Supply and demand fundamentals drive oil prices. Things like OPEC+ production plans and US driving patterns matter the most — until they don’t. That’s when the wizardry of Wall Street takes over, giving prices a push up or down beyond what the physical fundamentals warrant.
Oil edged higher as Libyan supply tightened ahead of an OPEC+ meeting on Tuesday to discuss production policy for February.
OPEC and its allies are expected to revive more oil supplies when they meet on Tuesday, underscoring the group’s optimism in the outlook for global demand.
Oil was steady after the biggest gain in two weeks following an announcement by the US of a coordinated release of strategic petroleum reserves (SPR) with other countries that fell short of expectations.
Oil and gas producers, and refineries that fuel the US, are assessing the impact on operations after the passage of Hurricane Ida, with peak daily supply curtailment of 1.8 million barrels per day recorded in the Gulf of Mexico. As a result of the disruption price volatility can be expected in global crude markets.
Oil steadied after a three-day slide that was driven by the growing threat to demand from the spread of the delta coronavirus variant.
Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.
Oil surged above $71 a barrel in Asian trading after Saudi Arabia said the world’s largest crude terminal was attacked, although output appeared to be unaffected after the missiles and drones were intercepted.
A toxic cocktail of the Covid-19 outbreak and an act of self-sabotage by two of the world’s biggest oil nations has created unprecedented and overwhelming currents for the oil and gas industry to swim against.
Oil traded near a two-week low as an increase in U.S. fuel stockpiles spurred concern that demand is waning in the world’s biggest crude consumer.
Oil climbed to the highest level in two and a half years on expectations a U.S. government report will register the longest decline in crude stockpiles since the summer driving season.
Diesel has reached its most expensive price in more than two years.
Iran's oil minister said he was confident both OPEC and non-OPEC members would commit to the output cut deal agreed in November.
Oil prices have soared as the Opec cartel gathered in Vienna in an attempt to thrash out a deal to tackle the global supply glut.
Russia and Belarus are said to be close to solving a dispute over gas prices.
Energy service companies ATR Group and Neptune Marine Services both announced key investments yesterday as they gear up for growth after the oil price slump.
US oil is set for the first weekly drop since mid-September as an OPEC committee meets in Vienna on Friday to discuss output quotas for members participating in an agreement to cut production.
Last spring, Statoil ASA announced it had used the same oil well design and components to drill three reservoirs for the price of one.
Russia's Central Bank said it could resume purchase of foreign currency for the country's reserves if oil prices were to hit $55 a barrel in 2019.
When in Aberdeen last weekend, I walked through Golden Square for the first time this year. I was shocked to see the number of empty buildings with ‘To Let’ signs on them in this once busy part of town. I knew things were hard in Aberdeen, but this really drove it home.
Oil dropped as the International Energy Agency changed its view on global oversupply, seeing a glut persisting into 2017.
Oil trimmed its weekly gain after the biggest U.S. stockpile slump in 17 years was seen as a one-off caused by a tropical storm that disrupted imports and offshore production.
Oilfield services, shipbuilders and other industries that rose with the pre-2014 oil price boom have had it hard. Since barrel rates fell, their previous patrons have become uninterested in doling out major purchase orders, leaving oil and gas equipment manufacturers without revenues.
The average price of petrol and diesel sold on Britain’s forecourts edged up in August, new figures show.
OPEC’s crude production climbed to a record last month as increased output from Gulf members made up for persisting losses in Nigeria and Libya, according to a Bloomberg survey.