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☆ Gold steadies, Fed pause bets brighten outlook
▼ + stars: | 2023-03-24 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

Spot gold was little changed at $1,996.19 per ounce at 1202 GMT, holding a relatively narrow $20 range. U.S. gold futures rose 0.1% to $1,997.50. U.S. 10-year Treasury yields fell for the third straight session, while the dollar index rose 0.7%. Commerzbank raised its year-end gold forecasts to $2,000, joining similar upward revisions by Goldman Sachs, Citi and ANZ. Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sohini Goswami and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Oil drops as oversupply concerns overshadow demand hopes
▼ + stars: | 2023-03-23 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude futures fell 46 cents, or 0.6%, to $76.23 a barrel by 2:15 p.m. EDT (1815 GMT), while the U.S. West Texas Intermediate crude futures slid by 57 cents, or 0.8%, to $70.33 a barrel. Oil benchmarks were slightly higher before the news on hopes that a lower dollar and higher gasoline prices would spur more demand for the commodity. A weaker greenback makes dollar-denominated oil more attractive to holders of foreign currencies, lifting demand. Higher gasoline demand will encourage refiners to use more crude oil to turn it into the road transportation fuel, Mizuho analyst Robert Yawger said. Also supportive, Goldman Sachs on Thursday said demand from China, the world's biggest oil importer, continued to surge across the commodity complex, with oil demand topping 16 million barrels per day.

LONDON, March 3 (Reuters) - Oil prices slumped on Friday after the Wall Street Journal reported that the United Arab Emirates had an internal debate about leaving OPEC and pumping more oil, but retraced some losses after a source told Reuters this was not true. Oil prices this week had been boosted by strong Chinese economic data, underpinning hopes for oil demand growth, but those gains were all but erased on Friday. "The driver was the WSJ story, with concerns that this might impact the OPEC+ production (cut) deal. China's seaborne imports of Russian oil are set to hit a record high this month. The world's top oil importer is becoming increasingly ambitious with its 2023 growth target, aiming as high as 6%, sources told Reuters.

LONDON, March 3 (Reuters) - Oil prices slumped on Friday after the Wall Street Journal reported that the United Arab Emirates had an internal debate about leaving the Organization of the Petroleum Exporting Countries and pumping more oil. Oil prices this week had been boosted by strong Chinese economic data, underpinning hopes for oil demand growth, but those gains were all but erased on Friday. China's seaborne imports of Russian oil are set to hit a record high this month. "Those betting on higher oil prices are basking in the afterglow of the positive macro data out of China," said PVM analyst Stephen Brennock. Russia's plan to deepen oil export cuts in March also helped to buoy prices.

☆ Oil settled up as rising supplies face Chinese demand hopes
▼ + stars: | 2023-03-01 | by ( ) www.cnbc.com time to read: +3 min

Permian Basin rigs in 2020, when U.S. crude oil production dropped by 3 million a day as Wall Street pressure forced cuts. Oil prices settled up slightly on Wednesday as signs of ample supply, including growing U.S. crude inventories, offset growing hopes for higher demand after a jump in manufacturing in top crude importer China. Brent crude futures settled up 86 cents, or 1%, to $84.31 a barrel. In other signs of ample supply, Russia's oil production reached the pre-sanctions level for the first time in February, the Kommersant business daily reported. An official index showed China's manufacturing activity expanded in February at the fastest pace in more than a decade, feeding hopes for a boost in oil demand.

☆ Oil prices head for a 4th monthly loss in a row, as traders keep worrying about the Fed's war on inflation
▼ + stars: | 2023-02-28 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Crude oil prices are on track to end February lower, for their fourth monthly loss in a row. But many analysts expect prices to rise again in March as Russia slashes its oil output. Higher interest rates in the US weigh on oil prices because they curb consumer demand and drag on economic activity. But many analysts expect oil prices to rally again once Russia starts cutting its production levels. Moscow said earlier in February that it plans to cut its oil output by 500,000 barrels a day in March, as Ukraine sanctions hit its ability to find willing buyers.

☆ Oil drops 3% as high inflation risks stoke demand worries
▼ + stars: | 2023-02-22 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

Brent crude futures for April delivery were down $2.33, or 2.8%, to $80.72 a barrel at 2:20 p.m. EST (1920 GMT), while West Texas Intermediate (WTI) crude futures dropped by $2.31, or 3%, to $74.05 a barrel. "While better U.S. economic data should mean better oil demand, the concern is that this forces the Fed to overtighten monetary policy to bring inflation under control," said UBS analyst Giovanni Staunovo. Other U.S. economic reports, however, showed some troubling signs for the world's biggest oil consumer. According to a preliminary Reuters poll on Tuesday, analysts forecast a rise in U.S. crude inventories, feeding demand worries. Morgan Stanley raised its global oil demand growth estimate for this year by about 36%, citing growing momentum in China's reopening and a recovery in aviation.

