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2021-07-09 12:30:00

OIL PRICE: NOT ABOVE $75

OIL PRICE: NOT ABOVE $75

REUTERS July 9, 2021 - Oil prices rose for a second day on Friday as data showed a draw in U.S. inventories, but were heading for a weekly loss amid uncertainty over global supplies after an OPEC+ impasse. 

Brent crude oil futures were up 60 cents, or 0.8%, at $74.72 a barrel by 0845 GMT. U.S. West Texas Intermediate futures were up 69 cents, or 1%, at $73.63.

Prices on both sides of the Atlantic were on track for a weekly loss of nearly 2%, dragged down by the collapse of output talks between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+. 

U.S. crude and gasoline stocks fell and gasoline demand reached its highest since 2019, the U.S. Energy Information Administration said on Thursday, signalling increasing strength in the economy. 

"A bullish EIA stock report helped the oil market rebound into the black," said Stephen Brennock of oil broker PVM.

"Clearly, U.S. oil markets are tight. However ... the only way to prevent further losses is for the threat of an OPEC+ price war to be contained," he added.

Gains in oil prices were capped by worries that members of the OPEC+ group could be tempted to abandon output limits that they have followed during the COVID-19 pandemic, with talks breaking down because of an impasse between major producers Saudi Arabia and the United Arab Emirates.

The two Gulf OPEC allies are at odds over a proposed deal that would have brought more oil to the market.

Russia was trying to mediate in an effort to strike a deal to raise output, OPEC+ sources said on Wednesday. The United States had high level conversations with officials in Saudi Arabia and the UAE, the White House said on Tuesday. 

The global spread of the Delta coronavirus variant and worries it could stall a worldwide economic recovery also weighed on oil prices. 

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Earlier:

OIL PRICE: NOT ABOVE $75
2021, July, 8, 12:50:00
OIL PRICE: NEAR $73
Brent slipped by 23 cents, or 0.3%, to $73.20 a barrel, WTI were down 33 cents, or 0.5%, at $71.87 a barrel.
OIL PRICE: NOT ABOVE $75
2021, July, 8, 12:45:00
OIL PRICES 2021-22: $72-$67
We expect rising production will reduce the persistent global oil inventory draws that have occurred for much of the past year and keep prices similar to current levels, averaging $72/b during the second half of 2021 (2H21).
OIL PRICE: NOT ABOVE $75
2021, July, 7, 11:30:00
OIL PRICE: NEAR $75
Brent was up 74cents, or 1%, at $75.27 a barrel , WTI was up 88 cents, or 1.2%, at $74.25 a barrel,
OIL PRICE: NOT ABOVE $75
2021, July, 7, 11:25:00
OPEC+ NO QUOTAS
The OPEC+ had failed to agree to increase production quotas from August onward after the UAE objected to Saudi Arabia's plan to tie the production increases to a lengthening of the supply management pact through to the end of 2022.
OIL PRICE: NOT ABOVE $75
2021, July, 6, 12:20:00
OIL PRICE: NOT BELOW $77
Brent climbed 18 cents or 0.2% to stand at $77.34 a barrel, WTI were at $76.57 a barrel, up $1.41 or 1.9% from Friday’s close.
OIL PRICE: NOT ABOVE $75
2021, July, 6, 12:15:00
OPEC+ NO DECISION
“The 18th OPEC and non-OPEC Ministerial Meeting has been called off,” OPEC Secretary General, HE Mohammad Sanusi Barkindo, said in a letter to Heads of Delegation of OPEC Member Countries and non-OPEC oil producing countries participating in the Declaration of Cooperation (DoC).
OIL PRICE: NOT ABOVE $75
2021, July, 6, 12:10:00
UAE SUPPORT OPEC
The Ministry of Energy and Infrastructure has affirmed that the UAE is a longstanding and committed member of OPEC, and OPEC+, and have been a reliable partner in the current OPEC+ agreement, delivering compliance of 103% throughout its 2-year term.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT ABOVE $75
2021, July, 9, 12:00:00
ARGENTINA'S NUCLEAR SMR
Before work was suspended, it was in line to be the world’s first operating SMR. The government licensed it as a prototype in 2009.
OIL PRICE: NOT ABOVE $75
2021, July, 9, 11:55:00
CHILE'S COAL GENERATION DOWN
In June 2021, the Chamber of Deputies of Chile has approved a bill that prohibits the installation and operation of coal-fired power plants.
OIL PRICE: NOT ABOVE $75
2021, July, 8, 12:50:00
OIL PRICE: NEAR $73
Brent slipped by 23 cents, or 0.3%, to $73.20 a barrel, WTI were down 33 cents, or 0.5%, at $71.87 a barrel.
OIL PRICE: NOT ABOVE $75
2021, July, 8, 12:45:00
OIL PRICES 2021-22: $72-$67
We expect rising production will reduce the persistent global oil inventory draws that have occurred for much of the past year and keep prices similar to current levels, averaging $72/b during the second half of 2021 (2H21).
OIL PRICE: NOT ABOVE $75
2021, July, 8, 12:40:00
EUROPE CLIMATE RULES
According to draft proposals seen by market sources, the CBAM will replace the current system of free carbon allowances for metals sectors, and tighten allowances in the European Emissions Trading System generally, a bone of contention for some.
OIL PRICE: NOT ABOVE $75
2021, July, 8, 12:35:00
ASIA INDEXES DOWN ANEW
The Hang Seng index (.HSI) led losses with a 1.9% drop, its eighth consecutive session in the red, with more falls in internet giants Tencent (0700.HK), Meituan (3690.HK) and Alibaba (9988.HK) as the sector reels from sweeping Chinese regulatory scrutinty.
OIL PRICE: NOT ABOVE $75
2021, July, 8, 12:30:00
LNG FOR BRAZIL, ARGENTINA
Brazil is responsible for almost half of the imports into South America for the record month, accounting for almost half of the total demand, or 37 Bcf for the month. Imports into Argentina have also been on the rise as domestic gas production and imports from Bolivia have proved insufficient to meet the projected demand for winter in the Southern Hemisphere.
All Publications »