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2020-11-19 14:35:00

OIL PRICE: NEAR $44 AGAIN

OIL PRICE: NEAR $44 AGAIN

REUTERS - NOVEMBER 19, 2020 - Oil futures dipped on Thursday as a surge in coronavirus cases and tighter economic restrictions around the globe weighed on fuel demand expectations, also dragging down equities globally .MIWD00000PUS.

Brent crude futures LCOc1 were down 27 cents to $44.07 a barrel by 0911 GMT. U.S. West Texas Intermediate crude CLc1 slipped 43 cents to $41.39 a barrel. A rising dollar .DXY made oil more expensive for holders of other currencies.

But Brent's six-month contango LCOc1-LCOc7, a market structure implying current oversupply, was at its shallowest in over four months on Thursday, suggesting concerns over a glut are easing somewhat.

U.S. crude inventories USOILC=ECI rose 768,000 barrels last week, less than the 1.7 million barrels analysts expected in a Reuters poll, government data showed. Distillate stockpiles, which include diesel and heating oil, fell by 5.2 million barrels, far exceeding expectations. 

Still, the U.S. death toll from COVID-19 surpassed a grim new milestone of 250,000 on Wednesday, as New York City shut public schools.

In Asia, Tokyo posted its highest coronavirus alert level on Thursday as its daily tally of new infections hit a record high of 534 cases.

Russia surpassed 2 million coronavirus cases after reporting record high daily rises in infections and deaths related to COVID-19.

Worries about coronavirus-related economic damage overshadowed upbeat news from Pfizer PFE.N and BioNTech 22UAy.DE that are seeking U.S. and European authorisation for their COVID-19 vaccines next month.

Asian shares drifted off all-time highs on Thursday and widening COVID-19 restrictions in the United states weighed on Wall Street. 

“Investors are also booking profits from the recent rally before the U.S. Thanksgiving holiday later this month,” said Kazuhiko Saito, chief analyst at Fujitomi Co.

Raising the spectre of further oversupply, Libya's National Oil Corporation (NOC) and France's Total TOTF.PA discussed NOC's efforts to raise capacity and increase production.

OPEC+, comprising the Organization of the Petroleum Exporting Countries, Russia and other producers, is due to discuss policy at a full ministerial meeting on Nov. 30 and Dec. 1.

Members of OPEC+ are leaning towards delaying their current plan to boost output in January by 2 million barrels per day (bpd), sources have said.

-----

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Earlier:

OIL PRICE: NEAR $44 AGAIN
2020, November, 18, 14:40:00
OIL PRICE: NEAR $44 ANEW
Brent rose 22 cents, or 0.5%, to $43.97 a barrel . WTI climbed 6 cents, or 0.1%, to $41.49 a barrel.
OIL PRICE: NEAR $44 AGAIN
2020, November, 18, 14:35:00
OPEC+: 101%
The Committee reviewed the crude oil production data for October 2020 and welcomed the positive performance in the overall conformity level for participating OPEC and non-OPEC Countries, at 101 per cent.
OIL PRICE: NEAR $44 AGAIN
2020, November, 17, 13:25:00
OIL PRICE: NEAR $44
Brent rose 18 cents, or 0.4%, to $44.00 a barrel. WTI added 8 cents, or 0.2%, to $41.42 a barrel.
OIL PRICE: NEAR $44 AGAIN
2020, November, 17, 13:20:00
OPEC+ CUTS PRODUCTION
OPEC+ ministers are weighing whether to relax their current 7.7 million b/d in collective production cuts to 5.8 million b/d as originally scheduled, maintain them at the same level for a few months, or even deepen them.
OIL PRICE: NEAR $44 AGAIN
2020, November, 16, 12:40:00
OIL PRICE: ABOVE $43
Brent rose 54 cents, or 1.3%, to $43.32 a barrel. WTI was at $40.76 a barrel, up 63 cents, or 1.6%.
OIL PRICE: NEAR $44 AGAIN
2020, November, 13, 13:25:00
OPEC+ RUSSIA REDUCING
Saudi Arabia and Russia, leaders of the 23-nation coalition, have already indicated publicly that they are thinking twice about easing production cuts in January as the resurgent pandemic hits fuel demand.
OIL PRICE: NEAR $44 AGAIN
2020, November, 13, 13:20:00
U.S. OIL INVENTORIES UP 4.3 MB TO 488.7 MB
U.S. commercial crude oil inventories increased by 4.3 million barrels to 488.7 million barrels
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NEAR $44 AGAIN
2020, November, 27, 11:25:00
JAPAN'S NIKKEI UP TO 26 644,71
Nikkei rose 0.41% to close at 26,644.71. The index has gained 15.96% this month, and is on track for its best performance since January 1994. The broader Topix rose 0.47% to hit a 25-month high at 1,786.52.
OIL PRICE: NEAR $44 AGAIN
2020, November, 27, 11:20:00
INDONESIA'S COAL FOR CHINA $1.5 BLN
China Coal Transportation and Distribution has signed a US$1.5bn agreement with the Indonesian Coal Mining Association (APBI) to buy 200 Mt of thermal coal in 2021.
OIL PRICE: NEAR $44 AGAIN
2020, November, 27, 11:15:00
BRITAIN'S NUCLEAR VALUE
The UK Treasury said yesterday it is important to consider large-scale nuclear projects in addition to Hinkley Point C (HPC) if the country is to meet its net-zero by 2050 target.
OIL PRICE: NEAR $44 AGAIN
2020, November, 27, 11:10:00
RUSSIAN HYDROGEN DEVELOPMENT
“The global energy market is changing, humanity needs new, efficient, more environmentally friendly energy sources not as a replacement, but as an alternative to traditional hydrocarbons. And hydrogen will definitely occupy its niche in the energy of the future,” said TPU.
OIL PRICE: NEAR $44 AGAIN
2020, November, 26, 12:20:00
OIL PRICE: NOT BELOW $48 ANEW
Brent were down 1 cent at $48.60 a barrel . WTI was off by 4 cents at $45.67 a barrel.
OIL PRICE: NEAR $44 AGAIN
2020, November, 26, 12:15:00
RUSSIAN GAZPROM'S BENEFIT
"The macroeconomic situation has had a negative impact on the long-term development prospects of the LNG industry," Gazprom said, adding that so far in 2020 only one final investment decision had been made for a new LNG production project.
OIL PRICE: NEAR $44 AGAIN
2020, November, 26, 12:10:00
GAZPROM: U.S. SHALE GAS WILL DOWN
In the shale gas sector, the most affected player has been the United States, which accounts for about 95 per cent of global shale gas production. According to analysts, the growth rates of U.S. shale gas production may show a considerable decrease in the coming years.
All Publications »