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2021-02-04 16:45:00

OIL PRICE: NEAR $59

OIL PRICE: NEAR $59

REUTERS - FEBRUARY 4, 2021 -  Oil prices extended gains on Thursday after the OPEC+ alliance of producers stuck to its reduced output policy and U.S. crude stocks fell, with optimism over a new U.S. pandemic relief bill adding further price support.

Brent crude futures gained 25 cents, or 0.43%, to $58.71 a barrel by 1025 GMT, having earlier hit their highest since Feb. 21 last year.

U.S. West Texas Intermediate (WTI) crude futures climbed 31 cents, or 0.56%, to $56 a barrel after reaching its highest settlement level in a year on Wednesday.

“Supporting factors outweigh negative developments at the moment,” said PVM Oil Associates analyst Tamas Varga, citing high compliance with OPEC+ production cuts and its declared target to accelerate stock depletion.

“The extra 1 million barrel per day (bpd) Saudi cuts that started this month imply further stock draws until at least the end of the first quarter,” Varga added.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, a group known as OPEC+, extended its oil supply pact at existing levels on Wednesday, suggesting that producers are happy the cuts are draining inventories while uncertainty remains over the outlook for a recovery in demand as the COVID-19 pandemic lingers.

A document seen by Reuters on Tuesday showed that OPEC expects output cuts to keep the market in deficit throughout 2021, even though the group reduced its demand forecast.

The market was further 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.

Also supporting prices, U.S. crude oil stockpiles fell by 994,000 barrels last week to 475.7 million barrels, the lowest level since March, the U.S. Energy Information Administration said on Wednesday. Analysts in a Reuters poll had forecast a rise of 446,000 barrels.

In a separate development, the United States has filed a lawsuit to seize a cargo of oil it says came from Iran rather than Iraq, as stated on the bill of lading, contravening U.S. terrorism regulations.

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Earlier:

OIL PRICE: NEAR $59
2021, February, 3, 13:00:00
OIL PRICE: NEAR $58
Brent were up 48 cents, or 0.8%, to $57.94 a barrel. WTI were up 48 cents, or 0.8%, to $57.94 a barrel.
OIL PRICE: NEAR $59
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.
OIL PRICE: NEAR $59
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.
OIL PRICE: NEAR $59
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.
OIL PRICE: NEAR $59
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.
OIL PRICE: NEAR $59
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.
OIL PRICE: NEAR $59
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.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
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2021, December, 2, 12:09:00
TRANSPORTATION OIL AND GAS CONGRESS, 21th-22th of February, 2022
Business and Technical Views On The Market At The Transportation Oil and Gas Congress 2022
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2021, December, 2, 12:08:00
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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.
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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: NEAR $59
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: NEAR $59
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: NEAR $59
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: NEAR $59
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.
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