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!

2022-06-27 11:45:49

OIL PRICE: BRENT NEAR $113, WTI ABOVE $107

OIL PRICE: BRENT NEAR $113, WTI ABOVE $107

REUTERS - June 27 - Oil prices edged down on Monday in a volatile session as investors stood on guard for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations in Germany.

The prospect of more supply tightness loomed over the market as western governments sought ways to cut Russia's ability to fund its war in Ukraine, even though G7 leaders were also expected to discuss a revival of the Iran nuclear deal, which might lead to more Iranian oil exports.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies including Russia, known as OPEC+, will likely stick to a plan for accelerated oil output increases in August when they meet on Thursday, sources said. 

But, for now, the pressing supply worries outweighed growing concerns over the potential for a global recession following a string of downbeat economic data from the U.S., the world's biggest oil consumer.

Brent crude futures edged down 8 cents to $113.04 a barrel by 0632 GMT after rebounding 2.8% on Friday. U.S. West Texas Intermediate crude was at $107.38 a barrel, down 24 cents, or 0.2%, following a 3.2% gain in the previous session.

Both contracts fell last week for the second week in a row as interest rate hikes in key economies strengthened the dollar and fanned recession fears.

However, oil prices are well supported above $100 a barrel while the backwardation in prompt monthly spreads remained wide. Backwardation is the market structure when prompt futures prices are higher than prices for delivery in later months, indicating limited supplies.

"There seems to be a macro vs fundamentals battle going on at the moment," Warren Patterson, ING's head of commodity research said. "As we have seen prices come under pressure, timespreads have strengthened, suggesting the market is still tight."

G7 leaders, who began their meeting on Sunday, are expected to discuss options for tackling rising energy prices and replacing Russian oil and gas imports, as well as further sanctions that do not exacerbate inflation. 

These measures include a possible price cap on Russian oil exportsto reduce Moscow's revenues while limiting the damage to other economies. 

"It's unclear whether a price cap will achieve this outcome," Commonwealth Bank of Australia analyst Vivek Dhar said in a note.

"There's still nothing stopping Russia from banning oil and refined product exports to G7 economies in response to a price cap, exacerbating shortage conditions in global oil and refined product markets."

The G7 will also discuss the prospect of reviving the Iran nuclear talks after the European Union's foreign policy chief met senior officials in Tehran to try to unblock the stalled negotiations, a French presidency official said on Sunday. 

In addition, some of the G7 leaders are pushing for an acknowledgement of the need for new financing for fossil energies investment, two sources told Reuters on Sunday, as European states scramble to diversify supplies. 

-----


Earlier:

OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
2022, June, 24, 12:00:00
OIL PRICE: BRENT ABOVE $110, WTI ABOVE $104
Brent fell $1.3, or 1.2%, to $110.40, WTI fell $1.4, or 1.3%, to $104.78 a barrel.
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
2022, June, 24, 11:55:00
OPEC OIL PRICE: $111.09
The price of OPEC basket of thirteen crudes stood at $111.09 a barrel
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
2022, June, 24, 11:50:00
OPEC+ OIL PRODUCTION WILL UP
"OPEC+ is not going to change the plans at this month's meeting," an OPEC+ source said. Four other sources made similar remarks.
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
2022, June, 24, 11:45:00
PAN-ATLANTIC ENERGY RECESSION
The balance had now “tipped” in favour of an economic contraction next year in the US and Europe. “What used to be a rising risk has now turned into the base case.”
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
2022, June, 23, 12:20:45
OIL PRICE: BRENT ABOVE $109, WTI ABOVE $103
Brent fell $1.3, or 1.2%, to $110.40, WTI fell $1.4, or 1.3%, to $104.78 a barrel.
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
2022, June, 23, 12:15:00
OPEC OIL PRICE: $111.00
The price of OPEC basket of thirteen crudes stood at $111.00 a barrel
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
2022, June, 22, 09:45:00
OPEC+ ZERO PRODUCTION
The final boost will come in August. By then, OPEC+ will be running out of spare production capacity.
All Publications »
Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS
Chronicle:
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
2022, August, 15, 12:14:00
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: BRENT NEAR $113, WTI ABOVE $107
2022, August, 15, 12:13:00
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: BRENT NEAR $113, WTI ABOVE $107
2022, August, 15, 12:12:00
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: BRENT NEAR $113, WTI ABOVE $107
2022, August, 15, 12:10:00
SAUDI ARAMCO NET INCOME UP TO $87.9 BLN
The Saudi Arabian Oil Company (“Aramco” or “the Company”) announced its financial results for the second quarter of 2022, posting a 90% year-on-year (YoY) increase in net income
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
2022, August, 15, 12:05:00
U.S. RIGS DOWN 1 TO 763
U.S. Rig Count is down 1 from last week to 763, Canada Rig Count is down 2 from last week to 201.
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
2022, August, 12, 09:10:00
OIL PRICE: BRENT NEAR $99, WTI NEAR $94
Brent fell 49 cents, or 0.5%, to $99.11 a barrel, WTI fell 50 cents, or 0.5%, to $93.84 a barrel.
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
2022, August, 12, 09:05:00
OPEC OIL PRICE: $101.29
The price of OPEC basket of thirteen crudes stood at $101.29 a barrel
All Publications »