Oil prices fell on Monday due to concerns over fuel demand caused by the spread of Covid-19 variants and as changes to import rules in China offset expectations of tight supplies through the rest of the year.
Brent crude …
LONDON – Oil prices edged higher on Monday as the U.S. dollar weakened, although concerns about the impact on demand from rising coronavirus cases in India and other countries capped gains.
Brent crude was up 32 cents, or 0.5%, …
BEIJING – China’s national offshore oil and gas producer CNOOC Ltd reported a 59% plunge in 2020 profit, hitting the lowest since 2017, as the coronavirus pandemic whacked energy prices and hammered fuel consumption.
The listed branch of China …
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 …
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 …
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 …
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 …
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 …
LONDON – Oil steadied on Monday, after earlier rising to $52 a barrel, as optimism over the U.S. stimulus package and the start of a European vaccination campaign was balanced by weak demand and the prospect of higher OPEC+ …
U.S. import prices rebounded less than expected in November as an increase in the cost of petroleum products was offset by cheaper food and motor vehicles, supporting views that inflation could remain moderate amid a resurgence in new Covid-19 …
LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market.…
NEW YORK -Oil prices edged lower on Tuesday, extending the previous session’s losses after the U.S. state of California tightened its pandemic lockdown through Christmas and COVID-19 cases surged in the United States and Europe.
Brent crude fell 3
NEW YORK – U.S. gasoline consumption fell during the Thanksgiving holiday week to the lowest in more than 20 years, said OPIS, an IHS Markit company, as coronavirus cases surged and government officials urged residents to stay home.
Since …
OPEC+ members’ decision to slowly ramp up production from next month will be balanced by increased demand as a result of the expected roll-out of coronavirus vaccines, Goldman Sachs said in a note dated Thursday.
The Organization of Petroleum …
S&P Global Ratings warned that banks could face their toughest year since the aftermath of the global financial crisis, with four key risks hanging over the sector.
The ratings agency currently has a “negative” outlook for about one third …
DUBAI/LONDON/MOSCOW – OPEC and its allies see oil inventories declining further in 2021 should producers extend supply curbs for three months or more, a confidential document seen by Reuters shows, supporting the case for a tighter policy on crude …
LONDON – U.S. petroleum inventories are gradually normalising as output curbs by OPEC+ and processing restraint by refiners push the oil market back towards balance.
But with stocks of crude and distillates still well above the five-year average, OPEC+ …
NEW YORK – Oil prices fell about 2% on Friday, pressured by swelling output from Libya and fears that rising coronavirus infections may slow the recovery in the global economy and fuel demand.
Hopes for a vaccine kept crude …
CNBC
It may be quite a while before an effective coronavirus vaccine is globally distributed, but forward-looking global equity markets are already partying like it’s here.
The total value of stock markets around the world reached an all-time high of
LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of rising coronavirus cases, OPEC said on Wednesday, hampering efforts by the group and its allies to support the market.
Demand will rise by
LONDON- Global jet fuel consumption remains severely affected by the uneven recovery in aviation; cargo volumes have rebounded but cross-border passenger flying remains blocked by quarantine restrictions in many countries.
In the United States, commercial jet fuel production over …
(John Kemp is a Reuters market analyst. The views expressed are his own)
LONDON – Hedge funds sold petroleum last week as the rising number of coronavirus cases in the United States and Europe fuelled fears of a double-dip …
ExxonMobil Chairman and CEO Darren Woods warned that job cuts are coming for employees in the U.S. and Canada as part of an ongoing plan announced earlier this year to “redesign work processes and improve cost competitiveness.”
While …
Big money investors have over the last six months poured cash into the markets at the fastest pace in 17 years as they fretted over COVID-19 and the upcoming presidential election, according to a new survey from Bank …
By David Yager
September 21, 2020
“The only thing certain about oil is uncertainty.” This earth shattering profundity was shared with me in 1990 by Dr. Subroto, then Secretary-General of OPEC.
Every time somebody predicts with great confidence …
DUBAI – The value of Saudi Arabia’s June oil exports was down 55% year on year, a drop of $8.7 billion, official data showed on Wednesday.
Compared with May, total exports – including non-oil exports of goods such as …
