U.S. crude oil prices hit more than 3-year high

U.S. crude oil prices hit more than 3-year high

In particular, US crude oil production is expected to increase more quickly than any other country. "This reduction in the size of excess stocks emerged as a catalyst for higher oil prices". The average sale price of gas in 2017 was $2.42/gal. In both 2018 and 2019, EIA expects total global production to be slightly greater than global consumption, with US production increasing faster than production in any other country, contributing to modestinventory builds.

U.S. crude oil production is expected to surpass 10 million barrels per day (bpd) next month, en route to an all-time record months ahead of previous forecasts, the U.S. Energy Information Administration said Tuesday.

U.S. crude oil prices hit more than 3-year high

Some 800,000 bpd of the projected 1.2 million USA increase from December 2017 to December 2019 is expected to come from tight rock formations in the Permian region in Texas and New Mexico, the agency said. The bounce-back from the flirtation with the psychological ceiling at one point in overnight trading left the US benchmark, West Texas Intermediate, down more than 1 percent.

The price for Brent crude oil, the global benchmark, hit $70 per barrel for the first time since December 2014 partway through the trading day Thursday, but gave up almost all of the gains by the close.

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On the data front, the number of rigs operating in USA oil fields rose by 10 to 752 this week, the biggest increase since June, oilfield service firm Baker Hughes said in its weekly report on Friday.

EIA said growth in crude oil production, especially in the Permian, is expected to result in increased associated natural gas production and processing. Oil prices are up around 5% already in 2018.

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Non-OPEC production, led by the USA and Canadian oil sands projects, “is forecast to continue growing through the end of 2019, ” Conti said, with growth of 2 million bpd of non-OPEC production in 2018 and 1.3 million bpd in 2019.

Fuel inventories in Asia and the USA remain ample and in some cases are rising. Average WTI crude oil prices are forecast to stay between $4/b and $5/b lower than Brent prices in both 2018 and 2019, falling from the $6/b average price difference seen in the fourth quarter of 2017. "We expect to see growth near 2 million barrels per day in 2018 and 1.3 million barrels per day in 2019". The nuclear share of generation was 20% in 2017 and is forecast to average 20% in 2018 and 19% in 2019.

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The EIA said it expects the share of United States total utility-scale electricity generation from natural gas to rise from 32% in 2017 to 33% in 2018 and to 34% in 2019, as a result of low natural gas prices. Non-hydropower renewables provided nearly 10% of electricity generation in 2017, and its 2018 share is expected be similar before increasing to nearly 11% in 2019.

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