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OPEC+ fears oil surplus in 2021 due to COVID-19
Oct. 17, 2020

OPEC+ fears oil surplus in 2021 due to COVID-19

OPEC+ fears the second wave of COVID-19. The cartel is particularly troubled due to the jump in Libyan output. On Thursday, the Joint Technical Committee held a virtual meeting to discuss the issues. "In particular, a resurgence of COVID-19 cases across the world and prospects for partial lockdowns in the coming winter months could compound the risks to economic and oil demand recovery," said the panel.

Dampened market demand leads to falling oil prices.
Oct. 1, 2020
Source: Reuters

Dampened market demand leads to falling oil prices.

The low demand, pandemic, and increased supply from OPEC lead to more than a 5% downfall in oil prices. Brent Crude saw a down of 4.5% to $40.4 a barrel, while U.S WTI crude dropped by 5.3% to $38.13.According to a recent report from Standard Chartered Analysts the global demand is estimated to fall 9.03 million bpd in 2020 and recover by 5.57 million bpd in 2021.

Oil prices drop on demand recovery fears
Aug. 20, 2020
Source: Reuters

Oil prices drop on demand recovery fears

Oil prices fell on Thursday. Brent crude was down 44 cents, at $44.93 a barrel, and U.S. WTI oil fell 44 cents, at $42.49 a barrel. The fall was driven by major demand concerns as well as cautious views from OPEC+ producers and the U.S. Federal Reserve regarding economic recovery from the coronavirus pandemic. Overall fuel demand in the last four weeks is down 14% from year-ago levels.

Prices settles back after gains made over OPEC+ abiding to output cuts
Aug. 18, 2020
Source: Reuters

Prices settles back after gains made over OPEC+ abiding to output cuts

Oil prices clutched onto most of their overnight gains on Tuesday. Brent crude was down 18 cents, at $45.19 a barrel. U.S. WTI crude was down 26 cents, at $42.63 a barrel, having risen 2.1% in the previous session. Oil prices held onto most as the OPEC+ members were almost fully complying with agreed output cuts to support prices amid a drop in demand for fuels due to the pandemic.

Crude oil costs slip in the midst of vulnerability over fuel request
July 17, 2020
Source: Reuters

Crude oil costs slip in the midst of vulnerability over fuel request

Oil prices slipped on Friday in the midst of developing vulnerability about the worldwide recuperation in fuel demand as coronavirus cases flooded in a few nations. Brent crude slipped 26 cents to $43.11 a barrel. U.S. WTI dropped 23 cents to $40.52. The two benchmark crudes fell 1% on Thursday after the OPEC and its allies agreed to trim their record supply cuts by 2 million bpd, starting in August.

Oil prices drop over ease in supply cuts
July 16, 2020
Source: Reuters

Oil prices drop over ease in supply cuts

Oil prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up. The OPEC and its allies, known as OPEC+, agreed on Wednesday to scale back oil production cuts from August. They will reduce their cuts to 7.7 million bpd through December from the 9.7 million bpd cuts in place since May.

Crude oil prices rise after Trump assurance on China trade deal
June 23, 2020
Source: Reuters

Crude oil prices rise after Trump assurance on China trade deal

Oil prices rose on Tuesday after a volatile session sparked by confusion over the status of the US-China trade deal. Brent crude rose 1.1%, to $43.57 whilst WTI rose 1.2%, at $41.21. Markets were unsettled by surprise comments from White House trade adviser Peter Navarro, who said the hard-won deal was "over", though US President Donald Trump later soothed jangled nerves with an assurance that the agreement was fully intact.

Crude oil prices up with stocks but COVID-19 fears May cap gains
June 22, 2020
Source: Reuters

Crude oil prices up with stocks but COVID-19 fears May cap gains

Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April. Brent crude rose 0.2%, to $42.28, while WTI was at $39.76 a barrel, up 1 cent. Both contracts rose about 9% last week and Brent crude futures flipped into backwardation, where oil for immediate delivery costs more than supply later, usually an indication of tightening supply.

Oil prices dip as US crude stocks near fulfillment
June 17, 2020
Source: Reuters

Oil prices dip as US crude stocks near fulfillment

Oil prices declined on Wednesday as experts proved an increase in U.S. crude and fuel inventories, causing oversupply due to a possible second wave of the COVID-19 pandemic which has threatened to halt any recovery in demand. Brent crude futures were down 0.7% at $40.67 and U.S. West Texas Intermediate (WTI) slumped 1.1%, to $37.95 a barrel.

