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2021-09-16 14:00:00

OIL PRICE: ABOVE $75

OIL PRICE: ABOVE $75

REUTERS - Sept 16  - Oil held above $75 a barrel on Thursday, within sight of a multi-week high hit a day earlier, supported by a big drop in U.S. crude inventories and surging European natural gas prices. 

U.S. crude inventories fell by 6.4 million barrels last week, more than the 3.5 million-barrel drop analysts expected, with offshore oil facilities still recovering from the impact of Hurricane Ida last month.

Brent crude was up 11 cents, or 0.2%, to $75.57 a barrel by 0913 GMT. On Wednesday, Brent touched $76.13, its highest since July 30. U.S. West Texas Intermediate (WTI) rose 2 cents to $72.63.

Brent has rallied 46% this year, supported by supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, plus some recovery from last year's pandemic-related collapse in demand.

"The recovery from the destruction caused by the coronavirus is genuinely under way," said Tamas Varga of oil broker PVM. "Generally speaking, the world is on the mend."

Oil is also finding support from a surge in European power prices, which have soared because of factors including low gas inventories and lower than normal gas supply from Russia. 

Benchmark European gas prices at the Dutch TTF hub have risen by more than 250% since January.

The price surge and impact on oil "is a situation that I believe will get much worse before it gets better", said Jeffrey Halley, analyst at brokerage OANDA.

Adding to signs of oil demand recovery, closely watched reports this week said that global oil use will rise above 100 million barrels per day, a level last seen in 2019, as soon as next year's second quarter. 

Weighing on oil were signs of a resumption of recovery efforts in the U.S. Gulf after Hurricane Nicholas, which was downgraded to a tropical depression.

 

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Earlier:

OIL PRICE: ABOVE $75
2021, September, 14, 12:45:00
OIL PRICE: NEAR $74
Brent was up 50 cents, or 0.7%, at $74.01 a barrel, WTI climbed 43 cents, or 0.6%, to $70.88 a barrel.
OIL PRICE: ABOVE $75
2021, September, 14, 12:40:00
WORLD OIL DEMAND GROWTH 6 MBD
World oil demand growth in 2021 remains unchanged from last month’s assessment, showing growth of 6.0 mb/d despite some offsetting revisions.
OIL PRICE: ABOVE $75
2021, September, 13, 12:40:00
OIL PRICE: ABOVE $73
Brent rose 67 cents, or 0.9% to $73.59 a barrel, WTI added 66 cents, or 1%, to $70.38.
OIL PRICE: ABOVE $75
2021, September, 10, 12:55:00
OIL PRICE: BELOW $73 YET
Brent rose $1.20, or 1.7%, to $72.65, WTI was at $69.19, up $1.05 or 1.5%.
OIL PRICE: ABOVE $75
2021, September, 10, 12:40:00
OIL PRICES 2021-22: $71-$66
We expect Brent prices will remain near current levels for the remainder of 2021, averaging $71/b during the fourth quarter of 2021 (4Q21). In 2022, we expect that growth in production from OPEC+, U.S. tight oil, and other non-OPEC countries will outpace slowing growth in global oil consumption and contribute to Brent prices declining to an annual average of $66/b.
OIL PRICE: ABOVE $75
2021, September, 8, 10:25:00
OIL PRICE: NEAR $72 YET
Brent fell 2 cents to $71.67 a barrel, WTI rose 11 cents, or 0.2%, to $68.46 a barrel.
OIL PRICE: ABOVE $75
2021, September, 7, 13:45:00
OIL PRICE: BELOW $73
Brent rose 35 cents, or 0.5%, to $72.57 a barrel, WTI was at $69.16 a barrel.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: ABOVE $75
2021, October, 26, 12:55:00
AUSTRALIA ZERO EMISSIONS 2050
Australia's adoption of a net zero emissions target is significant as it is one of the largest producers and exporters of fossil fuels and falling in line with the UN mandated net zero pledge would signal there could be tighter regulations on emissions reduction.
OIL PRICE: ABOVE $75
2021, October, 25, 12:30:00
OIL PRICE: ABOVE $86
Brent increased 56 cents, or 0.7%, to $86.09 a barrel, WTI rose 62 cents, or 0.7%, to $84.38 a barrel.
OIL PRICE: ABOVE $75
2021, October, 25, 12:25:00
RUSSIA'S CLOSED NUCLEAR CYCLE
Known as ROSA-N, the new model was developed by scientists in Rosatom's Proryv (Breakthrough) project, which works towards deployment of fast reactors and a closed nuclear fuel cycle.
OIL PRICE: ABOVE $75
2021, October, 25, 12:20:00
RUSSIAN GAS FOR MONGOLIA
A meeting of the joint working group of Gazprom and the Government of Mongolia on the implementation of the Memorandum of Understanding regarding the project for pipeline gas supplies from Russia to China across Mongolia took place today in Ulan-Bator, Mongolia.
OIL PRICE: ABOVE $75
2021, October, 25, 12:15:00
INDIA RENEWABLES 2.4 GW
The Solar Energy Corporation of India (SECI) has initiated a tender for 1,200 MW of wind projects under the tranche XII of the interstate transmission-connected (ISTS) programme.
OIL PRICE: ABOVE $75
2021, October, 25, 12:10:00
JAPAN RENEWABLES 38%
The Cabinet of Japan has approved the 2030 renewables target (including hydropower) of 36-38% of the country's power mix by 2030 that was unveiled in July 2021.
OIL PRICE: ABOVE $75
2021, October, 25, 12:05:00
CHILE RENEWABLES 80%
Chile has unveiled a new National Energy Policy, a roadmap for the development of the sector, which targets 80% of renewables in power generation by 2030 and 100% by 2050
All Publications »