Commodity Pricing

Source: World Oil

Oil prices climb as U.S. crude, gasoline inventories tighten

World Oil


SINGAPORE (Bloomberg) –Oil gained after a U.S. industry report showed another decline in inventories of crude and gasoline, signaling a tightening market.

Global benchmark Brent rose above $74, while West Texas Intermediate advanced for a fourth day. The …

Source: Reuters

OPEC sees oil supply disruptions boosting demand for its crude

World Oil


(Bloomberg) –OPEC predicted stronger demand for its crude on a combination of rising global fuel consumption and output disruptions elsewhere.

The latest data from the group indicate that the world will continue to face an oil supply deficit …

Source: Reuters

BofA could bring forward $100 oil target in event of cold winter

Reuters


Bank of America Global Research said it could bring forward its $100 per barrel oil price target to the next six months from mid-2022 if the winter is colder than usual, potentially driving a surge in demand and widening …

Source: Reuters

Oil prices climb as U.S. supplies restart following historic Ida impact

World Oil


SINGAPORE (Bloomberg) –Oil climbed above $70 a barrel in New York after three weeks of gains as investors tracked the slow restoration of supplies in the Gulf of Mexico and the outlook for demand and inventories over the …

Source: Reuters

Oil rallies to $73 on tight U.S. supplies, Biden-Xi call

Reuters


LONDON – Oil rose to around $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes gave riskier assets a boost.

About …

Source: Reuters

Oil slides 2% on worries about weak demand

Reuters


CALGARY, Alberta – Oil prices fell on Tuesday on concerns about weak demand in the United States and Asia, although ongoing production outages on the U.S. Gulf Coast helped to limit losses.

Industry analysts said a strengthening U.S. dollar …

Source: Reuters

Oil steady as U.S. jobs report disappoints

Reuters


LONDON -Oil prices were steady on Friday after a U.S. jobs report indicated a patchy recovery amid the pandemic but the demand picture remained bright globally and the aftermath of a U.S. hurricane also checked losses.

Brent crude futures …

Source: Reuters

U.S. energy firms strain to shake off hurricane’s toll

Reuters


HOUSTON – U.S. oil and gas companies strained to get offshore operations back up and running on Thursday as the extent of Hurricane Ida’s damages became more apparent.

Ida’s 150-mile-per-hour (240 kph) winds delivered a direct hit to the …

Source: Reuters

Oil rises on economic recovery hopes, weaker dollar

Reuters


LONDON -Oil prices rose more than $1 on Thursday, supported by optimism about the pace of the economic recovery from the pandemic, a sharp decline in U.S. crude stocks and a weaker dollar.

Brent crude was up $1.25, or …

Source: World Oil

Port Fourchon, other Gulf oil facilities likely offline for weeks after Ida

World Oil


HOUSTON (Bloomberg) –Port Fourchon, America’s largest base supporting the U.S. Gulf of Mexico offshore oil industry, will take weeks to recover after Hurricane Ida tore through the Louisiana community, leaving a wake of destruction in its path.

“How

Source: Reuters

OPEC+ seen sticking to policy despite higher oil demand

Reuters


LONDON/DUBAI – OPEC and its allies will likely stick to their existing policy of gradual oil output increases, four sources said on Wednesday, even though the group revised up its 2022 demand outlook and still faces U.S. pressure to …

Source: Reuters

Oil prices near biggest monthly loss since October before OPEC meets

World Oil


SINGAPORE (Bloomberg) –Oil headed for the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida.

West Texas Intermediate fell 0.8% in

Source: Reuters

OPEC projects oil shortages in 2021, surplus in 2022 as output rises

World Oil


LONDON (Bloomberg) –OPEC and its allies expect global oil markets will continue to tighten this year even as they revive output, but then flip into surplus again in 2022.

 

The data, to be presented to the group’s …

Source: World Oil

Oil prices slip, gasoline jumps as Hurricane Ida disrupts infrastructure

World Oil


(Bloomberg) –U.S. gasoline futures jumped after Hurricane Ida barreled ashore in Louisiana, disrupting processing facilities. Oil reversed early gains as local rigs may have escaped significant damage and the OPEC+ producers’ cartel is expected on Wednesday to endorse …

Source: Reuters

OPEC stays the course on output hikes as oil prices rebound

World Oil


LONDON (Bloomberg) –OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble.

