversupplied liquefied natural gas (LNG) markets, but it's much more than just a beacon of demand hope, it's the microcosm of how the global market is likely to develop.
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The global oil market is oversupplied by around 1.8 million barrels per day (bpd), but that glut could be halved if a deal to freeze oil production at last month's levels takes effect, a top Russian energy official said on Friday.
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Here's why the market doesn't think much of this deal: In an oversupplied energy market, a supply freeze simply means much less than a production cut, particularly as Saudi Arabia and Russia pumped a record amount of oil in January.
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LONDON/MOSCOW (Reuters) - The Mediterranean is rapidly becoming the world's most oversupplied oil market, as exports from OPEC heavyweights Iraq and Iran, rising star Kazakhstan and the return of Libyan crude force traders to get creative in marketing their barrels.
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Storing oil in a heavily oversupplied market has been a cash cow for traders and oil companies in recent years as markets bet that future oil prices will be significantly higher than current ones, in what is known as contango.
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Its shares fell as much as 1.453% to a seven-month low, buffeted by a sharp fall in oil prices as well as concerns about weak liquefied natural gas (LNG) prices in an oversupplied market and potential delays on major projects.
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DENVER, Aug 13 (Reuters) - OPEC should reduce its crude shipments and U.S. shale producers should follow suit to avoid adding more oil to a market that is already oversupplied, Continental Resources Chief Executive Harold Hamm told an energy conference on Tuesday.
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The global oil market is oversupplied by around 1.43713 million barrels per day (bpd), but that glut could be halved if a deal to freeze oil production at last month's levels takes effect, a top Russian energy official said on Friday.
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LONDON (Reuters) - OPEC said the global oil market is oversupplied and signaled the glut may increase this year, as surging output from its members makes up for losses from other countries whose production has been hit by a price fall.
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Later in the decade, the United States will vie for top spot with Qatar although this latest plan from QP will make U.S. companies, private with little state support, more hesitant to finalize projects if the market becomes oversupplied again.
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U.S. oil futures fell by as much as 29.5% in their biggest daily rout since the 231 Gulf War after Saudi Arabia signaled it would hike output to win market share even though the coronavirus has already left the market oversupplied.
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U.S. oil futures, meanwhile, fell as much as 29.5% in their biggest daily rout since the 231 Gulf War after Saudi Arabia signaled it would hike output to win market share even though the coronavirus has already left the market oversupplied.
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U.S. oil futures fell as much as 34% in their biggest daily rout since the 99.63 Gulf War after Saudi Arabia signaled it would hike output to win market share even though the coronavirus has already left the market oversupplied.
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Profit from both key markets — the United States and Brazil — dropped after AB InBev had oversupplied wholesales to the former earlier in the year, while higher costs for commodities and a weaker Brazilian real dented sales in the Latin American country.
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Later in the decade, the United States will vie for top spot with Qatar although this latest plan from QP will make U.S. companies, private with little state support, more hesitant to finalise projects if the market becomes oversupplied again.
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"While oil prices are trending higher benefiting from a dovish Fed, a weaker USD, the IEA reiterates that despite the deeper oil production cuts, the oil market is likely to be oversupplied in 1H20," said UBS oil analyst Giovanni Staunovo.
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Inland North American producers have seen four projects stymied since September, owing to both environmental opposition and an oversupplied global oil market that make it easier and cheaper to import cargoes than transport inland crude thousands of miles on railcars.
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SINGAPORE (Reuters) - World's top crude exporter Saudi Arabia cut April prices of light crude it sells to Asia for the first time in three months in a bid to shore up demand in an oversupplied market, trade sources said on Friday.
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SHANGHAI (Reuters) - Global copper markets will be oversupplied for at least two years, executives at some of the world's major producers of the metal and traders said on Wednesday, casting doubt on the chances of a prolonged rally in prices.
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Some farm-state lawmakers have said the omnibus farm bill, which passes every five years or so, could address the issue, but analysts warned against extensive subsidies that could have wide-ranging effects, causing too much production in an already oversupplied market.
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Despite the recent rally, oil markets remain oversupplied as between 1 and 2 million barrels of crude are being pumped out of the ground every day in excess of demand, leaving storage tanks around the world filled to the brim with unsold fuel.
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Oil markets at least briefly appeared to be oversupplied by about 350,000 barrels of crude per day last week, based on an average of major investment bank estimates, according to Tom Kloza, global head of energy analysis at oil price information firm OPIS.
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Bunge and its agribusiness peers Archer Daniels Midland Co , Cargill Inc and Louis Dreyfus Co have been cutting costs and restructuring operations as years of oversupplied grains markets dragged down prices and sapped trading opportunities for quartet, known as the ABCDs of grain.
