2020-06-18 11:35:00
OIL PRICE: NOT ABOVE $41 STILL
REUTERS - JUNE 18, 2020 - Oil prices were broadly stable on Thursday as Brent erased losses in early European trading ahead of a meeting of OPEC members and their allies against the backdrop of demand concerns over new coronavirus cases in China and elsewhere.
Brent crude LCOc1 futures were up 2 cents at $40.73 a barrel at 0725 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures dropped 14 cents to $37.82 a barrel.
Both benchmarks were down about 2% earlier in the session.
“The market continues to balance re-opening optimism with unknowns around the economic uncertainties from a secondary outbreak of the virus,” said Stephen Innes, market strategist at AxiTrader.
Worries about fuel demand rose after a surge in coronavirus cases led Beijing to cancel flights and shut schools and several U.S. states, including Texas, Florida and California, reported sharp increases in new cases.
A rise in U.S. crude stockpiles to a record high for a second week in a row weighed on sentiment, but U.S. government data showed lower inventories of gasoline and distillates, which includes diesel and heating oil, indicating higher demand.
The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, are expected to hold an online meeting later on Thursday to discuss the future of a record 9.7 million barrels per day output cut.
OPEC+ compliance with crude production cut commitments in May was 87%, two OPEC+ sources said on Wednesday.
Iraq and Kazakhstan are expected to present their plans for production cuts and compensation for overproduction to a meeting of the OPEC+ ministerial committee, known as the JMMC, on Thursday, one OPEC+ source said.
OPEC warned in a monthly report the market would remain in surplus in the second half of 2020 even as demand improves, as it now expects supply from outside the group to be about 300,000 barrels per day higher than earlier thought.
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Earlier:
2020, June, 17, 12:50:00
OIL PRICE: NOT ABOVE $41 ANEW
Brent was up 29 cents, or 0.7%, at $41.25 a barrel, WTI rose 17 cents, or 0.4%, to $38.55 a barrel.
2020, June, 16, 14:25:00
OIL PRICE: NOT ABOVE $41 YET
Brent rose 77 cents, or 1.94%, at $40.49 a barrel, WTI gained 61 cents, or 1.64%, to $37.73 a barrel.
2020, June, 16, 14:05:00
GLOBAL UPSRTEAM INVESTMENTS DOWN
Spending is also expected to be largely flat in 2021, landing only marginally higher than 2020 at $386 billion. Before the Covid-19 pandemic, expected total upstream investment would maintain last year’s levels, both in 2020 and 2021.
2020, June, 16, 13:55:00
U.S. PRODUCTION: OIL (-93) TBD, GAS (-693) MCFD
Crude oil production from the major US onshore regions is forecast to decrease 93,000 b/d month-over-month in June from 7,725 to 7,632 thousand barrels/day, gas production to decrease 693 million cubic feet/day from 81,254 to 80,561 million cubic feet/day .
2020, June, 15, 14:00:00
OIL PRICE: ABOVE $38 YET
Brent was down 15 cents, or 0.4%, at $38.58 a barrel, WTI was down 49 cents, or 1.3%, at $35.77.
2020, June, 11, 10:25:00
OIL PRICE: ABOVE $40 AGAIN
Brent fell 3.4%, or $1.42, to $40.31 a barrel, WTI dropped 4%, or $1.60, to $38 a barrel,
2020, June, 10, 12:55:00
OIL PRICES 2020-21: $37-$48
monthly Brent prices will average $37/b during the second half of 2020 and rise to an average of $48/b in 2021.
