DIRS.INFO The most relevant business & tech news

☆ Oil falls ahead of Fed rate decision
▼ + stars: | 2023-09-20 | by ( Robert Harvey | ) www.reuters.com time to read: +3 min

REUTERS/Pedro Nunes/File Photo Acquire Licensing RightsSummaryCompanies Federal Reserve interest rate decision due at 1800 GMTLONDON, Sept 20 (Reuters) - Oil prices fell on Wednesday ahead of the U.S. Federal Reserve's interest rate decision, with investors uncertain when peak rates will be hit and how much of an impact it will have on energy demand. Investors are awaiting the Fed's interest rate decision at 1800 GMT on Wednesday to assess the outlook for economic growth and fuel demand. The Fed is widely expected to keep interest rates on hold, but the focus will be on its projected policy path, which is unclear. Prices fell despite U.S. crude oil stockpiles falling last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday. Goldman Sachs said it expects the Bank of England to keep interest rates unchanged on Thursday as a result of the fall.

Persons: Pedro Nunes, Edward Moya, Tamas Varga, Brent, Goldman Sachs, Robert Harvey, Yuka Obayashi, Emily Chow, Kim Coghill, Jason Neely, Louise Heavens Organizations: REUTERS, U.S, Brent, . U.S . West Texas, American Petroleum Institute, bbl, Bank of England, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, ., London, Tokyo, Singapore

☆ Oil falls $1 ahead of Fed rate decision
▼ + stars: | 2023-09-20 | by ( Emily Chow | ) www.reuters.com time to read: +4 min

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Global benchmark Brent crude futures were last down 88 cents, or 0.9%, at $93.46 a barrel by 0650 GMT. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous that the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Pedro Nunes, Brent, Edward Moya, Moya, Goldman Sachs, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Anantharaman, Kim Coghill Organizations: REUTERS, Rights, U.S, Brent, . West Texas, American Petroleum Institute, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, Rights SINGAPORE, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." The Fed is widely expected to keep interest rates on hold, but the focus will be on its policy path, which is unclear. U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Pedro Nunes, Brent, Edward Moya, Moya, Hiroyuki Kikukawa, WTI, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Organizations: REUTERS, Rights, U.S, Brent, . West Texas, U.S . Federal Reserve, American Petroleum Institute, NS, Nissan Securities, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

A person uses a petrol pump, as the price of petrol rises, in Lisbon, Portugal, March 7, 2022. The October WTI contract expires on Wednesday and the more active November contract was up 9 cents, or 0.1%, at $90.57 a barrel. Industry data on Tuesday showed U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures. "A large drop in U.S. oil inventories and slow U.S. shale output have added to supply concerns coming from extended production curbs by Saudi Arabia and Russia," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. "There will be some short-term adjustments in oil prices because of the recent spike, but expectations of reaching $100 a barrel on both Brent and WTI later this year will remain unchanged," he said.

Persons: Pedro Nunes, Hiroyuki Kikukawa, Brent, WTI, Yuka Obayashi, Sonali Paul Organizations: REUTERS, Companies Exxon Mobil Corp Follow, Brent, . West Texas, American Petroleum Institute, NS, Nissan Securities, Reuters, Exxon Mobil Corp, Investors, U.S . Federal Reserve, Thomson Locations: Lisbon, Portugal, ., Saudi Arabia, Russia, Nigeria, Europe, Asia

☆ Goldman Sachs raises international oil price forecast to $100 a barrel
▼ + stars: | 2023-09-20 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Oil prices are looking to edge as high as $100 a barrel, according to Goldman Sachs. Goldman raised its 12-month ahead Brent forecast to $100 per barrel from $93. The commodity has rallied 30% since late June due to OPEC supply cuts and strong demand. "The key reason is that significantly lower OPEC supply and higher demand more than offset significantly higher US supply," Struyven said in a Wednesday note. Higher oil prices have boosted inflation , sparking concerns in the market.

