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2021-09-22 13:00:00

OIL PRICE: NOT BELOW $75

OIL PRICE: NOT BELOW $75

REUTERS - Sept 22  - Oil prices climbed more than $1 on Wednesday, extending overnight gains after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves.

U.S. West Texas Intermediate (WTI) crude futures rose $1.08, or 1.5%, to $71.57 a barrel by 0643 GMT, adding to a 35- cent gain from Tuesday.

Brent crude futures climbed $1.03, or 1.4%, to $75.39 a barrel, after gaining 44 cents on Tuesday.

The oil market’s focus turned to concerns of tight supply, after Monday’s pressure from broad market jitters over the possible default of Chinese property developer China Evergrande Group.

“Crude is supported by the API weekly report, which noted a bigger-than-expected decline in U.S. crude oil stocks,” said Ravindra Rao, vice president of commodities at Kotak Securities.

“Prices are still rangebound ahead of the EIA weekly report due later today and ahead of the U.S. Federal Reserve’s monetary policy decision ... In the near term, crude may move with larger markets with focus on China and Fed policy.”

U.S. crude stocks fell by 6.1 million barrels for the week ended Sept. 17, market sources said, citing Tuesday’s figures from the American Petroleum Institute.

That was a much bigger decline than the drop of 2.4 million barrels in crude inventories that 10 analysts polled by Reuters had expected on average.

The market will be watching for data from the U.S. Energy Information Administration on Wednesday to confirm the big drops in crude and fuel stocks. 

“Given the variety of supportive factors in the energy space, notably sky-high natural gas prices, which increase oil’s appeal as a substitute, and robust physical demand, dips in prices right now are likely to be short-lived,” said Jeffrey Halley, an analyst at brokerage OANDA.

Global gas prices are expected to break records this winter as a hot northern hemisphere summer leaves inventories low in key markets.

Supply is expected to stay tight after Royal Dutch Shell, the largest U.S. Gulf of Mexico producer, said damage to its offshore transfer facilities would cut production into early next year.

Further supporting the market, some producers in the Organization of the Petroleum Exporting Countries and their allies, together called OPEC+, are struggling to increase output up to targeted levels, sources told Reuters.

Most of the shortfall is from Nigeria, Angola and Kazakhstan.

-----


Earlier:

OIL PRICE: NOT BELOW $75
2021, September, 21, 13:10:00
OIL PRICE: NEAR $75
Brent gained 95 cents or 1.3% to $74.87 a barrel , WTI was up 91 cents or 1.3% at $71.20.
OIL PRICE: NOT BELOW $75
2021, September, 20, 12:40:00
OIL PRICE: BELOW $75
Brent fell 61 cents, or 0.8%, to $74.73 a barrel, WTI fell 66 cents, or 0.9%, to $71.31 a barrel.
OIL PRICE: NOT BELOW $75
2021, September, 17, 12:15:00
OIL PRICE: ABOVE $75 YET
Brent fell 35 cents, or 0.5%, to $75.32 a barrel, WTI were down 42 cents, or 0.6%, at $72.19 a barrel.
OIL PRICE: NOT BELOW $75
2021, September, 17, 12:10:00
ЦЕНА URALS: $69,03619
Средняя цена на нефть Urals за период мониторинга с 15 августа 2021 года по 14 сентября 2021 года составила $69,03619 за баррель, или $504,0 за тонну.
OIL PRICE: NOT BELOW $75
2021, September, 16, 14:00:00
OIL PRICE: ABOVE $75
Brent was up 11 cents, or 0.2%, to $75.57 a barrel, WTI was up 11 cents, or 0.2%, to $75.57 a barrel.
OIL PRICE: NOT BELOW $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: NOT BELOW $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.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT BELOW $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: NOT BELOW $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: NOT BELOW $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: NOT BELOW $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: NOT BELOW $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: NOT BELOW $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: NOT BELOW $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
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