2021-03-19 13:15:59
OIL PRICE: ABOVE $64 AGAIN
REUTERS - MARCH 19, 2021 - Oil prices rose by more than $1 on Friday, after a big sell-off in the previous session as a new wave of coronavirus infections across Europe triggered fresh lockdowns and dampened expectations of any imminent recovery in fuel demand.
Brent crude was up $1.01, or 1.6%, to $64.29 a barrel by 0917 GMT.
West Texas Intermediate (WTI) U.S. crude rose $1.02, or 1.7%, to $61.02 a barrel.
Both contracts closed about 7% lower on Thursday as several large European economies reimposed lockdowns and vaccination programmes were slowed by distribution issues and concerns about possible side effects.
Although Germany, France and other countries have announced the resumption of inoculations after regulators declared the AstraZeneca vaccine safe, the programme halt has made it harder to overcome resistance to vaccines among some of the population.
Britain also announced it would have to slow its COVID-19 vaccine rollout next month due to a supply delay.
“Concerns are rapidly growing of a mobility-depressing third wave in Europe amid a pause in vaccinations and rapid spread of the B117 mutation that originated in the UK,” JP Morgan said.
The bank still sees Brent averaging above $70 a barrel in the fourth quarter, however.
Goldman Sachs said headwinds related to European Union demand and Iran supply would slow the oil market rebalancing by 750,000 barrels per day (bpd) in the second quarter, although it expects the OPEC+ grouping of the Organization of the Petroleum Exporting Countries and allies to act to offset that.
Iran has moved record amounts of crude oil to top client China in recent months, while India’s state refiners have added Iranian oil to their annual import plans on the assumption that U.S. sanctions on the OPEC supplier will soon ease.
Goldman expects a significant increase in global oil demand in the coming months, with its Brent forecast rising to $80 per barrel this summer.
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Earlier:
2021, March, 18, 12:45:18
OIL PRICE: NOT ABOVE $68 ANEW
Brent was down 74 cents, or 1.1%, at $67.26 a barrel. WTI was also down 65 cents, or 1%, at $63.95 a barrel.
2021, March, 17, 14:35:00
OIL PRICE: NOT ABOVE $68
Brent fell 66 cents, or 1%, to $67.73 a barrel. WTI dropped 42 cents, or 0.7%, to $64.38.
2021, March, 16, 13:00:00
OIL PRICE: NEAR $68
Brent was down 69 cents, or 1%, at $68.19. WTI was down 69 cents, or 1.1%, at $64.70 a barrel.
2021, March, 16, 12:55:00
GLOBAL ENERGY SYSTEM TRANSFORMATION
The Intergovernmental Panel on Climate Change’s (IPCC’s) Special Report on Global Warming of 1.5°C released in 2018 clearly indicates that a 45% reduction in global greenhouse gas emissions from 2010 levels is required by 2030.
2021, March, 15, 11:00:00
OIL PRICE: ABOVE $69 ANEW
Brent gained 47 cents, or 0.7%, to $69.69 a barrel. WTI was at $66.10 a barrel, up 49 cents, or 0.8%.
2021, March, 15, 10:55:00
OPTIMISTIC OPEC
With non-OPEC supply forecast to bounce back by 950,000 b/d in 2021 to 63.8 million b/d, OPEC lowered the estimated demand for its crude by 240,000 b/d to 27.26 million b/d.
2021, March, 15, 10:50:00
RUSSIA'S OIL FLEXIBILITY
Moscow sees global oil supply in a deficit of 1 million-2 million b/d at the moment, as the world economy continues to recover driving oil demand up by 5.5 million b/d this year.
