EIA Raises Brent Crude Oil Price Outlook
The Energy Information Administration raised its price outlook for Brent crude to $41 per barrel for the second half of 2020—this is $4 per barrel higher than the EIA’s forecast Continue Reading
Oil Price Rally On Hold After API Reports Rising Crude Inventories
The American Petroleum Institute (API) estimated on Tuesday a build in crude oil inventories of 2.048 million barrels for the week ending July 3. Analysts had predicted an inventory draw Continue Reading
In The Physical Oil Market, Sour Barrels Trade at Sweet Prices
Leaving behind the waters of the Caribbean Sea, the 1,100-feet long oil tanker Maran Apollo is emblematic of the wider petroleum market. Steaming at 11.5 knots, she’s heading toward China, where Continue Reading
US EIA trims gas production forecasts once again on lower prices, curtailments
The US Energy Information Administration July 7 again lowered its estimates for natural gas marketed production for the rest of 2020, pointing to low gas and oil prices and production Continue Reading
US EIA boosts crude price outlook for H2 2020 by $4/b on rising demand, OPEC+ cuts
The US Energy Information Administration boosted its outlook for crude futures by about $4/b in the second half of 2020 and by $2/b for 2021 on OPEC+ supply cuts and Continue Reading
NYMEX prompt natural gas hits two-month high as force majeure cuts Appalachian production
NYMEX prompt contract settles at $1.88/MMBtu Columbia Gas’ MXP line cuts flows near Leach, Kentucky Appalachian gas production falls 2.2 Bcf on the day NYMEX Henry Hub prompt-month prices surged Continue Reading
European Oil Giant Slashes Oil Price Forecast To $48 Per Barrel In 2021
Italy’s Eni lowered its long-term oil price assumptions on Tuesday, saying that the coronavirus pandemic would have “an enduring impact” on the global economy and energy industry. Weeks after BP Continue Reading
Crude oil futures slip as COVID-19 cases rise
Crude oil futures were trading lower mid-morning July 7 in Asia as the rising number of new infections in the US continued to dampen market sentiment, overturning overnight gains. However, Continue Reading
Oil Prices for July 7, 2020: Brent Crude, WTI
Oil dropped to trade near $40 a barrel before U.S. government data that’s forecast to show gasoline stockpiles increased, while rising virus infections raised concern stricter controls will be extended. Continue Reading
OIL FUTURES: Crude rises as economic optimism trumps US concerns
Crude oil prices made ground during the European morning trading session on July 6, taking their cue from rising Asian indexes rather than from bad news about coronavirus in the Continue Reading