Friday, February 3, 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 Price

Oil Prices Rise But Grounded Largely On Hope And Speculation

2 weeks ago
in Price
Oil Prices Dip Despite Ongoing Enthusiasm About China Demand Recovery
Share on FacebookShare on Twitter


Oil Prices Rise But Grounded Largely On Hope And Speculation

Meanwhile, Ritterbusch credits Russian sanctions for bolstering crude prices: File Image/Pixabay

Oil achieved a second straight weekly gain on Friday and a daily gain of over 1 percent, based mainly on earlier speculation from the International Energy Agency that China‘s lifting of Covid restrictions should bring global demand to a record high this year.

Latest Oil News

Marathon Petroleum Corporation (NYSE:MPC) Q4 2022 Earnings Call Transcript

Marathon Petroleum Corporation (NYSE:MPC) Q4 2022 Earnings Call Transcript

February 1, 2023
Oil Under Pressure As API Reports Large Crude, Product Builds

Oil Under Pressure As API Reports Large Crude, Product Builds

January 31, 2023
African economies: How to respond to rising global crises

African economies: How to respond to rising global crises

January 30, 2023
Fuel prices to increase by 7%-13% from February 1, 2023 – IES

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

January 29, 2023

Naeem Aslam, analyst at Avatrade, said, “Many traders believe it is highly likely that we are going to see higher demand coming from China as it continues to dismantle its Covid policies.”

According to data from Vortexa Ltd. and Kpler, China’s about-face is already having an impact and benefiting other nations, namely, Iran: the Persian Gulf country’s oil exports climbed to about 1.3 million barrels per day in November and last month held near the highest in four years, most of it going to the world’s biggest oil importer under the banner of shipments from Malaysia.

“

Many traders believe….that we are going to see higher demand coming from China

Naeem Aslam, analyst, Avatrade

Figures from China’s customs administration show that Beijing‘s intake from the Asian nation surged to a record in December.

Oil trading on Friday was also supported by a Reuters poll predicting that the U.S. Federal Reserve will soon hold rates steady for at least the rest of the year, the sentiment fuelled by Fed vice chair Lael Brainard saying on Thursday that chances of a “soft landing” for the U.S. economy appear to be growing.

Brent settled up $1.47 or 1.7 percent at $87.63 per barrel, while West Texas Intermediate settled up 98 cents or 1.2 percent at $81.31 per barrel; for the week, Brent logged a 2.8 percent increase and WTI experienced a 1.8 percent rise.

Also on Friday, Jim Ritterbusch, president of Ritterbusch and Associates, became the latest in a long list of pundits weighing in on the efficacy of the European Union sanctions against Russia: he believed the recently imposed price cap is helping to boost crude prices, plus “Sanctions and caps on Russian crude are gradually acquiring some price impact and will become more of a bullish factor when last month’s influx of Russian crude cargoes is absorbed into the global market.”

However, it’s still debatable whether the sanctions are as effective as the EU hoped for: an executive at a tank operator and a consultant advising traders on the matter told Bloomberg on Friday that Russian oil is being blended in Singapore and then re-exported.

This in turn was given credence by vessel tracking data from Vortexa Ltd. showing that in December 2022, Singapore’s oil receiving terminals received more than twice as much Russian naphtha and fuel oil as a year ago, to the tune of 2.6 million barrels of naphtha, nearly 40 times the amount withdrawn a year earlier.





news.google.com

Tags: bunkerbunker fuelbunker indicationsbunker newsbunker pricesbunkeringChinagroundedhopelargelymarine fuelmarine newsoilOil MarketspricesRiseRussian Federationshipping newsSingaporeSpeculationUSA
Previous Post

Russia to sell much-needed oil and gas to Pakistan

Next Post

SLB Stock Drops On Strong Earnings, Bullish 2023 Outlook For Oil And Gas| Investor’s

Related Posts

Marathon Petroleum Corporation (NYSE:MPC) Q4 2022 Earnings Call Transcript

Marathon Petroleum Corporation (NYSE:MPC) Q4 2022 Earnings Call Transcript

by Oil Market News
February 1, 2023
0

Marathon Petroleum Corporation (NYSE:MPC) Q4 2022 Earnings Call Transcript January 31, 2023Operator: Welcome to the MPC Fourth Quarter 2022 Earnings...

Oil Under Pressure As API Reports Large Crude, Product Builds

Oil Under Pressure As API Reports Large Crude, Product Builds

by Oil Market News
January 31, 2023
0

Crude oil inventories rose by another 6.33 million barrels last week, the American Petroleum Institute (API) data showed on Tuesday,...

African economies: How to respond to rising global crises

African economies: How to respond to rising global crises

by Oil Market News
January 30, 2023
0

Treasury CS Prof Njuguna Ndung'u. The Covid-19 pandemic triggered a profound setback after a quarter-century of economic and social progress....

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

by Oil Market News
January 29, 2023
0

The Institute for Energy Security (IES) is predicting between 7% and 13% jump in the prices of petrol, diesel and...

Why Germany Dragged Its Feet on Leopard Tanks to Ukraine

Why Germany Dragged Its Feet on Leopard Tanks to Ukraine

by Oil Market News
January 28, 2023
0

The decision to provide heavy tanks to Ukraine in significant numbers constitutes a step change in western military support for...

Indexes Rally and Notch Weekly Gains

Indexes Rally and Notch Weekly Gains

by Oil Market News
January 27, 2023
0

US stocks closed higher Friday after reversing early-session losses.  Easing inflation data added to investor optimism that the Federal Reserve...

Next Post
SLB Stock Drops On Strong Earnings, Bullish 2023 Outlook For Oil And Gas| Investor’s

SLB Stock Drops On Strong Earnings, Bullish 2023 Outlook For Oil And Gas| Investor's

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

Trend Oil News

Yemeni drones prevent tanker from looting of oil in Al-Dhaba port

Yemeni drones prevent tanker from looting of oil in Al-Dhaba port

2 months ago
Where Have All The Refineries Gone? How Energy Politics Are Discouraging Critical

Where Have All The Refineries Gone? How Energy Politics Are Discouraging Critical

5 months ago
Marriott International Debuts New Global HQ in Maryland – Travel Agent

Marriott International Debuts New Global HQ in Maryland – Travel Agent

5 months ago
Why Oil Bulls Aren’t Backing Down

Why Oil Bulls Aren’t Backing Down

9 months ago
Iran Navy flotilla foils pirate attack on Iranian merchant vessel in Red Sea

Iran Navy flotilla foils pirate attack on Iranian merchant vessel in Red Sea

5 months ago
ADVERTISEMENT
Shell: the big bet on natural gas is now paying off

Shell: the big bet on natural gas is now paying off

February 2, 2023

New study shows huge variation in how different oil companies manage climate

February 1, 2023

Texas Justices Consider Company’s Pause on Oil & Gas Payments

February 1, 2023

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

February 1, 2023

InPlay Oil Corp. Confirms Monthly Dividend for February 2023

February 1, 2023

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

February 1, 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

Shell: the big bet on natural gas is now paying off

Shell: the big bet on natural gas is now paying off

February 2, 2023
Exxon: Big Oil should invest forward, not buy back

Exxon: Big Oil should invest forward, not buy back

February 1, 2023
Mexico’s Pemex seeks more than $1bn in bond sale

Mexico’s Pemex seeks more than $1bn in bond sale

January 31, 2023
Shell launches shake-up under new chief Wael Sawan

Shell launches shake-up under new chief Wael Sawan

January 30, 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.