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2021-10-26 13:30:00

OIL PRICE: NOT ABOVE $86

OIL PRICE: NOT ABOVE $86

REUTERS - Oct 26  - Oil prices edged lower on Tuesday but remained near multi-year highs, supported by a global supply shortage and strong demand in the United States, the world's biggest consumer. 

Brent crude was down 55 cents, or 0.6%, at $85.44 a barrel by 0922 GMT. U.S. oil dropped 56 cents, or 0.7%, to $83.20.

"There was no specific reason for the price slide... The fact that the market remains tight should drive prices up," said Commerzbank analyst Carsten Fritsch.

Goldman Sachs said Brent was likely to push above its year-end forecast of $90 a barrel, while Larry Fink, chief executive of the world's largest asset manager BlackRock, said there was a high probability of oil reaching $100. 

While China's red-hot power and coal markets have cooled somewhat after government intervention, energy prices remain elevated worldwide as temperatures fall with the onset of the northern winter. 

"Forecasts for a colder November have energy traders bracing for a very tight market that will be met (with) unprecedented demand this winter," OANDA senior market analysts Edward Moya said in a note.

"This oil market will remain tight and that should mean a headline or two away from $90 oil."

Gasoline and distillate consumption in the United States is back in line with five-year averages after more than a year of depressed demand, and the market will be closely watching U.S. inventory levels. 

Crude oil stockpiles are forecast to have risen by 1.7 million barrels last week while gasoline and distillate inventories were expected to have fallen, according to a Reuters poll of analysts.

Avtar Sandu, senior manager, commodities at Phillip Futures in Singapore, said traders were also awaiting clarity on the outcome of international talks on reviving Iran's 2015 nuclear agreement, after the United States said efforts were at "crucial phase" that could re-open the way for exports of Iranian crude. 

 

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Earlier:

OIL PRICE: NOT ABOVE $86
2021, October, 25, 12:30:00
OIL PRICE: ABOVE $86
Brent increased 56 cents, or 0.7%, to $86.09 a barrel, WTI rose 62 cents, or 0.7%, to $84.38 a barrel.
OIL PRICE: NOT ABOVE $86
2021, October, 22, 11:30:00
OIL PRICE: NOT ABOVE $85 ANEW
Brent dropped 50 cents, or 0.6%, to $84.11 a barrel. WTI fell 49 cents, or 0.6%, to $82.01 a barrel.
OIL PRICE: NOT ABOVE $86
2021, October, 22, 11:25:00
IMPORTANT OIL FOR INDIA
Since India's per-capita energy consumption is about one-third the global average, demand is expected to rise exponentially, creating the need to push both refining expansion as well as clean energy initiatives,
OIL PRICE: NOT ABOVE $86
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.
OIL PRICE: NOT ABOVE $86
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.
OIL PRICE: NOT ABOVE $86
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.
OIL PRICE: NOT ABOVE $86
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.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT ABOVE $86
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: NOT ABOVE $86
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: NOT ABOVE $86
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: NOT ABOVE $86
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: NOT ABOVE $86
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: NOT ABOVE $86
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: NOT ABOVE $86
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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