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2021-08-27 12:10:00

OIL PRICE: NOT ABOVE $72 ANEW

OIL PRICE: NOT ABOVE $72 ANEW

REUTERS - AUGUST 27, 2021 - Oil prices rose on Friday, on track to post big gains for the week, on worries about supply disruptions as energy companies began shutting in production in the Gulf of Mexico ahead of a potential hurricane forecast to hit on the weekend. 

"Energy traders are pushing crude prices higher in anticipation of disruptions in output in the Gulf of Mexico and on growing expectations OPEC+ might resist raising output given the recent Delta variant impact over crude demand," Edward Moya, senior market analyst at OANDA told Reuters.

Brent crude futures rose 98 cents, or 1.4%, to $72.05 a barrel at 0542 GMT, after falling 1.6% on Thursday.

U.S. West Texas Intermediate (WTI) crude futures climbed 93 cents, or 1.4%, to $68.35 a barrel, clawing back a 1.4% loss on Thursday.

For the week, Brent is on track for a rise of nearly 11% this week, its biggest weekly jump since June 2020. WTI is headed for a weekly gain of nearly 10%, which would be its strongest rise since August 2020.

Companies started airlifting workers from Gulf of Mexico oil production platforms on Thursday and BHP and BP said they have begun to stop production at offshore platforms as a storm brewing in the Caribbean Sea was forecast to barrel through the Gulf on the weekend. 

Gulf of Mexico offshore wells account for 17% of U.S. crude oil production and 5% of dry natural gas production. Over 45% of total U.S. refining capacity lies along the Gulf Coast.

The prospect of U.S. Gulf supply outages helped turn the market around from losses on Thursday, which had been partly spurred by output returning at a Mexican oil platform following a fatal fire.

"The market may have more immediate concerns, with a storm building in the Caribbean. It's expected to become a powerful hurricane and potentially wreak havoc in the Gulf of Mexico and Texas early next week," ANZ Research said in a note.

Prices for oil and other risky assets on Thursday were also pressured by U.S. Federal Reserve officials' comments that the central bank must get on with its stimulus tapering. That uncertainty is likely to linger until a speech by Fed Chair Jerome Powell later on Friday, said Vandana Hari, energy analyst at Vanda Insights. 

Analysts expect moves in the dollar to be a big factor on Friday as markets expect Powell may give some guidance on plans for tapering of bond purchases in the fourth quarter. 

"If we do see an earlier tapering, our expectation is the U.S. dollar will lift, and that will put pressure on oil and other commodities," said Commonwealth Bank commodities analyst Vivek Dhar. 

-----


Earlier:

OIL PRICE: NOT ABOVE $72 ANEW
2021, August, 26, 16:30:00
OIL PRICE: NOT ABOVE $72
Brent was down 71 cents, or 1%, at $71.54 a barrel, WTI was down 77 cents, or 1.10%, at $67.59 a barrel.
OIL PRICE: NOT ABOVE $72 ANEW
2021, August, 25, 12:50:00
OIL PRICE: NEAR $71
Brent dropped 9 cents, or 0.1%, to $70.96 a barrel, WTI fell 19 cents, or 0.3%, to $67.35.
OIL PRICE: NOT ABOVE $72 ANEW
2021, August, 9, 12:05:00
OIL PRICE: BELOW $69
Brent fell by $2.43, or 3.5%, to $68.27 a barrel, WTI fell by $2.43, or 3.5%, to $68.27 a barrel.
OIL PRICE: NOT ABOVE $72 ANEW
2021, August, 6, 11:45:00
OIL PRICE: BELOW $72
Brent rwere up 47 cents at $71.76 a barrel, WTI rose 45 cents to $69.54 a barrel.
OIL PRICE: NOT ABOVE $72 ANEW
2021, August, 5, 15:05:00
OIL PRICE: BELOW $71
Brent rose by 50 cents, or 0.71%, to $70.88 a barrel, WTI rose 66 cents, or 1%, to $68.81.
OIL PRICE: NOT ABOVE $72 ANEW
2021, August, 4, 12:40:00
OIL PRICE: BELOW $73
Brent were up 33 cents, or 0.5%, to $72.74 a barrel, WTI rose 16 cents, or 0.2%, to $70.72 a barrel.
OIL PRICE: NOT ABOVE $72 ANEW
2021, August, 2, 12:45:00
OIL PRICE: BELOW $75
Brent slid by 74 cents, or 1%, to $74.67 a barrel, WTI dropped 70 cents, or 1%, to $73.25 a barrel.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT ABOVE $72 ANEW
2022, June, 28, 11:44:00
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: NOT ABOVE $72 ANEW
2022, June, 28, 11:43:00
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: NOT ABOVE $72 ANEW
2022, June, 28, 11:40:00
S.KOREAN NUCLEAR SUPPORT
South Korea’s new president, Yoon Suk-yeol, said on 22 June that in order to rebuild the nuclear industry that was “devastated by the previous administration”, the government will allocate KRW92.5 billion ($70 million) from the energy budget for the restoration of nuclear power generation capacity.
OIL PRICE: NOT ABOVE $72 ANEW
2022, June, 28, 11:35:00
U.S. SMR FOR ROMANIA
Romanian company Nuclearelectrica and NuScale will cooperate with the US Trade and Development Agency (USTDA) on a series of engineering and design activities and studies, as well further technical analyses of the Doicești site, a former thermal power plant site which has been identified as a potential location for the SMR plant.
OIL PRICE: NOT ABOVE $72 ANEW
2022, June, 28, 11:30:00
U.S. SOLAR POWER 25%
US Energy Information Administration reports a capacity factor of 25% for solar generation.
OIL PRICE: NOT ABOVE $72 ANEW
2022, June, 28, 11:25:00
AUSTRALIAN SMART ENERGY
As energy is of national importance, a national policy, national rules and regulations are necessary. At the same time, we are facing massive changes in the energy sector.
OIL PRICE: NOT ABOVE $72 ANEW
2022, June, 27, 11:45:49
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
Brent edged down 8 cents to $113.04 a barrel , WTI was at $107.38 a barrel, down 24 cents.
All Publications »