RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2022-02-03 13:55:00

OIL PRICE: NOT ABOVE $89

OIL PRICE: NOT ABOVE $89

PLATTS - 03 Feb 2022 - Crude oil futures were lower in mid-morning trade in Asia Feb. 3 after the OPEC+ producer group agreed to raise output as expected, while thin trading volumes were expected to linger for the remainder of the week.

At 9:47 am Singapore time (0147 GMT), the ICE April Brent futures contract was down 43 cents/b (0.48%) from the previous close to $89.04/b, while the NYMEX March light sweet crude contract fell 60 cents/b (0.68%) at $87.66/b.

OPEC and its allies Feb. 2 proceeded as planned with another modest hike in crude production quotas for March, in the face of surging oil prices and rising geopolitical market risks.

In a meeting that wrapped up at a record low 16 minutes, the OPEC+ alliance arrived at the same conclusion as it had in the previous seven months -- no additional supplies beyond the previously agreed 400,000 b/d monthly tapering of its pandemic output cuts were needed.

The decision came as no surprise to market watchers, who noted that it makes little difference to oil markets as OPEC producers continue to face issues in raising output to adequate levels due to aging equipment.

"Energy traders were not surprised and sold the OPEC+ announcement," said OANDA senior market analyst Edward Moya in a Feb. 3 note. "The oil market is not really any closer to seeing additional barrels of crude, but today we are not seeing any fresh catalysts to send prices to fresh highs."

Trading volumes are expected to remain thin for the remainder of the week with several Northeast Asian markets still closed for the Lunar New Year holidays.

Crude prices also saw some selling pressure overnight after Iran's oil minister Javad Owji said Feb. 2 that the country was ready to supply more oil to global markets as quickly as possible.

In the US, crude oil inventories were seen declining 1.05 million barrels in the week ended Jan. 28 to 415.14 million barrels, snapping two weeks of builds and pushing stocks 8.6% behind the five-year average, Energy Information Administration data showed Feb. 2.

Nationwide distillate inventories fell 2.41 million barrels over the same period to 122.74 million barrels, while total gasoline inventories climbed for a fifth straight week, building 2.12 million barrels to 250.04 million barrels, the EIA said.

"The holiday-shortened week for many markets in the region will continue to draw thin trading volume, with China and Hong Kong markets still closed for holiday [Feb. 3]," said IG market strategist Yeap Jun Rong.

-----


Earlier:

OIL PRICE: NOT ABOVE $89
2022, February, 2, 12:25:00
OIL PRICE: NEAR $89 YET
Brent crude rose 11 cents, or 0.1%, to $89.27 a barrel, WTI was up 14 cents, or 0.2%, at $88.34 a barrel.
OIL PRICE: NOT ABOVE $89
2022, February, 2, 12:15:00
OPEC+ WILL UP BY 400 TBD
Demand is expected to surpass pre-pandemic levels in the second half of the year "with a healthy recovery trend," the analysis showed, easing the market oversupply to 1.2 million b/d in the third quarter and 1.1 million b/d in the fourth.
OIL PRICE: NOT ABOVE $89
2022, February, 1, 14:55:00
OIL PRICE: NEAR $89 ANEW
Brent was down 74 cents, or 0.8%, at $88.52 a barrel , WTI slipped 83 cents, or 0.9%, to $87.32.
OIL PRICE: NOT ABOVE $89
2022, February, 1, 14:45:00
OPEC+ RUSSIA: +400 TBD
Already, oil prices have hit seven-year highs in recent days over the ratcheting tensions between the West and Russia over Ukraine.
OIL PRICE: NOT ABOVE $89
2022, January, 31, 12:45:00
OIL PRICE: NEAR $91
Brent futures contract was up $1.30/b (1.44%) from the previous close at $91.33/b, WTI rose $1.21/b (1.39%) at $88.03/b.
OIL PRICE: NOT ABOVE $89
2022, January, 31, 12:40:00
THE NEW RUSSIA SANCTIONS
Oil, gas and resources companies, and trading desks, are fretting about the provisions around sanctions on Russian extractive industries, financial institutions and banks, Russian leaders and businessmen, and the use of global services, such as wire transfers.
OIL PRICE: NOT ABOVE $89
2022, January, 18, 13:10:00
OIL PRICE: ABOVE $87
Brent rose $1.02, or 1.2%, to $87.50 a barrel, WTI jumped $1.36, or 1.6%, to $85.18 a barrel.
All Publications »
Tags: OIL, PRICE, BRENT, WTI
Chronicle:
OIL PRICE: NOT ABOVE $89
2022, October, 6, 13:04:00
2022 SAUDI PIPELINES INTERNATIONAL CONFERENCE & EXIBITIONS
Eventat Co (a Saudi local company) is hosting the first-ever “2022 Saudi Pipelines International Conference & Exhibitions” from 4-6 October, 2022 at the Dhahran Expo, Dammam (Eastern Province), Kingdom of Saudi Arabia. The three-day conference and exhibition are dedicated to bringing together over “50+ Regional/International speakers, 100+ Sponsors/Exhibitors, 1000+ Delegates and 3000+ Visitors” from around the globe who carry significant interest in enhancing the pipelines lifecycle for the current and future.
OIL PRICE: NOT ABOVE $89
2022, October, 6, 13:03:00
INTERNATIONAL CONGRESS AND EXIBITION TURKEY & BLACK SEA OIL AND GAS
International Congress and Exhibition Turkey & Black Sea Oil and Gas is an international, professional platform, bringing together over 200 C-suite executives from vertically integrated oil companies, general directors, CTOs of oil refineries, gas processing plants and petrochemical facilities, initiators of investment projects on oil and gas extraction from Turkey and countries of the Black Sea area, officials of regulatory authorities, licensors of production technologies and world suppliers for the industry.
OIL PRICE: NOT ABOVE $89
2022, October, 6, 13:02:00
TRANSPORTATION OIL AND GAS CONGRASS 2023 (TOGC 2023)
Transportation Oil and Gas Congress 2023 (TOGC 2023) takes place on February 20-21, 2023. The Congress brings together representatives from the whole pipeline chain and focuses on both strategic and technical issues of the oil and gas pipeline transportation.
OIL PRICE: NOT ABOVE $89
2022, October, 6, 13:01:00
Pipelines In A Sustainable Future And Other Highlights Of TOGC 2023(TOGC 2023)
Transportation Oil and Gas Congress (TOGC) is held on February, 20-21, 2023, Istanbul, Türkiye. During 2 days of intensive networking participants get direct access to the whole pipeline chain. Among the highlights of the program are Panels, show type sessions based on discussion between panelists. They discuss the role of pipelines in a sustainable future, digital transformation and optimization of the pipeline industry, pipeline economics and pipeline integrity, H2 in Gas Grid.
OIL PRICE: NOT ABOVE $89
2022, October, 6, 13:00:00
RUSSIAN NUCLEAR FOR BRAZIL
Russia and Brazil already have ties in the nuclear energy field with an MoU signed in 2017 by Rosatom and Brazil’s Electrobras and Electonuclear to promote cooperation in nuclear power.
OIL PRICE: NOT ABOVE $89
2022, October, 6, 12:59:00
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 $89
2022, October, 6, 12:58:00
DISCUSSING LNG MARKET TRENDS AT LNGCON 2023
The closed-door International LNG Congress 2023 assembles top-level management and technical representatives of the LNG industry to discuss prevailing questions and present innovative solutions in Dusseldorf, Germany on March, 6-7, 2023.
All Publications »