2020-08-03 12:50:00
OIL PRICE: NEAR $43 TOO
REUTERS - AUGUST 3, 2020 - Oil prices fell on Monday on fears about the economic fallout from rising COVID-19 cases around the globe and on oversupply worries as OPEC and its allies are set to wind back output cuts in August.
Brent crude slid 40 cents, or 0.9%, to $43.12 a barrel by 0845 GMT, and U.S. West Texas Intermediate (WTI) crude was down 46 cents, or 1.1%, at $39.81.
In the last month, Brent has been trading in a range between $41 and almost $45.
"Oil continues to trade in an incredibly rangebound manner," said Warren Patterson, ING's head of commodities strategy.
"Speculators appear to be getting more nervous about the demand recovery, with the path much more gradual than market expectations coming into the second half of the year," he added.
Coronavirus cases continued to surge in the United States and stood at almost 18 million globally. More countries imposed new restrictions or extended the current ones to control the pandemic.
Amid slow recovery of fuel demand due to the resurgence of the virus, investors are also worried about oversupply, as the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will ease oil supply curbs from August.
"Concerns appear to be developing that a rise in OPEC+ production will coincide with uneven recovery in oil demand due to localised setbacks following secondary waves of COVID outbreaks," said Harry Tchilinguirian, head of commodity research at BNP Paribas.
OPEC+ members have been cutting output since May by 9.7 million barrels per day (bpd). From August, cuts will officially taper to 7.7 million bpd until December.
However, oil prices found some support after a survey showed that manufacturing activity across the euro zone expanded for the first time since early 2019 last month.
A Reuters poll on Friday indicated that oil is set for a slow crawl upwards this year as the gradual easing of coronavirus-led restrictions buoys demand, although a second COVID-19 wave could slow the pace of a recovery.
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Earlier:
2020, July, 31, 10:35:00
OIL PRICE: NEAR $43 AS YET
Brent was up by 14 cents, or 0.3%, at $43.08 a barrel, WTI gained 21 cents, or 0.5%, to $40.13
2020, July, 30, 12:25:00
OIL PRICE: NOT ABOVE $44 ANEW
Brent fell 2 cents, or 0.05%, to $44.07 a barrel , WTI were down 5 cents at $41.22 a barrel.
2020, July, 29, 12:00:00
OIL PRICE: NOT ABOVE $44 YET
Brent were up by 18 cents, or 0.4%, at $43.40 a barrel , WTI gained 12 cents, or 0.3%, to $41.16 a barrel.
2020, July, 28, 11:30:00
OIL PRICE: ABOVE $43 AGAIN
Brent were unchanged at $43.41 a barrel , WTI fell 14 cents, or 0.3%, to $41.46 a barrel.
2020, July, 27, 16:30:00
OIL PRICE: NEAR $43 ANEW
Brent rose 32 cents, or 0.7%, to $43.66 a barrel , WTI was up to $41.62 a barrel or 33 cents.
2020, July, 17, 13:20:00
OIL PRICE: NEAR $43 STILL
Brent fell 26 cents to $43.11 a barrel, WTI dropped 23 cents to $40.52.
2020, July, 15, 14:15:00
OIL DEMAND WILL UP
In 2021, oil demand is forecast to partially recover from the current year to show historic high growth of 7.0 mb/d.
Chronicle:
2022, November, 30, 11:29:00
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.
2022, November, 30, 11:28:00
TRANSPORTATION OIL AND GAS CONGRESS 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.
2022, November, 30, 11:27:00
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
2022, November, 30, 11:25:00
QATAR LNG FOR GERMANY
Qatar, one of the world's largest LNG exporters, has been courted by European countries, including Germany and the UK, in recent months as they seek improved gas supply security amid stubbornly high prices.
2022, November, 30, 11:20:00
BRITAIN'S NUCLEAR INVESTMENT
The plan is for Sizewell C to feature two EPRs producing 3.2 GW of electricity, enough to power the equivalent of around six million homes.
2022, November, 30, 11:15:00
CANADA'S SMR DEVELOPMENT
The ARC-100 has also been selected for a demonstration project at NB Power's existing Point Lepreau nuclear power plant site as part of a joint strategic plan for SMR deployment set out earlier this year by the provincial governments of Ontario, Saskatchewan, New Brunswick and Alberta Canada’s SMR Roadmap.
2022, November, 30, 11:10:00
UZBEKISTAN'S URANIUM RISE
The new agreement lays the foundations of an "exclusive strategic alliance for the development of new uranium mines in Uzbekistan, beyond the Djengeldi project" and is a "significant broadening of the scope of the collaboration", Orano said.