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2021-06-04 12:20:00

OIL PRICE: ABOVE $71

OIL PRICE: ABOVE $71

REUTERS - June 4, 2021 - Oil rose towards $72 a barrel on Friday, trading close to a two-year high as OPEC+ supply discipline and recovering demand countered concerns about patchy COVID-19 vaccination rollout around the globe.

The Organization of the Petroleum Exporting Countries (OPEC) and allies on Tuesday said they would stick to agreed supply restraints. A weekly supply report on Thursday showed U.S. crude inventories dropped more than expected last week. 

Brent crude rose 33 cents, or 0.5%, to $71.64 a barrel by 0812 GMT. It reached an intra-day high of $71.99 on Thursday for its highest since May 2019. U.S. West Texas Intermediate crude was up 22 cents, or 0.3%, at $69.03.

“After much dilly-dallying, Brent appears to have found a new home above $70,” said Stephen Brennock of oil broker PVM.

“Summer and the reopening of the global economy is bullish for oil demand in the second half of the year.”

For the week, Brent is on track for a gain of more than 2.8% and U.S. crude is heading for a 4% rise.

Also boosting oil this week was a slowdown in talks between the United States and Iran over Tehran’s nuclear programme, which reduced expectations for a rapid increase in supply of Iranian oil to the market.

In focus later on Friday will be U.S. jobs figures for May. The consensus forecast for non-farm payrolls, due at 1230 GMT, is that about 650,000 jobs were added in May.

While rising demand and the fast pace of COVID-19 vaccinations in countries such as the United States has boosted oil, a slower inoculation rollout and high infections in the likes of Brazil and India are hitting demand in high-growth oil markets.

India, the world’s second most populous country, has vaccinated only 4.7% of the adult population and is reeling from a second wave of infections.

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Earlier:

OIL PRICE: ABOVE $71
2021, June, 2, 14:20:00
OIL PRICE: ABOVE $70
Brent settled up 93 cents, or 1.3%, to $70.25 a barrel , WTI was up $1.40, or 2.1%, to $67.72.
OIL PRICE: ABOVE $71
2021, June, 2, 14:15:00
МИРОВОЙ СПРОС НА НЕФТЬ + 6 МБД
В апреле были пересмотрены в сторону повышения и прогноз роста мирового ВВП – до 5,5%, и прогноз по росту спроса на нефть в мире – теперь рост в 2021 году ожидается на уровне 6 млн баррелей, что выше изначального уровня на 5,5 млн баррелей.
OIL PRICE: ABOVE $71
2021, June, 2, 14:10:00
ЦЕНА НЕФТИ $50 - $60
Наши оценки на ближайшие 2-3 года всё же где-то 50-60 долларов за баррель. А на далёкую перспективу оценки разные: прогнозируют и 50, и 70 долларов за баррель.
OIL PRICE: ABOVE $71
2021, June, 2, 14:05:00
OPEC+ PRODUCTION: 114%, + 2 MBD
Overall conformity to the production adjustments was 114% in April (including Mexico), ... to gradually return 2 million barrels a day (mb/d) of the adjustments to the market, with the pace being determined according to market conditions.
OIL PRICE: ABOVE $71
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 $71
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 $71
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.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: ABOVE $71
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: ABOVE $71
2021, June, 10, 12:38:00
МЕЖДУНАРОДНАЯ КОНФЕРЕНЦИЯ И ВЫСТАВКА "УГОЛЬ РОССИИ И СНГ"
Более 150 руководителей ведущих предприятий угольной промышленности России и СНГ соберет Международная конференция и выставка «Уголь России и СНГ», которая будет проходить 16-17 ноября 2021 в г. Москва Организатор мероприятия: Vostock Capital
OIL PRICE: ABOVE $71
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: ABOVE $71
2021, June, 10, 12:30:00
TC ENERGY HAS TERMINATED KEYSTONE
TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) confirmed today that after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta, it has terminated the Keystone XL Pipeline Project (the Project).
OIL PRICE: ABOVE $71
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: ABOVE $71
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: ABOVE $71
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,
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