Oil demand worries and natural gas supply risks
Demand fears weigh on oil Oil prices saw a fair amount of volatility in August. In fact, implied volatility in ICE Brent hit a year-to-date high during the month. Several supply risks have arisen,...
View ArticleMiddle East Crude-Benchmarks edge up; Saudi cuts Oct prices
Middle East crude benchmarks Oman and Dubai edged up on Monday after Saudi Arabia cut October prices for Asia. SAUDI OSP Top oil exporter Saudi Arabia has cut the October price for flagship Arab light...
View ArticleTraders see oil prices at $60-70/bbl on oversupply, China demand risks
Global commodity traders Gunvor and Trafigura anticipate oil prices may range between $60 and $70 per barrel due to sluggish demand from China and persistent global oversupply, executives told a...
View ArticleAPPEC: Oil prices not staring at ‘boom’, but ‘bust’ is also not near
Oil prices may not be heading higher anytime soon as China’s appetite shows signs of slowing and US economic may face some demand pressures, but robust outlook in some other demand centers, such as...
View ArticleShell pauses some oil drilling operations as Storm Francine approaches Texas...
Shell (SHEL.L), opens new tab paused some drilling operations at its Perdido and Whale offshore platforms in the Gulf of Mexico on Monday, as Storm Francine approaches the Texas coast. The National...
View ArticleMorgan Stanley cuts Brent crude price view as market signals demand softness
Morgan Stanley on Monday cut its Brent crude oil forecasts for coming quarters and said the global oil market is facing a period of demand weakness similar to those seen during recessions. Brent crude...
View ArticleAPPEC: Oil markets seek answers on OPEC+ strategy, sliding demand and...
Oil market delegates attending the Asia Pacific Petroleum Conference — or APPEC 2024 — will be seeking insights on whether mounting geopolitical turbulence and OPEC+ strategy to extend production cuts...
View ArticleTransition to cleaner fuels seen dragging on China’s oil demand growth
China’s shift towards lower-carbon fuels and a sluggish economy are dampening oil demand growth in the world’s largest crude importer, speakers at the APPEC conference said. China’s annual demand...
View ArticleOil prices dip as weak demand offsets supply disruptions from Gulf storm
Oil prices edged down on Tuesday as weak Chinese demand offset supply disruptions from Tropical Storm Francine and as global oil oversupply risks continued to weigh on the market. Brent crude futures...
View ArticleThe Commodities Feed: Tough decisions for OPEC+
Energy – US Gulf storm risks Oil prices stabilised yesterday and Brent managed to settle 1.1% higher on the day. This is despite a bearish tone coming from APPEC (Asia Pacific Petroleum Conference)...
View ArticleUAE looks to expand crude storage at Indian Strategic Petroleum Reserves
The UAE will explore opportunities to expand its crude storage volumes at caverns of Indian Strategic Petroleum Reserves Ltd., in addition to the 5.86 million barrels the Middle Eastern producer...
View ArticleMiddle East Crude-Benchmarks inch lower
Spot premiums for Middle East crude benchmarks Oman, Dubai and Murban inched lower on Tuesday. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps fell 3 cents to $1.97 a barrel. NEWS China’s daily...
View ArticleEquinor makes gas, oil find in Norwegian Sea
Norway’s Equinor EQNR.OL has discovered gas and oil in the Haltenbanken Vest Unit prospect in the Norwegian Sea, the Norwegian Offshore Directorate said on Tuesday. The well was drilled in connection...
View ArticleBP produces 11.1 mln tons of Azeri oil over Jan-Aug, ministry says
BP BP.L produced 11.1 million metric tons of oil in Azerbaijan between January and August, the country’s energy ministry said on Tuesday. Oil production at the Azeri-Chirag-Gunashli fields operated by...
View ArticleRussian Urals oil price falls below price cap on weak Brent, Reuters...
Russia’s Urals oil prices fell below the Western price cap level of $60 per barrel on Tuesday amid weakness in global oil prices, Reuters calculations showed. Brent crude futures LCOc1 were down 79...
View ArticleOPEC+ Aug crude output down 300,000 b/d on declines in Libya, Kazakhstan:...
OPEC+ crude output fell by 300,000 b/d to 40.73 million b/d in August, as maintenance in Kazakhstan and outages in Libya hit the group’s production, the Platts OPEC+ survey from S&P Global...
View ArticleAsian oil market growing numb to geopolitics as demand, margins eclipse...
Geopolitical issues no longer sharply influence oil prices and trade flows in Asia amid ample supply options, industry participants at the Asia Pacific Petroleum Conference said, while cautioning that...
View ArticleOPEC again lowers 2024, 2025 global oil demand growth view
Crude Oil Price Movements In August, the OPEC Reference Basket (ORB) value fell by $6.02, or 7.1%, m-o-m, to average $78.41/b. The ICE Brent front-month contract dropped by $5.00, or 6.0%, m-o-m, to...
View ArticleOPEC again lowers 2024, 2025 global oil demand growth view
OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group’s second...
View ArticleRussia cut August oil output by 0.3% from July, OPEC says
Russia cut crude oil output in August by about 0.3% from July to 9.059 million barrels per day (bpd), the Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday, citing data from...
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