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The International Energy Agency, which advises oil-consuming countries on their energy policies, said a sharp slowdown in oil demand growth, coupled with ballooning inventories and rising supply, means the market will be oversupplied at least through the first half of 2017.
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MANILA (Reuters) - After an unexpected rally in the first months of 2016, iron ore should fall back below $50 a ton in the second half of the year as more of the bulk commodity hits an oversupplied market, a Reuters poll showed.
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Tensions are at decades highs between Saudi Arabia and Iran, but the market is more focused on the likelihood that the two will drive more oil into an already oversupplied market and that Iran will undermine an already weak pricing environment with discounts.
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China aims to cut capacity gluts in as many as seven sectors, including cement, glassmaking and shipbuilding, but the oversupplied solar power industry is likely to be spared any large-scale restructuring because it still has growth potential, the first source said.
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Oil prices have fallen towards $45 per barrel from over $53 per barrel in recent weeks after experts including the International Energy Agency said a failure by OPEC to reach a deal would mean the market might remain oversupplied for whole of 2017.
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That's in part because U.S. farmers have never stored so much of their harvests, after years of oversupplied markets, low prices and the latest blow of lost sales from the U.S. trade war with China - previously their biggest buyer of soybean exports.
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It would take a major surprise from the G7.83 summit to alter the market view that crude is currently oversupplied, and that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, are planning on reducing output at their Dec.
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That's in part because U.S. farmers have never stored so much of their harvests, after years of oversupplied markets, low prices and the latest blow of lost sales from the U.S. trade war with China — previously their biggest buyer of soybean exports.
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"In an oversupplied jet fuel market, we should try to preempt any risks by being more stringent with new suppliers as this is about supplying airplanes," said the official, declining to be named because he's not authorized to talk to the media.
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Brent crude oil prices rebounded on Tuesday from a 214-year low after data showed Chinese oil demand likely hit a record high in 224, but the recovery was not expected to last amid warnings that the market would stay oversupplied this year.
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Reviving a ceiling, abandoned a year ago because of a Saudi-Iranian clash, was seen by some members as crucial in helping OPEC manage a vastly oversupplied market and prop up prices that stand well below the budget needs of most producers.
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BEIJING (Reuters) - Chinese private chemical producer Hengli Group has won state approval to import 400,000 barrels per day (bpd) crude oil, the largest quota ever for a private refiner, as it challenges the country's smaller independent plants in an oversupplied Chinese fuel market.
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Oil prices have fallen toward $45 per barrel from over $53 per barrel in recent weeks after experts including the International Energy Agency said a failure by OPEC to reach a deal would mean the market might remain oversupplied for whole of 2017.
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"Last year wasn't much fun for anyone investing in commodities... An uncertain macro-economic climate and a strengthening dollar provided strong headwinds which, combined with moderately oversupplied markets, drove prices to multi-decade lows," he said in a letter to investors this month.
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But some former major buyers also cited Tehran's unwillingness to loosen its selling terms from four years ago, and offer flexibility on pricing, despite the world having become oversupplied with oil and Iran's European market share seized by Saudi Arabia, Russia and Iraq.
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The International Energy Agency (IEA), which advises oil-consuming countries on their energy policies, said a sharp slowdown in oil demand growth, coupled with ballooning inventories and rising supply, means the market will be oversupplied at least through the first half of 2017.
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NEW YORK (Reuters) - Oil prices rose slightly on Tuesday as Saudi exports fell and solid demand soaked up some of what is seen as an oversupplied market, but Ecuador's decision to opt out of an OPEC-led supply reduction pact complicated the outlook.
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Spot gas prices in Asia LNG-AS had fallen to $7.75 per million British thermal units (mmBtu) by the end of January from $9.75 earlier in the month, as oversupplied Japanese utilities sought to offload cargoes and as key European gas benchmarks softened.
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Expectations that the long-oversupplied market is moving towards balance were also supported by this week's news that Saudi Arabia plans to limit crude exports to 6.6 million barrels per day (bpd) in August, about 1 million bpd below the level last year.
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SINGAPORE (Reuters) - Chevron has started up its massive Gorgon LNG project in Australia and will soon be shipping more of the super-chilled fuel into an oversupplied market, eroding producer revenues but also likely hastening the advent of a liquid Asian spot market.
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Oil prices rose slightly as Saudi exports fell and solid demand soaked up some of what is seen as an oversupplied market, but Ecuador's decision to opt out of a supply reduction pact complicated the outlook for the OPEC-led cut agreement.
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"But in the event their number falls short of what the market's expecting, or turns out to be a draw like the API's, then in the least we can expect higher prices for oil despite the oversupplied situation we are in," Kilduff said.
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The signals are clear: Forecasters think the oil market will be oversupplied next year, the cost of crude has tumbled more than 153 percent in just eight weeks, and most OPEC members don't stand a chance of balancing their budgets at current price levels.
