Condensate oil price

As U.S. equity futures fell late Sunday evening as U.S. oil prices rose to their highest level since 2008 amid the ongoing war between Russia and Ukraine, U.S. equity futures dipped. The Dow lost 331 points, or 0.9%, while the S&P 500 futures and Nasdaq 100 futures both fell by 1.3% and 1.8%, respectively. During the week, West Texas Intermediate crude futures, the U.S. benchmark for crude oil, traded upwards of 10%, reaching $130 per barrel at one point. However, it sagged back a bit. It is also the highest Oil Price since 2008 for Brent crude, an international benchmark, which traded 9% higher to $128.60. The Minister of State for Foreign Affairs Antony Blinken said on Sunday, in retaliation for the country’s attack on Ukraine, that he and his allies may consider banning Russian oil and natural gas imports. AAA reports a spike in gas prices, with the national average averaging $4 per gallon, which is the highest level since 2008. As a result of Russia’s … [Read more...] about Oil Prices Spike to 13-year high as Dow futures fall more than 300 points

Share to Twitter Share to Linkedin In the latest signal of a faltering oil market, energy analytics and intelligence firm Enverus said Wednesday it was lowering its outlook for crude oil prices in the face of a looming recession and signs of demand destruction. In an email, the firm said it was reducing its outlook for the international Brent price to drop below $100 by the end of 2022. “Until July we have argued that Brent pricing was well supported at $100/bbl. However, the downside risks are becoming more prominent, and we now expect some sort of European recession by the end of the year. This will loosen balances by 1-2 MMbbl/d as weaker global demand emerges. We expect Brent to drift to the mid-$80s/low-$90s by year-end,” said Bill Farren-Price, one of the report’s authors and a director at Enverus Intelligence Research. Farren-Price also noted recent strength in U.S. natural gas prices, and forecasts that prices to drop significantly in the months … [Read more...] about Enverus Lowers Oil Price Forecast, Rig Count Drops Amid Record Industry Profits

Oil prices rose in early Asian trade on Thursday, bouncing off multi-month lows in the previous session caused by data signalling weak U.S. fuel demand. Brent crude futures rose 53 cents, or 0.6%, at $97.31 a barrel by 0020 GMT while West Texas Intermediate (WTI) crude futures rose 55 cents, also a 0.6% gain, to $91.21. Both benchmark fell to their weakest levels since February in the previous session. U.S. crude oil inventories rose unexpectedly last week as exports fell and refiners lowered runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration said. On the supply side, ministers for the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, agreed to a small increase in the group's output target, equal to about 0.1% of global oil demand. While the United States has asked the group to boost output, spare capacity is limited and Saudi Arabia may be reluctant to beef up … [Read more...] about Oil prices rebound after dropping to lowest in months on weak US demand

Representative image (Source: Reuters) PRO Only Highlights - Quarterly performance largely backed by improved realisations - Medium-term triggers China plus and protectionist measures for tyre industry - Valuations not inexpensive; but improved medium-term outlook Crude oil prices have come down significantly in the last one month while refining margins have crashed from all-time highs to long-term averages. Brent crude, it may be noted, had remained above $100 for 159 days. However, the recent price crash does not offer definite signals about its future course. (image) No significant supply increase post US President visit In our last note, we talked about the expectations of higher oil supply following the US President's visit to Saudi Arabia. But it... … [Read more...] about Oil: Price fall in a tight market makes it a tricky affair

Share to Twitter Share to Linkedin Topline Ukraine’s suspension of Russian oil to Eastern Europe sent oil prices soaring Tuesday morning, after Russian oil company Transneft announced Ukraine had not received transfer fees for the oil for nearly a week due to Western sanctions, renewing fears of supply shortages. Key Facts Brent Crude Oil shot up 1.13% Tuesday morning, hitting $97.78 per barrel, while West Texas Intermediate increased 1.3%, to $92.06, following the announcement from Transneft , Russia’s pipeline monopoly. Transneft wrote in a statement obtained by Reuters that it had paid a transfer fee to Ukraine, but the money was returned because of European Union sanctions against Russia for its ongoing invasion of Ukraine. Ukraine’s decision to halt Russian oil affects the southern leg of the Druzhba pipeline, which feeds Hungary, Slovakia and the Czech Republic, according to Transneft. Hungary ’s oil reserves now sit … [Read more...] about Oil Prices Jump As Russian Oil Supplies Halted To Eastern Europe

