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2020-10-22 15:20:00

OIL PRICE: NEAR $42

OIL PRICE: NEAR $42

REUTERS - OCTOBER 22, 2020 -  Oil prices ticked up on Thursday but struggled to fully recover from the previous session's losses when higher U.S. gasoline inventories signalled a deteriorating demand outlook as coronavirus cases soar. 

Brent crude LCOc1 futures were up 43 cents at $42.16 a barrel at 1130 GMT. 

U.S. West Texas Intermediate (WTI) crude CLc1 futures ticked up 44 cents to $40.47 a barrel. 

Both contracts shed more than 3% on Wednesday in their steepest daily falls in three weeks. 

U.S. gasoline stocks USOILG=ECI rose by 1.9 million barrels in the week to Oct. 16, the Energy Information Administration (EIA) said on Wednesday, compared with expectations for a 1.8 million-barrel drop.

Overall product supplied, a proxy for demand, averaged 18.3 million barrels per day in the four weeks to Oct. 16, the EIA said - down 13% from the same period a year earlier.

New daily COVID-19 infections hitting records in several U.S. states and in Europe, new lockdowns and China’s clamp-down on outbound travel to help stem the spread of the disease, all bode ill for fuel demand.

Worsening the outlook, hopes that U.S. lawmakers would reach an agreement with the White House on an economic stimulus package dimmed late on Wednesday after President Donald Trump accused Democrats of holding up a compromise deal.

“(A deal) might improve the demand tone for a week or two,” said Lachlan Shaw, head of commodity research at National Australia Bank.

Adding to the supply concerns, Libyan oil exports are quickly accelerating into October as loading restarts following the easing of a blockade by eastern forces.

Libya has seen production recover to about 500,000 barrels per day and the government in Tripoli expects that to double by year-end.

Goldman Sachs said it saw average Brent prices rising from $43.9 per barrel this year to $59.4 next year, and WTI from $40.1 to $55.9 per barrel.

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Earlier:

OIL PRICE: NEAR $42
2020, October, 21, 17:10:00
OIL PRICE: ABOVE $42
Brent were at $42.44 a barrel, WTI slipped 73 cents, or 1.75%, to $40.97.
OIL PRICE: NEAR $42
2020, October, 20, 15:45:00
OIL PRICE: NOT ABOVE $43 AGAIN
Brent were trading flat at $42.62 a barrel, WTI rose 5 cents, or 0.1%, to $40.88.
OIL PRICE: NEAR $42
2020, October, 19, 14:50:00
OIL PRICE: NOT ABOVE $43 ANEW
Brent was down 30 cents, or 0.7%, to $42.63 a barrel, WTI was down 28 cents, or 0.7%, at $40.60.
OIL PRICE: NEAR $42
2020, October, 19, 14:45:00
GLOBAL OIL DEMAND PEAK: 2040
"We see oil demand peaking in around 2040 as a result of a slowing economy, together with less fuel demand for cars, aircraft and ships."
OIL PRICE: NEAR $42
2020, October, 16, 13:10:00
OIL PRICE: NOT ABOVE $43 TILL
Brent dropped 38 cents, or 0.9%, to $42.78 a barrel, WTI slid 35 cents, or 0.9%, to $40.61 a barrel.
OIL PRICE: NEAR $42
2020, October, 15, 13:45:00
ЭНЕРГЕТИКА: БЕЗОПАСНОСТЬ ДЛЯ ВСЕХ
К числу наиболее важных сфер для международного сообщества относится энергетика, которая выступает одним из основных гарантов всеобщей безопасности в современном мире.
OIL PRICE: NEAR $42
2020, October, 15, 13:40:00
RUSSIA'S DRILLING WILL DOWN
The Russian oil-service market may halve in 2020-2021 compared to last year,
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Tags: OIL, PRICE, BRENT, WTI