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☆ Oil steadies as China COVID hopes offset by OPEC+ output concerns
▼ + stars: | 2022-11-29 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Summary China to speed up COVID-19 vaccinations for elderlyOPEC+ to weigh rollover or oil output cut at Sunday meetingEU fails to agree on Russian oil price cap, say diplomatsNEW YORK, Nov 29 (Reuters) - Oil steadied on Tuesday as gains on hopes for a loosening of China's strict COVID-19 controls were later offset by concerns that OPEC+ would keep its output unchanged at its upcoming meeting. Brent crude futures were up 48 cents at $83.67 a barrel by 11:24 a.m. 1624 GMT. Five OPEC+ sources said OPEC+ is likely to keep oil output policy unchanged at its Sunday meeting, while two sources said an additional production cut was also likely to be considered. OPEC+ started to lower its output target by 2 million barrels per day (bpd) in November, aiming to shore up oil prices. Markets are also assessing the impact of a looming Western price cap on Russian oil.

☆ Oil rebounds from early plunge after Saudis deny OPEC+ output report
▼ + stars: | 2022-11-21 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Brent crude futures for January settled at $87.45, shedding 17 cents. U.S. West Texas Intermediate (WTI) crude futures for December settled at $79.73 a barrel, falling 35 cents ahead of the contract's expiry later on Monday. Oil then retraced its losses after Saudi Arabian energy minister Prince Abdulaziz bin Salman said the kingdom is sticking with output cuts and not discussing a potential oil output increase with other OPEC oil producers, state news agency SPA reported, denying the Journal report. Expectations of further increases to interest rates have buoyed the greenback, making dollar-denominated commodities like crude more expensive for investors. The front-month Brent crude futures spread narrowed sharply last week while WTI flipped into contango, reflecting dwindling supply concerns.

☆ Oil prices rebound from early dive as reports vary on OPEC+ output
▼ + stars: | 2022-11-21 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Brent crude futures for January fell 77 cents, or 0.9%, to $86.85 a barrel by 12:54 p.m. EST (1754 GMT) . U.S. West Texas Intermediate (WTI) crude futures for December were down 58 cents, or 0.7%, at $79.50 ahead of the contract's expiry later on Monday. Oil retraced most losses after Saudi Arabian energy minister Prince Abdulaziz bin Salman said the kingdom is not discussing a potential oil output increase with other OPEC oil producers, state news agency SPA reported, denying the Journal report. Expectations of further increases to interest rates have buoyed the greenback, making dollar-denominated commodities like crude more expensive for investors. The front-month Brent crude futures spread narrowed sharply last week while WTI flipped into contango, reflecting dwindling supply concerns.

☆ Oil prices slide $2 on China demand worries, U.S. midterm elections
▼ + stars: | 2022-11-08 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Companies Diamondback Energy Inc FollowNov 8 (Reuters) - Oil prices fell more than $2 on Tuesday in choppy trading on growing worries about fuel demand as COVID-19 outbreaks worsened in top crude importer China, and jitters about the outcome of U.S. midterm elections. U.S. crude fell $2.88, or 3.14%, to $88.91 per barrel. It's a wait to see what the result is type of a situation here," said Bob Yawger, director of energy futures at Mizuho in New York. U.S. stocks also gyrated as market participants bided their time waiting to see whether Capitol Hill is in for a power shift, with Republican gains expected in the midterm elections. The ICE exchange, home to the Brent benchmark, has increased the initial margin rates for front-month Brent crude futures by 4.92%, making maintaining a futures position more expensive from the close of business on Tuesday.

☆ Oil prices dip 1% on China demand worries, U.S. midterm elections
▼ + stars: | 2022-11-08 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Companies Diamondback Energy Inc FollowNov 8 (Reuters) - Oil prices edged 1% lower on Tuesday on growing worries about fuel demand as COVID-19 outbreaks worsened in top crude importer China, and jitters about the outcome of U.S. Brent futures for January delivery fell $1.14 to $96.78 a barrel, a 1.2% loss, by 13:02 p.m. EST (18:02 GMT). It's a wait to see what the result is type of a situation here," said Bob Yawger, director of energy futures at Mizuho in New York. The ICE exchange, home to the Brent benchmark, has increased the initial margin rates for front-month Brent crude futures by 4.92%, making maintaining a futures position more expensive from the close of business on Tuesday. U.S. crude oil stocks were expected to have risen by about 1.1 million barrels last week, a preliminary Reuters poll showed on Monday.