A PetroChina worker inspects a pump jack at an oil field in Tacheng, Xinjiang Uighur Autonomous Region, China.  File photo/ REUTERS/Stringer AT Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signaled weak fuel demand. Brent crude futures rose 42 cents, or 0.4 percent, at $97.20 a barrel by 0250 GMT, while West Texas Intermediate (WTI) crude futures was last up 49 cents, a 0.5 percent gain, at $91.15. Both benchmarks fell to their weakest levels since February in the previous session after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ agreed to raise its oil output target by 100,000 barrels per day (bpd), equal to about 0.1 percent of global oil demand. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, have been previously increasing production but have struggled to meet targets as most … [Read more...] about Oil prices rebound on supply concerns

- A + A Saudi Arabia raised oil prices for buyers in Asia to record levels, a sign the world’s largest exporter sees the region’s market remaining tight. (Aug 4): Saudi Arabia raised oil prices for buyers in Asia to record levels, a sign the world’s largest exporter sees the region’s market remaining tight. Despite indications that slowing economies are starting to hit global demand for crude, state producer Saudi Aramco increased its Arab Light grade for next month’s shipments to Asian refineries to US$9.80 a barrel above the Middle Eastern benchmark. That’s 50 cents more than in August. Still, traders and refiners had expected a bigger jump of US$1.50, according to a Bloomberg survey in late July. That was before data emerged this week showing that Americans are driving less than they did in the summer of 2020, when coronavirus travel curbs all but halted movement. Yet many major oil producers are facing supply problems, leaving the market tight. Analysts … [Read more...] about Saudi Arabia raises oil prices for Asia to record levels

- A + A SINGAPORE (Aug 5): Oil prices extended losses on Friday, after hitting their lowest since before Russia's February invasion of Ukraine in the previous session, as the market fretted over the impact of inflation on global economic growth and demand. Brent crude dropped 10 cents, or 0.1%, to $94.02 a barrel by 0047 GMT, while U.S. West Texas Intermediate crude was at $88.48 a barrel, down 6 cents. "Crude oil fell further on demand concerns on a cloudy economic outlook," CMC Markets analyst Tina Teng said. "If commodities are not pricing in an imminent economic recession, they might be preparing for a 'stagflation' era when the unemployment rate starts picking up and inflation stays high." Recession worries have intensified following the Bank of England's warning of a drawn-out downturn after it raised interest rates by the most since 1995. Investors are focused on the U.S. employment report to be released later in the day, which is expected to show nonfarm … [Read more...] about Oil prices extend losses on demand worries

- A + A NEW YORK (Aug 10): Oil prices edged lower on Wednesday (Aug 10), after industry data showed US crude inventories unexpectedly rose last week, signalling a potential hiccup in demand. US crude stocks rose by about 2.2 million barrels for the week ended Aug 5, according to market sources citing American Petroleum Institute figures. Analysts had forecast a small 400,000-barrel drop in crude inventories. Official government data is due on Wednesday at 10.30am. Brent crude futures had fallen six cents to US$96.25 (RM428.94) a barrel by 0002 GMT. US West Texas Intermediate crude futures declined 16 cents to US$90.34 a barrel. On Tuesday, oil prices settled slightly lower, after a choppy trading session that saw investors weigh recessionary concerns with news that some oil exports had been suspended on the Russia-to-Europe Druzhba pipeline that transits Ukraine. Ukraine halted oil flows on the Druzhba oil pipeline to parts of central Europe because Western … [Read more...] about Oil prices dip after industry data showed US crude stockpiles rising

Yvette Tanamal and Vincent Fabian Thomas (The Jakarta Post) PREMIUM Jakarta   ● Thu, August 11 2022 The Group of Seven has called on Indonesia to join its supplemental alliance, the G7+, and impose a price cap on Russian oil to bring the commodity down to pre-war prices, a United States official told The Jakarta Post on Tuesday. Some Indonesian executives were also scheduled to hold meetings this week with US Treasury Department assistant Elizabeth Rosenberg to discuss the topic, the official said. [Https://www.gov.uk/government/news/g7-foreign-ministers-statement-on-energy-security] to Read Full Story SUBSCRIBE NOW Starting from IDR 55,500/month Unlimited access to our web and app content e-Post daily digital newspaper No advertisements, no interruptions Privileged access to our events and programs Subscription to our newsletters We accept Register to read 3 premium articles for free Already subscribed? login … [Read more...] about G7 calls on RI to cap Russian oil prices