Oil Prices ///

Abu Dhabi wants its Murban crude to benchmark Middle East oil prices

On March 29th, when Abu Dhabi begins selling futures contracts for its oil and then shipping the barrels from Fujairah, it will mark an aggressive shift by the emirate. It hopes to change the way nearly one-fifth of the world’s crude is priced.

Kuwait’s state oil company plans multi-billion loans to cover funding shortfall

The borrowing plan underscores how badly Persian Gulf countries were impacted by the drop in crude prices last year as the coronavirus pandemic spread and energy demand plunged.

Oil prices retreat as Suez blockage ramps up volatility

While the Suez blockage is complicating trade, a long-term realignment of global crude flows has seen westbound shipments from Persian Gulf producers fall, limiting the impact on oil prices.

It could take weeks to reopen the Suez Canal, salvage experts say

Work to re-float the Ever Given and free up oceangoing carriers hauling almost $10 billion of oil and consumer goods continued without success on Thursday in Egypt. The Suez Canal Authority has temporarily suspended traffic along the waterway.

Shale’s post-crash recovery battles rising costs, loss of suppliers

The oil price needed to profitably drill a new well is $52 a barrel, executives from almost 100 producers said in the latest quarterly survey by the Federal Reserve Bank of Dallas. That’s an increase of 6%, compared with when the question was asked last year. To cover costs on existing wells, companies need $31, which is 3% more than last year.

Oil prices rebound on Suez Canal blockage, positive U.S. inventory data

Futures in New York jumped 5.9% on Wednesday, just about erasing the prior session’s price plunge that pushed futures to the lowest since early February. A U.S. inventory report showed domestic fuel consumption is at the highest in four months and Gulf Coast refiners are increasing their appetite for crude.

Suez canal blockage scrambles global oil and gas movement

European and U.S. refiners that rely on the vital waterway for cargoes of Middle Eastern oil may be forced to look for replacement supplies should the blockage persist, while flows of crude from North Sea fields destined for Asia will be held up.

European oil demand projections slide in the face of renewed Covid pressure

The oil demand recovery in Europe, a region that accounts for about 15% of global consumption, looks set to take a fresh hit as the continent struggles to deal with another wave of coronavirus cases that could curb summer travel plans.

Former Glencore trader charged in global oil price manipulation scam

U.S. prosecutors alleged that Emilio Heredia, a former Glencore employee, directed buy and sell orders that would push fuel oil prices up and down. That allowed the companies he worked for to profit from the price swings, between 2012 and 2016, according to a filing at a U.S. District Court in San Francisco on March 15.

Oil prices slide below $58 as coronavirus lockdowns accelerate worldwide

Covid-19 cases are surging in India and threatening the economy’s recovery from a rare recession, while in Southeast Asia, demand has hit a plateau and is unlikely to reach pre-virus levels until the end of 2021 or later.

Oil prices steady as investors take stock of a challenging week

Brent oil gave up some gains posted at the end of the worst week since October as the dollar strengthened and as investors assessed the near-term demand outlook.

Oil posts longest run of losses in six months as rally fades

OPEC and its partners could quickly deploy their stalled production spare capacity to quash oil price rallies, the IEA said in its monthly report. Demand won’t return to pre-virus levels until 2023, the agency said in a separate report.

Oil prices level near $70 on mixed demand outlook

The oil demand picture remains uneven across various regions, with Indian fuel sales falling in February amid higher pump prices, while demand is climbing in America and the UK.

Oil prices stall as overheated crude rally leads to profit-taking

Futures in New York slipped below $65 a barrel on Tuesday in choppy trading after surging to the highest since 2018 on Monday. OECD forecasts for this year and next suggest some European economies won’t make up lost GDP in 2022.

Oil prices rise ahead of key OPEC output discussion

The alliance gathers on Thursday and is expected to loosen the taps after prices got off to their best ever start to a year. But it’s unclear how robustly the group will act, with the Saudi Arabian energy minister calling for producers to remain “extremely cautious.”

Oil majors’ green energy pivot hammers Africa’s largest economies

The situation could worsen as Big Oil makes another round of deep spending cuts, leaving consequences both for the oil market, which needs more supply from the OPEC cartel in the coming years, and the economic stability of a region that’s dependent on petroleum revenue.

All eyes on OPEC as global oil supply imbalance may force an output revision

With the need for more oil supply evident, traders expect the OPEC+ coalition, led by Saudi Arabia and Russia, will agree to increase crude production when it meets on March 4, reversing some of the output cuts made last year. But it’s unclear if the group will act vigorously enough.

Oil prices fall as strengthening dollar impacts commodities

Oil fell the most since November with a stronger dollar and concerns surrounding inflation weighing on crude’s best start to the year on record. Yet, the U.S. crude benchmark still managed to post a nearly 18% gain this month as inventories worldwide tighten and pockets of demand return.

World’s largest oil importer running out of storage capacity

Last year’s crash in oil prices and China’s rapid rebound from the first wave of the Covid-19 pandemic set the stage for a flurry of crude purchases. However, stockpiling has leveled off as oil prices rebounded and storage space runs out.

Crude price gains continue on signs of scarce oil supply worldwide

The oil futures curve is continuing to indicate tightness. The market is in a backwardation of almost $6 a barrel for the next 12 months, a structure that indicates scarce supplies.