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☆ Oil prices fall on concerns of slow fuel demand, weak China data
▼ + stars: | 2023-06-29 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell on Thursday, paring some of the previous day's gains, as investors took profits on concerns of further interest rate hikes dampening economic growth and global fuel demand while weak economic data in China also weighed on sentiment. "The market turned around on renewed worries about further rate hikes in the U.S. and Europe, which will reduce global oil demand," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. Adding to pressure, annual profits at industrial firms in China, the world's second-biggest oil consumer, extended a double-digit decline in the first five months as softening demand squeezed margins. Brent's six-month backwardation - a price structure whereby sooner-loading contracts trade at higher prices than later-loading ones - reached its lowest since December, but still indicated higher demand for immediate delivery. "Behind the backwardation is the expectation that the immediate demand for fuels will stay firm as the United States has entered the driving season, but the global economy will slow down toward the second half of this year, reducing oil demand," NS Trading's Kikukawa said.

Persons: paring, Brent, Hiroyuki Kikukawa, Jerome Powell, Christine Lagarde, Tetsu Emori, Kikukawa Organizations: TotalEnergies, . West Texas, U.S . Energy Information Administration, NS, Nissan Securities, U.S . Federal, European Central Bank, Emori Fund Management Inc Locations: Leuna, Germany, China, U.S, Europe, Saudi Arabia, OPEC, United States

TOKYO, June 7 (Reuters) - Oil prices steadied on Wednesday after the previous session's losses, as demand concerns owing to slow global economic growth were offset by fears of tighter global supply following Saudi Arabia's pledge to deepen output cuts. Meanwhile, the U.S. Energy Information Administration (EIA) said on Tuesday that U.S crude oil production this year will rise faster and demand increases will cool compared to prior expectations. A reduction in the U.S. crude stocks also lent support to the oil market, NS Trading's Kikukawa said. U.S. crude oil inventories fell by about 1.7 million barrels last week, while fuel inventories rose, according to market sources citing American Petroleum Institute figures on Tuesday. Analysts forecast U.S. energy firms added about 1.0 million barrels of crude into storage during the week ended June 2, according to a Reuters poll.

Persons: Saudi Arabia's, paring, Hiroyuki Kikukawa, Brent, Kikukawa, Yuka Obayashi, Shri Navaratnam Organizations: Saudi, Brent, U.S . West Texas, NS, Nissan Securities, Strategic Petroleum Reserve, Saudi Arabia's, Organization of, Petroleum, Citi, UBS, U.S . Energy Information Administration, American Petroleum Institute, Thomson Locations: TOKYO, U.S, United States, China, Russia, OPEC

☆ Oil prices extend losses on fears of recession and slower oil demand
▼ + stars: | 2023-04-21 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Friday, extending losses from the two previous days and heading for a weekly decline, as softening U.S. economic data and a rise in U.S. gasoline inventories raised concerns about a recession and slower global oil demand. Brent futures for June delivery were down by 14 cents, or 0.2%, at $80.96 a barrel at 0101 GMT. West Texas Intermediate crude (WTI) for June delivery slid 12 cents, or 0.2%, to $77.25 a barrel. "Market sentiment remained bearish after the weak U.S. economic data, along with expectations of interest rate hikes, fueling worries over a recession that could dent oil demand," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. U.S. crude oil inventories last week fell more than forecast as refinery runs and exports rose, while gasoline stockpiles jumped unexpectedly on disappointing demand, Energy Information Administration data showed on Wednesday.

☆ Oil prices steady as investor focus shifts to demand outlook
▼ + stars: | 2023-04-04 | by ( ) www.cnbc.com time to read: +2 min

Oil prices steadied in early Asian trade on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors' attention shifting to demand trends and the impact of higher prices on the global economy. The latest pledges bring the total volume of cuts by OPEC+ to 3.66 million bpd including a 2 million barrel cut last October, according to Reuters calculations — equal to about 3.7% of global demand. "In the short term, demand is expected to rise for the summer driving season, but higher oil prices may intensify inflationary pressures and prolong interest rate hikes in many countries, which could dampen demand," he said. The OPEC+ production curbs led most analysts to raise their Brent oil price forecasts to around $100 per barrel by year-end. The news, however, added to investor worries about higher costs for businesses and consumers, raising fears that an inflationary jolt to the world economy from rising oil prices will result in more rate hikes.