☆ Oil prices rise 2% after Russia says it will cut output by 500,000 barrels a day
▼ + stars: | 2023-02-10 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

A work-over rig performs maintenance on an oil well in the Permian Basin oil production area near Wink, Texas August 22, 2018. Russia will cut oil output by 500,000 barrels per day in March, Deputy Prime Minister Alexander Novak said on Friday, following Western bans on Moscow's crude and oil products implemented in the past few months. The announced production decline amounts to roughly 5% of Russia's latest crude oil output, which Paris-based watchdog the International Energy Agency estimated was down at 9.77 million barrels per day in December. He noted that the cut does not apply to gas condensate and will be calculated from actual output levels, not from Russia's quota under the OPEC+ output agreement. The EU implemented bans on seaborne imports of crude oil on Dec. 5 and of oil products this week.

☆ Oil prices settle steady on higher U.S. demand, weaker dollar
▼ + stars: | 2023-01-31 | by ( ) www.cnbc.com time to read: +2 min

Oil prices closed steady on Tuesday after recovering from a near three-week low, drawing support from a weakening dollar and on data showing that demand for U.S. crude and petroleum products rose in November. The more active second-month Brent contract settled at $85.46 a barrel, up 96 cents or 1%, while the U.S. West Texas Intermediate crude futures settled at $78.87 a barrel, up 97 cents or 1.3%. Crude benchmarks were also supported by a weaker U.S. dollar, UBS analyst Giovanni Staunovo said. However, Tuesday's weakness in front-month Brent prices may cause concern in the group, Yawger said. This widened the contango in the market, which occurs when futures prices show a commodity's price is expected to be much higher in the future.

REUTERS/Todd Korol/File Photo/File PhotoNEW YORK, Jan 26 (Reuters) - Oil prices rose about 2% on Thursday on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data. Brent futures rose $1.35, or 1.6%, to settle at $87.47 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 86 cents, or 1.1%, to settle at $81.01. "Crude prices got an unexpected boost from a U.S. economy that doesn’t want to break," said Edward Moya, senior market analyst at data and analytics firm OANDA. China has been easing stringent COVID-19 restrictions this month, with Beijing reopening borders for the first time in three years. The OPEC+ ministerial panel meeting on Feb. 1 is likely to endorse the oil producer group's current output levels, OPEC+ sources said.

☆ Oil prices rally to highest close since Dec. 1 on China optimism
▼ + stars: | 2023-01-19 | by ( ) www.cnbc.com time to read: +2 min

Smoke rises from a Saudi Aramco oil facility in Saudi Arabia's Red Sea coastal city of Jeddah, on March 26, 2022. Oil prices settled 1% higher on Thursday, extending a recent rally built around rising Chinese demand, while the market wrote off a second straight week of large builds in U.S. crude inventories. Oil prices were down by more than a dollar per barrel earlier in Thursday's session, as traders booked profits and U.S. data showed the economy losing momentum. Both oil benchmarks hit their highest level in more than a month on Tuesday. "All roads seem to lead back to the same input - rising Chinese demand," said John Kilduff, partner at Again Capital LLC in New York.

☆ Oil weakens on China uncertainty; U.S. demand keeps losses in check
▼ + stars: | 2022-12-29 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Conflicting headlines about demand from top oil importer China have buffeted traders in recent weeks. Brent crude futures for February delivery fell by $1.06, or 1.3%, to $82.20 a barrel by 11:52 a.m. EST [1652 GMT]. A weaker dollar makes oil cheaper for holders of other currencies and can boost demand. Oil prices also gained some support after inventories update for last week from the U.S. Energy Information Administration. Despite a surprise build in crude oil stocks, the report itself was positive, said Giovanni Staunovo of Swiss bank UBS, adding it showed a solid rebound in implied oil demand, resulting in large draws of refined products last week.

☆ Oil weakens on China uncertainty, U.S. demand keeps losses in check
▼ + stars: | 2022-12-29 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Conflicting headlines about demand from top oil importer China have buffeted traders in recent weeks. Brent crude futures for February delivery fell by $1.01, or 1.2%, to $82.25 a barrel by 11:52 a.m. EST [1652 GMT]. A weaker dollar makes oil cheaper for holders of other currencies and can boost demand. Oil prices also gained some support after inventories update for last week from the U.S. Energy Information Administration. Despite a surprise build in crude oil stocks, the report itself was positive, said Giovanni Staunovo of Swiss bank UBS, adding it showed a solid rebound in implied oil demand, resulting in large draws of refined products last week.

☆ EIA data shows surprise U.S. crude stock build in latest week
▼ + stars: | 2022-12-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Dec 29 (Reuters) - U.S. crude oil inventories rose unexpectedly last week as imports climbed and exports fell, the Energy Information Administration (EIA) said on Thursday. Oil stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) fell by 195,000 barrels in the last week, EIA said. Net U.S. crude imports (USOICI=ECI) rose by 1.33 million barrels per day, EIA said. U.S. oil product supplied last week rose to its highest since Dec. 2021, according to Wednesday's EIA petroleum status report. Distillate stockpiles (USOILD=ECI), which include diesel and heating oil, rose by 300,000 barrels in the week to 120.2 million barrels, versus expectations for a 2 million-barrel drop, the EIA data showed.

