Cervantes

Hoy es el día más hermoso de nuestra vida, querido Sancho; los obstáculos más grandes, nuestras propias indecisiones; nuestro enemigo más fuerte, el miedo al poderoso y a nosotros mismos; la cosa más fácil, equivocarnos; la más destructiva, la mentira y el egoísmo; la peor derrota, el desaliento; los defectos más peligrosos, la soberbia y el rencor; las sensaciones más gratas, la buena conciencia, el esfuerzo para ser mejores sin ser perfectos, y sobretodo, la disposición para hacer el bien y combatir la injusticia dondequiera que esté.

MIGUEL DE CERVANTES
Don Quijote de la Mancha.

29 de mayo de 2017

Oil Rises Second Day as OPEC Cuts Seen Bringing Stockpiles Lower

  • U.S. explorers added rigs at the slowest pace this year
  • OPEC and allies agreed to prolong curbs for nine months 

    Oil rose on expectations OPEC will succeed in bringing down inventories as the summer driving season kicks off in the U.S.
    Futures climbed for a second session in New York after an OPEC-led deal to extend output limits through March was initially met with a selloff last week as deeper cuts or a plan for the rest of 2018 weren’t proposed. But Saudi Arabia’s Energy Minister Khalid Al-Falih said the strategy is working and stockpiles will drop faster in the third quarter. Many expect the driving season that’s starting with the Memorial Day holiday to help ease the glut.
    The cuts “will continue to help inventories draw through the summer,” said Craig Bethune, a fund manager at Manulife Asset Management Ltd. in Toronto who focuses on energy and natural resources investments. There is “modest recovery from the OPEC selloff the other day.”
    U.S. inventories have dropped seven weeks in a row in a sign Al-Falih may be right, though they still remain above the five-year average. To speed up that decline, Saudi Arabia plans to reduce exports to the world’s biggest consumer.
    The shale expansion that many fear will offset the Organization of Petroleum Exporting Countries’ efforts showed the first signs of slowing down last week, with the fewest rigs added this year, Baker Hughes Inc. data show.
    West Texas Intermediate for July delivery rose 19 cents, or 0.4 percent, to $49.99 a barrel as trading halted on the New York Mercantile Exchange around 1 p.m. Earlier, it touched $50.28. There will be no settlement on Monday because of the holiday. Total volume was about 78 percent below the 100-day average. Prices fell 1.1 percent last week.
    Brent for July settlement rose 14 cents, or 0.3 percent, to $52.29 a barrel on the London-based ICE Futures Europe exchange, trading at a premium of $2.30 to WTI. The global benchmark crude fell 2.7 percent last week.
    See also: OPEC wins hedge funds back with jump in oil bets ahead of deal.
    “We believe the next big move for prices is up as oil inventories fall at an even faster pace in the coming weeks,” Giovanni Staunovo, a Zurich-based commodity analyst at UBS Group AG, said by email. While U.S. shale output is set for “robust growth” in the second half of the year, “we see the oil market tightening further in the coming quarters,” he said.
    Rigs targeting crude in the U.S. increased for a 19th straight week in the longest streak of gains since August 2011, the Baker Hughes data show. But while the number has more than doubled from last year’s low, to 722, the total rose by a meager two rigs last week. Drillers in Colorado led the growth. The nation’s busiest oil patch, the Permian Basin of west Texas and New Mexico, added just one, its smallest gain in more than a month.
    Oil-market news:
    • The market overreacted to OPEC’s decision to extend the production curbs, and the global crude market is heading toward balance in the second half of this year, Japan’s Cosmo Oil Co. said in an emailed response to questions.
    • Hedge funds’ WTI net-long positions -- the difference between bets on a price increase and wagers on a drop -- rose 20 percent in the week ended May 23, according to the CFTC data on futures and options.
     
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