☆ Oil prices rise as investors move focus from OPEC+ cuts to demand outlook
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +3 min

Companies Goldman Sachs Group Inc FollowBEIJING, April 4 (Reuters) - Oil prices posted gains in Asian trade on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors' attention shifting to demand trends and the impact of higher prices on the global economy. The latest pledges bring the total volume of cuts by OPEC+ to 3.66 million bpd including a 2 million barrel cut last October, according to Reuters calculations - equal to about 3.7% of global demand. "In the short term, demand is expected to rise for the summer driving season, but higher oil prices may intensify inflationary pressures and prolong interest rate hikes in many countries, which could dampen demand," he said. The OPEC+ production curbs led most analysts to raise their Brent oil price forecasts to around $100 per barrel by year-end. "But for anything more than that something has to change dramatically from the demand side of the equation," he added.

☆ Oil falls as US holds off refilling strategic reserve
▼ + stars: | 2023-03-24 | by ( Yuka Obayashi | ) www.reuters.com time to read: +2 min

TOKYO, March 24 (Reuters) - Oil prices fell on Friday, extending the previous day's losses, on worries about potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years. The White House said in October it would buy back oil for the SPR when prices were at or below about $67-$72 per barrel. Deputy Prime Minister Alexander Novak said a previously announced cut of 500,000 barrels per day (bpd) in Russia's oil production would be from an output level of 10.2 million bpd in February, the RIA Novosti news agency reported. That would mean Russia is aiming to produce 9.7 million bpd between March and June, when the production cut will be in force, according to Novak - a much smaller reduction in output than Moscow previously indicated. On the supportive side, Goldman Sachs said commodities demand was surging in China, the world's biggest oil importer, with oil demand topping 16 million bpd.

☆ Oil falls as U.S. holds off refilling strategic reserve
▼ + stars: | 2023-03-24 | by ( ) www.cnbc.com time to read: +2 min

Some pumpjacks operate while others stand idle in the Belridge oil field near McKittrick, California. Oil prices rose in early Asian trade on the prospect that a stalled Iran nuclear deal and Moscow's new mobilization campaign would restrict global supplies. Oil prices fell on Friday, extending the previous day's losses, on worries about potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve or SPR may take several years. The White House said in October it would buy back oil for the SPR when prices were at or below about $67-$72 per barrel. On the supportive side, Goldman Sachs said commodities demand was surging in China, the world's biggest oil importer, with oil demand topping 16 million bpd.

TOKYO/SINGAPORE, Jan 25 (Reuters) - Crude oil prices inched higher on Wednesday as optimism for a demand recovery in China and expectations that major producers will maintain current output policy offset global recession worries. U.S. West Texas Intermediate (WTI) crude climbed 7 cents, or 0.1%, to $80.20, after a 1.8% drop on Tuesday. An OPEC+ panel is likely to endorse the producer group's current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as hopes for higher Chinese demand are balanced by worries over inflation and the global economy. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook. However, gains in oil prices were capped by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday.

TOKYO/SINGAPORE, Jan 25 (Reuters) - Crude oil edged up on Wednesday as optimism for demand recovery in China and a likely unchanged output cut decision by major oil producers offset global recession worries. Brent crude rose 22 cents, or 0.3%, to $86.35 per barrel by 0501 GMT after falling 2.3% in the prior session. An OPEC+ panel is likely to endorse the producer group's current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as the hopes for higher Chinese demand are balanced by worries over inflation and the global economy. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook. However, gains in oil prices were capped by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday.

