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!

2023-01-05 16:35:00

OIL PRICE: BRENT ABOVE $79, WTI ABOVE $74

OIL PRICE: BRENT ABOVE $79, WTI ABOVE $74

REUTERS - January 5, 2023 - Oil rebounded over 2% on Thursday after posting the biggest two-day loss for the start of a year in three decades with the shutdown of a U.S. fuel pipeline providing support, though economic concerns capped gains.

Big declines in the previous two days were driven by worries about a global recession, especially since short-term economic signs in the world's two biggest oil consumers, the United States and China, looked weak.

Helping drive the gains on Thursday was a statement from top U.S. pipeline operator Colonial Pipeline, which said late on Wednesday its Line 3 had been shut for unscheduled maintenance with a restart expected on Jan. 7.

Tamas Varga of oil broker PVM said the rebound was due to the pipeline shutdown and added: "There is no doubt that the prevailing trend is down; it is a bear market."

Brent crude was up $1.63, or 2.1%, to $79.47 a barrel at 1306 GMT, while U.S. West Texas Intermediate crude gained $1.41, or 1.9%, to $74.25.

Both benchmarks' cumulative declines of more than 9% on Tuesday and Wednesday were the biggest two-day losses at the start of a year since 1991, according to Refinitiv Eikon data.

Reflecting near-term bearishness, the nearby contracts of the two benchmarks traded at a discount to the next month, a structure known as contango. 

On Wednesday, figures showing U.S. manufacturing contracted further in December pressured prices, as did concerns about economic disruption as COVID-19 works its way through China, which has abruptly dropped strict curbs on travel and activity.

"China's pandemic and reopening challenges weigh on the market mood and put the bull thesis of a demand rebound under scrutiny," said Norbert Rücker, analyst at Swiss private bank Julius Baer.

Also weighing were inventory figures from the American Petroleum Institute, which according to market sources showed a rise in U.S. crude and gasoline stocks.

Official inventory data from the Energy Information Administration is out at 1530 GMT.

-----


Earlier:

OIL PRICE: BRENT ABOVE $79, WTI ABOVE $74
2022, December, 27, 12:55:00
OIL PRICE: BRENT NEAR $84, WTI NEAR $80
Brent was up 22 cents, or 0.3%, at $84.14 a barrel, WTI gained 7 cents to $79.63.
OIL PRICE: BRENT ABOVE $79, WTI ABOVE $74
2022, December, 21, 12:25:00
OIL PRICE: BRENT NEAR $80, WTI BELOW $77
Brent rose 8 cents, or 0.1%, to $80.07 per barrel, WTI fell 1 cent to $76.22.
OIL PRICE: BRENT ABOVE $79, WTI ABOVE $74
2022, December, 21, 12:05:00
ПОТОЛОК ДЛЯ РОССИЙСКОЙ НЕФТИ
Средняя стоимость нефти Brent в 2023 году может составить $100 долларов за баррель, а дисконт Urals, скорее всего, сохранится в среднем около $25 за баррель.
OIL PRICE: BRENT ABOVE $79, WTI ABOVE $74
2022, December, 19, 12:10:00
OIL PRICE: BRENT BELOW $80, WTI BELOW $75
Brent gained 42 cents, or 0.5%, to $79.46 a barrel, WTI was at $74.67, up 38 cents, or 0.5%.
OIL PRICE: BRENT ABOVE $79, WTI ABOVE $74
2022, December, 19, 12:00:00
STRATEGIC PARTNERSHIP OF RUSSIA, INDIA
While expressing satisfaction with the high level of bilateral cooperation that has been developing on the basis of the Russian-Indian privileged strategic partnership, the two leaders discussed in detail the prospects for practical cooperation in mutual investment, energy, agriculture, transport and logistics.
OIL PRICE: BRENT ABOVE $79, WTI ABOVE $74
2022, December, 16, 12:40:00
GLOBAL OIL DEMAND UP BY 2.3 MBD
The IEA predicts oil demand will rise by 2.3 million b/d in 2022 and by a further 1.7 million b/d in 2023, noting the contrast between strong gasoil and diesel use, especially in non-OECD economies, and weak petrochemical consumption in Europe and Asia.
OIL PRICE: BRENT ABOVE $79, WTI ABOVE $74
2022, December, 16, 12:20:00
ЦЕНА URALS: $57.49
Средняя цена на нефть Urals за период мониторинга с 15 ноября 2022 года по 14 декабря 2022 года составила $57,49 за баррель, или $419,7 за тонну.
All Publications »
Tags: OIL, PRICE, BRENT, WTI, OPEC, RUSSIA, SANCTIONS