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!

2020-06-01 11:05:00

OIL PRICE: NEAR $38

OIL PRICE: NEAR $38

REUTERS - JUNE 1, 2020 -  Oil prices were little changed on Monday, with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.

Brent crude LCOc1 was unchanged at $37.84 a barrel, in the first day of trading in the contract with August as the front month.

West Texas Intermediate (WTI) crude futures CLc1 for July delivery were at $35.53 a barrel, up 4 cents, or 0.1%, by 0629 GMT.

The price falls come after front-month Brent and WTI prices posted their strongest monthly gains in years in May. Gains were boosted by OPEC crude production dropping to its lowest in two decades, with demand expected to recover as more nations emerge from coronavirus lockdowns.

“The focus is very much on OPEC+,” OCBC economist Howie Lee said, referring to OPEC and its allies including Russia. OPEC+ agreed in April to reduce output by an unprecedented 9.7 million barrels per day (bpd) in May and June after the coronavirus pandemic ravaged demand.

“We might see a cautious pullback in (crude) prices given that downstream prices haven’t caught up ... but if OPEC+ does come up with a three-month extension, there’s a possibility that prices may hit the $40 level,” Lee said.

Still, tensions between the United States and China weighed on global financial markets, while traders are also keeping an eye on riots over the weekend that have engulfed major U.S. cities.

Saudi Arabia is proposing to extend record cuts from May and June until the end of the year, but has yet to win support from Russia, sources have told Reuters.

Algeria, which currently holds the OPEC presidency, has proposed that an OPEC+ meeting planned for June 9-10 be brought forward to facilitate oil sales for countries such as Saudi Arabia, Iraq and Kuwait. Russia has no objection to the meeting being brought forward to June 4.

“It’s been widely interpreted as likely to lead to an extension of the current production cuts,” CMC Markets’ chief market strategist Michael McCarthy said.

“Oil prices have come down slightly in our session but they’re still at elevated levels. I suspect that’s the key driver of prices on Friday night and should keep prices reasonably well supported today.”

Meanwhile supply in North America is also falling as data from Baker Hughes Co showed that the U.S. and Canada oil and gas rigs count dropped to a record low in the week to May 29.

-----

Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NEAR $38
2021, August, 2, 12:19:00
HYDROGEN RUSSIA AND CIS, Moscow, 20-21 October 2021
International Conference and Exhibition ‘Hydrogen Russia and CIS’ brings together more than 200 senior executives of hydrogen production plants from Russia and the CIS
OIL PRICE: NEAR $38
2021, August, 2, 12:18:00
ИНВЕСТИЦИОННЫЕ ПРОЕКТЫ УГОЛЬНЫХ ПРЕДПРИЯТИЙ РОССИИ
Команда Восток Капитал подготовила отчет по инвестиционным проектам угольных предприятий России, в котором представлены: Проекты по строительству новых угольных шахт и обогатительных фабрик Проекты по реконструкции существующих угольных разрезов Проекты по строительству и реконструкции морских портов и сопутствующей инфраструктуры
OIL PRICE: NEAR $38
2021, August, 2, 12:15:00
NOVATEK PRODUCTION +7.8%
In the second quarter 2021, NOVATEK’s hydrocarbon production totaled 156.6 million barrels of oil equivalent (boe)
OIL PRICE: NEAR $38
2021, August, 2, 12:10:00
U.S. RIGS DOWN 3 TO 488
U.S. Rig Count is down 3 from last week to 488, Canada Rig Count is up 4 from last week to 153.
OIL PRICE: NEAR $38
2021, July, 30, 08:40:00
OIL PRICE: ABOVE $75
Brent fell 45 cents, or 0.6%, to $75.60 a barrel, WTIfell 43 cents, or 0.6%, to $73.19 a barrel.
OIL PRICE: NEAR $38
2021, July, 30, 08:35:00
RUSSIA'S NUCLEAR FOR EGYPT
Al-Araby Al-Jadeed reported on 19 July that Egypt had suspended planned meetings with Rosatom, again citing tensions over GERD.
OIL PRICE: NEAR $38
2021, July, 30, 08:30:00
AMR NUCLEAR FOR BRITAIN
“With over 50 years’ experience of operating the world’s only commercial fleet of gas-cooled nuclear reactors, as well as sodium fast, steam generating heavy water and light water reactors, the UK uniquely boasts the skills, talent and capability to deliver advanced nuclear technologies and the entire supply chain that enables them.
All Publications »