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oil producers

Oil prices extend losses on expected supply increase
Markets

Oil prices extend losses on expected supply increase

  • Saudi Arabia and UAE reach compromise on oil supply.
  • US crude stockpiles fall for eighth week –EIA.
  • US fuel stocks rose despite reduced refinery output –EIA.
  • Iran nuclear talks unlikely until mid-August –source.
  • China June crude throughput hit record high.
Published 15 Jul, 2021 05:26pm
Oil rises on optimism about demand outlook
Markets

Oil rises on optimism about demand outlook

  • Brent crude was up by 52 cents, or 0.7%, at $73.38 a barrel.
  • We have had those stock draws for a couple months, the market is heading in the right direction ... my impression it is not a super cycle.
Published 15 Jun, 2021 05:34pm
Oil rises to fresh multi-year highs on demand recovery
Markets

Oil rises to fresh multi-year highs on demand recovery

  • Brent crude futures edged up 13 cents to $72.65 a barrel.
  • "In 2022 there is scope for the 24-member OPEC+ group, led by Saudi Arabia and Russia, to ramp up crude supply by 1.4 million barrels per day (bpd) above its July 2021-March 2022 target," the IEA said.
Published 11 Jun, 2021 06:40pm
Oil near one-month highs as demand outlook improves
Markets

Oil near one-month highs as demand outlook improves

  • US West Texas Intermediate futures fell 36 cents, or 0.6%, to $62.79. It had earlier reached $63.48, also the highest since March 18.
  • The IEA and Organization of the Petroleum Exporting Countries (OPEC) made upward revisions to their global oil demand growth forecasts for 2021 this week to 5.7 million barrels per day (bpd) and 5.95 million bpd respectively.
Published 15 Apr, 2021 07:35pm
US crude stockpiles fall as refiners ramp up output: EIA
Markets

US crude stockpiles fall as refiners ramp up output: EIA

  • Crude inventories fell by 5.9 million barrels in the week to April 9 to 492.4 million barrels, compared with analysts' expectations in a Reuters poll for a 2.9 million-barrel drop.
  • Oil prices rallied on the report. US crude futures were up $2.50 a barrel, or 4.1%, at $62.68 a barrel, while Brent rose 4% to $66.17 a barrel.
Published 14 Apr, 2021 08:22pm
Oil falls as Suez opens, focus turns to OPEC+ output
Markets

Oil falls as Suez opens, focus turns to OPEC+ output

  • Brent crude was down $1.02, or 1.6%, at $63.96 a barrel by 1334 GMT. West Texas Intermediate US oil was off by $1.16, or 1.9%, at $60.40 barrel.
  • "The wobble we have seen in prices means that OPEC+ will likely need to take a cautious approach once again," bank ING said. "We are of the view that the group will likely hold output levels unchanged."
Published 30 Mar, 2021 09:07pm
Russian oil output rises to 10.22mn bpd in March 1-28
Markets

Russian oil output rises to 10.22mn bpd in March 1-28

  • The rise in production has followed a slump in February, when Russian oil and gas condensate production declined from 10.16 million in January.
  • A source familiar with Russia's thinking said on Monday Russia would support broadly stable oil output by OPEC+ group of leading global oil producers in May.
Published 29 Mar, 2021 06:09pm