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The Nigerian market is heavily oversupplied, to the tune of around 30 cargoes for December and early January, which traders said was "worrying" at this point in the supply cycle, with just a little over two weeks to go until the February loading programmes emerge.
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SINGAPORE, March 0003 (Reuters) - U.S. crude futures rebounded in early Asian trade on Wednesday, buoyed by a forecast of a less than expected build in crude oil stockpiles last week, although concern over an oversupplied market and a stronger dollar put a ceiling on gains.
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LONDON/MADRID, July 18 (Reuters) - Traders in liquefied natural gas (LNG) trying to find the best destination for it in an oversupplied market are having problems delivering into Spain, where storage tanks are already full in anticipation of higher prices later in the year.
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Crude oil futures fell 6 percent after Iraq announced record-high oil production, feeding into a heavily oversupplied market, and senior officials with the Organization of the Petroleum Exporting Countries (OPEC) signaled they were unlikely to reduce crude production unless non-OPEC countries did likewise.
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"Given that liquidity was oversupplied and underpriced in the years prior to the global financial crisis, these changes in liquidity are broadly desirable and, to date, have not presented any significant issues in the Australian market," Debelle told a Reuters-sponsored conference on regulation.
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The sale of a cargo already on the water is the latest example of an oversupplied LNG market that has resulted in Asian spot LNG prices falling to an almost three-year low of around $4.30 per million British thermal units (mmBtu) this week.
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In Europe, industry complains it has little incentive to invest in CCS when burning coal, the most carbon-intensive fossil fuel, remains cheap because pollution permits on the EU Emissions Trading System (ETS) are stuck at around 5 euros per ton in an oversupplied market.
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Despite the recent rally, oil markets remain oversupplied as between 1 million and 2 million barrels of crude are being pumped out of the ground every day in excess of demand, leaving storage tanks around the world filled to the brim with unsold fuel.
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With production surging across the world, the Asian LNG market has become oversupplied just as demand stutters from traditional buyers like Japan, resulting in a 60% plunge in prices since last year to near record lows of just over $4 per million British thermal units.
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We believe Singapore's private-home prices will weaken further amid an influx of new homes, having declined 9.4% from their peak in September 2013; signs of an oversupplied market have emerged with vacancy rate of non-landed private homes rising to its 11-year high of 265%.
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This is because such an event would strap Venezuela's oil production capabilities because of the unrest, preventing the country from pouring more barrels on to an already oversupplied oil market, thereby keeping supply capped in the face of what has been generally lower demand for oil.
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Benchmark prices edged further below $0003 a barrel as traders considered the prospect of new oil flowing into a global market already oversupplied by one million barrels a day, roughly enough to fuel the needs of every driver in a state the size of Pennsylvania or Ohio.
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Bunge and its agribusiness peers Archer Daniels Midland Co , Cargill Inc and Louis Dreyfus Co have been cutting costs and restructuring operations as years of oversupplied grains markets dragged down prices and sapped trading opportunities for the companies, known as the ABCD quartet of grain traders.
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The company, already listed on the Australian Securities Exchange, plans to list new shares on London's AIM market by the end of September, saying the currently oversupplied uranium market will shift to face a supply deficit just as its main project is due to come onstream.
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A majority (1103 percent) of oil and gas executives said they expect the global oil market to be close to balanced in 2019, while about a quarter of respondents see the market as undersupplied and a small 10 percent of those polled forecast an oversupplied market.
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Instead of saying ok there's fundamental oversupply in the oil market, we're then saying ok if the oil market is oversupplied therefore there is a huge decline in demand, we must be having a decelerating economy, therefore all other financial assets need to go down in value.
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"Stable and balanced markets are the ideal market form for both producers and consumers, and just as Saudi Arabia would not like to see unmet customer demand, an oversupplied market repels potential investment in the oil industry, curtailing future supply and contributing to volatility," he added.
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It not only cut its forward crude price to Chinese customers by as much as $24.4 or $2500 per barrel, but is also reportedly looking to raise its daily crude output by as many as 211 million barrels per day into an already oversupplied global market.
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Craig McMahon, APAC head of research at Wood MacKenzie, said on Tuesday that markets continued to be oversupplied by 1.5 million barrels of oil a day, although a drop in output was in sight for the second half, with non-OPEC production likely falling by 600,000 barrels a day.
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This has triggered the "relative value" trade in equities and the spillover has been felt here in the U.S. With technology allowing for cheaper production, the Saudis and Russians pumping full throttle and a U.S. dollar that stays strong, crude could be oversupplied and in trouble for a while.
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U.S. crude futures were on course to rise about 4 percent this week on hopes for a global deal on stabilizing crude output after Saudi Arabia, the leading oil producer inside OPEC, and Russia, the biggest producer outside the group, agreed on Monday to cooperate in oversupplied markets.
