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!

2021-06-02 14:20:00

OIL PRICE: ABOVE $70

OIL PRICE: ABOVE $70

REUTERS - June 2, 2021 - Oil prices settled higher on Tuesday, with Brent hitting above $71 and trading at its highest since March, on expectations for growing fuel demand during the summer driving season in the United States as OPEC+ agreed to boost output.

Brent crude futures for August settled up 93 cents, or 1.3%, to $70.25 a barrel after hitting $71 earlier in the session - its highest intra-day price since March 8.

U.S. West Texas Intermediate crude for July was up $1.40, or 2.1%, to $67.72.

Tracking service GasBuddy said Sunday’s U.S. gasoline demand, coinciding with the Memorial Day weekend, jumped 9.6% above the average of the previous four Sundays. That was the highest Sunday demand since the summer of 2019.

U.S. crude stockpiles were expected to fall by 2.1 million barrels last week, according to a preliminary Reuters poll.

Prices were also boosted by Chinese data showing that the country’s factory activity grew at its fastest pace this year in May.

The gains were capped, though, by expectations that more output will hit the market.

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, also agreed to continue a slow easing of supply curbs in their meeting on Tuesday, an OPEC source said, as producers balance an expected demand recovery against a possible increase in Iranian output.

"The deal with Iran is very much in flux about whether or not it will get done, which is making the market tense," said John Kilduff, partner at Again Capital LLC in New York.

OPEC+ decided in April to return 2.1 million barrels per day (bpd) of supply to the market from May to July, anticipating rising global demand despite the high number of coronavirus cases in India, the world's third-largest oil consumer.

“Unless widespread cheating develops or a renewed uptick in global coronavirus cases evolves, OPEC’s current recipe for success would appear to represent a viable plan,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. 

-----


Earlier:

OIL PRICE: ABOVE $70
2021, May, 31, 13:50:00
OIL PRICE: NOT ABOVE $70 ANEW
Brent was up 31 cents/b (0.45%) from the previous settle at $69.03/b, WTI was 37 cents/b (0.56%) higher at $66.69/b.
OIL PRICE: ABOVE $70
2021, May, 28, 11:35:00
OIL PRICE: NOT ABOVE $70
Brent fell 9 cents, 0.1%, to $69.37 a barrel. WTI was at $66.90 a barrel, up 5 cents, or 0.1%.
OIL PRICE: ABOVE $70
2021, May, 27, 13:20:00
OIL PRICE: ABOVE $68 ANEW
Brent had shed 42 cents, or 0.6%, to $68.45 a barrel . WTI fell 35 cents, or 0.5%, to $65.86 a barrel.
OIL PRICE: ABOVE $70
2021, May, 26, 13:25:00
OIL PRICE: NOT ABOVE $69 YET
Brent rose 13 cents, or 0.2%, to $68.78 a barrel. WTI was down 5 cents, or 0.1%, at $66.02 a barrel.
OIL PRICE: ABOVE $70
2021, May, 26, 13:15:00
GLOBAL OIL DEFICIT 1 MBD
Global oil deficit is currently seen at around 1 million barrels per day, Russia's deputy prime minister Alexander Novak told reporters on Wednesday.
OIL PRICE: ABOVE $70
2021, May, 25, 12:40:00
OIL PRICE: NOT ABOVE $69 ANEW
Brent were down 1 cent at $68.45 a barrel. WTI were off 8 cents at $65.97 a barrel.
OIL PRICE: ABOVE $70
2021, May, 24, 13:05:00
OIL PRICE: NOT ABOVE $68 ANEW
Brent rose $1.25, or 1.9%, to $67.69. WTI was at $64.73 a barrel, up $1.15, or 1.8%.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: ABOVE $70
2022, September, 28, 12:14:00
2022 SAUDI PIPELINES INTERNATIONAL CONFERENCE & EXIBITIONS
Eventat Co (a Saudi local company) is hosting the first-ever “2022 Saudi Pipelines International Conference & Exhibitions” from 4-6 October, 2022 at the Dhahran Expo, Dammam (Eastern Province), Kingdom of Saudi Arabia. The three-day conference and exhibition are dedicated to bringing together over “50+ Regional/International speakers, 100+ Sponsors/Exhibitors, 1000+ Delegates and 3000+ Visitors” from around the globe who carry significant interest in enhancing the pipelines lifecycle for the current and future.
OIL PRICE: ABOVE $70
2022, September, 28, 12:13:00
INTERNATIONAL CONGRESS AND EXIBITION TURKEY & BLACK SEA OIL AND GAS
International Congress and Exhibition Turkey & Black Sea Oil and Gas is an international, professional platform, bringing together over 200 C-suite executives from vertically integrated oil companies, general directors, CTOs of oil refineries, gas processing plants and petrochemical facilities, initiators of investment projects on oil and gas extraction from Turkey and countries of the Black Sea area, officials of regulatory authorities, licensors of production technologies and world suppliers for the industry.
OIL PRICE: ABOVE $70
2022, September, 28, 12:12:00
Pipelines In A Sustainable Future And Other Highlights Of TOGC 2023(TOGC 2023)
Transportation Oil and Gas Congress (TOGC) is held on February, 20-21, 2023, Istanbul, Türkiye. During 2 days of intensive networking participants get direct access to the whole pipeline chain. Among the highlights of the program are Panels, show type sessions based on discussion between panelists. They discuss the role of pipelines in a sustainable future, digital transformation and optimization of the pipeline industry, pipeline economics and pipeline integrity, H2 in Gas Grid.
OIL PRICE: ABOVE $70
2022, September, 28, 12:11:00
TRANSPORTATION OIL AND GAS CONGRASS 2023 (TOGC 2023)
Transportation Oil and Gas Congress 2023 (TOGC 2023) takes place on February 20-21, 2023. The Congress brings together representatives from the whole pipeline chain and focuses on both strategic and technical issues of the oil and gas pipeline transportation.
OIL PRICE: ABOVE $70
2022, September, 28, 12:10:00
NORWAY OIL, GAS PRODUCTION 1.998 MBD
Preliminary production figures for August 2022 show an average daily production of 1 998 000 barrels of oil, NGL and condensate.
OIL PRICE: ABOVE $70
2022, September, 28, 12:05:00
U.S. FEDERAL FUNDS RATE 3.00 - 3.25%
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3 to 3-1/4 percent and anticipates that ongoing increases in the target range will be appropriate.
OIL PRICE: ABOVE $70
2022, September, 28, 12:04:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
All Publications »