Oil prices were down 4% on Friday after U.S. President Donald Trump tested positive for COVID-19, and negotiators failed to agree a U.S. stimulus package. WTI Crude is $37.28; Brent is $39.41. (via Reuters)
REUTERS.COM
Oil drops 4% after Trump's positive coronavirus test
The market is still facing a deteriorating demand backdrop. A 7-day moving average of worldwide commercial flights declined to the lowest since August, and Europe’s refineries are struggling to deal with excess diesel fuel limiting their need for more crude. WTI Crude is $39.55; Brent is $41.67. (Bloomberg.com)
https://www.bloomberg.com/news/articles/2020-09-30/oil-falls-back-to-40-as-flight-slump-adds-to-demand-concerns
BLOOMBERG.COM
Oil Drops Below $40 With Demand Outlook Increasingly Shaky
Concerns about stagnating demand and the return of Libyan exports continue to put pressure on prices say some analysts. WTI Crude is $39.13; Brent is $40.47. (via Bloomberg.com)
https://www.bloomberg.com/news/articles/2020-09-29/oil-holds-below-40-as-concerns-about-demand-recovery-increase
BLOOMBERG.COM
Oil Extends Decline With Demand Recovery Concerns Rising
Oil has clawed its way back after dropping below $40 a barrel earlier in the month, but oil traders said Tuesday that the market won’t fully recover until 2022. It’s also contending with an increase in supply from OPEC+ members, which is boosting output as a blockade on its energy facilities lifts. WTI Crude is $40.34; Brent is $42.25.(via Bloomberg)
BLOOMBERG.COM
Oil Edges Lower Near $40 With Global Market Rally Soothing
Oil has been largely stuck near $40 a barrel with signs that a resurgence of the virus could lead to more lockdown measures. The recovery will be long and gradual the Russian Energy Minister said on Sunday, estimating global demand this year will drop by as much as 10% from a year earlier. WTI Crude is $40.30; Brent is $41.95. (via Bloomberg)
BLOOMBERG.COM
Oil Erases Losses With Dollar Falling But Uncertain Demand Looms
The outlook for consumption is patchy with the International Energy Agency signaling caution. Traffic-congestion data suggest road-fuel demand in parts of Europe is holding up relatively well, while the market is contending with returning supplies. WTI Crude is $39.82: Brent is $41.61. (via Bloomberg)
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Oil Holds Steady With Demand Picture Mixed During Virus Surge
The coronavirus pandemic has slashed oil demand and forced shale producers to cut costs. Crude prices have slid about a third this year but drillers still must invest to maintain the same rate of production as the output of existing shale wells decline. WTI is $40.96; Brent is $42.28. (via Reuters)
REUTERS.COM
U.S. shale mergers accelerate, as Pioneer-Parsley deal joins roster
Capital markets are taking notice. ConocoPhillips announced Monday that it would buy Concho Resources Inc. for about $9.7 billion in stock, consolidating the two companies’ acreage in the Permian. Recently, Devon Energy Corp. spent $2.56 billion in shares buying WPX Energy Inc., and Parsley Energy Inc., one of the remaining minnows in the basin, is in talks about a takeover by Pioneer Natural Resources Co., say sources. WTI is $40.85; Brent is $42.58. (via Bloomberg)
BLOOMBERG.COM
Reports of Shale’s Death Were Greatly Exaggerated
With uncertainty dominating the market, prices have struggled to break far away from $40. While there was renewed optimism about a stimulus deal in the U.S. on Monday, the International Energy Agency said the outlook for the market remains fragile due to the pandemic. That leaves OPEC+ treading a fine line as it decides whether to add more supply. WTI Crude is $40.87; Brent is $42.98.(via Bloomberg)
BLOOMBERG.COM
Oil Slips Near $41 Before OPEC+ Meets to Assess State of Market
We are now seeing a pretty active spread of the pandemic across Europe, and it’s spreading again in North America, and that potentially will weigh on oil demand recovery, say analysts. WTI Crude is $40.53; Brent is $42.79. (via Reuters)
REUTERS.COM
Oil slides on COVID-19 resurgence and strong dollar
We are now seeing a pretty active spread of the pandemic across Europe, and it’s spreading again in North America, and that potentially will weigh on oil demand recovery, say analysts. WTI Crude is $40.53; Brent is $42.79. (via Reuters)
REUTERS.COM
Oil slides on COVID-19 resurgence and strong dollar
Russia has made unprecedented output cuts this year under a deal with OPEC that’s set to last through April 2022. Though helping support crude prices, they are again under pressure as the coronavirus surges and threatens oil drilling everywhere. OPEC and its allies are debating whether to proceed with their plan to ease the curbs from January. WTI Crude is $39.95; Brent is $42.26. (via Bloomberg)
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Russian Oil Looks to Slash Drilling Even More Next Year
