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Posted inExploration & Production

Oil dips on rising US inventories, pressure on OPEC+ and prospect of tighter monetary policies

by Louise Dickson, senior oil markets analyst, Rystad Energy

Oil prices are falling today on a bearish cocktail of crude storage builds in the US, pressure on OPEC+ to increase production further, a new Covid-19 breakout in China, and the possibility of tighter monetary policies ahead

Oil prices have taken a bearish pivot as the market appreciates a brewing standoff between oil-consumers and OPEC+, a forecasted build in US crude storage, and the resurgence of Covid-19 cases in China. The bearish cocktail of storage builds and pressure on OPEC+ to raise production has slashed value from both Brent and WTI barrels, […]

Posted inExploration & Production

Oil in for a bullish week as OPEC+ meeting approaches

by Carla Sertin

Oil prices started the week with gains, as the market expects OPEC+ to maintain its supply policy and not relieve the extreme supply tightness

The oil market is expected to see bullish momentum this week, at least until OPEC+ meets, as traders expect no change of supply policy by the group, despite the extreme market tightness. Oil prices are already rising today, despite the OPEC+ meeting being scheduled for Thursday, ignoring bearish developments such as China deciding to release oil […]

Posted inExploration & Production

Oil rises further as energy supply crunch continues to eat up global tight supply

by Carla Sertin

Oil prices continue to gain this week as global fuel supply tightness seems to fail to meet the needs of the growing energy demand, with more upside anticipated going forward

The global energy supply crunch continues to show its teeth, as oil prices extend their upward march this week, a result of traders pricing in the ongoing rise in fuel demand – which amid limited supply response is depleting global stockpiles.   The relative calamity of Covid-19 and return to normalized mobility amid an energy […]

Posted inExploration & Production

Oil declines on expected stocks build in the US and China’s coal policy

by Louise Dickson, senior oil markets analyst, Rystad Energy

Oil prices declined today as traders are pricing in an expected build in US crude oil stocks and China’s intent to lower coal prices

Traders are today pricing in the first bearish developments for the oil market in a while, the expected build in US crude stocks and China’s intent to normalize coal prices – which in turn will limit coal to oil switch for power generation. Prices are declining today and the depth of the dive will very […]

Posted inExploration & Production

Oil rises further on energy supply tightness and arrival of cold weather

by Carla Sertin

Oil prices continue their ascent as the global energy supply crunch intensifies and cold weather starts to add weight on the market

The global energy supply crunch and cold weather in the Northern Hemisphere are helping oil prices continue their stunning rally for yet another week. The crunch is not only limited to main fuels for electricity production such as gas and coal, but also extends to oil supply. While it is still unsure just how transitory […]

Posted inExploration & Production

Oil dips on US stocks build, but bullish environment holds strong

by Louise Dickson, senior oil markets analyst, Rystad Energy

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 […]

Posted inExploration & Production

Oil rises even further on tight global supply

by Louise Dickson, senior oil markets analyst, Rystad Energy

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 […]

Posted inExploration & Production

Oil strong and steady on US stocks draw and supply tightness

by Louise Dickson, senior oil markets analyst, Rystad Energy

Oil prices remain strong on the back of another sizeable draw of US crude stocks, while outages of some supply capacity are expected to last through the end of the year

Although not rising today, oil prices continue to thrive on the momentum of supply constraints in the US Gulf of Mexico, which was reflected in the large crude inventory draws report of last week. While oil production is slowly returning, there are still prolonged outages that may last into early next year, supporting a bullish […]

Posted inNews

Oil gets a boost on US stocks draw and supply tightness

by Louise Dickson, senior oil markets analyst, Rystad Energy

Oil prices rise on projections for a larger-than-thought draw of US stocks, amid an overall global supply tightness

The bullish September spin looks poised to continue to nurture higher oil prices above $75 in the very near term, supported by the forecasted super-size gasoline draw by API, as well as general supply tightness that is likely to persist in the short term. Oil prices are gaining today as the API inventory forecasts show […]