2020-11-03 13:25:00
OIL PRICE: ABOVE $40
REUTERS - NOVEMBER 3, 2020 - Oil prices extended their rally on U.S. Election Day amid a recovery in financial markets on Tuesday, but concerns over surging coronavirus cases around the world capped further gains.
Brent crude LCOc1 futures rose 70 cents, or 1.8% to $39.67 a barrel at 0845 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 78 cents, or 2.1%, to $37.59 a barrel. Both benchmarks gained nearly 3% on Monday.
“The jump has borne all the hallmarks of a massive, logical and even inevitable short-covering prior to the U.S. presidential elections,” Tamas Varga of oil brokerage PVM said.
“It would be tempting to conclude that the recovery from last week’s slump is now under way, but it is simply not a plausible scenario,” he added.
Italy is the latest country in Europe to tighten COVID-19 restrictions, including limiting travel between the worst-hit regions and imposing a nightly curfew, which will limit fuel demand.
Benchmark prices, down sharply over the past week, had a brief reprieve on Monday after Russia’s oil minister held talks with domestic oil companies on a possible extension of oil output restrictions into the first quarter of 2021.
The Organization of the Petroleum Exporting Countries and allies including Russia, a group called OPEC+, slashed oil output from May to support prices and tapered the cut to 7.7 million barrels per day (bpd) in August. They are due to taper the cuts off by 2 million bpd in January.
“The hope is now that a continued cut at current levels will be the necessary bridge over the second COVID-19 wave until vaccines are rolled out during [the first half of 2021],” Commerzbank.
Rising production from Libya which is on course to hit 1 million bpd in the coming weeks, from just 100,000 bpd in early September, will also be a concern for OPEC+.
OPEC+ holds its next full meetings on Nov. 30 and Dec. 1.
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Earlier:
2020, November, 2, 17:25:00
OIL PRICE: ABOVE $37 AGAIN
Brent was down 80 cents, or 2.1%, at $37.14 a barrel, WTI fell 93 cents, or 2.6%, to $34.86.
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.
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.
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.
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.
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.
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.
Chronicle:
2023, January, 27, 09:49:00
Получите полный список перспективных СПГ-проектов и проектов по производству водорода в России и их текущий статус
СПГ Конгресс Россия – это международная инвестиционная площадка, где традиционно собираются лидеры индустрии. Ежегодно в мероприятии принимают участие более 250 операторов крупно-, средне- и малотоннажных СПГ-проектов, водородных проектов, правительство и технологические лидеры СПГ-индустрии. 15–16 марта 2023 года, Москва.
2023, January, 27, 09:48:00
СПГ КОНГРЕСС РОССИЯ 2023
СПГ Конгресс Россия – это международная инвестиционная площадка, где традиционно собираются лидеры индустрии. Ежегодно в мероприятии принимают участие более 250 операторов крупно-, средне- и малотоннажных СПГ-проектов, водородных проектов, правительство и технологические лидеры СПГ-индустрии.
2023, January, 27, 09:45:00
U.S. OIL INVENTORIES UP BY 0.5 MB TO 448.5 MB
U.S. commercial crude oil inventories increased by 0.5 million barrels to 448.5 million barrels.
2023, January, 27, 09:40:00
OIL AND GAS AUTOMATION AND DIGITALIZATION 2023
Event Title: Oil and Gas Automation and Digitalization 2023
Conference Date: 03 - 04 May 2023
Event Type: In-Person Event
Event Organizer: PTN Events
2023, January, 25, 10:45:00
OIL PRICE: BRENT BELOW $87, WTI ABOVE $80
Brent rose 22 cents, or 0.3%, to $86.35 per barrel, WTI climbed 13 cents, or 0.2%, to $80.26 per barrel.
2023, January, 25, 10:40:00
РАЗВИТИЕ РОССИЙСКОЙ ЭЛЕКТРОЭНЕРГЕТИКИ
Прежде всего речь идёт о стоимости строительства линий электропередачи и подстанций, а также поэтапном формировании рациональной структуры генерирующих мощностей в стране, в том числе с учётом задач низкоуглеродного развития.
2023, January, 25, 10:35:00
ЦИФРОВАЯ ТРАНСФОРМАЦИЯ ЭНЕРГЕТИКИ РОССИИ
Государство в настоящее время уделяет большое внимание обеспечению кибербезопасности, эта задача заложена в Энергетическую стратегию РФ до 2035 года.