Mandatory credit Kyodo/via REUTERSSummarySummary Companies Oil prices rise to highest levels since late AugustWSJ: China weighs gradual Zero-COVID exit without timelineChina's crude oil imports rebound amid refinery rolloutsNEW YORK, Nov 7 (Reuters) - Oil prices fell on Monday, paring gains after rising to more than two-month highs, on mixed signals over China, the world's top crude importer, potentially relaxing its strict COVID-19 restrictions. Brent crude futures fell 65 cents to settle at $97.92 a barrel. Earlier in the session, they rose to a session high of $99.56 a barrel, the highest since Aug. 31. However, weighing on futures, Chinese health officials at the weekend reiterated their commitment to strict COVID containment measures. Meanwhile, China's imports and exports contracted unexpectedly in October, but its crude oil imports rebounded to the highest level since May.

U.S. West Texas Intermediate (WTI) crude rose $1.60, or 1.85%, to $88.13 after falling 1.6% in the previous session. The OPEC+ cuts and record U.S. oil export data also support oil price fundamentals, said CMC Markets analyst Tina Teng. Tamas Varga of oil broker PVM, meanwhile, said that dwindling oil supply, a possible halt to release of oil from the Strategic Petroleum Reserve (SPR) and reinvigotated oil demand growth could also send crude back above $100 a barrel. OPEC raised its forecasts for world oil demand in the medium and longer term on Monday, saying that $12.1 trillion of investment is needed to meet this demand. In a further cap to price gains, U.S. crude oil stocks are likely to rise in the week to Oct. 28, a preliminary Reuters poll showed.

☆ U.S. oil production nears 12 mln barrels/day, at pre-pandemic high
▼ + stars: | 2022-10-31 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. President Joe Biden has called on oil companies to boost production to reduce fuel prices. A little over two years after the pandemic wrecked havoc on demand and slashed profits, four of the five largest global oil companies brought in roughly $50 billion in net income in the most recent quarter. Crude production rose 0.9% to 11.98 million bpd in August, highest since March 2020, the U.S. Energy Information Administration (EIA) said in monthly figures. In top oil producing states, monthly output rose 1.6% to 5.10 million bpd in Texas and 0.6% to a record 1.58 million bpd in New Mexico, but fell 0.5% to 1.06 million bpd in North Dakota.

Brent crude futures fell 3 cents to settle at $92.38 a barrel. read moreThe U.S. dollar index pared losses after the comments, weighing on oil prices. A stronger dollar reduces demand for oil by making the fuel more expensive for buyers using other currencies. "Harker is saying that the war on inflation has just begun," said Phil Flynn, analyst at Price Futures Group in Chicago. The announcement, however failed to ease oil prices, as official U.S. data showed that the SPR last week dropped to their lowest since mid-1984, while commercial oil stocks fell unexpectedly.

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File PhotoSummary China mulls cutting quarantine time for visitors - reportLooming EU ban on Russian oil, OPEC+ cuts supportiveU.S. oil reserve sales plan fails to dampen pricesNEW YORK, Oct 20 (Reuters) - Oil prices edged higher on Thursday on news China is considering easing COVID-19 quarantine measures for visitors, boosting hopes for increased energy demand in the world's top oil importer. Brent crude futures rose 6 cents to $92.47 a barrel by 12:58 p.m. EDT (1658 GMT). China, the world's largest crude importer, has stuck to strict COVID curbs this year, which weighed heavily on business and economic activity, lowering demand for fuel. The announcement, however failed to ease oil prices, as official U.S. data showed that the SPR last week dropped to their lowest since mid-1984, while commercial oil stocks fell unexpectedly.

Oil futures have risen over 7% since to five-week highs, as the move was seen as putting a floor under the market. However, the U.S. oil options market skewed toward buying of put options, used to either bet on or protect against downside movement. Trading volumes for U.S. crude futures puts and calls for November delivery gained over 40% to Wednesday, the day of the OPEC+ meeting, from Tuesday, data from CME Group showed. On Thursday and Friday, volumes in puts totaled 15,579 and 25,771, respectively, while volumes in calls totaled 16,087 and 42,291, CME Group data showed. In the futures market, crude spreads widened on Friday, with near-term contracts rising at a faster rate than later-dated contracts.

☆ Oil rises 2% from multi-month lows on U.S. Gulf output cuts, supply outlook
▼ + stars: | 2022-09-28 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

The outages may only provide a momentary reprieve for oil prices, said Bob Yawger of Mizuho in New York. After shutting some its offshore crude production, BP Plc (BP.L) said the storm didn't pose a threat to its Gulf of Mexico assets and it was redeploying workers to oil platforms. "Oil is currently under the influence of financial forces," said Tamas Varga of oil broker PVM. Iraq's oil minister on Monday said the group was monitoring prices and did not want a sharp increase or a collapse. U.S. crude oil in storage rose by about 4.2 million barrels for the week ended Sept. 23, according to market sources citing American Petroleum Institute figures on Tuesday.

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