When oil price will rise

Share to Twitter Share to Linkedin Jeff Currie at Goldman Sachs made headlines recently predicting higher commodity prices for 2023, including “’Does anyone remember what happened to oil prices from January of ‘07 to July of ‘08?’ Currie said. ‘The Fed takes their foot off the brake, China puts the pedal to the metal, Europe starts to grow quickly’ and oil prices rose by $100 a barrel, he said.” He doesn’t seem to be predicting a $100 per barrel increase this time around, but he has suggested $110 could be the price by the third quarter. Currie has a reputation as an oil price bull, although I haven’t analyzed his past predictions to see if it is earned. (My own predictions show a bearish bias, as many have leapt to point out.) And I don’t have access to his research beyond what has appeared in the all—too—summary news items. Still, it is worth considering the drivers that would take us to triple digits—or not. An old economist joke (from Edgar Fiedler, … [Read more...] about Are Triple Digit Oil Prices In Your Future?

Oil Oil prices rose on Friday on optimism that the U.S. Federal Reserve will ends its tightening cycle, buoying the economy and boosting fuel demand. Brent futures for March delivery gained 48 cents, or 0.6%, to $86.64 a barrel by 0113 GMT, while U.S. crude advanced 54 cents to $80.87 per barrel, a 0.7% gain. The benchmarks were on track for a second straight week of gains. Both closed 1% higher on Thursday, near their highest closing levels since Dec. 1. According to most economists in a Reuters poll, the Fed will end its tightening cycle after a 25 basis point hike at each of its next two policy meetings, and then likely hold interest rates steady for at least the rest of the year. Federal Reserve Bank of New York President John Williams said on Thursday the U.S. central bank has more rate hikes ahead, and sees signs inflationary pressures might be starting to cool off from torrid levels. A number of other Fed officials have expressed support for a downshift in the … [Read more...] about Oil prices climb on hopes for Fed slowing interest rate hikes

Oil Oil prices edged marginally higher on Friday, extending for a second session on strong U.S. economic data and strengthening hope that the reopening of the Chinese economy would boost demand. Brent futures gained 30 cents, or 0.3%, to $87.66 a barrel by 0113 GMT, while U.S. crude rose 21 cents to $81.22 per barrel, a 0.3% gain. Both benchmarks had gained more than 1% on Thursday. Brent was on track to post its second weekly rise if gains held. Improving gross domestic product and inflation data in the United States provided hope that the U.S. Federal Reserve could slow its pace of interest rate hikes, reducing fear of curtailment in economic activity and consequent oil demand. Meanwhile, critically ill COVID-19 cases in China are down 72% from a peak early this month while daily deaths among COVID-19 patients in hospitals have dropped 79% from their peak, the Center for Disease Control and Prevention said earlier this week. The figures point to the normalisation of … [Read more...] about Oil prices edge up on strong US economic data, Chinese demand hope

Oil prices reversed earlier gains on Friday as indications of strong Russian oil supply offset better than expected U.S. economic growth data, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. Brent futures were down 51 cents, or 0.6%, at $86.96 a barrel by 11:29 a.m. EDT (1629 GMT.) U.S. crude fell 65 cents, or 0.8%, to $80.37. Both benchmarks rose by more than $1 earlier in the session but are now poised to break a three-week run of gains. Oil loadings from Russia's Baltic ports are set to rise by 50% this month from December as sellers try to meet strong demand in Asia and benefit from rising global energy prices, traders said and Reuters calculations showed. Urals and KEBCO crude oil loadings from Ust-Luga over Feb. 1-10 may rise to 1.0 million tonnes from 0.9 million in the plan for the same period of January, traders also. "If Russian supply remains strong heading into next month, oil is probably going to continue to trend … [Read more...] about Oil prices fall on profit taking, strong Russian supply

(Representative image) State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are likely to see weak earnings in current fiscal year despite fall in oil prices mainly because of losses they incurred on holding prices in the first half, Moody's Investors Service said on Tuesday. "As international oil prices cool on economic slowdown concerns, marketing losses will ease for the three state-owned refining and marketing companies, IOC, BPCL and HPCL. "Still, overall earnings for fiscal 2023 ending on March 31, 2023 will be weak because of marketing losses in the first half, when net realized prices did not increase as much as international prices because of fuel price caps," it said. The three oil marketing companies (OMCs) did not change prices beginning April 6 despite cost of raw material rising. This led to the three booking a combined loss of Rs 21,000 crore during April-September 2022. The … [Read more...] about Recovery in marketing margins, lower oil prices to restore OMC profitability in FY24: Moody’s

