2021-10-22 11:30:00
OIL PRICE: NOT ABOVE $85 ANEW
REUTERS - Oct 22 - Oil prices fell on Friday with Brent poised for its first weekly dip in seven weeks as demand for oil products in power generation cooled off amid easing coal and gas prices, while a forecast for a mild U.S. winter also weighed on the market.
Brent crude futures dropped 50 cents, or 0.6%, to $84.11 a barrel at 0645 GMT, extending a $1.21 slump in the previous session.
Brent touched a three-year high of $86.10 on Thursday, but was on track to slip 0.9% in the week, the first weekly dip since Sept. 3.
U.S. West Texas Intermediate (WTI) crude futures fell 49 cents, or 0.6%, to $82.01 a barrel, following a 92-cent loss on Thursday.
"Crude oil has witnessed some correction as part of a sell-off across commodities amid renewed virus concerns and forecast of a milder winter in the United States," said Ravindra Rao, vice president, commodities at Kotak Securities.
Winter weather in much of the United States is expected to be warmer than average, according to a National Oceanic and Atmospheric Administration forecast.
The market hit multi-year highs earlier in the week on worries about coal and gas shortages in China, India and Europe, which spurred fuel-switching to diesel and fuel oil for power.
"Crude oil's sharp rise may make it vulnerable to profit taking, however, a substantial correction may not happen unless global energy crisis subsides," Rao said.
"Global gas and coal prices have eased but concerns persist with tighter market and higher demand winter season around the corner."
U.S. crude found support earlier this week as investors eyed low crude stocks at the major Cushing storage hub in Oklahoma.
"There are clear concerns over the inventory drain that we are seeing at the WTI delivery hub, Cushing," ING commodities strategists said in a note.
U.S. Energy Information Administration data on Wednesday showed crude stocks at Cushing fell to 31.2 million barrels, their lowest level since October 2018.
"In a broader future, oil prices should move higher on its supply and demand relationship, but the bullish sentiment provoked by a surprise draw of U.S. inventory may have been digested," said Leona Liu, analyst at Singapore-based DailyFX.
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Earlier:
2021, October, 21, 15:35:00
OIL PRICE: NEAR $85 ANEW
Brent rose as high as $86.10 and was down 92 cents, or 1.1%, to $84.90. WTI fell 74 cents, or 0.9%, to $82.68.
2021, October, 21, 15:30:00
INDIA, OPEC OIL DEAL
India, the world's third-biggest importer and consumer of crude, meets around 85% of its demand via overseas purchases with Iraq, Saudi Arabia and the United States being the top three suppliers. India also imports 55% of its gas demand via imports.
2021, October, 20, 11:50:00
OIL PRICE: BELOW $85
Brent dropped 64 cents, or 0.8%, to $84.44 a barrel. WTI fell 56 cents to $82.40 a barrel.
2021, October, 19, 12:55:00
OIL PRICE: NEAR $85
Brent rose 35 cents, or 0.4%, to $84.68 a barrel. WTI gained 70 cents, or 0.9%, to $83.14.
2021, October, 19, 12:40:00
ЦЕНА URALS: $76,76727
Средняя цена на нефть Urals за период мониторинга с 15 сентября 2021 года по 14 октября 2021 года составила $76,76727 за баррель, или $560,4 за тонну.
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»,
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.
