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According to preliminary readings from CME Group for crude oil futures markets, traders added around 18.3K contracts to their open interest positions on Thursday. Volume, instead, shrank for the second session in a row, this time by nearly 96K contracts.
The U.S. government, under pressure to lower gas prices, announced on April 15 that it will resume the sale of leases for oil and gas drilling on federal lands while imposing new conditions, including the first hike in royalties in more than 100 years.
The basket of crude oil that India buys averaged USD 100.71 per barrel that day as compared to USD 82 in early November 2021 when state-owned fuel retailers hit the pause button on daily price revision.
Crude oil imports last month rose 7.1% versus November to 19.65 million tonnes, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed on Monday.
Crude oil futures were trading lower and the natural gas futures were trading higher on the Multi Commodity Exchange (MCX) on Thursday morning. January crude oil futures were trading at ₹5,726 in the initial hour of Thursday morning trade as against the previous close of ₹5,828, down by 1.75 per cent. March Brent oil futures were at $79.69, down by 1.37 per cent and February crude oil futures on WTI were trading at $76.80, down by 1.35 per cent.
Oil prices rose Monday as the market kicked off 2022 on a positive note, although concerns over demand waning due to rapidly spreading Covid-19 pandemic limited gains. Brent crude added 67 cents, or 0.86 per cent, to $78.45 a barrel, as of 5.32 am. US West Texas Intermediate crude futures gained 77 cents, or 1.02 per cent, to $75.98 a barrel. Last year, oil prices rose around 50 per cent, spurred by the global economic recovery from the Covid-19 pandemic slump and producer restraint, even as infections reached record highs worldwide.
Petrol price in India crosses Rs 100 mark in early 2021 as the prices of both crude and products saw a big spike in the global market. In Sri Ganganagar town in Rajasthan, normal petrol price shot up over Rs 100 per litre to stand at Rs 100.49 a litre on the 2nd week of February 2021. The petrol and diesel prices have increased 22 times in 2021 with the two auto fuels increasing by Rs 6.17 and Rs 6.40 per litre respectively so far this year.
Nigeria’s crude oil revenue looks set to decline as Royal Dutch Shell Plc halted crude shipments from the country’s Forcados export terminal amid falling oil production. Bloomberg reported on Wednesday that Shell Petroleum Development Company of Nigeria Limited issued a notice of force majeure on Forcados shipments, effective from midday on Tuesday, and planned to issue a revised offtake programme in due course. More than 200,000 barrels per day of Nigerian crude normally pass through the terminal, according to the report. The shutdown comes just a month after Shell said it was restoring flows from the nearby Bonny facility. Force majeure is a clause that allows companies to skip contractual obligations following issues outside of their control. The stoppage occurred during replacement of one of the two single point moorings at Forcados, with the positioning of a jack-up barge preventing tanker access, export operations and resumption of full production into the terminal, Nigerian National Petroleum Company Limited was quoted as saying in a notice. The presence of the jack-up offshore support vessel Seacor Strength at the Forcados moorings was confirmed by ship tracking data monitored by Bloomberg. According to the report, neither NNPC nor Shell gave an indication of the likely duration of the stoppage.
Aiteo Eastern Exploration and Production Company says it has halted oil spillage from the wellhead in Nembe Local Government Area of Bayelsa State. The wellhead blew up on November 5 in the Santa Barbara South field in Nembe, polluting water, gas and oil in the area. The Governor of Bayelsa State, Douye Diri, had expressed displeasure on the high volume of crude oil being spilt continuously to many more communities and its effect on the economic life of residents but the oil company said it was working to address the problem.
Rising oil prices are here to stay according to JPMorgan, with the bank estimating that Brent prices could hit $US150 ($AU210)/bl in 2023 as the OPEC+ cartel control supply and defend higher prices. That means the Biden administrations release of strategic petroleum reserves will have little impact on the underlying price of oil, as was made clear in the initial price reaction in oil last week after the government flooded the market with 50 million barrels.
The head of Vitol Group, the world’s biggest independent oil trader, said global demand has recovered to 2019 pre-pandemic levels and is poised to go even higher early next year. Chief Executive Officer Russell Hardy said demand for oil will exceed 2019 levels during the first quarter of 2022. He spoke online at the Reuters Commodities Trading Conference on Tuesday.
West Texas Intermediate futures surpassed the $70 mark to close at its highest since Oct. 2018 after briefly touching the key psychological level earlier this week. Investors focused on the health of the U.S. market ahead of inventory data.
Oil extended losses after an increase in U.S. crude inventories added to concerns around the prospect of more Iranian oil returning to the market under a potential revival of the nuclear deal. West Texas Intermediate crude futures for June delivery fell $2.57 to $62.92 a barrel at 10:35 a.m. in New York. Brent for July settlement slid $2.50 to $66.21 a barrel on the London-based ICE Futures Europe exchange.
Oil rose on Tuesday to hit $70 a barrel for the first time since March, as expectations of demand recovery following reopenings of the European and US economies offset concern over spreading coronavirus cases in Asia. Brent crude was up 47 cents, or 0.7 percent, at $69.93 by 0825 GMT, and earlier topped $70 for the first time since March 15. US West Texas Intermediate (WTI) crude was up 45 cents, or 0.7 percent, at $66.72.
West Texas Intermediate (WTI) crude was up 0.73 percent to $65.84 per barrel, while Brent crude, the London-based international benchmark rose 0.58 percent to $69.11 per barrel. “Crude oil prices kept firm trading range on-demand growth prospectus with re-opening of economic activities in Europe and UK. However, worries on record cases in India and weak data from the US and China have capped prices for the day. Crude oil prices are facing strong resistance near $68 with the balanced market”.
Crude oil futures have rallied to their highest finish in months, with WTI price climbing above $65 for the first time in two months after OPEC+ stuck with plans to gradually ease production curbs, signaling confidence in the demand outlook. The optimism has coincided with a breakout season for the S&P 500, with the Energy Sector (XLE) being particularly impressive. Indeed, the fossil fuel sector is enjoying a rare blowout season.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.1 million barrels from the previous week. At 493.1 million barrels, U.S. crude oil inventories are at the five year average for this time of year, according to the EIA crude oil and petroleum weekly storage data, reporting inventories as of April 23, 2021.