Stratas Advisors predicts that the price of Brent crude will be under pressure this week with support at $50 as oil traders continue to reduce their net long positions.
Oilfield well completion equipment provider Magnum Oil Tools International has deployed its 10,000th Magnum Vanishing Plug™ (MVP™) since the product’s launch in 2014.
The price of Brent crude will trade sideways with support at $50.90. Meanwhile, the Brent-WTI differential will continue to trade between $2 and $2.50 with respect to the May contract.
Energy data drives the competitive edge.
For the upcoming week: U.S. production and drilling continues to increase but so far OPEC is conforming to the agreed production cuts.
New sucker rod couplings increase well run times and fluid production for Hess in the Bakken.
For the upcoming week the price of Brent crude is expected to trade between $56 and $57.
John Paisie, executive vice president with Stratas, expects geopolitical tensions stemming from North Korea will affect this week's oil price outlook.
For the upcoming week: OPEC supply cuts, rising tensions between the U.S. and Iran, a rebound for U.S. shale drillers and bullish investors.
For the upcoming week we are forecasting that the price of Brent crude will trade between $54.50 and $56. Here's why.
President Trump signed executive orders on Jan. 24 to accelerate the Keystone XL and Dakota Access pipelines, coming through on his campaign promise to progress energy infrastructure projects.
Brent crude is forecast to trade in the range between $55 and $56. The Brent-WTI differential is projected to trade between $2 and $2.75 with respect to the March contract.