June 25, 2024 – "Oil prices are set to post an impressive gain this month as bullish sentiment has been building and demand concerns fading." Read on ... https://loom.ly/jwvIMhI #oil #brentcrude
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Account Manager, Latin America na ICIS | Shaping the world by connecting markets to optimize global resources
VIDEO: Global oil outlook. Five factors to watch in week 24 Crude prices could move sideways this week as investors await key economic data. The US Consumer Price Index (CPI) and Producer Price Index (PPI) will be released this week, as will Chinese inflation figures for May. ICIS experts look at the factors likely to drive oil prices in Week 24. #ICIS #oil #crude https://lnkd.in/eTJ4uV_p?
VIDEO: Global oil outlook. Five factors to watch in week 24
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April 13th (Saturday): Oversupply Expected in the World's Crude Oil Supply and Demand in 2025 The International Energy Agency (IEA) lowered its forecast for global oil demand in its April Oil Market Report, citing a decrease in petroleum demand due to recent high oil prices. For some time now, the price of North Sea Brent crude has consistently remained around $5 per barrel higher than the price of WTI crude. This could be due to differences in oil supply and demand between the European and US markets. As of April 12th, WTI crude is priced at $85.45 per barrel, while Brent crude is at $90.15 per barrel. IEA has indicated that due to the slowdown in the growth of oil demand in China and the decrease in oil demand caused by high oil prices, the world's crude oil supply and demand in 2025 are expected to be in oversupply. It is noted that the period of concern about supply shortages triggered by the rebound in demand after the COVID-19 pandemic has passed. At this point, promoting investment in increasing oil supply capacity is already overdue, and the return on investment is expected to decline in the future. It is calculated that the increase in crude oil supply in the United States, Brazil, and Canada alone could cover the increase in global oil demand in 2025. Furthermore, the momentum towards decarbonization is rapidly accelerating. Market principles in the oil market indicate that oil prices are expected to steer towards a downward trend after 2025.
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Oil and natural gas prices rose sharply Monday after BP (BP) said it would pause all shipments through the Red Sea because of increased attacks on commercial vessels by Houthi militants from Yemen. The decision by one of the world’s biggest oil companies follows similar moves by major shipping firms, something analysts have warned could ripple through global supply chains and increase the costs of moving goods. “In light of the deteriorating security situation for shipping in the Red Sea, BP has decided to temporarily pause all transits through the Red Sea,” the company said in a statement. “We will keep this precautionary pause under ongoing review, subject to circumstances as they evolve in the region.” Oil posted steep gains on the news. Brent crude, the global benchmark, was up 2.7% at $78.64 a barrel by 11.15 a.m. ET. US oil rose 2.8% to $73.44 a barrel. The news also affected the natural gas market. Europe’s benchmark prices for the fuel surged 7.7% to above €35.75 ($39.04) per megawatt hour. That’s just a fraction of the all-time high of €320 ($349.24) per megawatt hour seen in August 2022, at the height of the continent’s energy crisis, but still the most concrete sign yet of disruption in commodity markets following the attacks.
Oil and gas prices surge as BP stops Red Sea shipments following Houthi attacks | CNN Business
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Oil prices ease as market awaits China data to gauge demand https://lnkd.in/gdRkjP-2 #oil #commodities #commoditiestrading #commoditymarket
Oil prices ease as market awaits China data to gauge demand
reuters.com
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73% of respondents in our recent poll believe the crude oil price will average between $75 to $100 this year. You can check out Portland's 2024 predictions in our Energy Market Report later this month, but in the meantime here's the view of the Financial Times. #oil #oilprices #israelhamaswar #globaleconomy
Economic worries and new supplies temper outlook for crude oil price
ft.com
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OIL RISES ON CONTINUED TENSIONS Oil Rises on U.S. Crude Stock Draw, Red Sea Attack - Read More: https://hubs.la/Q02hHHNL0 #energy #oilgas #oilandgas #oilprices #oildemands #redsea #middleeast #oilandgascompanies
Oil Rises on U.S. Crude Stock Draw, Red Sea Attack - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com
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OIL RISES ON CONTINUED TENSIONS Oil Rises on U.S. Crude Stock Draw, Red Sea Attack - Read More: https://hubs.la/Q02hHH9p0 #energy #oilgas #oilandgas #oilprices #oildemands #redsea #middleeast #oilandgascompanies
Oil Rises on U.S. Crude Stock Draw, Red Sea Attack - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com
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Exciting news from OilPrice.com! The latest reports indicate that oil prices are expected to continue their upward trend due to escalating geopolitical tensions. Stay ahead of the game and find out more about this important development in the energy sector. Check out the full article at OilPrice.com. #oilprices #energynews #geopolitics https://ift.tt/AGoEpyP
Exciting news from OilPrice.com! The latest reports indicate that oil prices are expected to continue their upward trend due to escalating geopolitical tensions. Stay ahead of the game and find out more about this important development in the energy sector. Check out the full article at OilPrice.com. #oilprices #energynews #geopolitics https://ift.tt/AGoEpyP
oilprice.com
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Energy Account Manager at ICIS, part of RELX - a FTSE100 company | Gas, LNG, Power, Renewables, Carbon, Hydrogen, Crude Oil, LPGs.
