WTI Crude Oil and Natural Gas Forecast

WTI Crude Oil

Oil slides continues: United States crude futures continued to drop on Monday, falling 1.6% to trade at $64 per barrel.

As recently as April, Saudi Energy Minister Khaled al-Faleh had voiced support for the oil cut deal, saying the market had the capacity to absorb higher prices.

Three OPEC sources told Reuters a technical panel - the organisation's economic commission - met on Monday to review the market outlook and present it to member countries' oil ministers later in the week. Last Friday, we saw another dive in Oil prices, although, this time it was as a result of United States dollars strengthening.

Last year, OPEC members unanimously agreed on the oil price of 60 USA dollars per barrel, by cutting oil output by 1.2 million barrels per day (bpd) to 32.5 million bpd.

China retaliated by imposing import duties on USA products, and suggesting that crude oil tariffs were planned.

Oil is in focus ahead of an OPEC meeting on Friday, and a strengthening USA dollar is weighing on gold prices.

Lower crude oil prices are of course helpful for India. Those who hate me call me crude."I worry for my future; everyone now talks down on me".

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The IEA monthly report stated that oil market is finely balanced and vulnerable to disruption and said OPEC swing producers and others might need to raise their production, even as it noted some factors on the demand side are likely to have a moderating influence.

Iran's comments show that OPEC members are set to clash when they meet later this week in Vienna to discuss the proposal to end global output cuts.

Iran, Iraq, and Venezuela are opposed but according to reports there are signs of an agreement.

According to Bloomberg, the prospect of binding Russian Federation, the world's largest exporter after Saudi Arabia, more closely to OPEC might help persuade Iran and Venezuela, another skeptic about the need for an increase, to back higher production in the second half of the year. "A meaningful increase in long-haul flows from some of the key OPEC exporters would go a long way in turning the crude tanker market around, especially since it will impact the physical market as well as provide a boost to the all-important market psychology". Russia, under pressure from domestic oil companies keen to develop new fields, has said the total increase should be up to 1.5 million barrels.

"It is due to various circumstances in worldwide (oil) market and mainly the value of Indian Rupee has reduced in comparison to US Dollar, which has led to a surge in oil prices".

Moreover, trade tensions between China and the United States increased as the former said it would levy tariffs on some US goods, including crude and gasoline, as a retaliation to President Donald Trump's $50 billion levy on Chinese imports.

"Russia has been aggressively affirming itself by adding oil to market ahead of the upcoming meeting and is pushing for a significant output hike, Saudi Arabia is suggesting for a modest increase and others are in favour of the status quo", said Stephen Innes, head of Asia-Pacific trade at OANDA.

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