TOKYO  – Oil prices rose on Wednesday, extending the previous session’s gains, driven by optimism that a relaxation of China’s strict COVID-19 curbs will lead to a recovery in fuel demand in the world’s top oil importer. Brent crude futures were up 52 cents, or 0.6 percent, at $86.44 a barrel at 0151 GMT, following a 1.7- percent rally in the previous session. U.S. West Texas Intermediate (WTI) crude futures gained 55 cents, or 0.7, percent to $80.73 a barrel, having risen 0.4 percent on Tuesday. China’s gross domestic product expanded 3 percent in 2022, missingthe official target of “around 5.5 percent” and marking its second-worst performance since 1976. But the data still beatanalysts’ forecasts after China rolled back its zero-COVIDpolicy in December. The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report Chinese oil demand would grow 510,000 barrels per day (bpd) this year after posting in 2022 its first contraction for years due to COVID … [Read more...] about Oil prices extend gains on optimism over China’s fuel demand recovery

Oil prices were set to post a second straight weekly gain on Friday, spurred largely by brightening economic prospects for China which should boost fuel demand in the world’s second-biggest economy. Brent futures for March delivery gained 26 cents, or 0.3 percent, to $86.42 a barrel by 0655 GMT, while U.S. crude advanced 43 cents to $80.76 per barrel, a 0.5 percent gain. Both closed 1 percent higher on Thursday, near their highest closing levels since Dec. 1. Chinese November oil demand climbed to the highest level since February, data from the Joint Organisations Data Initiative showed on Thursday. OPEC said on Tuesday that Chinese oil demand would rebound this year due to relaxation of the country’s COVID-19 curbs and drive global growth. Oil prices were also supported by hopes that the U.S. central bank will soon end its tightening cycle. Federal Reserve Bank of New York President John Williams said on Thursday the U.S. central bank is seeing signs of inflationary … [Read more...] about Oil prices set for second week of gains on brighter China outlook

Petrol and diesel prices held steady across metro cities on January 20, the latest price notification issued by fuel retailers showed. Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata, respectively. In another news, oil prices rose on January 20, on optimism that the U.S. Federal Reserve will ends its tightening cycle, buoying the economy and boosting fuel demand. Brent futures for March delivery gained 48 cents, or 0.6 percent, to USD 86.64 a barrel by 0113 GMT, while U.S. crude advanced 54 cents to USD 80.87 per barrel, a 0.7 percent gain. Petrol & Diesel Rates Jan 20, 2023 Friday, 20th January, 2023 Petrol Rate in Mumbai Jan 20, 2023 Current Petrol Price Per Litre ₹ 106 View more Friday, 20th January, 2023 … [Read more...] about Fuel prices on January 20: Check petrol, diesel rates in Delhi, Mumbai and other cities

Oil prices edged marginally higher on Friday, extending for a second session on strong U.S. economic data and strengthening hope that the reopening of the Chinese economy would boost demand. Brent futures gained 30 cents, or 0.3 percent, to $87.66 a barrel by 0113 GMT, while U.S. crude rose 21 cents to $81.22 per barrel, a 0.3 percent gain. Both benchmarks had gained more than 1 percent on Thursday. Brent was on track to post its second weekly rise if gains held. Improving gross domestic product and inflation data in the United States provided hope that the U.S. Federal Reserve could slow its pace of interest rate hikes, reducing fear of curtailment in economic activity and consequent oil demand. Meanwhile, critically ill COVID-19 cases in China are down 72 percent from a peak early this month while daily deaths among COVID-19 patients in hospitals have dropped 79 percent from their peak, the Center for Disease Control and Prevention said earlier this week. The figures point … [Read more...] about Oil prices edge up on strong U.S. economic data, Chinese demand hope

U.S. crude inventories edged up by 533,000 barrels to 448.5 million barrels in the week ending Jan. 20 (Representative image: Reuters) Oil prices rose more than 1% on Thursday on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data . Brent futures rose $1.18, or 1.4%, to $87.30 a barrel by 11:42 a.m. EST (1642 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.12, or 1.4%, to $81.27. Earlier in the session, WTI was on track for its highest close since Nov. 16. Currently, however, both Brent and WTI were on track for their highest closing levels since Jan. 23. "WTI is deriving some support from liquidation of NYMEX (New York Mercantile Exchange) crack spreads as products begin to shift focus" from bullish supply disruptions in December to weaker demand, analysts at energy consulting firm Ritterbusch and Associates said in a note. U.S. crack spreads – measures of refining profit … [Read more...] about Oil up 1% as positive US economic data, China reopening boosts demand optimism