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!

2020-04-02 15:05:00

OIL PRICE: NEAR $27

OIL PRICE: NEAR $27

REUTERS - APRIL 2, 2020 - Crude oil futures jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war.

Brent crude futures rose more than 11% in early trade. By 1132 GMT, Brent was up 10.75%, or $2.66, to $27.40, while U.S. West Texas Intermediate (WTI) crude futures rose 10.09% or $2.05, to $22.36.

Trump said he had talked recently with the leaders of both Russia and Saudi Arabia and believed the two countries would make a deal to end their price war within a "few days" - lowering production and bringing prices back up.

Trump also said he had invited U.S. oil executives to the White House to discuss ways to help the industry "ravaged" by slumping energy demand during the coronavirus outbreak and the Saudi Arabia/Russia price war.

"Oil prices are seeing their biggest gains in two weeks this morning...There are two key factors...both of which, however, are not enough to save oil prices from further declines," Rystad's head of oil markets Bjornar Tonhaugen said in a daily note.

"The first, U.S. oil diplomacy efforts towards Saudi Arabia and Russia ... The second big news driving the positive sentiment was rumours that China will speed up its crude purchases for their strategic stockpiles."

Speaking at a government meeting on Wednesday, Putin said that both oil producers and consumers should find a solution that would improve the "challenging" situation of global oil markets.

Saudi Arabia supports co-operation between oil producers to stabilise the market but Russia's opposition to a proposal last month to deepen supply cuts has caused market turmoil, a senior Gulf source familiar with Saudi thinking told Reuters.

Some analysts said there was still a long way to go before any output cut agreement is struck.

With markets facing 15 million barrels per day (bpd) of oversupply in the second quarter and storage maxing out in April, extraordinary curtailments of oil supply will be needed in May and June, said Kang Wu, head of Asia analytics at S&P Global Platts.

He said Brent prices need to drop to low-$10 per barrel to force immediate supply curtailment. He forecast that global oil demand would decline by around 4.5 million bpd this year.

Saudi Arabia's crude supply rose on Wednesday to a record of more than 12 million barrels per day, two industry sources said, despite a plunge in demand and U.S. pressure on the country to stop flooding the market.

"This is a clear sign that the Saudis are not ready to back off in the price war, despite the Russians now saying that they will not increase output given the current oversupply in the market," ING said in a research note on Thursday.

U.S. crude stockpiles rose 13.8 million barrels in their biggest weekly increase since 2016 and analysts expected stocks to keep rising as refineries curb output and gasoline demand falls.

"At the current price, many U.S. oil exploring energy companies won't be able to make a profit and drilling activities might fall in North America," CMC Markets analyst Margaret Yang said.

U.S. shale producer Whiting Petroleum Corp, once the largest oil producer in North Dakota, on Wednesday became the first publicly traded casualty of the oil price collapse as it filed for Chapter 11 bankruptcy.

-----


Earlier:

OIL PRICE: NEAR $27
2020, April, 1, 13:05:00
OIL PRICE: NEAR $25
Brent was down $1.45, or 5.5%, at $24.90. WTI was down 27 cents, or 1.3%, at $20.21.
OIL PRICE: NEAR $27
2020, March, 31, 13:50:00
OIL PRICE: NEAR $23 YET
Brent was up by 61 cents, or 2.7%, at $23.37 a barrel, WTI was up by $1.04, or 5.2%, at $21.13 a barrel
OIL PRICE: NEAR $27
2020, March, 30, 10:25:00
#OilPriceWar AGAINST U.S.
A group of six U.S. senators wrote a letter to Secretary of State Mike Pompeo this week saying Saudi Arabia and Russia “have embarked upon economic warfare against the United States” and were threatening U.S. “energy dominance”.
OIL PRICE: NEAR $27
2020, March, 30, 10:20:00
#OilPriceWar: OPEC+: THE NEW AGREEMENT
Saudi energy minister Prince Abdulaziz bin Salman and Russian counterpart Alexander Novak have not held any discussions about a joint agreement to balance oil markets, indicating no resolution to the price war.
OIL PRICE: NEAR $27
2020, March, 30, 10:15:00
#OilPriceWar LOSSES $192 BLN
Oil exporters in the Middle East and North Africa region will lose $192 billion in crude income in 2020
OIL PRICE: NEAR $27
2020, March, 27, 13:55:00
#OilPriceWar: RUSSIA UNCHANGED
Russia ramped up measures to combat the virus on Wednesday, with Russian President Vladimir Putin announcing that next week would be a paid non-working week throughout the country.
OIL PRICE: NEAR $27
2020, March, 26, 11:35:00
#OilPriceWar: CHINA WINS
China is saving about $250mn a day after crude prices crashed this year amid dual demand and supply shocks.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NEAR $27
2021, October, 26, 13:04:00
4-ЫЙ ЕЖЕГОДНЫЙ МЕЖДУНАРОДНЫЙ САММИТ И ВЫСТАВКА: ЭНЕРГИЯ БАЛКАН
Более 250 глав министерств, ключевых инвесторов, руководителей ведущих гидроэлектростанций и инициаторов инвестиционных проектов соберутся на 4-ом ежегодном международном саммите и выставке: Энергия Балкан
OIL PRICE: NEAR $27
2021, October, 26, 13:03:00
МЕЖДУНАРОДНАЯ КОНФЕРЕНЦИЯ И ВЫСТАВКА "УГОЛЬ РОССИЯ И СНГ"
Лидеры угольной индустрии России и стран СНГ выступят с докладами в деловой программе Международной конференции и выставки «Уголь Россия и СНГ» (16-17 ноября, Москва).
OIL PRICE: NEAR $27
2021, October, 26, 13:02:00
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: NEAR $27
2021, October, 26, 13:00:00
CHINA ZERO EMISSIONS 2060
As of end-2020, China had nearly 282 GW of installed wind capacity, and over 253 GW of solar capacity.
OIL PRICE: NEAR $27
2021, October, 26, 12:55:00
AUSTRALIA ZERO EMISSIONS 2050
Australia's adoption of a net zero emissions target is significant as it is one of the largest producers and exporters of fossil fuels and falling in line with the UN mandated net zero pledge would signal there could be tighter regulations on emissions reduction.
OIL PRICE: NEAR $27
2021, October, 25, 12:30:00
OIL PRICE: ABOVE $86
Brent increased 56 cents, or 0.7%, to $86.09 a barrel, WTI rose 62 cents, or 0.7%, to $84.38 a barrel.
OIL PRICE: NEAR $27
2021, October, 25, 12:25:00
RUSSIA'S CLOSED NUCLEAR CYCLE
Known as ROSA-N, the new model was developed by scientists in Rosatom's Proryv (Breakthrough) project, which works towards deployment of fast reactors and a closed nuclear fuel cycle.
All Publications »