2021-04-13 13:40:00
OIL PRICE: ABOVE $63 STILL
REUTERS - APRIL 13, 2021 - Oil prices climbed on Tuesday as data from China showed the world’s second-largest oil consumer’s import growth surging and on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites.
Brent crude oil futures were up 37 cents, or 0.6%, at $63.65 a barrel by 0656 GMT while U.S. crude oil futures gained 32 cents, or 0.5%, to $60.02 a barrel.
China’s exports grew at a robust pace in March in yet another boost to the nation’s economic recovery as global demand picks up amid progress in worldwide COVID-19 vaccinations, while import growth surged to the highest in four years.
Crude oil imports into China also jumped 21% in March from a low base of comparison a year earlier as refiners ramped up operation amid robust fuel demand as the COVID-19 pandemic eased.
Also supporting prices, U.S. crude oil stockpiles were expected to have dropped last week for a third straight week, while distillate and gasoline inventories likely grew, a preliminary Reuters poll showed on Monday.
Still, U.S. oil output from seven major shale formations is expected to rise for a third straight month, climbing by about 13,000 barrels per day (bpd) in May to 7.61 million bpd, the U.S. Energy Information Administration said on Monday.
“The data ... points to a domestic revival that could be good news for gasoline demand (and) as such oil prices have moved higher post the release,” said Stephen Innes, chief global market strategist at Axi.
Yemen’s Iran-aligned Houthi movement said on Monday it had fired 17 drones and two ballistic missiles at targets in Saudi Arabia, including Saudi Aramco facilities in Jubail and Jeddah, though there was no immediate confirmation from Saudi officials.
“The rise in geopolitical tension will only have a notable bullish impact on oil prices if it is coupled with actual physical supply disruption,” PVM analysts said in a note.
The slow rate of vaccinations in Europe and anticipation of additional supply of oil from Iran in the coming months capped price gains.
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Earlier:
2021, April, 12, 10:38:47
OIL PRICE: NEAR $63 STILL
Brent was up 2 cents at $62.97 a barrel. WTI gained 1 cent to $59.49 a barrel.
2021, April, 12, 10:20:00
OPEC+ OIL PRODUCTION UP 450 TBD
With the production gains, OPEC+ compliance with its quotas slipped to 111% in March, compared with 113.5% in February, juiced by Saudi Arabia voluntarily cutting an additional 1 million b/d since January.
2021, April, 12, 10:15:00
U.S. OIL TAX BREAKS $35 BLN
Removing this specific tax measure could generate US$13bn over 10 years. Overall, eliminating fossil fuel subsidies could increase government receipts by US$35bn over 10 years.
2021, April, 9, 11:25:00
OIL PRICE: NEAR $63 YET
Brent edged down 12 cents, or 0.2%, to $63.08 a barrel. WTI was at $59.59 a barrel.
2021, April, 9, 11:20:00
РОССИЯ: БОЛЬШЕ НЕФТИ, ГАЗА
В прошлом году Росгеология осуществляла в Арктике сейсморазведку в рамках работ по определению внешних границ континентального шельфа РФ. В результате этих работ мы обнаружили очень крупный осадочный чехол мощностью порядка 10-12 км в море Лаптевых.
2021, April, 8, 12:10:00
OIL PRICE: NEAR $63 AGAIN
Brent fell 51 cents, or 0.8%, to $62.65 a barrel. WTI fell 53 cents, or 0.9%, to $59.24 a barrel.
2021, April, 7, 10:35:00
OIL PRICES 2021-22: $65-60
EIA forecasts that Brent prices will average $65/b in the second quarter of 2021, $61/b during the second half of 2021, and $60/b in 2022.
