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2021-05-13 18:00:00

OIL PRICE: NOT ABOVE $68

OIL PRICE:  NOT ABOVE $68

REUTERS - MAY 13, 2021 - Oil prices fell more than 2% on Thursday as India's coronavirus crisis deepened and a key U.S. pipeline resumed operations, halting a rally that had lifted crude to an eight-week high after the IEA and OPEC forecast a rebound in global demand later in the year.

Brent crude was down $1.75, or 2.5%, at $67.57 a barrel by 1315 GMT, after rising 1% on Wednesday. West Texas Intermediate (WTI) was down $1.80, or 2.7%, to $64.28 a barrel, having risen 1.2% in the previous session.

If those losses are sustained, both contracts would mark their biggest daily drops in percentage terms since early April.

In a bearish signal for oil demand, a variant of the coronavirus has swept through the countryside in India, the world's third-biggest importer of crude. 

Medical professionals have not been able to say when new infections will plateau and other countries are alarmed over the transmissibility of the variant that is now spreading worldwide.

"Concerns are growing that the untamed spread of the coronavirus in India and in Southeast Asia will dent oil demand," PVM analysts said in a note.

"Its impact, however, is expected to be relatively brief and the second half of the year will see the healthy revival of oil demand growth."

Meanwhile, fuel shortages worsened in the southeastern United States, six days after the shutdown of the Colonial Pipeline, the largest U.S. fuel pipeline network, following a ransomware attack. 

Signalling a recovery, the U.S. pipeline on Thursday moved some of the first millions of gallons of motor fuels. 

The dollar also strengthened compared with a basket of other currencies (.DXY), making oil more expensive for holders of other currencies.

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Earlier:

OIL PRICE:  NOT ABOVE $68
2021, May, 12, 13:05:00
OIL PRICE: NEAR $69
Brent climbed 18 cents, or 0.3% to $68.73 a barrel. WTI rose 20 cents, or 0.3%, to $65.48.
OIL PRICE:  NOT ABOVE $68
2021, May, 7, 15:00:00
OIL PRICE: NEAR $68
Brent fwere up 1 cent at $68.12 a barrel. WTI eased by 2 cents to $64.69.
OIL PRICE:  NOT ABOVE $68
2021, May, 7, 14:55:00
OPEC+ OVERPRODUCTION 3.3 MBD
Russia, the largest non-OPEC partner in the alliance, has increasingly flouted its cap over the last several months, with its excess production soaring to 877,000 b/d.
OIL PRICE:  NOT ABOVE $68
2021, May, 6, 13:40:00
OIL PRICE: NEAR $70 ANEW
Brent fell by 28 cents, or 0.4%, to $68.68 a barrel. WTI lost 31 cents, or 0.5%, to $65.32 a barrel.
OIL PRICE:  NOT ABOVE $68
2021, May, 6, 13:35:00
ЦЕНА URALS: $ 60,47
Средняя цена на нефть марки Urals в январе-апреле 2021 года сложилась в размере $60,47 за баррель, в январе-апреле 2020 года - $41,04 за баррель.
OIL PRICE:  NOT ABOVE $68
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:  NOT ABOVE $68
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.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE:  NOT ABOVE $68
2021, June, 10, 12:39:00
Which Actions Can Fuel The Industry: The 7th International LNG Congress Summary
Global view on the LNG industry future, actions in frames of IMO Regulations, alternative fuels for trucks and fleet, opportunities of LNG increase in Europe, and Bio-LNG and LNG-to-Power initiatives have become some of the topics of the 7th International LNG Congress. It was held at the BGS online platform on the 7-8 of June, and gathered more than 500 decision-makers of the LNG industry.
OIL PRICE:  NOT ABOVE $68
2021, June, 10, 12:35:00
U.S. OIL INVENTORIES DOWN 5.2 MB TO 474.0 MB
U.S. commercial crude oil inventories decreased by 5.2 million barrels from the previous week to 474.0 million barrels.
OIL PRICE:  NOT ABOVE $68
2021, June, 10, 12:30:00
TC ENERGY HAS TERMINATED KEYSTONE
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OIL PRICE:  NOT ABOVE $68
2021, June, 9, 12:55:00
OIL PRICE: ABOVE $72
Brent rose 73 cents, or 1%, to close at $72.22 a barrel, WTI rose 82 cents, or 1.2%, to settle at $70.05 a barrel,
OIL PRICE:  NOT ABOVE $68
2021, June, 9, 12:50:00
OIL PRICES 2021-22: $68-60
EIA forecasts that Brent prices will remain near current levels in 3Q21, averaging $68/b., and $60/b in 2022.
OIL PRICE:  NOT ABOVE $68
2021, June, 9, 12:45:00
OPEC+ OIL PRODUCTION UP 430 TBD
Despite the production gains, the looser quotas meant OPEC+ compliance stayed mostly steady at 111.45% compared to 111.16% in April,
OIL PRICE:  NOT ABOVE $68
2021, June, 9, 12:40:00
EUROPEAN TRANSITION FUND €17.5BLN
The Council of the European Union has approved a regulation creating the €17.5bn Just Transition Fund (JTF).
All Publications »