☆ Oil drops on China uncertainty; U.S. demand limits decline
▼ + stars: | 2022-12-29 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

Brent crude futures for February delivery fell by a dollar to settle at $82.26, down 1.2%. U.S. crude oil inventories rose unexpectedly last week as imports climbed and exports fell, the Energy Information Administration (EIA) said on Thursday. Despite the surprise build in crude oil stocks, the report itself was "positive" and showed a "solid rebound" in implied oil demand, resulting in large draws of refined products, said Giovanni Staunovo of Swiss bank UBS. A weaker dollar makes oil cheaper for holders of other currencies. Shutdown of the line hit supplies in the U.S. and briefly lifted oil prices, although there was little change to either benchmark after settlement.

☆ Oil settles lower in light trading on China demand concerns
▼ + stars: | 2022-12-28 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

China has said it will stop requiring inbound travellers to quarantine from Jan. 8, a major step towards relaxing stringent curbs on its borders. Market participants noted that trading volumes this week are expected to be lighter than usual as the end of the year approaches, creating more volatility in oil prices. "My sense is the general risk-off mood has weighed on the oil prices, in a market with thin liquidity," said UBS analyst Giovanni Staunovo. "Next year brings immense uncertainty and plenty of potential upside risk for prices from the China reopening to lower Russian output and further OPEC+ cuts," Erlam said. U.S. crude oil inventories fell last week while gasoline and distillate stocks rose surprisingly, according to market sources citing American Petroleum Institute figures on Wednesday.

☆ Oil rises $3/bbl after Russia signals output cut due to price cap
▼ + stars: | 2022-12-23 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude settled at $83.92, up by $2.94 or 3.6%, while U.S. West Texas Intermediate (WTI) crude settled at $79.56 a barrel, up $2.07, or 2.7%. Russia may cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday. "The potential cut from Russia could be giving the bulls more fuel," said Eli Tesfaye, senior market strategist at RJO Futures. Both crude oil demand and output could slump over the next few days due to shut-ins from a massive winter storm that cascaded across a broad swath of the United States. Several of the largest U.S. refineries shut down due to the extreme cold while output shut in Texas and North Dakota.

☆ Oil prices could hit more than $100 per barrel in 2023, says UBS
▼ + stars: | 2022-12-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil prices could hit more than $100 per barrel in 2023, says UBSGiovanni Staunovo of UBS Global Wealth Management says the price cap on Russian oil will probably lower the country's oil production.

☆ Oil drops below $80 as demand doubt deepens
▼ + stars: | 2022-12-06 | by ( ) www.cnbc.com time to read: +3 min

Global oil prices slid below $80 per barrel for the first time since January on Tuesday, extending a downward trend as growing concerns about global demand offset any bullish effects from an EU-led price cap on Russian oil sales. Brent crude futures settled down 4.03%, to $79.35 a barrel, their lowest since Jan. 4. West Texas Intermediate crude (WTI) fell 3.48%, to $74.26 after hitting its lowest level this year. The U.S. dollar index edged lower on Tuesday but was still buoyed by bets on higher interest rates, following the biggest rally in two weeks on Monday. U.S. crude oil stocks are forecast to have fallen last week.

The group agreed in early October to cut its oil production target by 2 million bpd from November until the end of 2023. Given production restraints on some members of the alliance, the actual cut the group is expected to deliver is closer to between 1 million and 1.1 million bpd. "A further cut in production cannot ... be ruled out," PVM Oil analyst Stephen Brennock said. "Failure to do so risks sparking another selling frenzy," he added, without saying how low he thought prices could go. Amrita Sen, co-founder of consultancy Energy Aspects, told bank Jefferies that she did not expect OPEC+ to change tack yet.

☆ The West is struggling to set an oil price cap that hurts Russia
▼ + stars: | 2022-11-25 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

Putin said Thursday that Western plans to introduce oil price caps would have “grave consequences” for energy markets. The oil price cap aims to amend that policy. Shipping services and insurance could be provided to tankers transporting Russian oil — so long as it’s purchased at or below the price cap established by Western nations. “But reality will be different.”Some analysts think the price cap will ultimately be less important than Europe’s oil embargo. “Due to the EU oil embargo and the planned price cap on oil from Russia, oil production there is likely to be significantly curtailed,” Commerzbank said in a note to clients.

☆ 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.

☆ Oil up $2 a barrel from multi-month low on U.S. Gulf supply cuts, softer dollar
▼ + stars: | 2022-09-27 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. "Oil is currently under the influence of financial forces," said Tamas Varga of oil broker PVM. BP and Chevron said on Monday they had shut production at offshore platforms in the Gulf of Mexico as Hurricane Ian approached. read moreThe outages may only provide a momentary reprieve for oil prices, Jim Ritterbusch, of Ritterbusch and Associates, said in a note. Iraq's oil minister on Monday said the group was monitoring prices and did not want a sharp increase or a collapse.

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