Oil, Crude, trading
Read More »Oil Prices Mixed on Unexpected Inventories Buildup
Oil prices showed a mixed performance on Thursday, after data showed a surprise increase in crude inventories in the United States. In addition, concerns about the rising number of Coronavirus cases pressured crude prices despite commitment from the OPEC+ alliance to maintain output curbs. Brent crude futures for January delivery …
Read More »US Oil Inventories Rise Unexpectedly
Data by the United States Energy Information Administration (EIA) showed on Thursday that crude oil inventories in the US rose by 4.3 million barrels last week. The data comes against expectations a 3 million-barrel decline, according to a poll by S&P Global Platts. Gasoline inventories declined by 2.3 million barrels, …
Read More »IEA: Permanent Shutdowns of Refineries Accelerated Due to The Pandemic
The International Energy Agency said that the permanent shutdowns of refining capacity expected in 2020-2021 rose to about 1.7 million barrels per day in light of the Covid-19 pandemic striking demand for oil products. The agency added that the past few months have witnessed the announcement of the closure of …
Read More »IEA Cuts 2020 Global Demand Forecast
The International Energy Agency said that it is unlikely that global oil demand will receive a big boost from the distribution of vaccines to prevent infection with Covid-19 before late 2021, in a view that is likely to dampen the oil price gains made since the announcement of progress on …
Read More »Oil is Rising With Potential Supply Cuts to Offset Weak Demand
Oil prices rose Thursday, November 12th, taking crude gains since the start of this week to more than 10%, thanks to growing hopes that major producers around the world will be reluctant to increase supplies, while the increase in cases of Covid-19 undermines demand for fuel. By 07:32 GMT, US …
Read More »Oil Rallied on Hopes of Reversing Oversupply
Oil prices rose during morning trading today, Thursday, extending the week’s gains to more than 11% on mounting hopes that oil producers will be Reversing Oversupply due to increasing Coronavirus cases. West Texas futures rose about 12 cents, recording $ 41.57 a barrel. While Brent futures rose by 9 cents, …
Read More »Oil: Temporary Negative Pressure, Eyes on Inventory
Oil, Crude, trading
Read More »Oil Maintains Rising Streak with Modest Gains
Oil prices rose slightly on Wednesday, to maintain their rising trend, since positive news about the success of a Coronavirus vaccine emerged. In addition, a decline in US crude inventories supported crude prices. Brent crude futures for January delivery rose by 19 cents, or 0.4%, to close at $43.80 per …
Read More »EIA: Energy Outlook Remains Subject to COVID-19
The Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve, according to the United States Energy Information Administration (EIA). Reduced economic activity related to the COVID-19 pandemic has caused changes in energy demand and supply patterns in 2020 and will continue …
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