RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2021-05-06 13:40:00

OIL PRICE: NEAR $70 ANEW

OIL PRICE: NEAR $70 ANEW

REUTERS - MAY 6, 2021 - Oil prices slipped after earlier gains on Thursday, weighed by rising COVID-19 infections in India and elsewhere, and despite a much sharper than expected fall in U.S. crude inventories. 

Brent crude oil futures fell by 28 cents, or 0.4%, to $68.68 a barrel by 0939 GMT, and West Texas Intermediate (WTI) U.S. crude futures lost 31 cents, or 0.5%, to $65.32 a barrel. 

Both benchmarks hit their highest since mid-March on Wednesday, before retreating to end little changed following two days of gains. 

Hopes that India’s deadly second wave was about to peak were swept away on Thursday as it posted record daily infections and deaths and as the virus spread from cities to villages across the world’s second-most populous nation.

“The record numbers of new infections in India have been making the headlines and fuelling fears that demand may recover more slowly,” Commerzbank said.

At the same time, easing restrictions in Europe and falling U.S. crude inventories lent prices support.

“As the rollout of vaccines continues and a pent-up summer driving season continues to manifest, this trend should accelerate, keeping demand for motor fuels robust and boosting market confidence in the recovery story,” analysts from Citi said in a note.

U.S. crude stocks fell more than expected last week as refining output rose and exports surged, the Energy Information Administration said on Wednesday. 

Crude inventories fell by 8 million barrels to 485.1 million barrels in the week to April 30, compared with expectations in a Reuters poll for a 2.3 million barrel drop.

This fall was chiefly due to “a massive fall in net crude oil imports to around 1.3 million barrels per day, their lowest level in at least 40 years,” Commerzbank said. 

They added that gasoline demand in the world’s largest oil importer has proved disappointing, with stocks rising slightly last week.

-----


Earlier:

OIL PRICE: NEAR $70 ANEW
2021, May, 5, 16:45:00
OIL PRICE: NEAR $70
Brent rose 75 cents, or 1.1%, to $69.63 a barrel. WTI was up 67 cents, or 1%, to $66.36 a barrel.
OIL PRICE: NEAR $70 ANEW
2021, May, 4, 12:40:46
OIL PRICE: ABOVE $68
Brent were 65 cents, or 0.96%, higher at $68.21 a barrel. WTI ticked up 62 cents, or 0.1%, to $65.11 a barrel.
OIL PRICE: NEAR $70 ANEW
2021, May, 4, 12:35:00
RUSSIA'S OIL PRODUCTION UP TO 10.46 MBD
Daily average production was up 2% from 10.26 million b/d in March. Total output in March was 43.4 million mt. Increases in month-on-month output volumes in early 2021 reflect gradual increases in Russia's crude production quota agreed under the OPEC + deal from the beginning of the year.
OIL PRICE: NEAR $70 ANEW
2021, April, 23, 11:40:00
OIL PRICE: NEAR $66
Brent rose 42 cents, or 0.6%, to $65.82 a barrel. WTI jumped 51 cents, or 0.8%, to $61.94 a barrel.
OIL PRICE: NEAR $70 ANEW
2021, April, 20, 13:55:00
OIL PRICE: ABOVE $67 YET
Brent was up 64 cents, or 1%, at $67.69 a barrel. WTI gained 60 cents, or 1%, to $63.98.
OIL PRICE: NEAR $70 ANEW
2021, April, 19, 16:55:00
OIL PRICE: NEAR $67
Brent was down 2 cents at $66.75 a barrel. WTI was up 1 cent at $63.14 a barrel.
OIL PRICE: NEAR $70 ANEW
2021, April, 19, 16:45:00
RUSSIAN OIL FOR U.S. 8%
Russian oil imports as a share of US total oil imports hit a record high of 8% in January 2021, according to data from the US Energy Information Administration, up from 4% during 2018.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NEAR $70 ANEW
2021, July, 9, 12:04:00
HYDROGEN RUSSIA AND CIS, Moscow, 20-21 October 2021
International Conference and Exhibition ‘Hydrogen Russia and CIS’ brings together more than 200 senior executives of hydrogen production plants from Russia and the CIS
OIL PRICE: NEAR $70 ANEW
2021, July, 9, 12:00:00
ARGENTINA'S NUCLEAR SMR
Before work was suspended, it was in line to be the world’s first operating SMR. The government licensed it as a prototype in 2009.
OIL PRICE: NEAR $70 ANEW
2021, July, 9, 11:55:00
CHILE'S COAL GENERATION DOWN
In June 2021, the Chamber of Deputies of Chile has approved a bill that prohibits the installation and operation of coal-fired power plants.
OIL PRICE: NEAR $70 ANEW
2021, July, 8, 12:50:00
OIL PRICE: NEAR $73
Brent slipped by 23 cents, or 0.3%, to $73.20 a barrel, WTI were down 33 cents, or 0.5%, at $71.87 a barrel.
OIL PRICE: NEAR $70 ANEW
2021, July, 8, 12:45:00
OIL PRICES 2021-22: $72-$67
We expect rising production will reduce the persistent global oil inventory draws that have occurred for much of the past year and keep prices similar to current levels, averaging $72/b during the second half of 2021 (2H21).
OIL PRICE: NEAR $70 ANEW
2021, July, 8, 12:40:00
EUROPE CLIMATE RULES
According to draft proposals seen by market sources, the CBAM will replace the current system of free carbon allowances for metals sectors, and tighten allowances in the European Emissions Trading System generally, a bone of contention for some.
OIL PRICE: NEAR $70 ANEW
2021, July, 8, 12:35:00
ASIA INDEXES DOWN ANEW
The Hang Seng index (.HSI) led losses with a 1.9% drop, its eighth consecutive session in the red, with more falls in internet giants Tencent (0700.HK), Meituan (3690.HK) and Alibaba (9988.HK) as the sector reels from sweeping Chinese regulatory scrutinty.
All Publications »