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2021-06-10 13:05:00

OIL PRICE: ABOVE $72 ANEW

OIL PRICE: ABOVE $72 ANEW

REUTERS- June 10, 2021 -  Oil prices were steady on Wednesday after U.S. inventory data showed a surge in gasoline inventories due to weak fuel demand following U.S. Memorial Day weekend, traditionally the beginning of the peak summer driving season.

Brent crude futures remained unchanged to settle at $72.22 a barrel, having earlier touched $72.83, their highest since May 20, 2019.

U.S. West Texas Intermediate (WTI) crude closed 9 cents, or 0.1%, lower at $69.96 a barrel, after reaching $70.62, its highest since Oct. 17, 2018.

Despite a 5 million-barrel draw in crude oil last week, stocks of gasoline and other fuels rose sharply due to weak demand, according to Energy Information Administration data for the week that included the long Memorial Day holiday weekend. Product supplied fell to 17.7 million barrels per day, versus 19.1 million the week before. 

"This could be canary in a coal mine at peak economic activity having occurred, but it's early days to conclude that," said John Kilduff, partner at Again Capital LLC in New York.

Other analysts noted, however, that the poor weather up and down the U.S. East Coast may have reduced consumption, following a period of gasoline hoarding that artificially boosted demand during the Colonial Pipeline outage last month from a ransomware attack.

On Tuesday, the EIA forecast U.S. fuel consumption would grow by 1.48 million bpd this year, up from a previous forecast of 1.39 million bpd. 

Oil rallied earlier in the session on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded after the U.S. Secretary of State said sanctions against Tehran were unlikely to be lifted.

Investors had assumed that sanctions against Iranian exports would be lifted and oil supply would increase this year as Iran's talks with western powers on a nuclear deal progressed.

However, U.S. Secretary of State Antony Blinken said on Tuesday that even if Iran and the United States returned to compliance with a nuclear deal, hundreds of U.S. sanctions on Tehran would remain in place. 

-----


Earlier:

OIL PRICE: ABOVE $72 ANEW
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 $72 ANEW
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 $72 ANEW
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: ABOVE $72 ANEW
2021, June, 8, 14:15:00
OIL PRICE: NEAR $71
Brent was down 35 cents, or 0.5%, at $71.14 a barrel, WTI was off by 32 cents, or 0.5%, at $68.91 a barrel,
OIL PRICE: ABOVE $72 ANEW
2021, June, 8, 14:10:00
OIL PRICE: $70 IN FOCUS
We are still on focus for the 70$/bbl on the CrudeOil
OIL PRICE: ABOVE $72 ANEW
2021, June, 8, 14:05:00
GLOBAL OIL, GAS DEFICIT
Sechin urged the industry to prepare for oil demand recovery in the wake of the pandemic and said that while new waves of the pandemic may slow down the recovery process, they will not stop it.
OIL PRICE: ABOVE $72 ANEW
2021, June, 4, 12:15:00
СТОИМОСТЬ ЭНЕРГОПЕРЕХОДА $200 ТЛН
Учитывая довольно высокую стоимость энергетического перехода – по отдельным расчётам, к 2050 году она может составить от 100 до 200 трлн долларов США, – реализация этого тренда и замена традиционных источников возобновляемыми находится под большим вопросом, считает вице-премьер.
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Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: ABOVE $72 ANEW
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 $72 ANEW
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 $72 ANEW
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 $72 ANEW
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 $72 ANEW
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: ABOVE $72 ANEW
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).
OIL PRICE: ABOVE $72 ANEW
2021, June, 9, 12:35:00
UAE HYDROGEN DEVELOPMENT $122 BLN
A new “Hydrogen Alliance” was launched by the UAE Ministry of Energy and Infrastructure and three of Abu Dhabi’s largest government-backed companies (Mubadala Investment Company, Abu Dhabi National Oil Company, and ADQ) in January 2021
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