The energy transition has upset the outlook and changed the rules of the game for the industry, Wood Mackenzie says
Wood Mackenzie’s Global Energy Summit Upstream Focus Day has addressed some of the biggest issues facing the industry. How will the upstream industry use an incoming US$1 trillion price windfall? Should Asian governments be doing more to resuscitate declining gas production? And what is the future for exploration in this region? In previous upcycles the […]
Oil prices are fluctuating on Wednesday, with the projected market tightness driving them to new multi-year highs in the morning. Later in the day, API projections that crude stocks rose in the US spread concerns over the speed of the rally, with prices being trimmed back
Oil prices are currently that high that they carry quite some risk for traders, with today’s wild fluctuation illustrating their fragility and vulnerability to market developments. As Monday’s OPEC+ policy decision does not relieve the market tightness further in coming months, oil prices continued their stunning rally this morning. Despite the bullish morning, the API […]
Oil prices continued to rise on Tuesday, a day after the OPEC+ meeting kept its supply comeback plan unchanged, with traders pricing in further the tight market conditions.
The confirmation that OPEC+ would keep a cap on supply, instead of feeding the market with even more product and bringing it towards a closer equilibrium, drove traders into a buying frenzy for front-month Brent contracts, as the decision guarantees a tight supply picture in November and December. Is the growing oil price becoming an […]
It’s that day of the month again and there is so much to take in from the OPEC+ meeting, as prices are rising on its outcome
Most markets participants were expecting OPEC+ to stick to the plan but – amid high prices and a tight supply environment – it appears traders have been cautious, pricing in an element of surprise before the meeting. The decision by OPEC+ to add the expected 400,000 bpd in November triggered a market reaction, as traders […]
Oil prices are largely unchanged today so far, as the market is waiting to see how the OPEC+ meeting will unfold before paving a new price direction
There was no lack of oil price swings last week, but the market is taking no risks before today’s OPEC+ meeting, waiting to see what the alliance plans for November before disturbing the price nirvana. Prices are staying largely flat as OPEC+ has the full attention of the oil market. What will shape prices going […]
Oil prices are declining today as the market prices in some uncertainty ahead of next week’s OPEC+ meeting and the surprise US crude stocks build of the past week
Oil prices are poised to close the week in a bearish track as traders were surprised by a build of crude stocks in the US and are pricing in reports that OPEC+ may consider an option to hike output more than planned in its coming meeting. Building inventories triggered an alarm for markets, especially at […]
Oil prices declined today as a result of an unexpected build in US stocks last week, but a bullish environment persists amid the winter energy crisis that boosts oil demand even for power needs
The oil price rally is taking a breather today as US crude stocks unexpectedly rose last week, a development the market was not expecting as weeks of continuous draws have been fueling the price rise. Despite the build, the overall trend of massive draws over the past weeks has still left US storage levels low […]
While Europe is limited by carbon regulations and operational constraints, Asia can burn oil in power plants with more flexibility
The recent rally in LNG prices in Europe and Asia has dramatically widened the economic incentive to switch from natural gas to oil in power generation. Steep carbon regulations and operational constraints limit Europe’s ability to burn oil in power plants, but Asia has more flexibility. If the gap between LNG and oil prices remains […]
Oil prices rose again today, with Brent exceeding $80 per barrel, as tight global supply faces growing demand, with some gas to oil switching expected in Asia
Brent prices climbing above $80 per barrel for the first time since the pandemic started is a significant market event and highlights how the balance has changed dramatically, from global demand destruction and negative prices to supply tightness as demand returns. It is only now that the market is feeling the supply damage the Covid-19 […]
Oil prices continue to rise, with Brent approaching $80 per barrel, as global supply tightness keeps fueling the bullish rally
The rise of oil prices is continuing beyond what even most bullish traders would dream just months ago, and Brent hurtling towards the threshold of $80 per barrel is reflective of the extraordinarily tight crude market. However, upward space for price maneuvering could just as easily be extinguished, either as investors opt for profit taking […]
