Commodity Pricing

Source: Reuters

Oil above $56 on U.S. stimulus hopes ahead of Biden inauguration

Reuters


LONDON  – Oil rose above $56 a barrel on Wednesday, supported by expectations that the new U.S. administration will deliver massive stimulus spending that would lift demand, as well as by OPEC curbs and forecasts for a drop in …

Source: Reuters

Column: Hedge fund positions in crude, gasoline start to look stretched

Reuters


LONDON  – Hedge funds boosted their bullish petroleum positions last week, focusing on crude and gasoline, betting on continued output restraint by OPEC+ and an early resumption in domestic business activity.

But they sold middle distillates, likely reflecting concerns …

Source: nasdaq

Oil billionaire Dan Wilks takes active stake in hard-hit ProPetro

Reuters


Prominent shale investor Dan Wilks on Tuesday reported a 7.5% active stake in troubled oilfield services firm ProPetro Holding Corp through an investment vehicle, saying he may choose to push the company for a sale or other alternatives.

Dan …

Source: Reuters

Halliburton points to oil industry recovery after profit beat

Reuters


Halliburton Co on Tuesday predicted a recovery in the global oil and gas industry from the second quarter after the oilfield services provider beat profit estimates on cost cuts and modest gains in activity following last year’s slump.

Crude …

Source: Reuters

OPEC “cautiously optimistic” oil market will recover in 2021

Reuters


LONDON – OPEC’s secretary general said on Tuesday he was cautiously optimistic the oil market would recover this year from the slump in demand brought about by the coronavirus pandemic.

Monthly meetings of the Organization of the Petroleum Exporting …

Source: Reuters

Oil gains on hopes for improving demand

Reuters


LONDON – Oil prices climbed on Tuesday as optimism that government stimulus will eventually lift global economic growth and oil demand trumped concerns that renewed COVID-19 lockdowns are cooling fuel consumption.

Brent crude futures for March rose 73 cents, …

Source: Reuters

IEA says oil, gas methane emissions down 10% in 2020 as output fell

Reuters


LONDON – Global emissions of the potent greenhouse gas methane from oil and gas production dropped 10% in 2020 mainly because of lower output as opposed to concerted climate action, a report by the International Energy Agency (IEA) found.…

Source: Reuters

Oil falls on coronavirus fears, strong dollar

Reuters


LONDON – Oil prices fell on Monday as a stronger dollar, fears over soaring COVID-19 cases around the world and the slow pace of vaccination against the virus outweighed a better-than-expected quarterly rebound for China’s economy.

Brent crude was …

Source: Reuters

Oil falls as China lockdown, U.S. unemployment data temper gains

Reuters


LONDON – Oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and U.S. plans for a large stimulus …

Source: Reuters

Saudi voluntary oil cut to help with low demand in first quarter, OPEC chief says

Reuters


LONDON – Saudi Arabia’s voluntary oil production cut is set to help the oil market navigate through seasonally low oil demand during the first quarter, OPEC’s secretary general told an industry event on Wednesday.

Saudi Arabia, the defacto leader …

Source: Reuters

Oil steadies as U.S. inventory fall tempers demand woes

Reuters


LONDON – Oil prices were broadly steady on Wednesday as rising global COVID-19 cases took the shine off an earlier rally spurred by a bigger-than-expected drop in U.S. crude inventories.

Brent crude prices were up 11 cents, or 0.2%, …

U.S. crude output to decline less than previously forecast in 2021: EIA

U.S. crude output to decline less than previously forecast in 2021: EIA

Reuters


NEW YORK – U.S. crude oil production is expected to fall by 190,000 barrels per day (bpd) in 2021 to 11.1 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than its previous forecast …

Source: Reuters

OPEC+ oil output cuts compliance falls to 75% in Dec -Petro-Logistics

Reuters


LONDON – OPEC+ compliance with pledged oil output curbs fell to 75% in December, among the lowest levels since the supply pact started in May 2020, tanker tracker Petro-Logistics said on Tuesday.

This is a lower estimate of compliance …

Source: Reuters

Oil hits 11-month high towards $57 as Saudi cut supports

Reuters


LONDON – Oil hit an 11-month high towards $57 a barrel on Tuesday as tighter supply and expectations of a drop in U.S. inventories offset concerns over climbing coronavirus cases globally.

Saudi Arabia plans to cut output by an …

Source: Reuters

OPEC crude output cuts should help U.S. shale profits in 2021

Reuters


HOUSTON – A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may …

Source: Reuters

Oil falls on renewed lockdowns, stronger dollar

Reuters


LONDON – Brent crude oil prices fell as much as $1 per barrel on Monday, hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns around the world, as well as a stronger U.S. dollar.

