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!

2020-11-30 12:05:00

OIL PRICE: NOT BELOW $47 ANEW

OIL PRICE: NOT BELOW $47 ANEW

REUTERS - NOVEMBER 30, 2020 - Crude oil prices fell on Monday, amid investor jitters ahead of a meeting of producer group OPEC+ to decide whether to extend large output cuts to balance global markets, but vaccine hopes helped keep them on track to rise more than a fifth in November.

January Brent crude futures, which will expire later on Monday, dropped 46 cents, or 1%, to $47.72 a barrel by 0355 GMT. The more actively traded February Brent contract was at $47.83 a barrel, down 42 cents.

U.S. West Texas Intermediate crude futures for January fell 48 cents, or 1.1%, to $45.05 a barrel.

However, both benchmarks are still set for a rise of more than 20% in November, the strongest monthly gains since May, boosted by hopes for three promising coronavirus vaccines to limit spread of the disease and thus support fuel demand.

Analysts and traders also expect the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - the OPEC+ grouping - to delay next year’s planned increase in oil output as a second COVID-19 wave has hit global fuel demand.

OPEC+ previously agreed to raise output by 2 million barrels per day (bpd) in January - or about 2% of global consumption - after record supply cuts this year.

The group held an initial round of talks on Sunday, but has yet to reach consensus on oil output policy for 2021 ahead of key meetings on Monday and Tuesday, four OPEC+ sources told Reuters. Monday's meeting begins at 1300 GMT.

"While we base-case a 3-month delay to prevent a return to a global oil surplus through 1Q21, not all producers appear onboard," Goldman Sachs analysts said.

A lack of extension, representing a downside of $5 a barrel from current spot levels in the analysts' modelling, would further contribute to short-term price gyrations, they added.

The winter wave of infections is expected to crimp global oil demand by 3 million bpd, they said, which would only partially be offset by heating and restocking demand in Asia.

ANZ estimated that the oil market surplus could run as high as 1.5 million to 3 million bpd in first half of 2021 if OPEC+ did not extend cuts.

Rising Middle East tension over the weekend, over events ranging from the assassination of Iran's top nuclear scientist to Islamic State's rocket attack on an oil refinery in northern Iraq propped up oil prices.

In the United States, the number of operating oil and natural gas rigs has risen for the fourth month in a row as producers return to the wellpad with crude prices mostly trading over $40 a barrel since mid-June.

China, the world's second-largest economy and top oil importer, expanded factory activity at its fastest in more than three years in November, keeping on track to be the first major economy to fully recover from the coronavirus crisis. 

-----

Log in to read the publication.

An authorized user gets access to four FREE publications per month.

You can also buy a full access to all publications of the site since January 2014.


Earlier:

OIL PRICE: NOT BELOW $47 ANEW
2020, November, 27, 12:00:00
OIL PRICE: NOT BELOW $47
Brent was down by 10 cents at $47.70 . WTI was down by 86 cents, or 1.9%, at $44.85.
OIL PRICE: NOT BELOW $47 ANEW
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: NOT BELOW $47 ANEW
2020, November, 25, 12:05:00
OIL PRICE: NOT BELOW $48
Brent was up 44 cents, or 0.9%, at $48.30 a barrel . WTI gained 33 cents, or 0.7%, to $45.24.
OIL PRICE: NOT BELOW $47 ANEW
2020, November, 24, 12:45:00
OIL PRICE: BELOW $47
Brent rose 45 cents, or 1%, to $46.51 a barrel . WTI added 46 cents, or 1.1%, to $43.52.
OIL PRICE: NOT BELOW $47 ANEW
2020, November, 23, 12:45:00
OIL PRICE: NOT BELOW $45
Brent rose 63 cents, or 1.4%, to $45.59 a barrel . WTI gained 49 cents, or 1.2%, to $42.91 a barrel.
OIL PRICE: NOT BELOW $47 ANEW
2020, November, 20, 13:40:00
OIL PRICE: NOT BELOW $44
Brent were up 2 cents, or 0.05% at $44.22 a barrel . WTI dipped 4 cents to $41.86 a barrel.
OIL PRICE: NOT BELOW $47 ANEW
2020, November, 19, 14:30:00
RUSSIA, SAUDI ARABIA STRATEGIC PARTNERSHIP
The Kingdom remains Russia’s strategic partner. We are looking forward to a long-term partnership with Saudi Arabia on the Sputnik V vaccine.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT BELOW $47 ANEW
2021, January, 15, 11:35:00
U.S. OIL INVENTORIES DOWN 3.2 MB TO 482.2 MB
U.S. commercial crude oil inventories decreased by 3.2 million barrels to 482.2 million barrels.
OIL PRICE: NOT BELOW $47 ANEW
2021, January, 15, 11:25:00
INDIA'S INDEXES DOWN
The blue-chip NSE Nifty 50 index fell 0.5% to 14,529 and the benchmark S&P BSE Sensex was down 0.4% at 49,600.11 by 0411 GMT.
OIL PRICE: NOT BELOW $47 ANEW
2021, January, 15, 11:20:00
ENERGY LANDSCAPE IS CHANGING
Assuming human behavior holds steady, a big transition to electricity will send demand skyrocketing. Making matters worse, this will all be happening as we transition away from easily scaled fossil fuel sources to more finicky renewables.
OIL PRICE: NOT BELOW $47 ANEW
2021, January, 15, 11:15:00
GRID DIGITALIZATION: BENEFITS AND CHALLENGES IN 2021
The modern grid, also known as the smart grid, is interconnected and automated, with many technologies involved, including artificial intelligence (AI), edge computing, and the Internet of Things (IoT).
OIL PRICE: NOT BELOW $47 ANEW
2021, January, 14, 14:25:00
OIL PRICE: BELOW $56
Brent fell 36 cents to $55.70 a barrel. WTI dropped 26 cents to $52.65.
OIL PRICE: NOT BELOW $47 ANEW
2021, January, 14, 14:20:00
CHINA OIL IMPORTS UP TO 10.86 MBD
China total oil imports over 2020 were up 7% year on year at 10.86 million b/d
OIL PRICE: NOT BELOW $47 ANEW
2021, January, 14, 14:15:00
LNG PRICES UP
The combination of a severe cold snap in Asia, supply outages and maritime congestion has propelled spot prices for LNG to previously unforeseen heights. The North Asian price benchmark has now risen 18-fold in less than nine months, outperforming other commodities
All Publications »