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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.

WTI crude trading trends suggest a U.S. oil supply crunch as driving season nears
May 26, 2021
Source: world oil

WTI crude trading trends suggest a U.S. oil supply crunch as driving season nears

The June-July WTI time-spread, also known as the prompt cash roll, traded at 20 cents a barrel Tuesday, the strongest level since May 2020, according to Bloomberg data. The spread serves as an indicator of supply-and-demand balances at the main U.S. crude storage hub in Cushing, Oklahoma. Its recent strength shows that inventories are tight just as oil refiners are ramping up output.

Oil prices in a holding pattern until June’s driving season starts, says analyst
May 24, 2021
Source: world oil

Oil prices in a holding pattern until June’s driving season starts, says analyst

Oil clung to losses as traders focused on the likelihood of a renewed nuclear deal with Iran and the potential removal of sanctions on the Persian Gulf country’s crude exports. Futures were down 1.3% in New York after falling as much as 1.9% earlier on Thursday. Crude futures have declined for three straight sessions, the longest losing streak since March, on the prospect of a revival of an Iran nuclear deal. While a timeline for a deal remains unclear, Iran has already been boosting its exports and Indian refiners have signaled they would be willing buyers.

Canada’s oil and gas industry recovery will take two years, analysts say
May 20, 2021
Source: Mining

Canada’s oil and gas industry recovery will take two years, analysts say

Oil prices may have recovered to pre-pandemic levels, but for Canada’s oil and gas industry, recovering from what was arguably the worst year in its history is going to take a couple of years, analysts say. The International Energy Agency (IEA) estimates the global demand for petroleum products won’t be back to pre-pandemic levels until 2023 and may never return to “normal. As of mid-week last week, Western Canadian Select (WCS) was trading at about C$52 per barrel, compared with C$66 per barrel for West Texas Intermediate (WTI), which are pre-pandemic prices. Natural gas prices were not nearly as affected by the pandemic.

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”.

Oil rises on positive demand outlook and US pipeline headache
May 13, 2021
Source: Oil&Gas

Oil rises on positive demand outlook and US pipeline headache

Oil prices today are experiencing a lift on positive demand outlooks released by OPEC and IEA, which both came out with a similar consensus that oil demand will average 96.4 million bpd in 2021, a bullish tune for traders who have pushed Brent front-month contracts towards $69 per barrel. The IEA, in particular, warned that demand will outpace supply, a risk that Rystad Energy also sees as a real possibility, especially as vaccination campaigns allow for more sustained economic reopenings. However, given the demand dent in India as well as the potential impact of the Colonial closing on US refinery runs, we believe 2021 oil demand will likely average 94.6 million bpd.

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.

Oil prices rise amid strong rebound in fuel demand; Brent reaches $67.12 per barrel
May 5, 2021
Source: Business Today

Oil prices rise amid strong rebound in fuel demand; Brent reaches $67.12 per barrel

Oil prices climbed on Monday as optimism about a strong rebound in fuel demand in developed countries and China in the second half of the year overshadowed growing concerns of a full lockdown in India to curb the COVID-19 pandemic. Brent crude futures for July gained 36 cents, or 0.5%, to $67.12 a barrel by 0045 GMT while US West Texas Intermediate for June was at $63.94 a barrel, up 36 cents, or 0.6%.

Russian ministries agree to reduce fuel tax, raise extraction tax for oil firms
April 21, 2021
Source: Energyworld

Russian ministries agree to reduce fuel tax, raise extraction tax for oil firms

MOSCOW: Russia's energy and finance ministries have agreed to reduce fuel tax from May 1, cutting 350 billion roubles ($4.5 billion) from the state budget in 2021-2023, they said on Tuesday.The finance ministry said earlier in April that Russia planned to tackle rising fuel costs by changing taxes and paying more compensation to companies for holding down prices.

