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WTI crude closes above $70 for the first time since Oct. 2018
June 9, 2021
Source: world oil

WTI crude closes above $70 for the first time since Oct. 2018

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.

First U.S. oil inventory rise in three weeks adds to crude price pressure
May 20, 2021
Source: world oil

First U.S. oil inventory rise in three weeks adds to crude price pressure

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 hits $70, two-month high, like Europe, US reopen economies
May 19, 2021

Oil hits $70, two-month high, like Europe, US reopen economies

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.

Crude oil rises on improving demand, Brent trades above $69 a barrel
May 18, 2021
Source: Money Control

Crude oil rises on improving demand, Brent trades above $69 a barrel

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”.

Big Oil Eyes Wave Of Buybacks After Blowout Earnings
May 10, 2021
Source: Oil Price

Big Oil Eyes Wave Of Buybacks After Blowout Earnings

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. crude oil inventories increase by 0.1 million barrels - Oil & Gas
April 29, 2021
Source: Oil And Gas 360

U.S. crude oil inventories increase by 0.1 million barrels - Oil & Gas

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.

Clean crude? Oil firms use offsets to claim green barrels
April 17, 2021
Source: Energyworld

Clean crude? Oil firms use offsets to claim green barrels

In January, Occidental Petroleum announced it had accomplished something no oil company had done before: It sold a shipload of crude that it said was 100% carbon-neutral.While the two-million-barrel cargo to India was destined to produce more than a million tons of planet-warming carbon over its lifecycle, from well to tailpipe, the Texas-based driller said it had completely offset that impact by purchasing carbon credits under a U.N.-sponsored program called CORSIA.

Crude oil price falls for fifth straight day amid rising US stockpile
March 18, 2021
Source: Energyworld

Crude oil price falls for fifth straight day amid rising US stockpile

Oil prices dropped for a fifth day on Thursday after official data showed a sustained rise in U.S. crude and fuel inventories, while the ever-present pandemic clouded the demand outlook. Stocks of gasoline and diesel increased against expectations among analysts for a decline.

No proposal to bring petrol, diesel, ATF, gas under GST: Nirmala Sitharaman
March 17, 2021
Source: Energyworld

No proposal to bring petrol, diesel, ATF, gas under GST: Nirmala Sitharaman

NEW DELHI: Amid record-high fuel prices, finance minister Nirmala Sitharaman on Monday said there is no proposal as of now to bring crude oil, petrol, diesel, jet fuel (ATF) and natural gas under the Goods and Services Tax (GST).This meant that the central government continued to levy excise duty on them while state governments charged VAT. These taxes, with excise duty, in particular, have been raised periodically.

Rebel attack on world’s largest crude terminal sends oil prices surging
March 9, 2021
Source: world oil

Rebel attack on world’s largest crude terminal sends oil prices surging

Oil surged above $71 a barrel in Asian trading after Saudi Arabia said the world’s largest crude terminal was attacked, although output appeared to be unaffected after the missiles and drones were intercepted. Futures in London jumped as much as 2.6% at the open after rising 4.9% last week. The attacks follow a recent escalation of hostilities in the Middle East region after Yemen’s Houthi rebels launched a series of attacks on Saudi Arabia.

Saudis raise U.S. and Asian crude prices for April delivery
March 8, 2021
Source: world oil

Saudis raise U.S. and Asian crude prices for April delivery

Saudi Arabia raised pricing for its crude for shipment to Asia and the U.S. next month after OPEC+ extended oil supply constraints, pointing to a tightening physical market. State oil producer Saudi Aramco increased pricing for Arab Light crude for Asia, its largest regional market, by 40 cents a barrel to $1.40 more than the benchmark. Aramco raised all other pricing to Asia, except for its Heavy crude which remained unchanged.

Saudi Arabia’s bold plan to rule the $700 billion hydrogen market
March 8, 2021
Source: Energyworld

Saudi Arabia’s bold plan to rule the $700 billion hydrogen market

As governments and industries seek less-polluting alternatives to hydrocarbons, the world’s biggest crude exporter doesn’t want to cede the burgeoning hydrogen business to China, Europe or Australia. So it’s building a $5 billion plant powered entirely by sun and wind that will be among the world’s biggest green hydrogen makers when it opens in the planned megacity of Neom in 2025.

Iran taps old Asian oil customers while eying return of exports
March 4, 2021
Source: Livemint

Iran taps old Asian oil customers while eying return of exports

Iran is reaching out to its old customers in Asia to gauge interest in its crude as the Persian Gulf oil producer ramps up diplomacy in a bid to get US sanctions lifted. Iran’s crude shipments dwindled to a trickle after sanctions by the former US administration in 2018 and the end of waivers for some countries in 2019, although a number of Chinese refiners continued to take some oil.

U.S. oil exports to Asia hit new record in January
Feb. 3, 2021
Source: World oil

U.S. oil exports to Asia hit new record in January

American oil exports from Louisiana’s offshore supertanker port jumped to record as Asian buyers are stocking up U.S. crude for a post-pandemic rebound in fuel consumption. Eight vessels carrying nearly 15million barrels of crude transported to South Korea, China and India, according to ship-tracking data. Total U.S. Gulf crude outflows to Asia rose to nearly 51 million barrels in January.

Iraq cuts crude oil supplies for Indian refiners
Jan. 22, 2021
Source: Energy World

Iraq cuts crude oil supplies for Indian refiners

Iraq has reduced annual supplies of Basra crude oil to several Indian refiners by up to 20 per cent for 2021. The supply cuts to India followed a $2.5 billion oil prepayment deal between SOMO and Chinese state oil trader Zhenhua Oil Corp for 48 million barrels of Basra crude.

Vaccine showed new hope for energy demand
Nov. 25, 2020
Source: worldoil.com

Vaccine showed new hope for energy demand

"The recent breakthrough on a Covid-19 vaccine is a hope for the swift recovery of global energy demand next year. HSBC Bank analyst Gordon Gray recently stated-"The recent news around Covid-19 vaccines has boosted crude prices as markets start to look to a return to some sort of normality in 2021, also we expect OPEC+ to err on the side of caution as it evaluates how the market evolves.”

Tanker with 2 million barrels of oil catches fire
Sept. 5, 2020
Source: Energy Voice

Tanker with 2 million barrels of oil catches fire

A supertanker carrying about 2 million barrels of oil caught fire in the Indian Ocean off the east coast of Sri Lanka. The tanker was sailing towards India’s Paradip refinery when it caught fire. One of the 23 crew members is found missing and one injured. The navy personnel at the scene have reported that fire was under control.

Soon there'll be no place to store crude oil: IHS Markit
March 28, 2020

Soon there'll be no place to store crude oil: IHS Markit

Energy researcher, IHS Markit has forecasted a huge crude oil storage crunch in the coming time, with the situation close to becoming a reality in as little as three months. The consultant said that current rates of supply and demand indicate an increase in inventories by 1.8 billion barrels over the first half of 2020. There are only an estimated 1.6 billion barrels in storage capacity currently available.

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