2021-02-03 13:00:00
OIL PRICE: NEAR $58
REUTERS - FEBRUARY 3, 2021 - Oil hit an 11-month high on Wednesday, boosted by a draw in U.S. crude and gasoline stocks, which fuelled demand recovery hopes as OPEC+ has forecast that the market will be in deficit in 2021.
Brent crude futures were up 48 cents, or 0.8%, to $57.94 a barrel at 0839 GMT, their highest since late February 2020.
The contract’s “backwardation” structure, where oil for nearby delivery is more expensive than further forward, was near a one-year high at more than $2, indicating expectations of tighter supply.
U.S. West Texas Intermediate (WTI) crude futures climbed 34 cents, or 0.6%, to $55.10 a barrel. The benchmark hit a one-year high at $55.26 on Tuesday.
The market was also bolstered by news that Democrats in the U.S. Congress took the first steps toward advancing President Joe Biden’s proposed $1.9 trillion coronavirus aid plan without Republican support.
The API oil industry association reported U.S. crude oil inventories fell by 4.3 million barrels in the week to Jan. 29.
Gasoline stocks fell by 240,000 barrels, defying analysts’ expectations for a build of 1.1 million barrels. Distillate inventories also fell.
U.S. government inventory data is due at 1530 GMT.
Prices were also buoyed by the latest assessment by the Organization of the Petroleum Exporting Countries and allies that the oil market could be in deficit throughout this year, a document seen by Reuters on Tuesday showed.
“Underpinning the bullish sentiment are tightening fundamentals. Ahead of today’s ministerial meeting, OPEC+ hinted that global oil stockpiles will decline below the five-year average by June,” PVM analysts said.
The ministerial meeting will convene on Wednesday, although it is not expected to recommend any adjustments to oil output policy.
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Earlier:
2021, February, 2, 12:20:00
OIL PRICE: NOT BELOW $56
Brent was up 48 cents, or 0.9%, at $56.83 a barrel. WTI gained 52 cents, or 1%, to $54.07.
2021, February, 1, 12:25:00
OIL PRICE: NOT BELOW $55
Brent were up 53 cents, or 1%, at $55.57 a barrel. WTI gained 41 cents, or 0.8%, to $52.61.
2021, January, 29, 14:35:00
OIL PRICE: BELOW $56 YET
Brent rose 23 cents, or 0.4%, to $55.76 a barrel. WTI rose 7 cents, or 0.1%, to $52.41.
2021, January, 28, 13:20:00
OIL PRICE: BELOW $56 AGAIN
Brent fell 46 cents, or 0.8%, to $55.35 a barrel. WTI fell 36 cents, or 0.7%, to $52.49 a barrel.
2021, January, 28, 13:10:00
OPEC: DIALOGUE, COOPERATION, RESPECT
OPEC reaffirms its faith – time and time again – of the need for dialogue, cooperation, and respect.
2021, January, 28, 13:05:00
SAUDI ARABIA'S BRILLIANT MOVE
"The surprise cut that they have done recently is a really brilliant move that led to stabilization of the market joined by other OPEC members at the most critical time," Dmitriev, who has been leading Russia's diplomacy in Saudi Arabia alongside Deputy Prime Minister Alexander Novak, said at the Saudi Future Investment Initiative conference.
2021, January, 27, 14:15:00
OIL PRICE: BELOW $57
Brent climbed 51 cents, or 0.9%, to $56.42 a barrel. WTI rose 41 cents, or 0.8%, to $53.02.
Chronicle:
2022, January, 21, 10:54:00
ГИДРОЭНЕРГЕТИКА ЦЕНТРАЛЬНАЯ АЗИЯ И КАСПИЙ 2022, ВЫСТАВКА И КОНГРЕСС
Рады сообщить, что свое участие в 6-м ежегодном международном конгрессе и выставке «Гидроэнергетика Центральная Азия и Каспий 2022» (г. Душанбе, Таджикистан, 16-17 февраля) подтвердили уже более 150 руководителей ключевых энергетических компаний региона.
2022, January, 21, 10:53:00
PIPELINES GREEN TRENDS TO BE DISCUSSED AT TOGC CONGRESS
Carbon-neutral energy market in Europe requires O&G majors’ attention because it remains one of the most influencing market topics of the XXI century. The Transportation Oil and Gas Congress 2022 (TOGC 2022) gives pipeline industry representatives an opportunity to discuss development trends on 21-22, February, 2022.
2022, January, 21, 10:52:00
LEARN THE LATEST GLOBAL LNG TRENDS WITH LNGCON 2022
The next edition of the International LNG Congress (LNGCON 2022) takes place in Dusseldorf, Germany on March 28-30, 2022. Covering the whole LNG value chain, the Congress brings together decision makers of the industry to tackle the most relevant issues such as the role of LNG in the transition towards zero-carbon shipping.
2022, January, 21, 10:51:00
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.
2022, January, 21, 10:50:00
WORLD GAS CONFERENCE 2022
The 28th World Gas Conference (WGC 2022) takes place in Daegu, the energy city of Korea in May 2022.
2022, January, 21, 10:49:00
SWEDISH NUCLEAR HYDROGEN
OKG has long operated a facility at the Oskarshamn site which uses electricity from the power plant to produce hydrogen through the electrolysis of water.
2022, January, 21, 10:45:00
SAUDI ARABIA'S HYDROGEN
Private sector firms in Saudi Arabia will be encouraged to import hydrogen-powered vehicles as part of the Kingdom's green iniative