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Friday, 9 February 2018

Oil sees biggest one-week drop in 2 years

Oil sees biggest one-week drop in 2 years:

"Equities weren’t the only thing hitting the skids this week. Amid a stocks sell-off, oil futures saw their biggest one-week slide since January 2016. For both West Texas Intermediate, the US standard, and Brent, the international benchmark, Friday marked the biggest one-week slide since January 2016, and the worst daily fall since last July, according to Thomson Reuters data. WTI dropped almost 10 per cent on the week, and 3.2 per cent on the day, to fall below $60 for the first time this year, closing the day at $59.20."



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How soaring U.S. oil exports to China are transforming the global oil game

How soaring U.S. oil exports to China are transforming the global oil game:

"Bit by bit, the U.S. petroleum industry is turning world oil markets inside out. 

First, sharp drops in U.S. imports of crude oil eroded the biggest market that producers like OPEC had relied on for many years. Now, surging U.S. exports – largely banned by Washington until just two years ago - challenge the last region OPEC dominates: Asia.

U.S. oil shipments to China have surged, creating trade between the world’s two biggest powers that until 2016 just did not exist, and helping Washington in its effort to reduce the nation’s huge trade deficit with China. "



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Oil Set for Worst Week Since March as Rout Inflames Supply Fears - Bloomberg

Oil Set for Worst Week Since March as Rout Inflames Supply Fears - Bloomberg:

"Oil was headed for its worst week in almost a year as the global risk-asset rout troubled investors already concerned over growing U.S. supply.

Futures traded in New York are on track to post a 7.4 percent slump this week as equities tumbled around the world. Adding to the alarm was data that showed U.S. oil production at a new high, and key technical indicators pointing to a further retreat in prices. West Texas Intermediate earlier slumped close to $60 a barrel, all but erasing this year’s gain."



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LNG: a US success story that tests the laws of economics

LNG: a US success story that tests the laws of economics:

"US Energy Secretary Rick Perry was roundly mocked last summer for suggesting that the US coal industry, a key base for the Trump Administration, could simply start producing more of the highly polluting fuel despite signs demand is stagnating.

“Here’s a little economics lesson: supply and demand,” Mr Perry is reported to have said when visiting a coal-fired power plant in West Virginia. “You put the supply out there and the demand will follow.”

Critics were quick to pile on, arguing that this assertion — known as “Say’s Law” in economics circles — has been proved wrong time and again by markets."



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