Oil falls amid surging coronavirus infections in India, other countries
April 19, 2021
Source: Energyworld

Oil falls amid surging coronavirus infections in India, other countries

TOKYO: Oil prices fell on Monday amid mounting concerns that surging caseloads of coronavirus infections in India and other countries will lead to stronger measures and hit economic activity, along with demand for commodities such as crude.Brent crude was down 43 cents, or 0.6%, at $66.34 a barrel by 0139 GMT, after rising 6% last week. U.S. oil was down 42 cents, or 0.7%, at $62.71 a barrel, having gained 6.4% last week.

Oil prices climb on favourable outlook for U.S. fuel demand
April 12, 2021
Source: Energyworld

Oil prices climb on favourable outlook for U.S. fuel demand

Oil rose on Monday amid hopes that fuel demand is picking up in the United States as the summer driving season approaches and the rollout of COVID-19 vaccinations there accelerates, though increasing case numbers in other countries are set to cap gains.Brent was up 25 cents, or 0.4 per cent, at $63.20 a barrel by 0155 GMT. U.S. crude gained 17 cents, or 0.3 per cent, to $59.49 a barrel.

Oil prices slip after OPEC+ agree to ease output cuts
April 6, 2021
Source: Energyworld

Oil prices slip after OPEC+ agree to ease output cuts

SINGAPORE: Oil prices edged down in early Asian trade on Monday after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.Brent crude futures for June fell 16 cents, or 0.2 per cent, to $64.70 a barrel by 2351 GMT while U.S. West Texas Intermediate crude for May was at $61.32 a barrel, down 13 cents, or 0.2 per cent.

Gas price for ONGC to inch up to $1.82, fall below $4 for Reliance-BP
March 24, 2021
Source: Energyworld

Gas price for ONGC to inch up to $1.82, fall below $4 for Reliance-BP

New Delhi: Government-dictated price for natural gas produced by companies such as ONGC is likely to inch up marginally to USD 1.82 next week while the same for difficult fields like one operated by Reliance-BP may fall below USD 4, sources said. The price of gas, which is used to generate electricity, make fertiliser and convert into CNG for automobiles and cooking gas for households, is due to bi-annual revision next week.

Oil falls as European lockdowns douse recovery hopes
March 22, 2021
Source: Reuters

Oil falls as European lockdowns douse recovery hopes

Oil prices resumed their decline on Monday, falling around 1% as worries about a drop in demand for fuel products in the wake of yet more European lockdowns dominated trading.Germany plans to extend a lockdown to contain COVID-19 infections into a fifth month, according to a draft proposal, after new cases exceeded levels authorities say will cause hospitals to be overstretched.

Brent crude floats near $70 on demand recovery anticipation
March 15, 2021
Source: Energyworld

Brent crude floats near $70 on demand recovery anticipation

Oil prices edged up on Monday, with Brent drifting near $70 a barrel, propped up by output cuts from major producers and optimism about global economic and fuel demand recovery in the second half of the year.Brent crude futures for May gained 23 cents, or 0.3%, to $69.45 a barrel by 0102 GMT while U.S. West Texas Intermediate crude for April was at $65.90 a barrel, up 29 cents, or 0.4%.

Kuwait finance minister calls for reforms despite rebound in oil prices
March 11, 2021
Source: Reuters

Kuwait finance minister calls for reforms despite rebound in oil prices

KUWAIT (Reuters) - Kuwait’s finance minister said on Wednesday that an increase in oil revenues due to higher crude prices would not cover the Gulf state’s budget obligations and he called for radical economic reforms.Kuwait’s budget would need oil prices of $90 per barrel to eliminate its deficit, the minister, Khalifa Hamada, said in a statement.

Only 18% of COVID-19 recovery spending by top nations in 2020 was ‘green’: Report
March 11, 2021
Source: Energyworld

Only 18% of COVID-19 recovery spending by top nations in 2020 was ‘green’: Report

Only 18 per cent, that is $368 billion of $14.6 trillion, COVID-induced spending for rescue and recovery by leading economies in 2020 was green, according to a latest report by Oxford’s Economic Recovery Project and the UN Environment Programme (UNEP). It said that this green spending was mostly accounted for by a small group of high-income countries.

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