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:
2021, June, 10, 12:39:00
Which Actions Can Fuel The Industry: The 7th International LNG Congress Summary
Global view on the LNG industry future, actions in frames of IMO Regulations, alternative fuels for trucks and fleet, opportunities of LNG increase in Europe, and Bio-LNG and LNG-to-Power initiatives have become some of the topics of the 7th International LNG Congress. It was held at the BGS online platform on the 7-8 of June, and gathered more than 500 decision-makers of the LNG industry.
2021, June, 10, 12:38:00
МЕЖДУНАРОДНАЯ КОНФЕРЕНЦИЯ И ВЫСТАВКА "УГОЛЬ РОССИИ И СНГ"
Более 150 руководителей ведущих предприятий угольной промышленности России и СНГ соберет Международная конференция и выставка «Уголь России и СНГ», которая будет проходить 16-17 ноября 2021 в г. Москва
Организатор мероприятия: Vostock Capital
2021, June, 10, 12:35:00
U.S. OIL INVENTORIES DOWN 5.2 MB TO 474.0 MB
U.S. commercial crude oil inventories decreased by 5.2 million barrels from the previous week to 474.0 million barrels.
2021, June, 10, 12:30:00
TC ENERGY HAS TERMINATED KEYSTONE
TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) confirmed today that after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta, it has terminated the Keystone XL Pipeline Project (the Project).
2021, June, 9, 12:55:00
OIL PRICE: ABOVE $72
Brent rose 73 cents, or 1%, to close at $72.22 a barrel, WTI rose 82 cents, or 1.2%, to settle at $70.05 a barrel,
2021, June, 9, 12:50:00
OIL PRICES 2021-22: $68-60
EIA forecasts that Brent prices will remain near current levels in 3Q21, averaging $68/b., and $60/b in 2022.
2021, June, 9, 12:45:00
OPEC+ OIL PRODUCTION UP 430 TBD
Despite the production gains, the looser quotas meant OPEC+ compliance stayed mostly steady at 111.45% compared to 111.16% in April,