The coalition led by Saudi Arabia and

Source: Reuters

Oil jumps as storm approaches Gulf of Mexico production hub

Reuters


LONDON -Oil prices rose on Friday and were on track to post big gains for the week on worries about supply disruptions as energy companies began shutting production in the Gulf of Mexico ahead of a possible hurricane forecast …

Source: Reuters

Oil has only done this twice in the past 20 years — and it could forecast a 50% rally

CNBC


Oil prices could be setting up for a major rally, one strategist says.

 

Though the energy sector has cooled off in recent months, U.S. West Texas Intermediate crude’s price chart just flashed a rare signal, Miller Tabak’s Matt

Source: Reuters

Oil edges higher on US fuel demand, extends rally

Reuters


NEW YORK -Oil prices edged higher on Wednesday, extending gains for a third session, after U.S. government data showed that fuel demand has climbed to its highest since the start of the COVID-19 pandemic.

Brent crude rose 42 cents …

Source: Reuters

Column: Demand only one side of LNG price surge, supply cut by outages

Reuters


LAUNCESTON, Australia  – The spot price of liquefied natural gas (LNG) in Asia is usually at a seasonal low in August in what is historically the shoulder season between summer and winter peak demand.

That the price of spot …

Source: Reuters

Saudi Arabia’s June oil exports rise 123% to over $16 billion

Reuters


DUBAI – The value of Saudi Arabia’s oil exports in June increased 123% to 61.5 billion riyals ($16.4 billion) from a year earlier while non-oil exports rose by around 41%, official data showed on Tuesday.

Overall exports increased by …

Source: World Oil

U.S. to auction 20MM barrels of oil from Strategic Petroleum Reserve

World Oil


The Energy Department plans to auction off

Source: Reuters

Oil up 2% on brighter demand outlook and Mexican outage

Reuters


LONDON – Oil prices rose on Tuesday, extending sharp gains on a bullish demand outlook as U.S. regulators issued their first full approval for a COVID-19 vaccine and Mexico suffered a large production outage.

Brent crude oil futures were …

Source: Reuters

Oil jumps 3% on weaker dollar after seven days of losses

Reuters


LONDON -Oil prices jumped 3% on Monday, recovering from a seven-day losing streak, with gains driven by a weaker dollar despite demand concerns stoked by rising cases of the Delta coronavirus variant.

Brent crude climbed $2.15, or 3.2%, to …

Source: Reuters

Oil slumps over 3%, hits May lows as losses extend to a sixth day

Reuters


Wall Street indexes fell on Thursday on concerns the Federal Reserve could begin to rein in its massive monetary stimulus, while commodity-linked stocks sank as oil and metal prices tumbled to multi-month lows.

The S&P energy sector was the …

August 19, 2021 - 10:00 am Closing Bell Story‎, Commodity Pricing, Energy News
Source: Reuters

Oil holds above $70 despite forecasts for weaker demand growth

Reuters


LONDON -The Brent benchmark oil price held above $70 a barrel on Friday, broadly shrugging off a warning from the International Energy Agency that the spread of coronavirus variants is slowing oil demand growth.

Brent crude was down 18 …

Source: Reuters

Oil prices steady as investors bet demand growth will outlast Delta variant

World Oil


SINGAPORE (Bloomberg) –Oil steadied after a two-day advance as investors bet the global demand recovery will remain intact despite the latest wave of Covid-19 that’s led to tighter restrictions on movement in many countries.

Futures in New York …

Source: Reuters

OPEC sticks to oil demand view despite virus, sees more U.S. shale coming

Reuters


LONDON -OPEC on Thursday stuck to its prediction of a strong recovery in world oil demand in 2021 and further growth next year, despite concerns about the spread of the Delta coronavirus variant that has weighed on prices.

The …

Source: Reuters

U.S. calls on OPEC and its allies to pump more oil

Reuters


U.S. President Joe Biden’s top aides are pressuring OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to global economic recovery.

Biden’s national security adviser Jake Sullivan criticized the …

Source: Reuters

Oil drops below $70 as U.S. urges OPEC+ to pump more

Reuters


LONDON – Oil fell below $70 a barrel on Wednesday as the United States urged OPEC and its oil-producing partners to boost output, saying current production was not enough and could threaten the global economic recovery.

The price of …

Source: Reuters

Shale drillers leveraging $42B in new bonds to retire costlier debt

World Oil


HOUSTON (Bloomberg) –Shale drillers — some of them just emerging from bankruptcy — racked up a staggering $42 billion in new debt in the first half of the year.

It’s not what you think.

America’s oil explorers aren’t …