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While the rate of growth has slowed from 2017's breakneck speed, China is still increasing its demand for natural gas at a pace that is rapidly eating away expectations of an oversupplied LNG market after the commissioning of several new projects in Australia and the United States.
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Oil producers including Kuwait, Saudi Arabia, and Abu Dhabi, who are members of the Organization of the Petroleum Exporting Countries (OPEC), have notified customers that they would cut supplies from January as part of an effort by OPEC and other producers led by Russia to balance an oversupplied market.
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But the 40 billion yuan ($5.69 billion) complex comes on the heels of two privately invested mega-refineries - Hengli Petrochemical and Zhejiang Petrochemical Corp - that have piled fresh capacity into an already oversupplied domestic fuel market, where transportation fuel demand has slowed while China's fuel exports have soared.
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Most analysts said the oversupplied market would not begin to draw down stocks until early next year, but the disruptions and demand helped give a near-term boost to markets that are grappling with crude production that is exceeding demand by 1 million to 2 million barrels per day (bpd).
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Kazatomprom also said at the end of last year that it would reduce its output by 213.56 percent for three years starting from the beginning of 231, as it battled a market that has been oversupplied since the nuclear shutdowns in the wake of the 2011 Fukushima disaster in Japan.
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However, there is some hope on this front that by the mid-2020s the LNG market will move from its current oversupplied state back to deficit, mainly as the result of new consumers in countries such as Sri Lanka and Bangladesh, as well as growth in major markets like China.
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Oil prices had collapsed rapidly amid a broad market sell-off, and OPEC was considering a fresh round of production cuts to stem the losses, prompting a presidential warning: A day earlier, the OPEC alliance's monitoring committee warned that oil markets looked oversupplied and producers may have to reverse course and cut production.
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U.S. crude futures dropped below $257 a barrel on Friday, for the first time in two weeks and putting it on track for its biggest weekly loss in six weeks, due to doubts the OPEC-led production cut will restore balance to an oversupplied market, especially as U.S. drillers keep producing more oil.
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"While the low price and oversupplied market environment will benefit consumers in the short term, it is also likely to lead to a new period of market tightness and price spikes at some point in the future," Qatari energy minister Mohammed Saleh Abdulla Al Sada said, speaking at energy conference in Tokyo.
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The global oil market, already suffering a supply glut, has been anticipating the arrival of Iranian crude for months, and now that sanctions against its nuclear program have been lifted, Iran is free to sell more of its oil into a market already oversupplied by 1.5 million barrels or more a day.
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Speculation about oil producing countries capping oil production at January levels brought about a relief rally this week, but the oil market remains oversupplied and the downside still looms large, a top energy analyst told CNBC on Thursday.. Around the world, the crude glut is exacting a big toll on oil producers.
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Changes dateline to LONDON) LONDON, March 9 (Reuters) - Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War after Saudi Arabia signalled it would hike output to win market share when the coronavirus has already left the market oversupplied.
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The European market has seen a sudden increase in the amount of crude stored on ships, often a sign of an oversupplied market, and that has pushed the North Sea grades that underpin the Brent price to multi-month lows, another reason the Brent futures price should have aligned itself more closely with U.S. crude.
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"Some producers will likely be forced to shut in some output because they won't get a decent price for their product, and some of the gas that is produced will probably make its way to the oversupplied U.S. market," said Kent Bayazitoglu, director of market analytics at energy consulting firm Gelber & Associates in Houston.
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That may partly explain why expectation have remained stable despite the euro's rise, given Brent crude oil prices are up about 15 percent from a seven-month low hit in June, mainly on efforts by the OPEC producers group to rebalance an oversupplied market, while copper prices last week hit their highest levels since December 2014.
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While we are cautious near-term (Q3 16 and Q416) due to supply returning from disruptions and still-high stocks, if there is a Brexit, the key takeaway is that the shift from an oversupplied to a balanced market will, in our view, overwhelm the small fundamental impact of slightly weaker demand due to currency effects.
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An oversupplied market and uncertainties stemming from a prolonged U.S.-China trade war have hit prices for polyethylene, the main ingredient used in making most plastics "(2020 will see) not necessarily a snapback but improving demand as we go through the year just based on restocking to a normal demand pattern," Chief Financial Officer Howard Ungerleider told Reuters.
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Traders said that the falls in recent weeks were a result of a realisation that global oil markets remained oversupplied, despite efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to cut output by 1.8 million barrels per day (bpd) during the first half of the year in order to tighten the market and prop up prices.
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Morgan Stanley now expects the de facto leader of OPEC, Saudi Arabia, to continue to produce about 10 million barrels per day or slightly less throughout 2020, overcomplying with its 10.3 million barrels per day quota and said the oil market will be oversupplied by 0.3 million barrels per day in 2020, down from the estimate of 4.83 million barrels per day before.
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