Commodity Pricing

Source: reuters

Oil in longest rally in two years as vaccines boost demand hopes

Reuters


LONDON – Oil extended its rally for a ninth day on Wednesday, its longest winning streak in two years, supported by producer supply cuts and hopes that vaccine rollouts will drive a recovery in demand.

The American Petroleum Institute …

Source: Reuters

Oil erases gains after hitting 13-month highs

Reuters


LONDON – Oil hit 13-month highs on Tuesday, supported by supply cuts, a weaker dollar and optimism over a recovery in fuel demand, but retraced some of its recent gains in early U.S. trading.

Brent crude futures for April …

Source: Reuters

Hedge funds bet on oil’s ‘big comeback’ after pandemic hobbles producers

Reuters


TORONTO – Hedge funds are turning bullish on oil once again, betting the pandemic and investors’ environmental focus has severely damaged companies’ ability to ramp up production.

Such limitations on supply would push prices to multi-year highs and keep …

Source: Reuters

Column: Funds rotate from gasoline to diesel as epidemic lingers

Reuter’s


LONDON – Hedge funds have increased their exposure to diesel and moved away from gasoline amid fears the lingering epidemic and slow vaccination programmes will depress personal travel and the services sector for many more months.

Hedge funds and …

Source: Reuters

Brent hits $60 as supply cuts and stimulus hopes boost prices

Reuters


LONDON – Oil prices rose on Monday to their highest in just over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures that can …

Source: CNBC

Wall Street turns positive on Exxon after a brutal year. But some experts warn it could get much worse

CNBC


U.S. oil giant Exxon Mobil endured a dreadful year by virtually every measure in 2020.

The Irving, Texas-based company reported four consecutive quarters of losses, incurred the biggest write-down in its modern history, laid off thousands of employees, saw

Source: Reuters

Brent near $60 as OPEC+ cuts tighten oil market

Reuters


LONDON – Brent crude prices are approaching $60 a barrel, a one-year high, driven in large part by OPEC+ cuts that are set to keep the oil market in deficit this year.

The coronavirus pandemic ravaged oil demand as …

Source: Reuters

Oil hits highest in a year on growth hopes, OPEC+ cuts

Reuters


NEW YORK – Oil prices hit its highest in a year on Friday, closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies.

Oil was also supported as …

Source: Reuters

Pandemic pushes Exxon to historic annual loss, $20 billion cut in shale value

Reuters


HOUSTON -Exxon Mobil Corp on Tuesday posted a historic annual loss after the COVID-19 pandemic hammered energy prices and the company reduced the value of shale gas properties by more than $20 billion.

loss, $20 billion cut in shale …

Source: Reuters

U.S. refiners talk up renewable projects after a year of lousy fuel demand

Reuters


Following a year of grim losses amid pandemic lockdowns that dented demand for fuel as people stuck close to home, the largest U.S. independent refiners are promoting plans to boost production of renewable fuels.

Renewable fuels represent a silver …

Source: Reuters

Oil prices near 1-year highs after stocks drawdown, supply deficit forecast

Reuters


LONDON – Both benchmark oil contracts hovered near their highest levels in about a year on Wednesday, boosted by a drawdown in U.S. crude and gasoline stocks that added to demand recovery hopes fueled by OPEC+’s forecast of a …

Source: Reuters

OPEC+ maintains oil policy amid price rally

Reuters


LONDON – OPEC+ maintained its oil output policy at a meeting on Wednesday as the price of crude hit its highest in almost a year, a sign that deep supply cuts are draining inventories despite an uncertain outlook for …

Source: Reuters

Pandemic drives oil major BP to first loss in a decade

Reuters


LONDON – BP plunged to a $5.7 billion loss last year, its first in a decade, as the pandemic took a heavy toll on oil demand, and the energy company warned of a tough start to 2021 amid widespread …

Source: Reuters

OPEC experts meet as rising oil prices mask demand worries

Reuters


LONDON -OPEC+ experts were holding a virtual meeting on Tuesday as a rise in oil prices to their highest in almost a year masked persistent concerns about a recovery in oil demand.

The Joint Technical Committee began its meeting …

Source: Reuters

ExxonMobil reports results for fourth quarter 2020 and provides perspective on forward plans

Oil and Gas 360


Fourth Quarter and Full-Year 2020 Results

 

  • Fourth quarter loss of $20.1 billion included unfavorable identified items of $20.2 billion, primarily non-cash impairments; earnings excluding identified items were $110 million, or $0.03 per share assuming dilution
Source: Reuters

Oil prices reach highest in nearly a year as producers restrain output

Reuters


LONDON  – Oil prices rose more than 2% on Tuesday, reaching its highest in nearly 12 months after major producers showed they were reining in output roughly in line with their commitments.

Brent crude was up $1.31, or 2.3%, …

Source: Reuters

Tight oil market in first half could push crude to $65, says Goldman

Reuters


Oil prices could rise to $65 a barrel by July amid a tight oil market and slow rebound in demand, Goldman Sachs said.

The bank said in a note on Sunday data indicated a deficit of 2.3 million barrels …

Source: Reuters

Oil firms as dollar slips, but demand worries persist

Reuters


LONDON – Oil rose about 1% on Thursday after early declines on a weaker dollar and U.S. inventory drawdowns, but delays to vaccine rollouts and fresh travel curbs to prevent new coronavirus outbreaks kept further gains at bay.

Brent …

Source: Reuters

Oil prices slide as virus cases rise, demand worries persist

Reuters


NEW YORK  – Oil prices eased on Tuesday as coronavirus cases globally continued to rise, but losses were capped amid reports of a blast in Saudi Arabia.

Brent crude was up 4 cents, or 0.1%, at $55.92 by 12:57 …

Source: Reuters

Column: U.S. gas market tightens despite mild winter – Kemp

Reuters


LONDON – U.S. natural gas inventories remain elevated, but the surplus to the five-year average has been shrinking, despite milder than normal weather this winter, signalling the market is tightening and prices are likely to rise in 2021.

Hedge …

Source: Reuters

Oil dips after unexpected build in U.S. crude stockpiles

Reuters


NEW YORK  – Oil prices slipped on Thursday after industry data showed a surprise increase in U.S. crude inventories that revived pandemic-related fuel demand concerns, while U.S. stimulus hopes buoyed prices.

Brent crude futures fell 3 cents to $56.05 …

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 …