Persons: Goldman Sachs, Goldman, Brent, WTI, Daan Struyven, Struyven, Michael Bloom Locations: U.S, Europe

☆ Morgan Stanley says higher oil prices could boost these 2 global real estate stocks
▼ + stars: | 2023-09-19 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

The recent increase in oil prices could provide a boost to London's prime office real estate market, according to Morgan Stanley. According to their analysis, higher oil prices tend to correlate with increased demand for top-tier commercial properties. When oil prices rise above this threshold, the excess profits are invested by its sovereign wealth fund, PIF, in assets around the world, including tech stocks. Morgan Stanley says that in the past, a similar rise in oil prices has preceded strong 12-month share price performance for London office REITs (real estate investment trusts). For Derwent London, Morgan Stanley forecasts the stock reaching £27.00 ($33.43), up 45% from current levels, within 12 months.

Persons: Morgan Stanley, Bart Gysens Organizations: Bank of London, Cooperation Council, Monetary Fund, GCC, Saudi, London, Derwent, Great Portland Estates, Derwent London, Great Locations: London, WTI, Great Portland

☆ Saudi energy minister says oil supply cuts are not about 'jacking up prices,' as Brent hovers at $95 a barrel
▼ + stars: | 2023-09-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +5 min

Prince Abdulaziz bin Salman at the World Petroleum Congress in Calgary, Canada, on Sept. 18, 2023. Bloomberg | Bloomberg | Getty ImagesSaudi Arabia's energy minister said Riyadh and Moscow's decision to extend crude oil supply cuts is not about "jacking up prices," as Brent futures hover near $95 a barrel and analysts predict further rises into triple digits. The increases have rallied some analysts around speculation of a short-term return to oil prices at $100 per barrel. Asked on the possibility of hitting that threshold, Chevron CEO Mike Wirth on Monday admitted oil prices could cross into triple digits in a Bloomberg TV interview. Energy prices have repeatedly underpinned higher inflation in the months since the war in Ukraine and Europe's gradual loss of access to sanctioned Russian seaborne oil supplies.

Persons: Prince Abdulaziz bin Salman, Topping, Mike Wirth, We're, we're, Abdulaziz, Fatih Birol, they've, Amin Nasser Organizations: World Petroleum Congress, Bloomberg, Getty, Saudi, Brent, Saudi Energy, Organization of, Petroleum, Chevron, International Energy Agency, IEA, CNBC, United Arab Emirates Locations: Calgary, Canada, Riyadh, OPEC, Saudi Arabia, Russia, London, U.S, Ukraine, Paris, China, Saudi, Aramco, United Nations

Chevron Chief Executive Mike Wirth also said he thinks oil will cross $100 per barrel in a Bloomberg News interview. Saudi Arabia and Russia this month extended a combined 1.3 million barrels per day (bpd) of supply cuts to the end of the year. Saudi Arabia's energy minister, Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility. China, considered the engine of oil demand growth, is a key risk because of its sluggish post-pandemic economic recovery, though its oil imports have remained robust. "The high-for-longer mantra would ultimately have a negative impact on economic growth and would affect oil demand."

Persons: Tatiana Meel, Brent, WTI, Fiona Cincotta, Mike Wirth, Prince Abdulaziz bin Salman, Callum Macpherson, Tamas Varga, PVM's Varga, Arathy Somasekhar, Natalie Grover, Florence Tan, Sudarshan, David Goodman, Timothy Gardner Organizations: REUTERS, Rights, Brent, U.S, West Texas, Citi, Monday, Chevron, Bloomberg, ANZ, XM, U.S . Federal, Thomson Locations: Nakhodka, Russia, Saudi Arabia, Ukraine, China, Saudi, Investec, Europe, Houston, London, Singapore

☆ Oil prices continue to rally on tight supply
▼ + stars: | 2023-09-18 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Oil tankers sail along Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. China, considered the engine of oil demand growth, remains possibly the biggest risk because of its sluggish post-pandemic economic recovery. "Lack of protracted progress, nonetheless, will be viewed as a major setback on the demand side," said Tamas Varga of oil broker PVM. "The high-for-longer mantra would ultimately have a negative impact on economic growth and would affect oil demand." "The question is, will the Saudis continue to maintain the deficit given the risk that higher prices must surely, at some point, stimulate US shale (oil output)," Investec analyst Callum Macpherson said.

