(Bloomberg) Oil prices dipped as traders weighed weaker fuel demand in India against optimism over the global economic recovery from the coronavirus pandemic. Brent crude fell 0.6% to about $66.50 a barrel in Asian trading. Sales of gasoline in India were the lowest in April since August, while average daily diesel sales were the lowest since October,… Read More
Tag: oil market
World’s biggest oil trader expects demand to come roaring back this year
(Bloomberg) — The head of Vitol Group, the world’s biggest independent oil trader, expects crude demand to come roaring back this year and next as the world emerges from the pandemic. Demand for crude will increase by 7 million to 8 million barrels a day by the end of 2022, up from current levels, and… Read More
Oil slips as rising infections trigger demand concerns
(Reuters) Oil prices were lower on Monday as rising coronavirus infections in India and other countries prompted concerns that stronger measures to contain the pandemic will hit economic activity, along with demand for commodities such as crude. Brent crude was down 17 cents, or 0.3%, at $66.60 a barrel by 0643 GMT, after rising 6%… Read More
WoodMac sees US$10 Brent oil coming, majors facing decline on scale never before seen
The action to achieve Paris climate goals will upend oil and gas prices. Under consultancy group Wood Mackenzie’s Accelerated Energy Transition Scenario (AET-2), all National and International Oil Companies face decline, and the sector will see asset impairments and bankruptcy or restructuring on a scale far greater than that of 2020. “If we move to… Read More
Crude oil futures edge higher, Brent pushes past $65
(S&P Global Platts) Crude oil futures edged higher during mid-morning trade in Asia March 30 as optimism over the OPEC+ coalition persisting with its supply cuts and expectations of increased downstream products demand supported the market, although a stronger US dollar limited the upside. At 10:49 am Singapore time (0249 GMT), the ICE Brent May… Read More
Recovery of up to 1 million bpd of oil at risk due to vaccination hiccups
The vaccine distribution cycle was not expected to be perfect, but the recent spike in cases in Europe, which some are calling the third wave, is not being met with a brigade of vaccines, but with vaccine skepticism instead. Rystad Energy has modeled the impact of the possibility of extended vaccination campaign hick-ups and has… Read More
Crude oil futures surge, ICE Brent May contract up almost 2%
(S&P Global Platts) Crude oil futures surged during the mid-morning trade in Asia March 1, with the oil market reversing the previous session’s losses as risk-on sentiment gripped the markets following the US House of Representatives’ approval of further US fiscal relief, even as traders continued to eye the upcoming OPEC+ meeting. At 10:44 am… Read More
Is the world heading for a shortfall in global oil supply?
By Dean Foreman, Chief Economist at American Petroleum Institute Dean Foreman It’s possible we could be headed for a shortfall in global oil supply as soon as next year – pretty remarkable considering where oil demand was last spring, with economies slowing under the weight of the pandemic. Based on projected rising demand, the natural production… Read More
100 million b/d global oil demand rebound likely by year end
(S&P Global Platts) Global oil demand is expected to recover to pre-pandemic levels of around 100 million b/d by the end of the year driven by a strong rebound for gasoline, diesel and fuel oil, several analysts said Feb 23. But jet/kerosene, which used to account for around 8% of total global demand, is likely… Read More
Oil edges up as U.S. production slowly returns after deep freeze
(Reuters) Oil prices rose on Monday as the slow return of U.S. crude output that was cut by frigid conditions raised concerns about supply just as demand is coming back from the depths of the coronavirus pandemic. Brent crude was up 76 cents, or 1.2%, at $61.67 a barrel by 0104 GMT, after gaining nearly… Read More