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2021-10-19 12:55:00

OIL PRICE: NEAR $85

OIL PRICE: NEAR $85

REUTERS - Oct 19  - Oil prices rose on Tuesday as a supply crunch in natural gas, electricity and coal continued across the globe while falling temperatures in China revived concerns over whether the world's biggest energy consumer can meet domestic demand for heating. 

The Brent crude benchmark rose 35 cents, or 0.4%, to $84.68 a barrel by 0827 GMT after falling 0.6% on Monday. The contract is still up nearly 7% this month.

U.S. West Texas Intermediate (WTI) futures gained 70 cents, or 0.9%, to $83.14, having risen 0.2% in the previous session and nearly 10% this month.

"In a bull market it is usually Brent that leads the way higher, but this time around (U.S.) domestic issues provide extra support for WTI," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates.

"The recent hurricane season proved to be so disruptive that (U.S.) producers have not fully recovered from the damage caused by (Hurricane) Ida."

With temperatures falling as the northern hemisphere winter approaches and heating demand increasing, prices of oil, coal and natural gas are likely to remain elevated, traders and analysts said.

Colder weather has already started to grip China, with close to freezing temperatures forecast for northern areas, according to AccuWeather.com.

Coal futures in China rose as much as 7.8% on Tuesday, while riskier assets such as equities also gained. The rising coal and natural gas prices in Asia are expected to cause some end-users to switch to lower-cost oil as an alternative.

However, the power crunch that is sending prices higher is also hurting Chinese economic growth, which fell to its lowest in a year, official data showed on Monday. 

China's daily crude oil processing rate also fell last month, dropping to the lowest level since May last year. 

Helping to keep a lid on prices, U.S. oil output is set to rise. Production in the largest shale formation in the world's biggest oil producer is expected to gain further next month, the Energy Information Administration said.

 

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Earlier:

OIL PRICE: NEAR $85
2021, October, 18, 12:55:00
OIL PRICE: ABOVE $85
Brent were up 59 cents, or 0.7%, to $85.45 a barrel . WTI were up 59 cents, or 0.7%, to $85.45 a barrel .
OIL PRICE: NEAR $85
2021, October, 18, 12:40:00
ВОССТАНОВЛЕНИЕ НЕФТЯНОГО РЫНКА
«Нефтяной рынок восстанавливается последовательно. Мы видим, что в 2021 году общий рост спроса составит 6 млн баррелей, а к концу года мы надеемся на полное восстановление спроса»,
OIL PRICE: NEAR $85
2021, October, 15, 09:40:00
OIL PRICE: ABOVE $84
Brent rose 62 cents, or 0.7%, to $84.62 a barrel. WTI rose 56 cents, or 0.7%, to $81.87 a barrel.
OIL PRICE: NEAR $85
2021, October, 15, 09:35:00
GLOBAL OIL DEMAND WILL UP BY 5.8 MBD
World oil demand is estimated to increase by 5.8 mb/d in 2021, revised down from 5.96 mb/d in the previous month’s assessment.
OIL PRICE: NEAR $85
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: NEAR $85
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: NEAR $85
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.
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Tags: OIL, PRICE, BRENT, WTI