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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.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: ABOVE $71
2022, July, 5, 12:09:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
OIL PRICE: ABOVE $71
2022, July, 5, 12:08:00
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
OIL PRICE: ABOVE $71
2022, July, 5, 12:05:00
GLOBAL NUCLEAR SMR STANDARDIZATION
Senior nuclear regulators and industry leaders met for the first time under the IAEA’s Nuclear Harmonization and Standardization Initiative (NHSI) on 23-24 June to discuss roadmaps to accelerate the safe and secure deployment of advanced nuclear reactors, with a particular focus on small modular reactors (SMRs).
OIL PRICE: ABOVE $71
2022, July, 5, 12:00:00
RUSSIAN NUCLEAR FOR EGYPT
El-Dabaa - Egypt's first NPP - is to be built in the province of Matruh on the Mediterranean coast, about 300km north-west of Cairo.
OIL PRICE: ABOVE $71
2022, July, 5, 11:55:00
STRONG OIL VOLATILITY
Last week we saw major volatility on the Oil tabs especially on the Bearish alignment,as the rangebound zones maintained within the Crude Oil WTI
OIL PRICE: ABOVE $71
2022, July, 5, 11:50:00
RUSSIAN LNG CONTROL
The decree created a new Russian firm that will take over all rights and obligations of Sakhalin Energy Investment Corporation.
OIL PRICE: ABOVE $71
2022, July, 5, 11:45:00
WORLDWIDE RIG COUNT UP 78 TO 1,706
The Worldwide Rig Count for May was 1,706, up 78 from the 1,628 counted in May 2022,and up 381 from the 1,325 counted in May 2021.
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