Reuters Barclays Commodities Research on Friday raised its oil price forecasts for this year and 2021, buoyed by supply cuts to balance the demand erosion caused by conrovirus-led restrictions. In recent days, several OPEC nations including Saudi Arabia said they will cut output more than originally pledged. Producers in the United States and Canada have cut production by 1.7 million
EIA Oil and Gas Publishers Note: While the EIA is looking at prices in the $2.95 range, we have been talking to many experts in the oil and gas space and they look for higher numbers. It is always to get all of the data you can when looking at futures. The 360 Digital Closing Bell team are looking above
Reuters The risk of a sharp pull-back in oil prices has decreased as the rebalancing of the crude market gathers pace, Goldman Sachs said, aided by a gradual lifting of coronavirus lockdowns and a faster-than-expected fall in output. The Wall-Street bank raised its May global demand estimate by 1.4 million barrels per day (bpd), but still sees a decline of
BIC The Covid-19 pandemic turned the table for U.S. petrochemical companies that saw cost advantages erode for their ethane crackers in relation to those that use naphtha as feedstock, as reported by Petrochemical Update. Plunging oil prices in 2020 turned things around for U.S. crackers that were built to use ethane as feedstock in what seemed until recently a sure bet
CNBC A record number of Americans just lost their job, and yet stocks are moving higher. This seems paradoxical given the economic toll — to say nothing of the emotional toll — on millions of people across the country without a job. While some say this is further indication that the stock market has become decoupled from reality, others say
CNBC Oil prices rallied for five consecutive days this week amid investor optimism over the relaxing of coronavirus lockdowns in the U.S. and around the world, but several energy analysts argue it’s too soon to get carried away. The commodity that saw one futures contract go negative for the first time ever last month, over the worst demand destruction in its history,
Reuters UBS expects a pick-up in oil demand as virus-hit economies relax lockdowns and travel restrictions ease this month, with production to be subdued on the backdrop of current low prices and aggressive capital spending cuts by oil and gas producers. “We therefore expect the oil market to be balanced in third quarter and undersupplied in fourth quarter, and Brent
Reuters LONDON – Hedge funds and other money managers bought petroleum derivatives last week in the cautious hope the industry may have passed the worst point of the coronavirus-induced lockdowns. Money managers purchased the equivalent of 41 million barrels in the six most important petroleum futures and options contracts in the week ending on April 28, exchange and regulatory records
Reuters Lower crude production due to reduced activity and OPEC+ cuts, coupled with a partial recovery in oil demand, should drive prices higher next year, Goldman Sachs Equity Research said in a note. The Wall Street bank raised its 2021 forecast for global benchmark Brent crude LCOc1 prices to $55.63 per barrel from $52.50 earlier. The bank hiked its estimate
CNBC Oil prices fell on Monday on worries that a global oil glut may persist even as coronavirus pandemic lockdowns start to ease and amid a fresh spat between the United States and China over the origin of the virus. Brent crude was down 33 cents, or 1.4%, at $26.06, while West Texas Intermediate crude fell 19 cents, or 1%, to
Reuters BOSTON – The United States Oil Fund(USO), the share price of which has been crushed this month by big bets on front-month oil contracts, revealed on Tuesday that it was sitting on more than $700 million in unrealized losses heading into April. The $3 billion exchange-traded product booked actual realized losses of $466.4 million during March, the fund disclosed
CNBC It’s not all about storage. Yes, the world is watching the available amount of oil storage to try to figure out when the ‘tank tops’ and there’s simply no more space to fill with unneeded crude. There are, however, two other happenings right now which are wonky but important and could send oil prices down in a hurry. First,
