Citi says oil prices could crash below $60 a barrel in 2025
Citi analysts predict a drop in oil prices, with a forecast of $60 per barrel in 2025. This represents a potential decline of over 20% compared to current market expectations. “Our 0-3 mth forecast for...
View ArticleOil dips in see-saw session; eyes on US economic data and Fed
Oil prices dipped slightly on Thursday in up-and-down trade, pressured by rising U.S. crude and fuel supplies and expectations of slow Federal Reserve rate cuts but supported by U.S. economic data...
View ArticleSingapore’s middle distillates stocks slip below 10mln barrels to four-month low
Singapore’s middle distillates stockpiles slipped below 10 million barrels to a four-month low in the week ended June 12 as net exports of jet fuel/kerosene and diesel/gasoil both climbed week on week,...
View ArticleOil prices set for best week in over 2 months on demand outlook
Oil prices eased on Friday as markets evaluated the impact of U.S. interest rates staying higher for longer than anticipated, but crude benchmarks headed for their best week in more than two months...
View ArticleOil pares gains on weak U.S. consumer sentiment
Brent oil futures prices pared gains on Friday, but were still on course for their best week in months as investors weighed an unexpected deterioration of U.S. consumer sentiment against forecasts for...
View ArticleMiddle East Crude-Dubai rises; QatarEnergy cuts Aug term price for al-Shaheen
Middle East crude benchmark Dubai edged higher on Friday, with spot premium rising just above $1 per barrel, while Murban price declined and premium remained steady. QatarEnergy has set the August term...
View ArticleRussia Boosts Oil Revenues As Shipping And Trading Network Grows
Russian oil exporters are charging more for their oil in major market India than at any time since the war in Ukraine started as a growing number of shippers and intermediaries take part in the trade,...
View ArticleOPEC calls for more fossil fuel investment to prevent shortfall, dismisses...
The head of OPEC said that the world will need to invest in fossil fuels for decades to prevent an energy shortage, dismissing predictions that oil demand will peak soon. OPEC Secretary General Haitham...
View ArticleIndia cuts windfall tax on petroleum crude
The Indian government has cut the windfall tax on petroleum crude to 3,250 Indian rupees ($38.90) per metric ton from 5,200 rupees, effective June 15, according to a notification issued. The tax, which...
View ArticleOil dips, but posts weekly gain on solid 2024 demand outlook
Oil futures prices settled slightly lower on Friday after a survey showed deteriorating U.S. consumer sentiment, but prices rose 4% for the week as investors weighed forecasts for solid demand for...
View ArticleUS Cash Crude-Grades up on stronger refinery demand, supply to ease
U.S. crude oil grades broadly rose on Friday, dealers said, as refining capacity increased and the rig count fell, indicating lower future supply. U.S. energy firms this week cut the number of oil and...
View ArticleW. Africa Crude-Pace of Nigerian sales picking up
Sales of medium Nigerian grades are picking up for July, a trader said on Friday, with the African country having sold off most of its June hangover. Light sweet crudes, such as those on offer from...
View ArticleW. Africa Crude-Pace of Nigerian sales picking up
Sales of medium Nigerian grades are picking up for July, a trader said on Friday, with the African country having sold off most of its June hangover. Light sweet crudes, such as those on offer from...
View ArticleHeavy oil discount widens as refinery maintenance reported
The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened on Friday after reports that a major U.S. refinery would soon go on...
View ArticleNorth Sea Crude-Forties weakens further
North Sea crude differentials slipped further on Friday after a lower offer from Unipec did not draw any buying interest. PLATTS WINDOW Indications are on a free-on-board (FOB) basis unless marked as...
View ArticleUS drillers cut oil and gas rig count to lowest since January 2022 -Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating to the lowest since January 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The...
View ArticleWorld oil market prospects for the second half of 2024
Despite some economic activities’ weakness in few key economies in 1Q24, (i.e. US and Japan), the steady global economic growth has continued in 1H24. Growth in non-OECD economies has held up quite...
View ArticleQatarEnergy cuts Aug term price for al-Shaheen crude, sources say
QatarEnergy has cut the August term price for al-Shaheen crude to a premium of $1.21 a barrel above Dubai quotes, trade sources said, down from a premium of $1.82 a barrel in July. The term price was...
View ArticleOil steady as downbeat Chinese data offset demand hopes
Oil was steadyon Monday after Chinese economic data underscoring a bumpy recovery for the world’s biggest crude importer offset hopes for a boost to demand from the summer driving season in the...
View ArticleUS ready to reopen oil stockpile if petrol prices surge again, FT reports
The Biden administration is ready to release more oil from the U.S. strategic stockpile to stop any jump in petrol prices this summer, the Financial Times reported on Monday. Senior Biden adviser Amos...
View Article