2020-10-09 12:25:00
OIL PRICE: NOT BELOW $43
REUTERS - OCTOBER 9, 2020 - Oil prices inched up on Friday, setting both benchmark contracts on track for their biggest weekly gains since early June, on the back of supply outages caused by a storm in the Gulf of Mexico and a strike of offshore workers in Norway.
Brent was up 16 cents at $43.50 a barrel by 0748 GMT. U.S. West Texas Intermediate (WTI) crude rose 14 cents to $41.33.
Both contracts are on track for gains of around 11% this week, the first weekly rise in three weeks.
Brent's six-month contango, a market structure where the front-month Brent futures are trading at a discount to later contracts implying current oversupply, has shrunk to around $1.90 a barrel from $3.24 less than a month ago.
Norwegian oil company and labour officials said they would meet with a state-appointed mediator on Friday in an attempt to bring an end to a strike.
An escalation could almost triple the existing outage from the ongoing strike if no solution is reached by Oct. 14, taking the total capacity cut to around 934,000 barrels of oil equivalents per day.
In the Gulf of Mexico, producers have shut 1.69 million barrels per day of oil, or 92% of the region's offshore oil, and 1.67 billion cubic feet per day, or nearly 62% of its natural gas output, bracing for the impact of Hurricane Delta.
"Non-OPEC production is going to take a big hit over the next couple of weeks and this will continue to drive the rebalancing of the oil market," said Edward Moya, senior market analyst at OANDA.
The Organization of the Petroleum Exporting Countries (OPEC) said on Thursday world oil demand will plateau in the late 2030s and could by then have begun to decline.
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Earlier:
2020, October, 7, 10:40:00
OIL PRICE: NOT BELOW $42
Brent crude futures fell 30 cents, or 0.7%, to $42.35 a barrel, WTI crude oil futures declined 42 cents, or 1%, to $40.25 a barrel.
2020, October, 6, 15:55:00
OIL PRICE: NOT BELOW $41
Brent were up 38 cents, or 0.9% at $41.67 a barrel, WTI were trading 34 cents higher, or 0.9%, at $39.56 a barrel.
2020, October, 5, 13:25:00
OIL PRICE: NOT BELOW $40
Brent was up $1.20, or 3.1%, to $40.47 a barrel, WTI was $1.26, or 3.4%, higher at $38.31 a barrel.
2020, October, 2, 11:30:00
OIL PRICE: NOT BELOW $39
Brent was down $1.12, or 2.7%, at $39.81 a barrel, WTI was down $1.12, or 2.9%, at $37.60.
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.
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.
2020, September, 22, 13:25:00
OIL PRICE: NOT BELOW $42 ANEW
Brent edged 3 cents, or 0.1%, lower to $41.41 a barrel, WTI slipped 4 cents, or 0.1%, to $39.27 a barrel.