Brent was …

Column: U.S. petroleum stocks nearing normal after wild 2020

Column: U.S. petroleum stocks nearing normal after wild 2020

Reuters


LONDON – U.S. petroleum inventories ended last year approaching normal levels, as excess crude and product stocks accumulated during the Saudi-Russian volume war and coronavirus lockdowns were absorbed successfully.

Column: U.S. petroleum stocks nearing normal after wild 2020- oil and gas 360- oil and gas 360

Total stocks of crude and products, excluding oil stored in …

Source: Reuters

Oil rises above $55, set for weekly gain on Saudi output cut

Reuters


LONDON – Oil prices hit 11-month highs and were on track for a weekly gain on Friday, supported by Saudi Arabia’s pledge to cut output and a global stocks rally as investors looked beyond rising coronavirus cases.

Brent crude …

Source: Reuters

Saudi’s surprise output cut to lift Brent to $60/bbl by mid-year – UBS

Reuters


UBS raised its forecast for Brent oil prices to $60 per barrel by mid-year, following Saudi Arabia’s surprise unilateral production cut and expectations of a sharp recovery in demand in the second quarter on vaccine rollouts and increased travel.…

Source: Reuters

Oil touches fresh 11-month highs after U.S. inventory fall

Reuters


LONDON – Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.

Brent crude was …

Source: Reuters

Column: Goldman proclaims the dawn of a new commodity supercycle – Andy Home

Reuters


LONDON (Reuters) – Will COVID-19 kick-start a new commodities supercycle? Goldman Sachs thinks so.

While last year’s strong rebound in many commodity prices might be viewed as a “V-shaped vaccine recovery”, the bank contends it is just “the beginning …

January 5, 2021 - 3:00 pm Closing Bell Story‎, Commodity Pricing, Energy News, Finance
Source: Reuters

Gasoline prices hit nine-month high as refiners make further production cuts

Oil and Gas 360


NEW YORK – U.S. gasoline prices hit a nine-month peak as drivers took to the roads on holiday travel, crude oil prices kept climbing and refiners further cut fuel production due to weak margins.

Prices at …

Source: Reuters

Battered energy sector could get reprieve from ‘golden cross’ chart signal

Reuters


Energy, Wall Street’s worst performing industry in 2020, could see its fortunes improve in the new year after its price action surfaced a technical buy signal on the charts on Wednesday.

The bullish development in S&P 500 energy sector …

December 31, 2020 - 2:30 pm Commodity Pricing, Crude Oil News, Energy News
Source: Reuters

Vaccines, stimulus set tone for 2021 as year ends on bullish note

Reuters


SINGAPORE – Global commodity markets are poised to end 2020 on a strong note, with recovering demand and widespread stimulus packages buoying prices after a roller coaster ride caused by the global coronavirus pandemic.

Roll-outs of vaccines to combat …

Source: Reuters

Oil outlook for 2021 hit by new COVID-19 strain: Reuters poll

Reuters


Oil prices are unlikely to mount much of a recovery in 2021 as a new coronavirus variant and related travel restrictions threaten already weakened fuel demand, a Reuters poll showed on Thursday.

The poll of 39 economists and analysts …

Source: Reuters

Exxon signals up to $20 billion writedown to overwhelm 4th-qtr gains in oil, chemicals

Reuters


HOUSTON  -Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth quarter results, but the gains would be overshadowed by an up to $20 billion asset writedown.

The …

Source: Reuters

Oil slips, set for 20% annual drop in tumultuous 2020

Reuters


NEW YORK  -Global crude prices slipped on Thursday and lost more than a fifth of their value in volatile trade in 2020, as lockdowns to combat the novel coronavirus depressed economic activity and slammed fuel demand.

Still, Brent and …

Commodities 2021: Alaska’s North Slope operators on track with two projects

Commodities 2021: Alaska’s North Slope operators on track with two projects

S&P

Anchorage — Despite a lackluster outlook for crude oil prices, North Slope operators are on track with two major projects in 2021 that could add 200,000 b/d of new production moving through the Trans Alaska Pipeline System by 2025.…

December 30, 2020 - 12:10 pm Closing Bell Story‎, Commodity Pricing, Crude Oil News, US News
Source: Reuters

Oil prices flat; U.S. crude stock draw supports but demand hopes dim

Reuters


LONDON -Oil prices traded flat on Wednesday, supported by a draw in U.S. crude inventories and Britain’s approval of a second coronavirus vaccine but pressured by swelling year-over-year supply and the view that a federal aid package would be …

Source: Reuters

A historic oil price collapse, with worries headed into 2021

Reuters


NEW YORK – This year was like no other for oil prices.

Even as global prices end the year at about $51 a barrel, near the average for 2015-2017, it masks a year of volatility. In April, U.S. crude …