Metals

Brent is back, for the first time since November 2015, above the threshold of $ 50 a barrel touching share $ 50.1 (+39 cents). Also up WTI Texas (+37 cents to $ 49.93).

To push the price of oil is the drop in producer stocks in the United States and the difficulties in Canada because of the big fires and in Venezuela because of the serious crisis that is affecting the economic model of the country. Since January, when it touched the lowest level in 12 years, the price has almost doubled.

Twelve associations, representing the most influential global steel producers, have appealed to the G7 leaders to take appropriate measures to support the sector, which is suffering very negatively of "distorting practices" of some governments, which no regard for the situation of the market, continue to promote the production, indifferent to global overcapacity.

The emergency fuel continues to rise in France, while approaching the meeting with the European Football Championship, which will put the transalpine country in the spotlight for a month.

Thirty per cent of the country’s distributors have remained dry and the protest against the labor market reform continues unabated while for the first time Prime Minister Valls has indicated its openness to change the text.

The IMF cut its growth forecast of Saudi Arabia, raising the deficit, as a result of the negative impact exerted by low oil prices.

The warning was launched by the experts of the IMF during the annual mission to Riyadh, which shows a growth estimate of 1.2% compared to 3.5% in 2015. At the same time, experts have raised their estimate on the current account deficit, arising from exchanges of goods and services and financial flows to 9% of GDP and the budget deficit to 14% of GDP.

According to Goldman Sachs, known until now for being particularly bearish, "black gold" market has completed the period of excess supply because of production disruptions last period, which occurred in Nigeria and Venezuela, not to mention the United States and Canada.

After the publication of the report, the price of crude rose: Brent travels around $ 50 a barrel and WTI of around $ 48.

French oil giant Total Monday inaugurated its new gas project in the North Sea near the Scottish Shetland Islands, whose production is providing up to 8% of British gas consumption.

This project, called Laggan Tormore-includes four subsea wells 600 meters deep and connected to a new gas processing plant built on the Shetland Islands. Launched on February 7, production reached its ceiling from 90,000 barrels per day of oil equivalent.

The devastating fire broke out in Canada, last week, reduced the daily production capacity of over 1 million barrels per day, and continues to push forward oil prices.

The contract expiring in June Light crude trading at $ 43.86 a barrel, up 0.97% while Brent gained 1.58% to $ 44.33. The huge fire broke out in the region of the wells, in the Province of Alberta and hit the city of Fort McMurray where more than 80,000 people were evacuated. Firefighters said that cooler temperatures are slowing the spread of the fires, but the situation is likely to last for weeks.

Meanwhile, the oil companies have reported that the reduction of oil production is between 1 and 1.5 million barrels a day, out of a total of 2.5 million barrels.

"Never thought to leave, even in the most critical moments", so Claudio Descalzi, CEO of Eni said in an interview with the Italian newspaper L’Avvenire, regarding a possible abandonment of Libya.
"Eni provides 100% of the gas for electricity generation and 50% for domestic users," he added Descalzi. "We guarantee the energy to all parties, but especially to the entire population. If we left, we do a disservice to the country."