“La sabiduría de la vida consiste en la eliminación de lo no esencial. En reducir los problemas de la filosofía a unos pocos solamente: el goce del hogar, de la vida, de la naturaleza, de la cultura”.
Lin Yutang
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.
19 de junio de 2017
Oil Trades Near $45 as U.S. Keeps Pumping in Oversupplied Market
by
Rakteem Katakey
and
Ben Sharples
Rigs targeting crude in America climb for a 22nd straight week
Demand to rise during third quarter, United Arab Emirates says
Oil traded near $45 a barrel following a fourth weekly loss as U.S.
drillers continued to add rigs, blunting OPEC-led efforts to rebalance
an oversupplied market.
Futures rose 0.4 percent in New York after
capping the longest run of weekly declines since August 2015. U.S.
drillers targeting crude added rigs for a 22nd straight week, the
longest stretch in three decades, according to data Friday from Baker
Hughes Inc. Demand will rise during the third quarter, United Arab Emirates Energy Minister Suhail Mohammed Al Mazrouei said.
Oil
slumped to the lowest close in seven months on Thursday amid concerns
that rising U.S. supplies will offset output cuts by the Organization of
Petroleum Exporting Countries and allies including Russia. OPEC and its
partners have curtailed production in an attempt to reduce bloated oil
stockpiles to the five-year average, but increasing numbers of rigs in
America, as well as rising output in Libya, is putting that target in
jeopardy.
“The number of oil rigs continued to rise last week and the
market needs to see at what oil price will we not have further rig
activation in the U.S.,” said Bjarne Schieldrop, chief commodities
analyst at SEB AB in Oslo. “There seems to be very low conviction in the
market that there really will be any inventory drawdown in the second
half of the year.”
West Texas Intermediate for July delivery,
which expires Tuesday, was at $44.92 a barrel on the New York Mercantile
Exchange, up 18 cents, at 12:32 p.m. London time. Total volume traded
was about 10 percent below the 100-day average. The contract gained 28
cents to $44.74 on Friday. See also: Oil’s Gloomy Summer Triggers Hedge Fund Doubts on Gasoline
Brent
for August settlement advanced 23 cents to $47.60 a barrel on the
London-based ICE Futures Europe exchange, after dropping 1.6 percent
last week. The global benchmark crude traded at a premium of $2.45 to
August WTI.
U.S. drillers increased the rig count by six to 747
last week, the highest level since April 2015, according to Baker
Hughes. American crude production has expanded to 9.33 million barrels a
day, Energy Information Administration data show.
Libya’s oil production has risen to about 900,000 barrels
a day after some fields restarted and the country’s biggest deposit,
Sharara, increased output, according to a person with knowledge of the
matter. Libya, exempt from the OPEC deal, plans to boost output to the highest since 2013 by the end of July.
Oil-market news:
Supply cuts need more time to have an
impact on the market, the U.A.E.’s Al Mazrouei told reporters in Dubai.
Saudi Energy Minister Khalid Al-Falih made a similar comment in Saudi newspaper Asharq al-Awsat.
OPEC will need to maintain its current supply quota through 2018 to prevent an increase in inventories, unless rig counts decline substantially, Morgan Stanley analysts wrote in a report.
Kazakh Energy Minister Kanat Bozumbayev said his country agreed to the extension of the production-cut agreement because it’s counting on the deal to boost prices.
There’s significant downside
to U.S. oil-supply projections for 2017 and next year if prices remain
at about $45 a barrel, according to industry consultants FGE.