Global oil outlook - Five factors to watch in week 22 Expectations OPEC+ will extend production cuts at a meeting on 2 June could see benchmark crude prices rise this week. The beginning of the US driving season is likely to also provide reprieve to recent demand concerns. ICIS experts outline five factors that could drive crude prices in week 22. #ICIS #oil #crude #OPEC https://lnkd.in/etZiy2qy?
Global oil outlook: week 22 2024
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Petroleum inventories mostly drew down last week. The EIA reports are out and overall, we drew down 3.0 MMB to 1599 MMB. SPR Built another 0.8 MMB to 366 MMB, a level last seen a year ago, Crude oil drew down 6.4 MMB to 454 MMB. Petroleum products built 2.6 MMB to 780 MMB. The latter two combined for a 3.8 MMB drawdown to 1234 MMB, bad for gasoline prices. Overall inventories and the total without SPR are operating in the low side of their ranges. We’re still exporting. Net oil imports were 1.3 MMB/D and net exports were 3.9 MMB/D, resulting in 2.6 MMB/D overall export. The result is 18.4 MMB drawdown. Add this back to the overall drawdown, and we actually had a build. Production continued at 13.1 MMB/D. The rig count actually went up by two, to 619 one in the GOM. Five more rigs were chasing oil while three less were chasing natural gas. There’s 20offshore rigs and 18 in the GOM. Oil prices were down:$2.67/BBL for WTI, $5.16/BBL for Brent and $2.07/BBL for LLS. WTI finished the week at $83.79/BBL. Add $4.17/BBL for Brent and $3.30/BBL for LLS. Gasoline is at $3.68/BBL, up a nickel. The 3-2-1 crack spread was down $2.59/BBL to $19.10/BBL. Natural gas spot prices at Henry Hub were up 7¢to $1.43/MMBTU. The EIA appears to no longer tracking prompt-month futures. Oilprice.com track natural gas prices daily, prices that are higher then Henry Hub, it looks like a futures price, but not sure. These prices were down 2¢ to $1.75/MMBTU. Charles Kennedy wrote today in oiprice,com, “Gas Prices Likely to Keep Falling Ahead of Peak Driving Season” He stated “According to AAA, the nationwide average price for a gallon of gasoline on Wednesday was $3.66, down from 3.667 on Tuesday, and the same as a week ago, despite the springtime surge that generally precedes Memorial Day weekend and the peak driving season. “GasBuddy’s Patrick De Haan on Tuesday predicted on X (formerly Twitter) that gasoline prices would ‘gently fall in the coming weeks, as we near the holiday weekend.” Last weekend, on one of those other cable networks said that Joe Biden was not to blame for high gasoline prices. After all, production was at an all-time high. Not true, the credit for production belongs to oil and gas companies, not the administration. He is shutting down or thwarting drilling on federal lands. Is the fed approving POEs and DOCDs offshore (please provide feedback)? On Earth Day, didn’t he remove federal lands in Alaska from drilling access? Didn’t he stop the Keystone XL pipeline. whIch would have brought some 800,00 BOPD down to the Gulf Coast for refining (more supply). Didn’t he pause new LNG terminals? No. Joe declared war on energy and he’s reaping what he sowed. If the rig count were back to 800, maybe we’d see some really big production.
Crude Oil Prices Today | OilPrice.com
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