Futures dropped 2.7%, with equity markets also lower as investors took risk off the market. Biden appeared to be on the brink of victory in the presidential race, but he may have to deal with a split Congress. Mounting coronavirus cases, with America becoming the first country to top 100,000 cases in a day, are also dragging oil lower. WTI is $37.49; Brent is $39.76. (via Bloomberg)
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Oil Drops Below $38 on Surging Virus, Close U.S. Election Race
Aside from the election, the oil market is now facing renewed lockdown measures due to Covid-19. Road traffic in some European countries was the lowest since June last week. Still, Asian demand remains healthier, meaning OPEC and its allies face a test as the group tries to accelerate the oil recovery at its next meeting on Nov. 30-Dec 1. WTI is $38.64; Brent is $40.84. (via Bloomberg)
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Oil Pares Loss With Dollar Sliding and Biden on Brink of Winning
A Trump win would be “bullish for oil, as OPEC+ can keep cutting without fear that Iranian oil supply will come back into the market any time soon, said some analysts. WTI is $38.68; Brent is $40.84.(via Bloomberg)
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Gold Erases Losses as U.S. Vote Count Stretches On; Oil Jumps
It is our privilege, GO VOTE!!!!!
We are seeing demand destruction unexpectedly from these lockdown measures -- hundreds of thousands of barrels-per-day-equivalent for Europe alone says a Vitrol official. “But the bigger, overriding picture is still that the world is in a stock-drawing mode.” WTI is $34.31; Brent is $37.08. (via Bloomberg)
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Top Oil Trader Vitol Says Europe Lockdowns Mere ‘Speed Bump’
Oil prices have fallen almost 11% this week with signs that road use and airline capacity in Europe have dwindled. There’s some support from booming freight markets and improvements in China and India. Traders are looking ahead to next week’s U.S. election and an OPEC+ meeting at the end of November. WTI is $35.42; Brent is $37.42. (via Bloomberg)
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Oil Set for Biggest Monthly Drop Since March as Virus Curbs Grow
The crude oil market is getting close to a frenzy say some analysts. A reflection of the tightening global crude oil market is the continued strengthening of the Brent crude oil curve. WTI is $55.00; Brent is $57.73. (via Bloomberg)
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Oil Extends Gain From 1-Year High as Lower Stockpiles Aid Rally
Oil still faces bumpy short-term demand amid concern that new virus variants will lead to more lockdowns, while vaccine rollouts are slower than expected in some countries. Still, with cold weather sweeping across the U.S. and much of Wall Street anticipating inventory draws in the coming months, prices continue to surge higher. WTI is $54.86; Brent is $57.69. (via Bloomberg)
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Oil Surges to One-Year High in New York as Rally Powers On
Following the modest increase in January production, OPEC+ has decided to keep output unchanged in February and March. Saudi Arabia, the group’s most influential member, pledged a unilateral cut of 1 million barrels each day over that period. WTI is $52.59; Brent is $55.59. (via Bloomberg)
BLOOMBERG.COM
OPEC+ Sees Almost Full Oil-Cuts Compliance in December
The oil futures curve is looking more bullish. Prompt time spreads for the U.S. benchmark crude and global Brent have firmed recently in backwardation -- a market structure where near-dated contracts are more expensive than later-dated ones -- indicating shrinking supplies. WTI is $52.54; Brent is $55.97. (via Bloomberg)
BLOOMBERG.COM
Oil Holds Steady Amid Economic Data Boost, Fears Over Demand
An increase in Iranian oil exports to China has received some attention in recent days and is now prompting fears of a clampdown. Indonesia seized two vessels -- one of which was Iranian-flagged -- that were transferring oil at sea, a common way to disguise the origin of cargoes. That came after Washington issued a seizure order for what it believes is 2 million barrels of Iranian crude onboard a tanker heading to the U.S. WTI is $52.67; Brent is $55.73. (via Bloomberg)
BLOOMBERG.COM
China’s Binge on Iranian Oil in Focus Following Tanker Seizures
Oil steadied near $53 a barrel as signs of tightening supplies around the world offset concerns over the pandemic’s latest hit to demand. The premium of Brent and West Texas Intermediate crude’s nearest contract is widening over the next one in a bullish formation known as backwardation. WTI is $52.66; Brent is $56.04. (via Bloomberg)
BLOOMBERG.COM
Oil Steady With Market Structure Pointing to Tight Global Supply
