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2020-10-02 11:30:00

OIL PRICE: NOT BELOW $39

OIL PRICE: NOT BELOW $39

REUTERS - OCTOBER 2, 2020 -  Oil prices extended losses to about 3% on Friday after U.S. President Donald Trump said he has tested positive for COVID-19, while agrrement on a U.S. stimulus package eluded negotiators amid ongoing worries about demand.

Brent crude LCOc1 slipped on the Trump news and was down $1.12, or 2.7%, at $39.81 a barrel by 0710 GMT. U.S. oil CLc1 was also down $1.12, or 2.9%, at $37.60.

U.S. and Brent cruse are heading for drops of around 5% and 6% respectively this week for a second consecutive week of declines.

In a tweet, Trump said that he and First Lady Melania Trump tested positive for COVID-19.

Oil was already in negative territory after a bipartisan deal for more economic relief in response to the pandemic continued to elude House Speaker Nancy Pelosi and the White House, adding to fears about worsening demand without more support for the economy.

“It was a weak market already and this event has come along and added uncertainty, giving pause for people to say, ‘you know what, I’m taking some risk off the table’,” said Lachlan Shaw, head of commodity research at National Australia Bank in Melbourne.

Crude supplies from the Organization of the Petroleum Exporting Countries (OPEC) rose in September by 160,000 barrels per day (bpd) from a month earlier, a Reuters survey showed.

The increase was mainly the result of increased supplies from Libya and Iran, OPEC members that are exempt from a supply pact between OPEC and allies led by Russia - a group known as OPEC+.

Libya’s production has risen faster than analysts expected after the relaxation of a blockade by the Libyan National Army. Its crude output has risen to 270,000 bpd as the country ramps up export activity, a Libyan oil source told Reuters on Thursday.

New COVID-19 cases worldwide have rise to more than 34 million, nearly 2 million more than at the end of last week, based on Reuters tallies.

This week marked the grim milestone of 1 million deaths and several countries are tightening restrictions and contemplating lockdowns as infections accelerate, prompting concerns about the impact on fuel demand.

“Oil’s upside was always likely to be limited as fears rise about the global consumption picture and rising OPEC+ production,” said Jeffrey Halley, senior market analyst at OANDA.

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Earlier:

OIL PRICE: NOT BELOW $39
2020, October, 1, 13:50:00
OIL PRICE: NEAR $42 ANEW
Brent fell 17, or 0.4%, to $42.13 a barrel, WTI were down 22 cents, or 0.6%, at $40.
OIL PRICE: NOT BELOW $39
2020, September, 30, 13:10:00
OIL PRICE: NOT BELOW $40 AGAIN
Brent dropped 40 cents, or 1%, to $40.63 per barrel, WTI fell 32 cents, or 0.8%, to $38.97.
OIL PRICE: NOT BELOW $39
2020, September, 29, 13:00:00
OIL PRICE: NOT BELOW $42 AGAIN
Brent fell 32 cents, or 0.8%, to $42.55 a barrel, WTI dropped 34 cents, or 0.8%, to $40.26 a barrel
OIL PRICE: NOT BELOW $39
2020, September, 29, 12:55:00
УСТОЙЧИВОСТЬ ИНВЕСТИЦИЙ В ЭНЕРГЕТИКУ
Выработанный комплекс принципов в этой области, таких как повышение доступности энергетических данных, обеспечение инвестиций в устойчивые энергетические системы, обеспечение устойчивости цифровых энергетических систем, на наш взгляд, отвечает действительности и подтверждает основные концепции, обсуждавшиеся и согласованные в предыдущие годы.
OIL PRICE: NOT BELOW $39
2020, September, 28, 12:05:00
ТРАНСФОРМАЦИЯ МИРОВОЙ ЭНЕРГЕТИКИ
Структура энергетической отрасли будет трансформироваться, как со стороны спроса, так и со стороны предложения.
OIL PRICE: NOT BELOW $39
2020, September, 25, 13:00:00
OPEC+ IRAQ REDUCING
OPEC’s second-biggest producer, Iraq has failed in the past to fully comply with OPEC+ oil output reductions,
OIL PRICE: NOT BELOW $39
2020, September, 25, 12:55:00
RUSSIA'S OIL EXPORTS DOWN, LNG UP
Russia’s crude oil export in January-July 2020 was down 4.2% year-on-year to 143.2 mn tons. In terms of value, crude oil export decreased by 36.6% year-on-year making $43.9 bn.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT BELOW $39
2021, July, 9, 12:04:00
HYDROGEN RUSSIA AND CIS, Moscow, 20-21 October 2021
International Conference and Exhibition ‘Hydrogen Russia and CIS’ brings together more than 200 senior executives of hydrogen production plants from Russia and the CIS
OIL PRICE: NOT BELOW $39
2021, July, 9, 12:00:00
ARGENTINA'S NUCLEAR SMR
Before work was suspended, it was in line to be the world’s first operating SMR. The government licensed it as a prototype in 2009.
OIL PRICE: NOT BELOW $39
2021, July, 9, 11:55:00
CHILE'S COAL GENERATION DOWN
In June 2021, the Chamber of Deputies of Chile has approved a bill that prohibits the installation and operation of coal-fired power plants.
OIL PRICE: NOT BELOW $39
2021, July, 8, 12:50:00
OIL PRICE: NEAR $73
Brent slipped by 23 cents, or 0.3%, to $73.20 a barrel, WTI were down 33 cents, or 0.5%, at $71.87 a barrel.
OIL PRICE: NOT BELOW $39
2021, July, 8, 12:45:00
OIL PRICES 2021-22: $72-$67
We expect rising production will reduce the persistent global oil inventory draws that have occurred for much of the past year and keep prices similar to current levels, averaging $72/b during the second half of 2021 (2H21).
OIL PRICE: NOT BELOW $39
2021, July, 8, 12:40:00
EUROPE CLIMATE RULES
According to draft proposals seen by market sources, the CBAM will replace the current system of free carbon allowances for metals sectors, and tighten allowances in the European Emissions Trading System generally, a bone of contention for some.
OIL PRICE: NOT BELOW $39
2021, July, 8, 12:35:00
ASIA INDEXES DOWN ANEW
The Hang Seng index (.HSI) led losses with a 1.9% drop, its eighth consecutive session in the red, with more falls in internet giants Tencent (0700.HK), Meituan (3690.HK) and Alibaba (9988.HK) as the sector reels from sweeping Chinese regulatory scrutinty.
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