Persons: Tatiana Meel, Brent, WTI, Tamas Varga, PVM's Varga, Callum Macpherson, Natalie Grover, Florence Tan, Sudarshan, David Goodman Organizations: REUTERS, Brent, West Texas, XM, U.S . Federal Reserve, Thomson Locations: Nakhodka, Russia, Saudi Arabia, Ukraine, Europe, China, London, Singapore

SINGAPORE, Sept 18 (Reuters) - Oil prices rose for a third straight session on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and by optimism about a recovery in demand in China. Traders will be watching decisions and commentary by central banks, including the U.S. Federal Reserve, this week on interest rate policies, as well as key economic data out of China. Saudi Arabia and Russia extended supply cuts to the end of the year as part of the OPEC+ group's plans. Global oil demand growth is on track to hit 2.1 million bpd, ANZ said, in line with forecasts from the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC). Reporting by Florence Tan and Sudarshan Varadhan; Editing by Stephen Coates and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Tina Teng, Brent, WTI, Edward Moya, Florence Tan, Sudarshan, Stephen Coates, Sonali Paul Organizations: Brent, West Texas, CMC, Traders, U.S . Federal Reserve, Saudi, ANZ, OANDA, International Energy Agency, Organization of, Petroleum, Thomson Locations: SINGAPORE, Saudi Arabia, Russia, China, OPEC, Ukraine, Russian

SINGAPORE, Sept 18 (Reuters) - Oil prices rose for a third straight session on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China, the world's top crude importer. Brent crude futures rose 39 cents, or 0.4%, to $94.32 a barrel by 0253 GMT while U.S. West Texas Intermediate crude futures were at $91.30 a barrel, up 53 cents, or 0.6%. Traders will be watching decisions and commentary by central banks, including the U.S. Federal Reserve, this week on interest rate policies, and key economic data out of China. Global oil demand growth is on track to hit 2.1 million bpd, ANZ said, in line with forecasts from the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC). Reporting by Florence Tan and Sudarshan Varadhan; Editing by Stephen Coates and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Hedge funds and other money managers purchased the equivalent of 41 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Sept. 12. The net position in all products had fallen to 155 million barrels (71st percentile) on Sept. 12 down from 177 million (80th percentile) on Aug. 15. Short positions in NYMEX WTI slumped to just 21 million barrels on Sept. 12, the lowest for more than a year since June 2022. U.S. NATURAL GASInvestors remain ambivalent about the outlook for U.S. gas prices – torn between depleting inventories and the prospect of a warmer-than-average winter driven by a strong El Niño. The prospect of reduced consumption and slower export growth is weighing on gas prices and has kept them range bound for the last three months.

Persons: Richard Carson, bullishness, NYMEX WTI, Investors, John Kemp, David Evans Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, ICE, U.S . diesel, Fund, distillates, Thomson, Reuters Locations: Freeport , Texas, U.S, Saudi Arabia, Europe, China, distillates, Saudi, Cushing, Oklahoma, NYMEX, distillates ., East Asia, North America, Pacific

☆ Oil inches higher on supply concerns, China demand recovery
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: +2 min

Two large oil tankers unload at the 300,000-ton crude oil terminal in Yantai Port, Shandong Province, China, July 9, 2023. Oil prices inched higher on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China, the world's top crude importer. Traders will be watching decisions by central banks, including the Federal Reserve, this week on interest rate policies. "The Fed is expected to pause rate hikes this time but is likely to stay hawkish," CMC's Teng said. A pause in U.S. rate hikes could weaken the greenback which makes dollar-denominated commodities such as oil more affordable for holders of other currencies.

