2020-07-15 14:20:00
OIL PRICE: ABOVE $43 ANEW
REUTERS - JULY 15, 2020 - Oil prices rose on Wednesday after a sharp drop in U.S. crude inventories, with the market waiting for OPEC and its allies to decide on the easing of output curbs later in the day as the global economy slowly recovers from the COVID-19 pandemic.
Brent crude futures were up 35 cents, or 0.8%, at $43.25 a barrel as of 1015 GMT, and U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 38 cents, or 0.1%, to $40.67 a barrel.
U.S. crude inventories fell by 8.3 million barrels in the week to July 10, beating analysts' expectations for a decline of 2.1 million barrels, according to data from industry group the American Petroleum Institute.
Official numbers from the U.S. Department of Energy are due later on Wednesday.
A key ministerial committee of the Organization of the Petroleum Exporting Countries (OPEC) and its allies will also meet on Wednesday after 1200 GMT.
OPEC and allies including Russia, collectively known as OPEC+, are set to decide whether to extend output cuts of 9.7 million barrels per day (bpd) that end in July or ease them to 7.7 million bpd.
"Most indications suggest that it will be the latter, with more focus on compliance and compensatory cuts," ING Economics said in a note.
The real production increase from August could be less than 2 million bpd given Iraq, Nigeria and Angola promised to over-comply to make up for high output in May-June.
On Tuesday, OPEC said it saw demand recovering by 7 million bpd in 2021 after falling by 9 million this year.
Oil prices LCOc1 have recovered to almost $43 a barrel from a 21-year low below $16 in April. The recovery in prices has allowed some U.S. producers to resume suspended production, a move that is set to weigh on OPEC's decision on Wednesday.
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Earlier:
2020, July, 14, 13:25:00
OIL PRICE: ABOVE $42
Brent fell 44 cents to $42.28, WTI fell 44 cents to $42.28
2020, July, 14, 13:20:00
АДАПТАЦИЯ МИРОВОЙ ЭНЕРГЕТИКИ
По словам Министра энергетики Российской Федерации А. Новака, перед представителями российской и мировой энергетической отрасли как никогда остро стоит вопрос о стратегиях адаптации к новым правилам игры.
2020, July, 14, 13:10:00
U.S. PRODUCTION: OIL (-56) TBD, GAS (-712) MCFD
Crude oil production from the major US onshore regions is forecast to decrease 56,000 b/d month-over-month in July from 7,546 to 7,490 thousand barrels/day, gas production to decrease 712 million cubic feet/day from 80,266 to 79,554 million cubic feet/day .
2020, July, 14, 13:05:00
ENERGY MARKET: HUGE VOLATILITY
The fact that we are seeing 20% to 30% capital cost cuts this year quite radically means that we will face huge volatility in the future, because these are supplies that will not be coming on time when demand will recover.
2020, July, 14, 13:05:00
OIL DEMAND IS BETTER
The key Joint Ministerial Monitoring Committee, co-chaired by Saudi Arabia and Russia, the two largest members of the coalition, will convene online July 15 and make a final recommendation.
2020, July, 10, 11:40:00
U.S. OIL INVENTORIES UP BY 5.7 MB TO 539.2 MB
U.S. commercial crude oil increased by 5.7 million barrels from the previous week to 539.2 million barrels.
2020, July, 10, 11:35:00
U.S. SHALE: NO TARGET
The intervention of the United States, the G-20 and other leading producing countries was vital in securing April’s historic production deal to rebalance and stabilize oil markets reeling from the pandemic.