Oil Prices drop as rising US coronavirus cases stoke fears of weak fuel demand
June 15, 2020
Source: Reuters

Oil Prices drop as rising US coronavirus cases stoke fears of weak fuel demand

Oil prices fell on Monday, with US oil dropping more than 2%, as a spike in new coronavirus cases in the US raised concerns over a second wave of the virus which would weigh on the pace of fuel demand recovery. Brent crude futures fell 1.7%, at $38.07 a barrel; while US West Texas Intermediate (WTI) crude futures fell 2.2%, to $35.45 a barrel.

Oil slips below $39 after U.S. crude stockpiles expand to record
June 11, 2020
Source: Reuters

Oil slips below $39 after U.S. crude stockpiles expand to record

Oil prices fell more than 2% on Thursday on worries about slow demand growth with coronavirus cases rising, U.S. crude stockpiles hitting an all-time high and the U.S. Federal Reserve projecting recovery from the pandemic would take years. WTI crude futures erased gains from Wednesday, falling as low as $38.42 down by 2.5%. Brent crude futures fell 2.2%, or 92 cents, to $40.8.

After big blowout, Assam's Baghjan oilfield catches fire
June 10, 2020
Source: The Hindu

After big blowout, Assam's Baghjan oilfield catches fire

On May 27, oil and natural gas began to gush out uncontrollably from the Baghjan oil field in Assam’s Tinsukia district in an event known in industry parlance as a blowout. But even as OIL officials and engineers scrambled to contain the leak, a fire broke out on Tuesday afternoon, birthing a towering inferno at the site. Over 2,000 people have been moved to relief camps since the blowout occurred.

Crude oil prices dip on oversupply concerns and stronger dollar
June 10, 2020
Source: Reuters

Crude oil prices dip on oversupply concerns and stronger dollar

Oil prices fell on Tuesday, weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts. Brent crude was down 1.3%, at $40.28 a barrel. WTI crude fell 0.7%, to $37.92. A "slightly stronger U.S. dollar ... is weighing on crude prices," said UBS analyst Giovanni Staunovo.

Oil prices rise on optimism easing of lockdowns to spur fuel demand
June 9, 2020
Source: Reuters

Oil prices rise on optimism easing of lockdowns to spur fuel demand

Oil prices climbed on Tuesday, paring losses from the previous session, as markets broadly rose on growing confidence in a global recovery with pandemic lockdowns easing. WTI crude futures rose 1.3%, to $38.69 after dropping by $1.36 on Monday. Brent crude futures rose 1.4%, to $41.36 a barrel. The benchmark contract fell $1.50 on Monday, snapping a seven-day streak of gains.

Mexico refuses to extend oil output cut agreed by OPEC, allies
June 8, 2020
Source: Reuters

Mexico refuses to extend oil output cut agreed by OPEC, allies

Mexico refused to extend a cut in oil production to the end of July which was agreed by OPEC members and other key producers. The OPEC and its allies agreed on Saturday to extend through July the historic output cuts for May and June. But during a visit to a petrochemical plant in Veracruz state, Energy Minister Rocio Nahle told reporters that Mexico would not comply.

Oil climbs over 2% after OPEC+ extends output cuts to end-July
June 8, 2020
Source: Reuters

Oil climbs over 2% after OPEC+ extends output cuts to end-July

Oil prices rose more than 2%, to their highest in three months after OPEC and its allies including Russia agreed to extend record oil production cuts until the end of July. Brent crude climbed to $43.41 up 2.4%. WTI crude gained 2.1%, to $40.38 a barrel. Both hit their highest since March 6. Brent has nearly doubled since April, propped up by an unprecedented production cut of 9.7 mbpd.

Oil prices finish at highest in 3 months, as traders await next move for OPEC+
June 5, 2020
Source: Reuters

Oil prices finish at highest in 3 months, as traders await next move for OPEC+

Weekly declines in U.S. crude stockpiles and supplies at the Cushing, Okla. storage hub reported by the Energy Information Administration offered little support to oil prices, as petroleum product inventories climbed. Brent crude futures were up 0.7%, at $40.26, while WTI crude futures rose 0.5%, to $37.58 a barrel. Prices for WTI and Brent crude marked their highest since March 6, according to Dow Jones Market Data.

Oil prices race past $40 ahead of Opec+ meeting, easing lockdowns
June 3, 2020
Source: Reuters

Oil prices race past $40 ahead of Opec+ meeting, easing lockdowns

Oil prices were up about $1 a barrel on Tuesday on expectations that major producers will agree to extend output cuts during a video conference likely to be held this week and as countries and US states begin to restart after coronavirus lockdowns. Brent crude rose 2.7% to $39.36 and WTI climbed 2.5% to $36.31. Prices have risen sharply in recent weeks buoyed by a continuing recovery in China.

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