(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
Tag: oil market
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
Guyana growth trajectory set to add big barrels to global supply
The International Energy Agency (IEA) has joined the US Energy Information Administration in lowering its estimates for oil supply recovery following the global pandemic that has destroyed demand and brought oil prices to their lowest in decades, last year. The IEA in its monthly report still pointed to a tightening oil market this year, despite… Read More
Brent edges past $60 to reach highest point in over a year
(Reuters) – Oil prices rose on Monday to their highest in just over a year, with Brent futures nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures to boost demand. Brent crude for April touched an intraday high of $60.06 a barrel, the highest… Read More
Oil edges closer to $60
(Bloomberg) — Oil rose toward $60 a barrel on expectations OPEC+ is committed to restraining global supplies even as the demand outlook improves. Futures in London climbed for a sixth day as they close in on a level last reached in February 2020 before Covid-19 upended global energy markets. OPEC+ has pledged to keep draining… Read More
Platts Analytics sees oil demand averaging 99.3 million b/d this year
(S&P Global Platts) Global oil demand will rebound by more than 6 million b/d in 2021 and return to 2019 levels a year later despite the sharp acceleration in coronavirus infections and new lockdowns which have hit energy consumption from the end of last year, according to S&P Global Platts Analytics. Oil demand is expected to… Read More
Oil demand will continue to climb says analyst, sees 50-year window for Guyana
Following the devastating effects of the coronavirus pandemic on the oil industry, multiple stakeholders have posited that the sector would never see pre-2019 oil demand again. They say too that the demand is tempered by the fact that more countries are quickening their steps to renewables. But Analyst at Americas Market Intelligence (AMI), Arthur Deakin,… Read More
Crude oil futures rise, ICE Brent March contract settles above $57/b
(S&P Global Platts) Crude oil futures rose in mid-morning trade in Asia Jan. 13 on a larger-than-expected draw in US crude inventories and a weakening US dollar. At 10:29 am Singapore time (0229 GMT), the ICE Brent March contract was up 55 cents/b (0.97%) from the Jan. 12 settle at $57.13/b, while the February NYMEX… Read More
Oil holds close to 11-month high, edges above $56
(Reuters) – Oil rose above $56 a barrel on Tuesday and stayed close to an 11-month high, as tighter supply and expectations of a drop in U.S. inventories offset concerns over climbing coronavirus cases globally. Saudi Arabia has said it will cut output by an extra 1 million barrels per day (bpd) in February and… Read More
Brent climbs above US$54 as crude hits 11-month high
(S&P Global) Crude oil futures settled at 11-month highs on Wednesday after a larger-than-expected US crude inventory draw tightened supply outlooks and prospects for more stimulus funding increased as Democrats appeared poised to take control of the US Senate. NYMEX February WTI settled 70 cents higher at $50.63/b and ICE March Brent settled up 70… Read More