Thursday, June 8, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home Market

Oil prices rally as record winter storms hit Texas shale supplies

1 year ago
in Market
Oil prices fall on Russia’s readiness for pre-OPEC+ production levels
Share on FacebookShare on Twitter


By Sharon Cho and Rob Verdonck on 2/15/2021


click to enlarge

click to enlarge

(Bloomberg) –Oil hit a fresh 13-month high as cold weather in Texas may see supply curbed from America’s largest shale patch.

Latest Oil News

Canadian refiner Irving Oil explores options including sale

Canadian refiner Irving Oil explores options including sale

June 8, 2023
UK watchdog bans Shell, Repsol and Petronas greenwashing ads

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023
Opec+ is not on board with Saudi’s ‘whatever it takes’ message

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023
Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

June 5, 2023

U.S. West Texas Intermediate futures surged as much as 2.2% in early Asian trade, rising above $60 a barrel for the first time in more than a year. Brent crude in London rallied past $63. Traders estimate a few hundred thousand barrels a day of output in Texas may be impacted by well shutdowns, disrupted road transport and power outages, crimping American supplies just as global markets are seen to have rebalanced.

The Arctic blast gripping the central U.S. may threaten exports from one of the world’s top producers amid rapidly-normalizing global stockpiles that point to the success OPEC+ has had in draining a surplus left in the wake of the pandemic. American oil demand may also be finally catching up with Asia, where fuel consumption was the first to rebound, with refiners processing the most crude since March in anticipation of a vaccine-driven boost in gasoline use this summer.

WTI has surged about 16% since the beginning of this month and Brent posted four straight weeks of gains as more Covid-19 vaccines were approved and rolled out worldwide. Meanwhile, Saudi Arabia’s efforts to deepen cuts helped shrink inventories in nations such as the U.S. and China amid a recovery in demand.

Markets have now balanced, Russia Deputy Prime Minister Alexander Novak said on state television, according to the Interfax newswire. “The prices that we see today certainly correspond to the situation in the market,” he said.

“The cold snap, the additional Saudi cuts, the fresh U.S. stimulus promise are all helping,” said Vandana Hari, founder of Vanda Insights in Singapore. “But the single biggest factor — and one the doubters have probably been missing or disbelieving — is that Covid on a global level is in a retreat, for more than four weeks now.”

Prices:

  • WTI for March rose $1.02 to $60.49 a barrel by 9 a.m. Singapore time.
  • Brent for April settlement gained 82 cents to $63.25 a barrel
  • Both benchmarks are near the highest since January 2020

Meanwhile, the threat of strikes in Norway may threaten output in Europe’s biggest producer. Equinor ASA warned that union action can potentially lead to the shutdown of its Johan Sverdrup and Troll fields.

Still, concerns remain over whether crude’s rally is sustainable. WTI futures’ 14-day Relative Strength Index remains sharply above 70 in a sign that the commodity is due for a pullback. Meanwhile, the threat of new virus strains and the reemergence of some clusters in parts of China may place a drag on what’s been a dramatic recovery in fuel consumption, with the International Energy Agency last week cutting its demand forecast for 2021 and describing the market as fragile.

Click here to subscribe to the World Oil energy newsletter, and receive exclusive industry news and analysis in your inbox each weekday.





www.worldoil.com

Tags: hitoilpricesRallyrecordShalestormssuppliesTexaswinter
Previous Post

Sovereign wealth funds fly to relative safety of U.S. assets amid pandemic

Next Post

Surprise OPEC+ Cuts Rollover Depresses Already Weak Oil Tanker Market

Related Posts

Canadian refiner Irving Oil explores options including sale

Canadian refiner Irving Oil explores options including sale

by Oil Market News
June 8, 2023
0

Irving Oil, the owner of Canada’s largest petroleum refinery, has launched a strategic review of the private company that could...

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

by Oil Market News
June 7, 2023
0

The UK’s advertising watchdog has banned a group of big oil and gas company advertisements for being misleading as part...

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

by Oil Market News
June 6, 2023
0

Saudi Arabia’s energy minister Prince Abdulaziz bin Salman has claimed to be inspired by former Federal Reserve chair Alan Greenspan,...

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

by Oil Market News
June 5, 2023
0

Saudi Arabia will cut oil production by 1mn barrels a day in a bid to prop up oil prices, it...

Opec bans prominent media groups from Vienna meeting

Opec bans prominent media groups from Vienna meeting

by Oil Market News
June 4, 2023
0

Opec has barred several media groups from attending its crucial production meeting in Vienna this weekend, in a move officials...

Saudi Arabia’s ‘prickly prince’ of oil bristles as crude price slides

Saudi Arabia’s ‘prickly prince’ of oil bristles as crude price slides

by Oil Market News
June 3, 2023
0

Prince Abdulaziz bin Salman spent almost two decades as a relatively low-profile member of Saudi Arabia’s Opec delegation. But since...

Next Post
Surprise OPEC+ Cuts Rollover Depresses Already Weak Oil Tanker Market

Surprise OPEC+ Cuts Rollover Depresses Already Weak Oil Tanker Market

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Agency delays protections for imperiled bat, prairie chicken | Politics

Agency delays protections for imperiled bat, prairie chicken | Politics

4 months ago
Gas prices could dip below $3 in coming months

Gas prices could dip below $3 in coming months

9 months ago
Shell can be sued in London over alleged Nigerian pollution

Shell can be sued in London over alleged Nigerian pollution

1 year ago
Oil Price Rise Blamed in Part on OPEC, Russian Output Shortfalls

Oil Price Rise Blamed in Part on OPEC, Russian Output Shortfalls

1 year ago
Saudi’s Won’t Let Oil Stay At $75: Pioneer CEO

Saudi’s Won’t Let Oil Stay At $75: Pioneer CEO

5 months ago
ADVERTISEMENT
Canadian refiner Irving Oil explores options including sale

Canadian refiner Irving Oil explores options including sale

June 8, 2023

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

June 5, 2023

Opec bans prominent media groups from Vienna meeting

June 4, 2023

Saudi Arabia’s ‘prickly prince’ of oil bristles as crude price slides

June 3, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market

Canadian refiner Irving Oil explores options including sale

Canadian refiner Irving Oil explores options including sale

June 8, 2023
UK watchdog bans Shell, Repsol and Petronas greenwashing ads

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023
Opec+ is not on board with Saudi’s ‘whatever it takes’ message

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023
Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

June 5, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.