MOSCOW – Russian oil production has declined so far in June from average levels in May despite a price rally in oil market and OPEC+ output cuts easing, two sources familiar with the data told Reuters on Monday.
Russia’s …
LONDON – Global oil consumption is set to return to pre-pandemic levels by the first quarter of 2022, driven by a strong expansion in global manufacturing and freight transport as well as the gradual re-opening of major economies.
Booming …
LONDON -Oil prices rose on Friday, and were on track for a fifth consecutive weekly gain on expectations demand growth will outstrip supply and OPEC+ producers will be cautious in returning more supply to the market from August.
Brent …
Oil prices dipped on Thursday but still held close to their highest in almost three years, supported by drawdowns in U.S. inventories and accelerating German economic activity.
Doubts about the future of the 2015 Iran nuclear deal that
U.S. energy company executives polled by the Federal Reserve Bank of Dallas have an optimistic outlook driven by upticks in activity and a jump in oil prices, according to a survey released on Wednesday.
Oil and gas producers …
LONDON – Benchmark oil prices could hit $100 a barrel and price volatility could also grow due to lower investments and the energy transition, the heads of top energy companies said on Tuesday.
“There is quite a chance to …
LONDON – Hedge funds have rarely been more bullish about the outlook for oil in the last three years, even as prices have climbed to levels that have induced a strong response from producers in the past.
Hedge funds …
TOKYO – Crude oil prices steadied on Tuesday after Brent rose above $75 a barrel for the first time since April 2019, with prices underpinned by a strong demand outlook and as OPEC+ begins discussions on raising oil production.…
Commodity merchants and investment firms such as Citadel, Gunvor and Trafigura are bolstering U.S. teams that specialize in trading renewable fuels as demand soars, according to people familiar with the matter.
Many trading firms already have an established presence …
BofA Global Research raised its Brent crude price forecasts for this year and next, saying that tighter oil supply and demand balances in 2022 could push oil briefly to $100 per barrel.
“We believe that the robust global oil …
LONDON – OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, OPEC sources said, giving it more power to manage the market in the short term before a …
Goldman Sachs said on Friday the recent slip in commodities prices driven by the U.S. Federal Reserve’s decision to bring forward projections for interest rate hikes into 2023 was a buying opportunity for investors.
“The bullish commodity thesis is …
LONDON -Crude oil prices hovered near multi-year highs on Thursday, buoyed by falling U.S. crude inventories which limited the impact of a stronger U.S. dollar.
Brent crude oil futures dropped 12 cents, or 0.1%, to $74.27 a barrel by …
SINGAPORE (Reuters) – Asian refiners are paying the highest premiums for Middle East and Russian crude oil in about a year, due to firm demand and more costly imports from the West, industry sources said.
High prices could prompt …
LONDON -Oil gained for a fifth day on Wednesday, climbing towards $75 a barrel to its highest since April 2019, supported by a recovery in demand from the pandemic and a drop in U.S. crude inventories.
The American Petroleum …
LONDON – Oil prices are likely to be extremely volatile in the next few years, driven by supply constraints rather than demand as financing for new production evaporates in favour of renewables, U.S.-based Castleton Commodities International said.
“You could …
TOKYO – Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a …
Power and natural gas prices in Texas and California spiked to multi-month highs this week as homes and businesses cranked up their air conditioners to escape brutal heatwaves.
In Texas, the Electric Reliability Council of Texas (ERCOT), which operates …
U.S. investment bank Goldman Sachs expects Brent crude prices to reach $80 per barrel this summer, betting that a recent oil market rally will continue as vaccination rollouts boost global economic activity and demand for the commodity.
Brent prices …
NEW YORK -Oil prices edged up to multi-year highs on Friday, heading for a third straight week of gains on the improved outlook for worldwide demand as rising vaccination rates lead to a lifting of pandemic curbs.
LONDON- Portfolio managers increased their positions in petroleum last week, reversing roughly half the sales over the previous three weeks, as benchmark oil prices started to break up through the recent ceiling.
Hedge funds and other money managers purchased …
Oil prices extended losses on Tuesday on profit taking and a stronger U.S. dollar, but overall optimism about recovering demand kept a floor under prices.
Brent crude was down 37 cents, or 0.5%, at $71.12 a barrel by 1335 …
NEW YORK -Oil prices dipped on Monday, pulling back from two-year highs reached on expectations of improved demand and OPEC producers keeping supply curbs in place.
Brent crude hit $72.27, the highest since May 2019, but by 11:18 a.m. …
LONDON – Crude oil prices have climbed to their highest level for more than two years as U.S. shale producers have added only a limited number of extra rigs and production, opting to push for higher prices and profits …
NEW YORK -Oil prices were little changed on Thursday, following two straight days of gains that took oil futures to highs not seen in a year, after weekly U.S. crude stocks fell sharply while fuel inventories rose more than …
LONDON/MOSCOW – OPEC+, which on Tuesday rubber stamped an earlier decision to go ahead with production increases over the next two months, now sees the oil market tightening further than previously anticipated.
Under their existing plan, the Organization of …
LONDON – Oil rose on Wednesday, supported by an OPEC+ decision to stick to its plan to restore supply to the market gradually and by the slow pace of nuclear talks between Iran and the United States.
Brent rose …
Oil prices will see a gradual uptick this year as economies shake off pandemic blues and weather headwinds from the coronavirus crisis in India and a potential return of Iranian supply, a Reuters poll showed on Tuesday.
The survey …