Persons: Tina Teng, WTI, CMC's Teng Organizations: Brent, West Texas, CMC, ANZ, International Energy Agency, Organization of, Petroleum, Traders, Federal Reserve Locations: Yantai Port, Shandong Province, China, Saudi Arabia, Russia, OPEC, Ukraine

☆ Geopolitics could drive oil prices over $100, Citi says
▼ + stars: | 2023-09-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Oil prices could rise to $100 a barrel in the short term thanks to the latest developments out of Saudi Arabia and Russia, according to Citi. That pushed U.S. crude oil prices top $90 a barrel for the first time since November 2022. "Geopolitics could push oil over $100 for a short while," Edward Morse, Citi's global head of commodities, said in a note Monday morning. "The Saudi appetite to withhold oil from market, supported by Russia maintaining a certain level of export constraint, points to higher prices in the short term." However, he also noted that higher near-term prices could mean more downside next year, and that the current $90 level prices look "unsustainable" with faster supply growth than demand.

Persons: Brent, Edward Morse, Morse, CNBC's Michael Bloom, Yun Li Organizations: Citi, West, Consumer Locations: Saudi Arabia, Russia, West Texas, Saudi, China

☆ Here are three things we're watching in the markets in the week ahead
▼ + stars: | 2023-09-16 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

The Softbank-owned chip designer's return to the public markets — the largest initial public offering since 2021 — was the highlight of the week. Those are the three things that we'll be focusing on in the week ahead. While struggling to snap back after Covid, China this week reported better-than-expected industrial output and stronger retail sales, signaling that things may be looking up. The United Auto Workers strike against Detroit's three biggest automakers will continue in the week ahead, barring a labor deal. ET: Fed Governor Lisa Cook is set to deliver the keynote address at the NBER's Economics of Artificial Intelligence Conference in Toronto, Canada.

Persons: —, Morgan Stanley, Wells Fargo, Jerome Powell's, Jim Cramer, it's, Jim Farley, Stanley Black, Decker, Eli Lilly, Jerome Powell, Mills, Lisa Cook, Jim Cramer's, Jim, Brendan McDermid Brendan Mcdermid Organizations: Nasdaq, Dow Jones, Federal, United Auto Workers, automakers, Fed, West Texas, Saudi, Coterra Energy, Natural Resources, Detroit's, UAW, General Motors, Chrysler, Ford, CNBC, Stanley, Housing, Apogee Enterprise, FedEx, KB, Darden, NBER's, Artificial Intelligence, Jim Cramer's Charitable, Traders, New York Stock Exchange, REUTERS Locations: U.S, Covid, China, WTI, Toronto, Canada, New York City

☆ Stocks churn with the S&P 500 sitting at the same level it was two years ago
▼ + stars: | 2023-09-16 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

The S & P 500 has held on to most of its first-half gains and has made a series of higher lows since mid-August. And while 2% is the central-banker ideal, equity markets historically are comfortable with inflation under 4% or so. The equal-weight S & P 500 is about where it was last Thanksgiving and small-cap indexes have been sideways and stuck for a year-and-a-half. Kolovos has been anticipating a "long and winding road to 4800" for the S & P 500, provided it doesn't crack support near 4300 before then. .SPX YTD mountain S & P 500 YTD Such a scenario would then certainly give rise to a vexing "Now what?"

Persons: –, Ron Adler, Morgan, Wall, It's, we've, Ned Davis, Worth, John Kolovos, Kolovos Organizations: Wall, PPI, ECB, Citi, Federal Reserve, Atlanta Fed, Ned Davis Research, Dow Jones Industrial, Nvidia Locations: China, Rosh, Yom Kippur

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSINGAPORE, Sept 15 (Reuters) - Oil prices rose on Friday and are set for a third weekly gain, as better-than-expected Chinese economic data and reports of record oil consumption bolstered the view that demand in the world's second-largest crude consumer will continue to surge. Brent crude futures rose 62 cents, or 0.7%, to $94.32 as of 0249 GMT, while the U.S. West Texas Intermediate crude (WTI) was up 71 cents, or 0.8%, at $90.87. China's industrial output and retail sales grew at a faster-than-expected rate in August, suggesting that the recovery of the world's second-largest economy from the COVID-19 pandemic is stabilising. The International Energy Agency said this week it expects Saudi Arabia's and Russia's extended oil output cuts to result in a market deficit through the fourth quarter.

