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" Oil rises 1per cent ahead of OPEC meeting under Omicron cloud"
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" Oil rises 1per cent ahead of OPEC meeting under Omicron cloud"

MELBOURNE : Oil prices clawed back some losses on Wednesday after steep falls in the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant. U.S. West Texas Intermediate (WTI) crude futures rose 78 cents, or 1.2per cent, to US$66.96 a barrel at 0122 GMT, after a 3.9per cent drop on Tuesday.

Oil rebounds on speculation OPEC+ may pause output increase
Nov. 29, 2021
Source: Reuters

Oil rebounds on speculation OPEC+ may pause output increase

TOKYO, Nov 29 (Reuters) - Oil prices rebounded on Monday as investors looked for bargains after Friday's slump and on speculation that OPEC+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant.

WTI falls 13% in a day, the battle for the price of oil continues
Nov. 29, 2021
Source: FX Street

WTI falls 13% in a day, the battle for the price of oil continues

A drop in oil prices this large was last seen in January/February 2020, when WTI was making its way down to unprecedented negative per barrel territory. No one expects oil to veer this low again, but the comparison to 2020 is apt, with Coronavirus responsible for the commodity's downfall on both occasions.

WTI defends $78.00 as OPEC cites SPR blowing global oil supplies
Nov. 25, 2021
Source: FX Street

WTI defends $78.00 as OPEC cites SPR blowing global oil supplies

WTI prints mild gains above $78.00, near $78.20 during Thursday’s Asian session on the hawkish hopes from the Organization of the Petroleum Exporting Countries (OPEC). The black gold took a U-turn from the weekly high to snap a two-day uptrend the previous day after supply concerns escalated. Also adding to the upside filter was the weekly official oil inventories from the US Energy Information Administration (EIA). It should be noted that the EIA Crude Oil Stocks Change rose to +1.017M versus -0.481M forecasts and -2.101M prior.

Oil slips on plans to tap emergency crude reserves
Nov. 23, 2021

Oil slips on plans to tap emergency crude reserves

MELBOURNE :Oil prices fell on Tuesday, reversing gains in the previous session, on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as COVID-19 cases flare up in Europe. The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday as part of a plan it hashed out with major Asian energy consumers to lower energy prices, a Biden administration source familiar with the situation said.

U.S. Gasoline Prices Set For Decline
Nov. 20, 2021
Source: Oil Price

U.S. Gasoline Prices Set For Decline

Americans could soon see relief at the pump as U.S. gasoline prices are set to decline if the drop in crude oil prices holds, Patrick De Haan, head of petroleum analysis at fuel-savings platform GasBuddy, said on Friday.

IEA: Global Oil Inventories Rose In October
Nov. 17, 2021
Source: Oil Price

IEA: Global Oil Inventories Rose In October

After hitting a six-year low in September, commercial oil stocks in OECD countries showed a marginal build in October, suggesting that the months of hefty inventory draws globally may be over, the International Energy Agency (IEA) said on Tuesday.

WTI Crude Recovers On Cushing Inventory Draw, Gasoline Draw
Nov. 17, 2021
Source: Oil Price

WTI Crude Recovers On Cushing Inventory Draw, Gasoline Draw

The American Petroleum Institute (API) reported a small inventory build in crude oil that was just enough to keep the market from panicking over dwindling inventories. This week, the API estimated the inventory build for crude oil to be 655,000 barrels. U.S. crude inventories are now 60 million barrels below where they were at the beginning of the year. Analyst expectations for the week were for a build of 1.550-million barrels for the week. In the previous week, the API reported a draw in oil inventories of 2.485-million barrels, compared to the 1.90-million-barrel build that analysts had predicted.

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.

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