Oil Prices ///

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.

Despite some turbulence, global oil demand is on the route to recovery

Even as problems with Europe’s vaccine program and a slowdown in Chinese crude buying sent futures down more than 7% on Thursday, data from around the world showed a steady, albeit patchy, recovery in demand.

Maduro enlists foreign oil companies to help end U.S. sanctions

Venezuelan president Nicolas Maduro is keen to enlist American and European oil companies to help bring an end to U.S. sanctions – and with investment opportunities in the world’s largest oil and gas reserves as leverage, his plan appears to be working.

Oil prices post deepest weekly loss since October, yet banks remain bullish

The sell-off will prove to be “transient” and this week’s decline presents a buying opportunity amid the large rally, Goldman Sachs Group analyst Damien Courvalin said in a note. There’ll still be a swift rebalancing of the market, with vaccinations driving an increase in mobility, he said. UBS Group AG also stuck with its positive outlook for Brent.

Oil prices fall nearly 10% on renewed demand concerns

Futures have backtracked since Brent rallied above $71 a barrel and U.S. crude topped $67 earlier this month. China has muted its buying, touching off physical-market weakness in Asia, and a shaky Covid-19 vaccine rollout in parts of the world spells trouble for a complete demand recovery in the short term.

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.

Despite localized growth, global oil demand won’t recover until 2023, per IEA

Global oil demand won’t return to pre-pandemic levels until 2023, and growth will be subdued thereafter amid new working habits and a shift away from fossil fuels, the International Energy Agency said.

Oil price retreat continues as some nations’ Covid recoveries stumble

Futures in New York slipped 0.9% on Tuesday for a third straight session of losses, following a surge earlier this month to intraday levels last seen in 2018. Though there are indications of growing demand in some parts of the world, other regions -- notably Europe -- are lagging.

U.S. oil demand shows staying power as fuel sales near 2019 levels

With new coronavirus infections falling to a record low last week and vaccination efforts ramping up, the latest crude demand rebound comes with a lower threat of being set back again by new outbreaks.

Shale’s fiscal discipline means missing out on rising oil prices

More focused than ever on keeping spending in check, shale operators haven’t been drilling new wells fast enough to keep up with output declines in older ones. So, next month, their combined production will edge lower by 47,000 barrels a day to about 7.46 million, according to the U.S. Energy Information Administration.

Brent crude holds above $69 on mounting coronavirus recovery data

Figures from China for the first two months of the year showed a surge in industrial output, underscoring the strength of its V-shaped rebound and reinforcing expectations for increased energy demand.

Asian oil demand plateaus, slowing crude price growth

“Going forward into April and May, we’re going to see pretty significant increases in demand,” said Bart Melek, head of commodity strategy at TD Securities. “At this point, however, prices are a little overdone. The market is assuming a little too much in terms of what OPEC+ will do.”

U.S. shale prioritizing debt over drilling, just as OPEC predicted

A round-up of data on shale drillers shows they’re sticking to their pledge to cut costs, return money to shareholders and reduce debt. If they stay the course, it would validate the OPEC+ alliance’s high-stakes wager that it can curb output and drive crude prices higher without unleashing an onslaught of supply from U.S. rivals.

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.

China buying record volumes of Iran’s sanction-discounted crude

Chinese imports of Iranian crude will hit 856,000 barrels a day in March, the most in almost two years and up 129% from last month, said Kevin Wright, a Singapore-based analyst with Kpler.