(Oil Price) – Brent crude on Monday was up nearly 3%, breaking past the $80 threshold as markets attempted to cautiously price in a potential supply disruption should Israel attack Iran’s oil and gas facilities. On Monday at 11:43 a.m. ET, Brent crude was trading up 2.86% at $80.28, for a gain of $2.23 on the day, while the U.S. benchmark,
(Oil Price) – Iran has fired more than 100 ballistic missiles into Israel, according to the latest reports, after the United States warned Israel this morning that an attack was imminent. Israel had time to move its cabinet members and Mossad to safety prior to the attack, and Israel is expected to issue a report shortly detailing what damage—if any—was done.
(BOE Report) – HSBC has lowered its annual oil price forecasts for this year and next, citing a possible increase in OPEC+ oil production later this year that would push the market into surplus in 2025. “Judging by the fall in oil prices, the market had expected another extension – indeed we thought the unwinding would be more likely to
(Oil Price) – Big traders of the U.S. WTI Midland crude, which is now part of the dated Brent benchmark, have used a ‘bookout’ option in the Platts window to reroute Europe-bound cargoes elsewhere, in a move that could influence the price of dated Brent, Reuters reported exclusively on Tuesday, citing trading sources and analysts. The so-called bookout clause is allowed under the
(Oil & Gas 360) – While oil demand continues to grow globally, its trajectory has been leveling somewhat, according to the International Energy Administration (IEA) in its World Oil Market Report released in September. It says the 800,000 barrels a day (bbl/d) increase for the first half of 2024 is the slowest growth rate since the Covid year of 2020;
(Oil Price) – Despite the geopolitical risk premium, oil prices are set to remain under pressure, weighed down by slower-than-expected demand and uncertainty about OPEC+’s unwinding of the production cuts, according to the analysts in the monthly Reuters poll who cut their price forecasts for a fifth consecutive month. In last month’s poll, weaker Chinese oil demand and high inventories globally prompted economists
(Oil Price) – Brent crude and the U.S. benchmark shed well over 2% on Thursday on mainstream media rumors that Saudi Arabia is planning to unleash more oil on the market, with the Kingdom willing to give up its $100-per-barrel price target. According to a Financial Times report earlier in the day citing unnamed sources, Saudi Arabia is willing to reduce its $100 price target
(Oil Price) – Brent Crude prices are set to recover to $80 per barrel in the fourth quarter, Claudio Descalzi, chief executive at Italian energy major Eni, said on Wednesday. “Oil (is seen) at around $80 per barrel, while for natural gas in Italy we can (expect a price of) 30 euros per megawatt hour,” Descalzi said on the sidelines of the
(Oil Price) – Goldman Sachs expects Brent crude oil prices to see some upside in the fourth quarter, potentially reaching $77 per barrel. The bank’s outlook is driven by several key factors, including a recent interest rate cut by the Federal Reserve and strong U.S. economic data. Additionally, Hurricane Helene’s formation reminds markets that hurricanes still have the power to disrupt
BOE Report Oil prices rose slightly on Monday after last week’s cut to U.S. interest rates and a dip in U.S. crude supply in the aftermath of Hurricane Francine countered weaker demand from top oil importer China. Brent crude futures for November edged up by 14 cents, or 0.19%, to $74.63 a barrel by 0815 GMT. U.S. crude futures for
Oil Price Wall Street analysts at Citi have predicted that a deficit in the oil markets driven by OPEC’s recent decision to delay tapering in oil production cuts as well as the ongoing suspension of Libyan oil exports will temporarily offer support for Brent prices in the $70-$75/barrel range in Q4 2024, as reported by Reuters. However, Citi has warned of “renewed price
Investing Oil prices held steady on Tuesday in choppy trade as the focus turned to the U.S. Federal Reserve’s policy meeting that concludes on Wednesday, while fears of weaker demand in China curbed gains. Prices saw some support from prospects of lower U.S. crude stockpiles and concerns over U.S. production in the aftermath of Hurricane Francine. Brent crude futures for November were up
