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Oil hits 6-week high as Storm Nicholas hits US Gulf
Markets

Oil hits 6-week high as Storm Nicholas hits US Gulf

  • US energy firms brace for another storm amid slow recovery from Ida
  • Over 40% of US Gulf's oil, gas output still shut following Ida
  • IEA sees oil demand rebounding by 1.6 million bpd in October
  • China to auction 7.38 mln bbl of crude from strategic reserves
Published 14 Sep, 2021 05:56pm
Oil steady as China moves to tap oil stocks
Markets

Oil steady as China moves to tap oil stocks

  • China set to tap state oil reserves for the first time
  • Prices supported by lower US output after Hurricane Ida
  • API data shows crude drawdown less than poll expectations
  • EIA cuts 2021 demand outlook, keeps 2022 forecast steady
Published 09 Sep, 2021 08:43pm
Oil extends gains despite rise in US inventories
Markets

Oil extends gains despite rise in US inventories

  • Brent crude futures had gained $2.13, or 3.1%, to $71.48 a barrel
  • US crude stocks rose by 806,000 barrels for the week that ended July 16, according to two market sources, citing American Petroleum Institute figures.
Published 21 Jul, 2021 07:18pm
Oil climbs while OPEC+ considers output increase
Markets

Oil climbs while OPEC+ considers output increase

  • WTI rose more than 10% in June, Brent more than 8%.
  • Cushing inventories drop to lowest since March 2020 –EIA.
  • Brent to average $67.48/bbl; WTI $64.54 in 2021 -Reuters poll.
  • OPEC+ to add 2 mln bpd to market in August-December – source.
Published 01 Jul, 2021 06:46pm
Oil trades at multi-year highs on demand expectations
Markets

Oil trades at multi-year highs on demand expectations

  • Vitol CEO sees oil price around $70-$80/bbl this year.
  • Trafigura CEO says good chance oil gets to $100/bbl.
  • POLL-US crude inventories seen falling for 4th week in a row.
  • Coming Up: API data on US crude stocks at 4:30 p.m. ET.
Published 15 Jun, 2021 09:01pm
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 prices retreat but outlook remains positive
Markets

Oil prices retreat but outlook remains positive

  • As oil is priced in dollars, a stronger greenback makes crude more expensive for buyers with other currencies.
  • China's crude imports were down 14.6% in May on a yearly basis also weighed on prices.
Published 08 Jun, 2021 09:02pm
Oil near one-week high as prospect of Iran glut wanes
Markets

Oil near one-week high as prospect of Iran glut wanes

  • Brent crude futures were down 30 cents, or 0.4%, at $68.16 a barrel by 1004 GMT, having jumped 3% on Monday. US West Texas Intermediate futures were off 42 cents, or 0.6%, at $65.63 a barrel, after gaining 3.9% the previous session.
  • Still, the global recovery from the COVID-19 pandemic is patchy, indicating a mixed outlook for oil demand.
Published 25 May, 2021 05:18pm