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!

2020-12-30 11:10:00

OIL PRICE: ABOVE $51 YET

OIL PRICE: ABOVE $51 YET

REUTERS - DECEMBER 30, 2020Oil gained more ground on Wednesday as a U.S. coronavirus fiscal aid package and a decline in crude oil inventories lifted prices. 

Brent crude futures rose 19 cents, or 0.4%, to $51.28 a barrel, by 0255 GMT and U.S. West Texas Intermediate (WTI) crude rose 29 cents, or 0.6%, to $48.29. 

“Oil prices have remained supported by a weaker U.S. dollar overnight and have finally found a friend in the API inventory report,” said Stephen Innes, chief global market strategist at Axi, a broker. 

“This morning the American Petroleum Institute reported a much larger draw versus consensus in crude oil inventories for the week ending December 25.” 

The dollar fell to its lowest in more than two years against the euro as currency traders looked past a new delay in U.S. stimulus cheques and maintained bets that additional financial aid was still likely.

The Democrat-led U.S. House of Representatives voted to meet President Donald Trump’s demand to increase direct COVID-19 aid payments to Americans hurting from the pandemic to $2,000.

Asian shares retreated as investors cashed in on a recent rally, while the euro flirted with highs not seen in more than 2-1/2 years on as hopes of a gradual global economic recovery.

Oil prices could gain strength as vaccination programmes around the world begin next year, allowing countries to relax restrictions on movement and business activity.

U.S. physical crude oil grades strengthened on Tuesday as the API reported a decline in stockpiles, dealers said.

Crude oil stocks fell by 4.8 million barrels last week to about 492.9 million barrels, exceeding analysts’ expectations in a Reuters poll for a draw of 2.6 million barrels, data from API showed.

In the short-term, concerns over coronavirus lockdowns are likely to cap gains.

A new variant of the virus in the United Kingdom has led to the reimposition of movement restrictions, hitting near-term demand and weighing on prices, while hospitalizations and infections have surged in parts of Europe and Africa.

Fossil-fuel demand in coming years could remain softer even after the pandemic as countries seek to limit emissions to slow climate change. Major oil companies, such as BP Plc and Total SE, published forecasts that include scenarios where global oil demand may have peaked in 2019.

A Jan. 4 meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, also looms over the market.

OPEC+ is tapering record oil output cuts made this year to support the market. The group is set to boost output by 500,000 barrels per day (bpd) in January, and Russia supports another increase of the same amount in February.

-----


Earlier:

OIL PRICE: ABOVE $51 YET
2020, December, 29, 11:55:00
OIL PRICE: NEAR $51 YET
Brent climbed 23 cents, or 0.5%, to $51.09 a barrel. WTI added 23 cents, or 0.5%, to $47.85 a barrel.
OIL PRICE: ABOVE $51 YET
2020, December, 28, 11:00:00
OIL PRICE: NEAR $51 AGAIN
Brent were down 25 cents, or 0.5%, to $51.04 a barrel. WTI slipped 19 cents, or 0.4%, to $48.04 a barrel.
OIL PRICE: ABOVE $51 YET
2020, December, 28, 10:55:00
THE NEW SAUDI'S OIL, GAS
State-run oil giant Saudi Aramco is working to determine the exact size and resource volume of the new finds,
OIL PRICE: ABOVE $51 YET
2020, December, 25, 10:45:00
OIL PRICE: ABOVE $51
Brent settled 9 cents higher at $51.29. WTI settled up 11 cents to $48.23 a barrel.
OIL PRICE: ABOVE $51 YET
2020, December, 25, 10:40:00
OPEC+ RISSIA OIL PRICE: $45 - $55
In comments, cleared for publication on Friday, Novak also said that Moscow views an oil price between $45 and $55 per barrel as the optimum level to allow for recovery of its oil production,
OIL PRICE: ABOVE $51 YET
2020, December, 24, 13:45:00
OIL PRICE: NEAR $51
Brent rose 17 cents, or 0.3%, to $51.37 a barrel. WTI increased 10 cents, or 0.2%, to $48.22.
OIL PRICE: ABOVE $51 YET
2020, December, 23, 13:10:00
WORST U.S. SHALE
Shale producers were hit hard after borrowing to expand production and slashed spending and output to cut losses.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: ABOVE $51 YET
2022, June, 28, 11:44:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
OIL PRICE: ABOVE $51 YET
2022, June, 28, 11:43:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
OIL PRICE: ABOVE $51 YET
2022, June, 28, 11:40:00
S.KOREAN NUCLEAR SUPPORT
South Korea’s new president, Yoon Suk-yeol, said on 22 June that in order to rebuild the nuclear industry that was “devastated by the previous administration”, the government will allocate KRW92.5 billion ($70 million) from the energy budget for the restoration of nuclear power generation capacity.
OIL PRICE: ABOVE $51 YET
2022, June, 28, 11:35:00
U.S. SMR FOR ROMANIA
Romanian company Nuclearelectrica and NuScale will cooperate with the US Trade and Development Agency (USTDA) on a series of engineering and design activities and studies, as well further technical analyses of the Doicești site, a former thermal power plant site which has been identified as a potential location for the SMR plant.
OIL PRICE: ABOVE $51 YET
2022, June, 28, 11:30:00
U.S. SOLAR POWER 25%
US Energy Information Administration reports a capacity factor of 25% for solar generation.
OIL PRICE: ABOVE $51 YET
2022, June, 28, 11:25:00
AUSTRALIAN SMART ENERGY
As energy is of national importance, a national policy, national rules and regulations are necessary. At the same time, we are facing massive changes in the energy sector.
OIL PRICE: ABOVE $51 YET
2022, June, 27, 11:45:49
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
Brent edged down 8 cents to $113.04 a barrel , WTI was at $107.38 a barrel, down 24 cents.
All Publications »