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2021-10-15 09:40:00

OIL PRICE: ABOVE $84

OIL PRICE: ABOVE $84

REUTERS - Oct 15  - Oil prices climbed on Friday, heading for gains of more than 2% for the week, on increasing signs of robust demand and tighter supplies over the next few months as rocketing gas and coal prices stoke a switch to oil products.

Brent crude futures rose 62 cents, or 0.7%, to $84.62 a barrel at 0622 GMT, after picking up 82 cents in the previous session. Front-month prices are set to rise for the sixth straight week, up 2.7% this week.

U.S. West Texas Intermediate (WTI) crude futures rose 56 cents, or 0.7%, to $81.87 a barrel, adding to an 87 cent jump on Thursday. The contract is heading for a 3.2% gain on the week, up for the eighth consecutive week.

Analysts pointed to a sharp drop in OECD oil stockpiles, to their lowest level since 2015. Demand has picked up with recovery from the COVID-19 pandemic, with a further boost coming from industry turning away from expensive gas and coal to fuel oil and diesel for power.

“The fact that Asian markets are content to chase prices higher at weekly highs, instead of lurking on price dips, is a strong signal that energy demand remains robust,” OANDA senior analyst Jeffrey Halley said in a note.

The International Energy Agency on Thursday said the energy crunch is expected to boost oil demand by 500,000 barrels per day (bpd). That would result in a supply gap of around 700,000 bpd through the end of this year, until the Organization of the Petroleum Countries and allies, together called OPEC+, add more supply, as planned in January.

“This energy crisis, particularly in coal and gas, has really pushed up the energy complex higher and oil has benefited as a result,” said Commonwealth Bank commodities analyst Vivek Dhar.

“You’re looking at a narrow window where things can tighten considerably, but it’s going to be very weather-dependent,” Dhar said.

RBC Capital Markets analysts said the global oil market is shaping up for a strong bull cycle, led by supply tightening and demand strengthening at the same time.

“We maintain the view that we have held all year - that the oil market remains in the early days of a multi-year, structurally strong cycle,” RBC analyst Michael Tran said in a note.

Investors shrugged off a higher than expected gain in U.S. crude stocks last week as refinery crude runs fell. Crude inventories rose by 6.1 million barrels in the week to Oct. 8 to 427 million barrels, compared with analysts’ expectations in a Reuters poll for a 702,000-barrel rise, the Energy Information Administration said on Thursday.

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Earlier:

OIL PRICE: ABOVE $84
2021, October, 14, 13:35:00
OIL PRICE: NEAR $84 AGAIN
Brent gained 67 cents, or 0.8%, to $83.85 a barrel. WTI climbed 62 cents, or 0.8%, to $81.06 a barrel.
OIL PRICE: ABOVE $84
2021, October, 14, 13:30:00
СБАЛАНСИРОВАННЫЕ РЕШЕНИЯ РОССИИ
Что касается наших усилий по стабилизации мирового энергетического рынка, то да, у нас всё это происходит в довольно жёстком режиме: мы спорим друг с другом, отстаиваем свои позиции, но находим, до сих пор находили сбалансированные, приемлемые для всех сторон решения.
OIL PRICE: ABOVE $84
2021, October, 14, 13:25:00
ГЛОБАЛЬНАЯ ЭНЕРГЕТИКА РОССИИ
Заместитель Председателя Правительства Российской Федерации Александр Новак принял участие в первом дне международного форума «Российская энергетическая неделя»
OIL PRICE: ABOVE $84
2021, October, 14, 13:05:00
MORE RUSSIAN OIL
Russia's crude production targets under the OPEC+ accord are 9.809 million b/d in October and 9.913 million b/d in November, though it has regularly pumped in excess of its quota.
OIL PRICE: ABOVE $84
2021, October, 14, 13:00:00
OPEC + RUSSIA 400 TBD
The OPEC+ alliance has agreed to increase production by 400,000 b/d through the end of 2022, aiming to eliminate the historic cuts it implemented through the pandemic by late in the year
OIL PRICE: ABOVE $84
2021, October, 14, 12:55:00
OIL PRICES 2021-22: $81-$72
We expect Brent prices will remain near current levels for the remainder of 2021, averaging $81/b during the fourth quarter of 2021. In 2022, we expect that growth in production from OPEC+, U.S. tight oil, and other non-OPEC countries will outpace slowing growth in global oil consumption and contribute to Brent prices declining from current levels to an annual average of $72/b.
OIL PRICE: ABOVE $84
2021, October, 13, 12:20:00
OIL PRICE: NEAR $83 ANEW
Brent was up 1 cent at $83.66 a barrel. WTI fell 50 cents, or 0.6%, to $80.02.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: ABOVE $84
2021, December, 2, 12:07:00
ENERGY WEEK CENTRAL ASIA & MONGOLIA 2022
To learn more, join the upcoming high-level international investment conference Energy Week Central Asia & Mongolia 2022, which will take place on 26-28th April in Tashkent.
OIL PRICE: ABOVE $84
2021, December, 2, 12:06:00
WORLD GAS CONFERENCE 2022
The 28th World Gas Conference (WGC 2022) takes place in Daegu, the energy city of Korea in May 2022.
OIL PRICE: ABOVE $84
2021, December, 2, 12:05:00
GAZPROM GAS PRODUCTION +14.7%
Brent rose $3.25, or 4.7%, to $72.48 a barrel, WTI rose $3.01, or 4.6%, to $69.19 a barrel.
OIL PRICE: ABOVE $84
2021, December, 2, 12:00:00
RENEWABLES FOR POLAND
The measure was initially approved in 2017, with a budget of approximately €9.4bn (PLN40bn), and was set to expire on 30 June 2021.
OIL PRICE: ABOVE $84
2021, December, 1, 16:15:00
OIL PRICE: NOT BELOW $72
Brent rose $3.25, or 4.7%, to $72.48 a barrel, WTI rose $3.01, or 4.6%, to $69.19 a barrel.
OIL PRICE: ABOVE $84
2021, December, 1, 16:00:00
JAPAN, IAEA NUCLEAR COOPERATION
“As an increasing number of states pursue nuclear energy, decommissioning and waste management as well as nuclear security are two components essential for its sustainable use” said Toshio Kodama, President of JAEA. “JAEA is determined to work together with the IAEA in this scheme to contribute to the international community in these two important areas.”
OIL PRICE: ABOVE $84
2021, December, 1, 15:55:00
FRANCE, IAEA NUCLEAR COOPERATION
France operates 56 nuclear power reactors, which make up over 70% of the country’s electricity generation. It has a smaller per capita carbon footprint than most developed countries. “France is already a world leader in low carbon energy generation, and nuclear energy has a major role to play in that,” Mr Grossi said.
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