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!

2020-07-02 12:05:00

OIL PRICE: NOT ABOVE $43

OIL PRICE: NOT ABOVE $43

REUTERS - JULY 2, 2020 - Oil prices rose on Thursday, reversing early losses, as a sharp drop in oil stockpiles outweighed concerns that a spike in U.S. coronavirus infections and revived lockdown measures in California could stall a recovery in fuel demand.

U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 25 cents, or 0.6%, to $40.07 a barrel by 0632 GMT, adding to a 1.4% rise from Wednesday.

Brent crude LCOc1 futures was up 25 cents or 0.6% at $42.28 a barrel, after rising 1.8% in the previous session.

U.S. Energy Information Administration data showed U.S. crude inventories USOILC=ECI fell 7.2 million barrels from a record high last week, far more than analysts had expected, as refiners ramped up production and imports eased. 

The drop in stockpiles, reports of oil moving out of floating storage and strong manufacturing PMI data across the globe formed a constructive case for oil prices rising, said Jeffrey Halley of OANDA in a daily note.

“The overnight price action and EIA data have temporarily lifted the COVID-19 gloom that has capped oil prices all week,” Halley said.

Capping gains, however, analysts also noted that gasoline stockpiles were higher despite expectations of a fall.

“Counter-seasonal builds in gasoline inventories as stockpiles unexpectedly rose are not precisely a bullish delight,” AxiCorp strategist Stephen Innes said in a note.

“The EIA data showed that gasoline imports hit the highest level since last August and peaked the most on a seasonal basis in nine years.”

Meanwhile, new U.S. COVID-19 cases rose by nearly 50,000 on Wednesday, according to a Reuters tally, in the biggest one-day spike since the start of the pandemic.

Analysts highlighted worries about the spike in cases in heavily populated U.S. sun belt states, which are among the country's biggest consumers of gasoline.

California, meanwhile, rolled back efforts to reopen its economy, banning indoor restaurant dining in much of the state, closing bars and beefing up enforcement of social distancing and other measures.

All eyes will be on driving activity in the United States over the upcoming July 4th holiday weekend and how quickly U.S. producers revive shut-in production, analysts said.

-----


Earlier:

OIL PRICE: NOT ABOVE $43
2020, June, 30, 13:00:00
OIL PRICE: NEAR $41 AGAIN
Brent fell 22 cents, or 0.5%, to $41.63 a barrel, WTI was down 27 cents, or 0.7%, at $39.43 a barrel.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT ABOVE $43
2022, October, 6, 13:04:00
2022 SAUDI PIPELINES INTERNATIONAL CONFERENCE & EXIBITIONS
Eventat Co (a Saudi local company) is hosting the first-ever “2022 Saudi Pipelines International Conference & Exhibitions” from 4-6 October, 2022 at the Dhahran Expo, Dammam (Eastern Province), Kingdom of Saudi Arabia. The three-day conference and exhibition are dedicated to bringing together over “50+ Regional/International speakers, 100+ Sponsors/Exhibitors, 1000+ Delegates and 3000+ Visitors” from around the globe who carry significant interest in enhancing the pipelines lifecycle for the current and future.
OIL PRICE: NOT ABOVE $43
2022, October, 6, 13:03:00
INTERNATIONAL CONGRESS AND EXIBITION TURKEY & BLACK SEA OIL AND GAS
International Congress and Exhibition Turkey & Black Sea Oil and Gas is an international, professional platform, bringing together over 200 C-suite executives from vertically integrated oil companies, general directors, CTOs of oil refineries, gas processing plants and petrochemical facilities, initiators of investment projects on oil and gas extraction from Turkey and countries of the Black Sea area, officials of regulatory authorities, licensors of production technologies and world suppliers for the industry.
OIL PRICE: NOT ABOVE $43
2022, October, 6, 13:02:00
TRANSPORTATION OIL AND GAS CONGRASS 2023 (TOGC 2023)
Transportation Oil and Gas Congress 2023 (TOGC 2023) takes place on February 20-21, 2023. The Congress brings together representatives from the whole pipeline chain and focuses on both strategic and technical issues of the oil and gas pipeline transportation.
OIL PRICE: NOT ABOVE $43
2022, October, 6, 13:01:00
Pipelines In A Sustainable Future And Other Highlights Of TOGC 2023(TOGC 2023)
Transportation Oil and Gas Congress (TOGC) is held on February, 20-21, 2023, Istanbul, Türkiye. During 2 days of intensive networking participants get direct access to the whole pipeline chain. Among the highlights of the program are Panels, show type sessions based on discussion between panelists. They discuss the role of pipelines in a sustainable future, digital transformation and optimization of the pipeline industry, pipeline economics and pipeline integrity, H2 in Gas Grid.
OIL PRICE: NOT ABOVE $43
2022, October, 6, 13:00:00
RUSSIAN NUCLEAR FOR BRAZIL
Russia and Brazil already have ties in the nuclear energy field with an MoU signed in 2017 by Rosatom and Brazil’s Electrobras and Electonuclear to promote cooperation in nuclear power.
OIL PRICE: NOT ABOVE $43
2022, October, 6, 12:59:00
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: NOT ABOVE $43
2022, October, 6, 12:58:00
DISCUSSING LNG MARKET TRENDS AT LNGCON 2023
The closed-door International LNG Congress 2023 assembles top-level management and technical representatives of the LNG industry to discuss prevailing questions and present innovative solutions in Dusseldorf, Germany on March, 6-7, 2023.
All Publications »