Post Tagged with: "WTI"
Oil prices jump but India coronavirus cases weigh
LONDON – Oil prices rose on Friday, reversing some of the previous day’s sharp losses as stock markets strengthened and the U.S. dollar slipped, though gains were capped by the coronavirus situation in major oil consumer India.
Brent crude …
Oil prices rise 2% on fuel demand optimism
NEW YORK -Oil prices rose 2% on Wednesday, after U.S. distillate inventories posted a large drawdown and refining activity picked up, boosting hopes for rising fuel demand.
The market remained concerned, however, about India’s surging coronavirus cases.
Brent crude …
Oil prices may have peaked for now
The oil market continues to surprise, with WTI apparently firmly above $60, a level that could be equated with the pre-pandemic norm (as norm as any oil price can be, which admittedly isn’t very). Considering the global economy remains …
Oil inches up despite coronavirus-related demand concerns
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%, …
Oil holds near $67, heads for weekly gain on demand hopes
Oil held near $67 a barrel on Friday and was heading for a weekly gain as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major …
Column: Oil prices find new equilibrium: Kemp
Crude prices appear to have found a temporary equilibrium in recent weeks, with OPEC+ planning to add just enough extra production to prevent prices rising further and draw in more output from U.S. shale firms.
Brent’s six-month calendar spread …
Oil near one-month highs as demand outlook improves
LONDON -Oil prices eased on Thursday but remained close to a one-month high that was driven by more positive demand forecasts from the International Energy Agency (IEA) and OPEC as economies start to recover from the COVID-19 pandemic.
Brent …
Oil climbs over 4% on signs of increasing crude demand
NEW YORK – Oil prices surged more than 4% on Wednesday, after a report from the International Energy Agency, followed by U.S. inventory data boosted optimism about returning demand for crude.
Brent crude futures rose $2.70, or 4.2%, to …
OPEC raises 2021 oil demand growth forecast on hope pandemic wanes
LONDON -OPEC on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market.
Demand will rise …
Column: Fund managers sell petroleum as pandemic lingers
LONDON – Hedge funds have cut their position in petroleum for the second time in three weeks in response to a resurgence of coronavirus infections and the likely postponement of a resumption to airlines’ international passenger flights.
Money managers …
Oil prices dip on mixed supply and demand outlook
LONDON -Oil prices edged lower on Friday on rising supplies from major producers and concerns over a mixed picture on the COVID-19 pandemic’s impact on fuel demand.
Brent crude futures for June fell 32 cents, or 0.32%, to $62.88
Oil falls on OPEC+ concerns over slow demand recovery
LONDON -Oil prices fell on Wednesday on concerns about the market’s recovery after OPEC and its allies lowered their 2021 demand growth forecast, although strong Chinese factory activities lent some support.
Brent crude for May, which expires on Wednesday, …
Oil falls over 3% as dollar rises and vaccine rollout stalls
LONDON – Oil prices sunk for a fifth day running on Thursday on a stronger dollar, a further increase in U.S. crude and fuel inventories and the weight of the ever-present COVID-19 pandemic.
Brent crude was down $2.33, or …
Oil slips further on Europe demand concerns
LONDON – Oil slipped for a fourth day on Wednesday as concerns about weaker demand in Europe outweighed an industry report that showed U.S. crude inventories fell unexpectedly last week.
Several European countries have paused the use of AstraZeneca’s …
Oil slips to $68 as rally fizzles out before U.S. supply report
LONDON – Oil fell to around $68 a barrel on Tuesday in a choppy session, as easing concern of a supply disruption in Saudi Arabia and U.S. dollar strength countered the prospects for tighter supply due to OPEC+ output …
Column: Hedge fund positioning shifts in expectation of oil price peak
LONDON – Hedge funds sold petroleum for the second week running as crude prices topped $65 a barrel, the highest level since before the COVID-19 pandemic.
The equivalent of 11 million barrels in petroleum futures and options were sold …
Brent cracks $70 for first time since pandemic began after Saudi facilities attacked
SINGAPORE – Brent crude futures jumped above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian …
Oil surges $2 after OPEC+ extends output cuts
LONDON – Oil prices jumped more than 3% on Friday, hitting their highest levels in over a year after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand.…
Oil rises on vaccine optimism, U.S. stimulus
LONDON – Oil prices rose on Monday, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.
Brent crude was up 34 cents, or 0.5%, at $64.76 a barrel by …
ICE tells pricing agency Platts Brent oil market reform too fast
LONDON – ICE exchange, home of Brent oil futures trading, has put pressure on pricing agency Platts to postpone its physical Brent market reform, saying the market needs more time to consult and adjust the value of derivatives in …
Oil rises despite surprise U.S. stock build weighs
LONDON – Oil prices firmed on Wednesday amid continued outages in the United States and a weaker dollar, even though U.S. inventories last week rose unexpectedly.
Brent crude futures gained $1.19, or 1.8%, to $66.56 a barrel at 1511 …
Real-time oil appetite catches up with futures rally
LONDON/SINGAPORE/MOSCOW – Sales of physical crude oil are gaining pace at higher prices following a rally in the futures market, traders and analysts said, as expectations mount of near-term increases in demand.
Global benchmark Brent futures are trading above …
Texas energy freeze stretches to sixth day, raises Mexico’s ire
HOUSTON – Texas’s freeze entered a sixth day on Thursday, as the largest energy-producing state in the United States grappled with massive refining outages and oil and gas shutins that rippled beyond its borders into neighboring Mexico.
The cold …
Column: Funds bought U.S. crude ahead of big freeze – John Kemp
LONDON – Hedge funds purchased more petroleum last week, but buying was almost entirely concentrated in WTI, which suggests it was driven by the prospect of freezing weather temporarily hitting U.S. oil production.
Hedge funds and other money managers …
After oil hits 13-month high, energy analyst warns prices may be ‘too frothy’
Oil climbed Friday, surpassing the high set earlier this week and notching a fresh 13-month peak.
West Texas Intermediate crude hit $59.74 a barrel on Friday, its highest level since January 2020, a promising sign as the industry …
Oil erases gains after hitting 13-month highs
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 …
Oil prices near 1-year highs after stocks drawdown, supply deficit forecast
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 …
Oil prices reach highest in nearly a year as producers restrain output
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%, …
