2020-09-29 13:00:00
OIL PRICE: NOT BELOW $42 AGAIN
REUTERS - SEPTEMBER 29, 2020 - Oil prices dropped on Tuesday, paring gains from the previous session, as persistent demand concerns due to the coronavirus pandemic outweighed hopes generated by a new U.S. stimulus package that lawmakers are struggling to agree.
More than 1 million people have died of COVID-19 worldwide as of Tuesday, a Reuters tally showed, with fatalities and infections surging in several countries.
U.S. West Texas Intermediate (WTI) crude CLc1 futures dropped 34 cents, or 0.8%, to $40.26 a barrel at 0645 GMT.
The more-active Brent crude futures for December LCOc2 fell 32 cents, or 0.8%, to $42.55 a barrel. The November contract LCOc1, which expires on Wednesday, fell 27 cents to $42.16 per barrel.
Commodities markets crept up earlier in the day as Democratic lawmakers unveiled a new $2.2 trillion coronavirus relief bill, which U.S. House of Representatives Speaker Nancy Pelosi said was a compromise measure.
“If it happens, the U.S. stimulus checks will go a long way to shoring up U.S. oil demand at a most critical juncture and could move oil prices back into a pre-September frame of mind,” AxiCorp market strategist Stephen Innes said in a note.
Brent and WTI in August hit their highest levels since early March on optimism over rising fuel demand and major oil producers’ strong compliance with promised supply cuts. Since then, though, they have dropped about $3 on demand worries.
Investors will be looking for signs of growth in U.S. demand from American Petroleum Institute data on Tuesday and from the Energy Information Administration on Wednesday.
Five analysts polled by Reuters on average estimate U.S. crude oil inventories rose by 1.4 million barrels in the week to Sept. 25. They expect gasoline stockpiles fell by 1.6 million barrels and distillate inventories, which include diesel and jet fuel, fell by 800,000 barrels.
Traders were also keeping an eye on clashes between Armenia and Azerbaijan over the Nagorno-Karabakh region. If the conflict escalates it could affect oil and gas exports from Azerbaijan, analysts said.
Meanwhile, data from Japan’s Ministry of Finance showed that the country’s imports of crude oil in August fell more than 25% from a year earlier.
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Earlier:
2020, September, 28, 12:10:00
OIL PRICE: NOT BELOW $41 AGAIN
Brent fell 37 cents, or 0.9%, to $41.55 a barrel, WTI was at $39.86 a barrel
2020, September, 28, 12:05:00
ТРАНСФОРМАЦИЯ МИРОВОЙ ЭНЕРГЕТИКИ
Структура энергетической отрасли будет трансформироваться, как со стороны спроса, так и со стороны предложения.
2020, September, 25, 13:20:00
OIL PRICE: NEAR $42
Brent was up 30 cents at $42.24 a barrel, WTI rose 23 cents to $40.54 a barrel.
2020, September, 25, 13:00:00
OPEC+ IRAQ REDUCING
OPEC’s second-biggest producer, Iraq has failed in the past to fully comply with OPEC+ oil output reductions,
2020, September, 25, 12:55:00
RUSSIA'S OIL EXPORTS DOWN, LNG UP
Russia’s crude oil export in January-July 2020 was down 4.2% year-on-year to 143.2 mn tons. In terms of value, crude oil export decreased by 36.6% year-on-year making $43.9 bn.
2020, September, 24, 12:20:00
OPEC+ REBALANCING: 2021
The OPEC+ agreement, along with declines in production elsewhere, including the United States, brought global supply lower than the level of global demand for the first time since mid-2019.
2020, September, 24, 12:15:00
U.S. OIL INVENTORIES DOWN BY 1.6 MB TO 494.4 MB
U.S. commercial crude oil inventories decreased by 1.6 million barrels to 494.4 million barrels,
