RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2020-11-02 17:25:00

OIL PRICE: ABOVE $37 AGAIN

OIL PRICE: ABOVE $37 AGAIN

REUTERS - NOVEMBER 2, 2020 - Oil prices fell‮‮‮ ‬‬‬on Monday on worries that widening coronavirus lockdowns in Europe would weaken fuel demand while concerns remain over potential turbulence resulting from this week's U.S. presidential election.

Brent crude was down 80 cents, or 2.1%, at $37.14 a barrel by 1140 GMT. U.S. West Texas Intermediate fell 93 cents, or 2.6%, to $34.86. Both contracts fell more than $2 earlier in the session.

Countries across Europe have reimposed lockdown measures to try to slow COVID-19 infection rates that have accelerated over the past month.

“The number of lockdowns - and the oil demand the countries that imposed them account for - will lead to some demand destruction, depressing balances and putting further strain on the already fragile market,” said Rystad Energy analyst Paola Rodriguez-Masiu.

Global oil trading companies expect further demand destruction, though estimates differ. Vitol sees winter demand at 96 million barrels per day (bpd) while Trafigura expects demand to drop to 92 million bpd or lower.

A tight race in the lead up to the U.S. election on Tuesday and accompanying uncertainty also prompted investor caution in global markets.

“The concerns over oil supply and demand fundamentals ... are going to play second fiddle to the U.S. presidential election and to how risk markets will react to the outcome,” said BNP Paribas analyst Harry Tchilinguirian.

Oil pared some losses after Japan’s export orders grew for the first time in two years and China’s factory activity rose to its highest in nearly a decade in October. More manufacturing surveys are expected from the euro zone and the United States later in the day.

Sharply rising Libyan oil production also added to price pressures. Libya’s output stands at about 800,000 barrels per day (bpd), up more than 100,000 bpd from a few days ago, a Libyan source told Reuters on Saturday.

Meanwhile, output from the Organization of the Petroleum Exporting Countries (OPEC) rose for a fourth month in October, a Reuters survey found.

OPEC and allies including Russia are cutting output by about 7.7 million bpd to support prices. This OPEC+ group is scheduled to hold a policy meeting on Nov. 30 and Dec. 1, with some analysts expecting a postponement of plans to ramp up output by 2 million bpd from January.

“A resolute and coordinated announcement and action by OPEC+ are what is really needed to prevent any further price slide,” said Commerzbank analyst Eugen Weinberg.

-----


Earlier:

OIL PRICE: ABOVE $37 AGAIN
2020, October, 30, 13:50:00
OIL PRICE: ABOVE $37
Brent slipped for a third day and was down 51 cents, 1.4%, at $37.14 a barrel, WTI declined 48 cents, or 1.3%, to $35.69 a barrel.
OIL PRICE: ABOVE $37 AGAIN
2020, October, 29, 17:15:00
OIL PRICE: NOT ABOVE $37
Brent were down $1.96, or 5%, at $37.16, WTI fell $1.94, or 5.2%, to $35.45.
OIL PRICE: ABOVE $37 AGAIN
2020, October, 28, 14:15:00
OIL PRICE: NEAR $40
Brent were down $1.20, or 2.9%, at $40 a barrel, WTI was down $1.49, or 3.7%, at $38.08.
OIL PRICE: ABOVE $37 AGAIN
2020, October, 27, 14:50:22
OIL PRICE: NEAR $41 ANEW
Brent was up 52 cents, or 1.3%, at $40.98 a barrel, WTI gained 38 cents, or 1%, to $38.94.
OIL PRICE: ABOVE $37 AGAIN
2020, October, 26, 14:05:00
OIL PRICE: NEAR $41
Brent was down $1.08, or 2.6%, at $40.69 a barrel, WTI dropped $1.05, or 2.6%, to $38.80.
OIL PRICE: ABOVE $37 AGAIN
2020, October, 26, 14:00:00
U.S. SHALE SURVIVORS
The sector is in full-on merger mode in response to oil prices that have been stuck at around $40 a barrel in recent months after the Covid-19 pandemic hit global demand.
OIL PRICE: ABOVE $37 AGAIN
2020, October, 22, 15:15:00
OIL, GAS WILL BE HALF
In 2040, despite increasing investments in renewables and concerns with emissions, oil and gas are still projected to make up about 50 percent of the global energy mix. This is a view held by major third-party sources.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: ABOVE $37 AGAIN
2022, January, 21, 10:54:00
ГИДРОЭНЕРГЕТИКА ЦЕНТРАЛЬНАЯ АЗИЯ И КАСПИЙ 2022, ВЫСТАВКА И КОНГРЕСС
Рады сообщить, что свое участие в 6-м ежегодном международном конгрессе и выставке «Гидроэнергетика Центральная Азия и Каспий 2022» (г. Душанбе, Таджикистан, 16-17 февраля) подтвердили уже более 150 руководителей ключевых энергетических компаний региона.
OIL PRICE: ABOVE $37 AGAIN
2022, January, 21, 10:53:00
PIPELINES GREEN TRENDS TO BE DISCUSSED AT TOGC CONGRESS
Carbon-neutral energy market in Europe requires O&G majors’ attention because it remains one of the most influencing market topics of the XXI century. The Transportation Oil and Gas Congress 2022 (TOGC 2022) gives pipeline industry representatives an opportunity to discuss development trends on 21-22, February, 2022.
OIL PRICE: ABOVE $37 AGAIN
2022, January, 21, 10:52:00
LEARN THE LATEST GLOBAL LNG TRENDS WITH LNGCON 2022
The next edition of the International LNG Congress (LNGCON 2022) takes place in Dusseldorf, Germany on March 28-30, 2022. Covering the whole LNG value chain, the Congress brings together decision makers of the industry to tackle the most relevant issues such as the role of LNG in the transition towards zero-carbon shipping.
OIL PRICE: ABOVE $37 AGAIN
2022, January, 21, 10:51:00
ENERGY WEEK CENTRAL ASIA & MONGOLIA 2022
To learn more, join the upcoming high-level international investment conference Energy Week Central Asia & Mongolia 2022, which will take place on 26-28th April in Tashkent.
OIL PRICE: ABOVE $37 AGAIN
2022, January, 21, 10:50:00
WORLD GAS CONFERENCE 2022
The 28th World Gas Conference (WGC 2022) takes place in Daegu, the energy city of Korea in May 2022.
OIL PRICE: ABOVE $37 AGAIN
2022, January, 21, 10:49:00
SWEDISH NUCLEAR HYDROGEN
OKG has long operated a facility at the Oskarshamn site which uses electricity from the power plant to produce hydrogen through the electrolysis of water.
OIL PRICE: ABOVE $37 AGAIN
2022, January, 21, 10:45:00
SAUDI ARABIA'S HYDROGEN
Private sector firms in Saudi Arabia will be encouraged to import hydrogen-powered vehicles as part of the Kingdom's green iniative
All Publications »