Persons: Agustin Marcarian, Edward Moya, Brent, WTI, Sudarshan Varadhan, Christopher Cushing Organizations: REUTERS, Rights, Brent, U.S . West Texas, National, International Energy Agency, Saudi, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights SINGAPORE, U.S, OANDA, China, Russia, Saudi Arabia

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. Cushing crude stocks have depleted by 18 million barrels (-42%) since the end of June compared with just 14 million barrels (-3%) elsewhere. In consequence, the net position in WTI climbed to 225 million barrels (42nd percentile for all weeks since 2013) up from a record low of just 46 million barrels. It is possible Cushing inventories are being liquidated to make up for reduced flows from Saudi Arabia and other Middle East exporters. Related columns:- Depleting U.S. crude stocks draw in hedge funds (September 11, 2023)- Hedge funds buy U.S. crude as stocks fall (September 4, 2023)- Depleting U.S. crude inventories lift oil prices (August 31, 2023)John Kemp is a Reuters market analyst.

Persons: Cushing, Long, WTI, John Kemp, Mark Potter Organizations: REUTERS, European Commission, U.S . Commodity Futures Trading Commission, refiners, Thomson, Reuters Locations: Cushing , Oklahoma, U.S, Cushing, Oklahoma, United States, Gulf, Europe, Saudi Arabia, North America, Asia

☆ Asia stocks rally as China data buoys mood; dollar stays strong
▼ + stars: | 2023-09-15 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

Hong Kong's Hang Seng (.HSI) added 1.2%, and mainland Chinese blue chips (.CSI300) rose 0.2%, flipping from early small losses. The overall improving economic outlook bolstered the Chinese yuan, which gained about 0.3% to 7.2709 per dollar in offshore markets . Australia's dollar , which often trades as a proxy for the country's top trading partner, rose 0.3% to $0.6460. The so-called U.S. dollar index edged down 0.08% to 105.33, after hitting the highest since early March at 105.43 on Thursday. The dollar index is on track for a ninth straight weekly advance, the longest run in nine years.

Persons: Issei Kato, Moody's, It's, Kyle Rodda, Tony Sycamore, Jerome, Sycamore, Brent, Kevin Buckland, Stephen Coates Organizations: REUTERS, Rights, Japan's Nikkei, U.S, European Central Bank, Federal Reserve, ECB, IG, U.S . West Texas, Thomson Locations: Tokyo, Japan, Asia, U.S

☆ Oil just hit its highest level of the year — and some analysts expect a return to $100 before 2024
▼ + stars: | 2023-09-15 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

In an aerial view, oil storage tanks are shown at the Enterprise Sealy Station on August 28, 2023 in Sealy, Texas. Oil prices climbed to their highest level of the year this week, extending a rally that has put a return to $100 a barrel sharply into focus. Indeed, some analysts believe crude prices could hit this milestone before year-end. Analysts at Bank of America have indicated they now believe oil prices could soon spike beyond triple digits. "Should OPEC+ maintain the ongoing supply cuts through year-end against Asia's positive demand backdrop, we now believe Brent prices could spike past $100/bbl before 2024," analysts led by Francisco Blanch said Tuesday in a research note.