☆ Oil rebounds as China demand recovery optimism supports prices
▼ + stars: | 2023-01-25 | by ( Yuka Obayashi | ) www.reuters.com time to read: +2 min

TOKYO, Jan 25 (Reuters) - Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth. Brent crude futures gained 59 cents, or 0.7%, to $86.72 per barrel by 0214 GMT after falling 2.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.6%, to $80.59 per barrel, having dropped 1.8% on Tuesday. The economic worries were exacerbated by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday. That was triple the build of about 1 million forecast in a preliminary Reuters poll on Monday.

☆ Oil prices erase 2022 gains as China's protests spark demand worries
▼ + stars: | 2022-11-28 | by ( Noah Browning | Huw Jones | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate (WTI) crude slid $2.31, or 3%, to $73.97 after touching its lowest since Dec. 22 last year at $73.60. Markets appeared volatile ahead of an OPEC+ meeting this weekend and a looming G7 price cap on Russian oil. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, will meet on Dec. 4. However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.

It fell as far as $73.60 earlier, its lowest since Dec. 22, 2021. The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, known as OPEC+, will meet on Dec. 4. read moreInvestors also focused on Western plans for a price cap on Russian oil. On Thursday, EU governments were split on the level at which to cap Russian oil prices. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.

☆ Oil drops more than $1 as China's COVID protests fuel demand worries
▼ + stars: | 2022-11-28 | by ( Yuka Obayashi | ) www.reuters.com time to read: +3 min

WTI's trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of the OPEC+ meeting and the price cap on Russian oil. China, the world's top oil importer, has stuck with President Xi Jinping's zero-COVID policy even as much of the world has lifted most restrictions. Meanwhile, Group of Seven(G7) and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. But a meeting of EU government representatives, scheduled for Nov. 25 evening to discuss the issue, was cancelled, EU diplomats said. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off.

☆ Oil falls over $2 a barrel as China's Covid protests fuel demand fears
▼ + stars: | 2022-11-28 | by ( ) www.cnbc.com time to read: +3 min

Oil futures fell more than $2 a barrel on Monday, with WTI hitting an 11-month low, as protests in top importer China over strict Covid-19 curbs fueled demand concerns. WTI's trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of the OPEC+ meeting and the price cap on Russian oil. Investors also focused on Western plans for a price cap on Russian oil. On Thursday, EU governments were split on the level at which to cap Russian oil prices. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off.

WTI's trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of the OPEC+ meeting and the price cap on Russian oil. read moreInvestors also focused on Western plans for a price cap on Russian oil. Group of Seven(G7) and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. On Thursday, EU governments were split on the level at which to cap Russian oil prices. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off.

☆ Нефть дешевеет из-за роста запасов в США
▼ + stars: | 2020-09-28 | by ( ) point.md time to read: +1 min

Цены на нефть снизились 28 октября, растеряв часть набранного на предыдущей сессии преимущества, поскольку резкое увеличение запасов в США и рост числа случаев коронавируса усилили опасения об избытке предложения и ослаблении спроса. Цена фьючерсов на нефть WTI на декабрь на электронных торгах нью-йоркской товарной биржи NYMEX снизилась на $0,87 (2,20%) к уровню предыдущей сессии - до $38,70 за баррель. "Превысивший прогнозы рост запасов нефти в США спровоцировал новую распродажу, в то время как опасения по поводу перебоев поставок из-за урагана "Зета" снизились", - сказал Хироюки Кикукава, генеральный директор по исследованиям в Nissan Securities. Накануне росту нефтяных цен способствовали новости о приближении к побережью США в Мексиканском заливе урагана "Зета". По состоянию на 09:15 по киевскому времени цена на нефть марки Brent установлена на уровне 40,74 доллара за баррель.

Persons: ukrinform.ru, Brent, Brent 41,03, Хироюки Кикукава Organizations: ukrinform.ru Brent ICE, Nissan Securities, Investing.com, ICE Futures, NYMEX, Американский институт нефти (API), Nissan Securities, Бюро по вопросам безопасности и охраны окружающей среды Locations: США, Мексиканский залив

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