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Search resuls for: "Tamas Varga"


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☆ Global oil market signals short-term weakness ahead of EU ban on Russian oil
  + stars: | 2022-11-28 | by ( Stephanie Kelly Muyu Xu Alex Lawler | Stephanie Kelly | Muyu Xu | ) www.reuters.com   time to read: +4 min
NEW YORK, Nov 28 (Reuters) - The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. On Dec. 5, a European Union ban on Russian crude imports is set to start, along with a plan by the G7 nations to force shippers to comply with a price cap on Russian oil sales. In the last week, crude futures contracts have flipped in and out of contango, where the prompt price of a commodity is lower than the future price, which suggests short-term weakness. Offers of Angolan and other West African crude oil to China, a main customer, are a barometer of physical crude demand from the country. In addition, European refiners have found themselves oversupplied with crude as an expected shortage owing to the looming EU ban on Russian oil has yet to materialise.
☆ Oil slips as price cap proposal eases supply concerns
  + stars: | 2022-11-24 | by ( Nia Williams Ahmad Ghaddar | Nia Williams | Ahmad Ghaddar | ) www.reuters.com   time to read: +3 min
A bigger-than-expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. European Union governments remained split over what level to cap Russian oil prices at to curb Moscow's ability to pay for its war in Ukraine without causing a global oil supply shock, with more talks possible on Friday if positions converge. A higher price cap could make it attractive for Russia to continue to sell its oil, reducing the risk of a supply shortage in global oil markets. "When one considers that the current Russian export price is below the proposed limit, the price cap automatically implies uninterrupted Russian exports," said PVM Oil analyst Tamas Varga.
☆ Oil drops as price cap proposal eases supply concerns
  + stars: | 2022-11-24 | by ( Ahmad Ghaddar | John Kemp | ) www.reuters.com   time to read: +3 min
A bigger than expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. A higher price cap could make it attractive for Russia to continue to sell its oil, reducing the risk of a supply shortage in global oil markets. "When one considers that the current Russian export price is below the proposed limit, the price cap automatically implies uninterrupted Russian exports," said PVM Oil analyst Tamas Varga. EU governments will resume talks on the price cap on Thursday or Friday, EU diplomats said.
☆ Oil slides over 3% on Russian price cap talks, U.S. gasoline build
  + stars: | 2022-11-23 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +3 min
U.S. gasoline stocks rose by 3.1 million barrels, according to the Energy Information Administration, far exceeding the 383,000 barrel build that analysts had forecast. Prices were hit further by reports that the G7 price cap on Russian oil could be above the level it is trading. G7 nations are looking at a price cap on Russian seaborne oil in the range of $65-70/bbl, according to a European official on Wednesday. A senior U.S. Treasury official said on Tuesday that the price cap will probably be adjusted a few times a year. The news added to concerns about demand from top crude oil importer China, which has been grappling with a surge in COVID-19 cases, with Shanghai tightening rules late on Tuesday.
☆ Oil falls on easing geopolitical tensions, China demand outlook
  + stars: | 2022-11-17 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +2 min
"Thankfully, those fears have abated and the situation de-escalated, which has seen oil gains unwound," said Craig Erlam, senior market analyst at OANDA. Brent crude fell $2.13 to $90.73 a barrel, a 2.3% loss, by 10:58 a.m. China reported rising daily COVID-19 infections and Chinese refiners have asked to reduce Saudi crude volume in December, Reuters has reported, while also slowing Russian crude purchases. "Struggling Chinese consumption is embodied in sinking domestic need for both Russian and Saudi crude oil," said Tamas Varga of oil broker PVM. Oil gained some support from official figures that U.S. crude stocks fell by a bigger than expected 5 million barrels in the most recent week.
☆ Oil climbs 4% as dollar slips and EU ban looms
  + stars: | 2022-11-04 | by ( Julia Payne | ) www.reuters.com   time to read: +3 min
Both contracts were supported by a weaker dollar , which can boost oil demand because it makes the commodity cheaper for those holding other currencies. While demand concerns weighed on the market, supply is expected to remain tight because of Europe's planned embargoes on Russian oil and a slide in U.S. crude stockpiles. "The slight weakness in the dollar, the upcoming ban on Russian oil sales are certainly supportive as focus is shifting from recession fears to supply issues," said PVM Oil Associates analyst Tamas Varga. "The main catalyst, however, is reports that China may ease its zero-Covid restrictions, which would be a boon to its economy and oil demand." The EU ban on Russian crude imports is due to take effect from Dec. 5.
☆ Oil up nearly 2% as weaker dollar offsets China concerns
  + stars: | 2022-11-01 | by ( Stephanie Kelly | Thomson Reuters | A New-York-Based Correspondent Covering The U.S. Crude Market | ) www.reuters.com   time to read: +3 min
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.
☆ Oil prices rise on tight supplies, as IEA warns of global recession
  + stars: | 2022-10-13 | by ( Ahmad Ghaddar | ) www.reuters.com   time to read: +2 min
The IEA downgraded its oil demand growth estimates slightly for this year to 1.9 million bpd and by 470,000 bpd in 2023 to 1.7 million bpd. It lowered its 2023 oil demand forecast by 360,000 bpd to 2.34 million bpd. Worsening demand for crude oil is contributing to inventory builds. U.S. crude oil stockpiles rose by about 7.1 million barrels for the week ended Oct. 7, according to market sources citing API data. The energy market is under pressure as well from the U.S. dollar, which has rallied broadly, including against low-yielding currencies like the yen.
☆ 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.
☆ Oil falls more than 2% on demand fears and strong dollar
  + stars: | 2022-09-19 | by ( Alex Lawler | ) www.reuters.com   time to read: +3 min
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. "The upcoming Fed meeting and the strong dollar are keeping a lid on prices," said Tamas Varga of oil broker PVM. read moreOil also came under pressure from hopes of an easing of Europe's gas supply crisis. The market has also been pressured by forecasts of weaker demand, such as last week's prediction by the International Energy Agency that there would be zero demand growth in the fourth quarter. read moreDespite those demand fears, supply concerns kept the decline in check.
☆ Oil falls more than 1.5% on demand fears and strong dollar
  + stars: | 2022-09-19 | by ( Alex Lawler | ) www.reuters.com   time to read: +3 min
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. "The upcoming Fed meeting and the strong dollar are keeping a lid on prices," said Tamas Varga of oil broker PVM. read moreOil also came under pressure from hopes of an easing of Europe's gas supply crisis. The market has also been pressured by forecasts of weaker demand, such as last week's prediction by the International Energy Agency that there would be zero demand growth in the fourth quarter. read moreDespite those demand fears, supply concerns kept the decline in check.
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