Persons: Brent, WTI, Francisco Blanch Organizations: Enterprise, Brent, . West Texas Intermediate, Saudi, Bank of America, bbl Locations: Sealy , Texas, London, Saudi Arabia, Russia

Brent crude futures rose 36 cents, or 0.4%, to $92.24 a barrel at 0300 GMT. Elsewhere, the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday retained its forecasts for robust growth in global oil demand in 2023 and 2024. "The oil market looks decidedly tight over the next two to three quarters as supply constraints persist amid robust demand," said analysts at ANZ Research. U.S. crude inventories rose by 4 million barrels last week, confounding analysts' expectations in a Reuters poll for a 1.9 million-barrel drop. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

Persons: Priyanka Sachdeva, Phillip Nova, refiners, buoying, Arathy Somasekhar, Leslie Adler Organizations: Kyodo, REUTERS Acquire, Rights, Brent, . West Texas, International Energy Agency, Organization of, Petroleum, ANZ Research, Reserve, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Rights SINGAPORE, Saudi Arabia, Houston, Singapore

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024. Both benchmarks climbed to 10-month highs on Wednesday before data showed a surprise build in U.S. crude and fuel inventories that worried markets about demand. U.S. crude inventories rose by 4 million barrels last week, confounding analysts' expectations in a Reuters poll for a 1.9 million-barrel drop. Fuel inventories also rose more than expected as refiners stepped up activity. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

Persons: refiners, buoying, Arathy Somasekhar, Leslie Adler Organizations: Brent, U.S, West Texas, International Energy Agency, of, Petroleum, Reserve, Thomson Locations: Saudi Arabia, Houston

☆ Oil hits 2023 highs on tight supply outlook
▼ + stars: | 2023-09-14 | by ( ) www.cnbc.com time to read: +2 min

The tightening oil balance will remain the dominant price driver for the rest of 2023, he added. Both benchmarks had slipped on Wednesday after a U.S. supply report showing rising crude and refined product stocks. Priyanka Sachdeva, senior market analyst at Phillip Nova, said supply fears are underpinning oil prices as producers "adamantly stick to restricted production". A day before the IEA report, the Organization of the Petroleum Exporting Countries (OPEC) issued updated forecasts of solid demand and also pointed to a 2023 supply deficit if production cuts are maintained. "The oil market looks decidedly tight over the next two to three quarters as supply constraints persist amid robust demand," ANZ Research analysts said.

Persons: Tamas Varga, Brent, Priyanka Sachdeva, Phillip Nova Organizations: Oil, Brent, International Energy Agency, . West Texas, Organization of, Petroleum, ANZ Research, European Central Bank, Reuters, ECB Locations: Cromarty Firth, Invergordon, Scotland, Saudi Arabia, U.S

☆ U.S. crude oil prices top $90 a barrel for the first time since November 2022
▼ + stars: | 2023-09-14 | by ( Yun Li | ) www.cnbc.com time to read: 1 min

The crude oil tanker Searuby arrives at Teesport on September 02, 2023 in Redcar, United Kingdom. This is breaking news. Please check back for updates. Oil prices jumped on Wednesday, with U.S. crude topping $90 a barrel, as expectations of a tighter supply outlook grew. West Texas Intermediate crude (WTI) gained 1.6%, to $90, hitting its highest level since November 2022.

Organizations: West Texas Locations: Teesport, Redcar, United Kingdom

European stocks (.STOXX) fell as much as 0.5% in early trading, with rate-sensitive tech stocks (.SX8P) losing 0.8%. And the latest spike in oil prices to 10-month highs is unlikely to escape the Fed's attention. Fuelling worries over persistent inflation were oil prices, which firmed after hitting a 10-month peak a day earlier. ECB HIKE BETSThe euro was down 0.1% at $1.074, after nearing one-week highs on the Reuters story which was published late on Tuesday. "The leak raises the possibility of a hawkish hike which would be much more supportive for the EUR," said Steve Englander, global head of G10 FX research at Standard Chartered, referring to the Reuters report.

Persons: Androniki, Robert Alster, you'll, Steve Englander, Tom Wilson, Stella Qiu, Shri Navaratnam, Christina Fincher Organizations: Nikkei, REUTERS, Consumer, Index, Federal Reserve, Management, European Central Bank, Reuters, ECB, Nasdaq, Brent, U.S, West Texas, Markets, Standard Chartered, Thomson Locations: Tokyo, Japan, SYDNEY, Asia, Pacific, London, Sydney

Search resuls for: "WTI"

25 mentions found