A crude oil inventory draw of 1.6 million barrels sent oil prices higher today, with the Energy Information Administration also reporting a fall in gasoline inventories and a modest build in distillate fuel inventories. This compared with a draw of 4.5 million barrels for the previous week, the third weekly draw—and hefty—in a row. A day earlier, the American […]
Bank of America expects oil prices to recover to $60 a barrel for Brent crude in the first half of next year thanks to shrinking global inventories and prices improving faster than previously expected. “Back in June, we upped our oil price forecasts by $5 per barrel (/bbl) and argued that Brent would average $43/bbl […]
The market is gradually beginning to give credence to something I’ve been discussing in past OilPrice articles for a long time now. In a June, 2020 article entitled, Underinvestment Could Send Oil Prices Soaring, I argued how the retrenchment and lack of capital investment the industry has seen the past five-years would lead to shortages of […]
Libya’s port blockade is set to keep the North African country’s oil off the market until at least the fourth quarter of 2020, which, as devastating as it will be for Libyan oil revenues, could help reduce the expected global production glut by 65 percent, Rystad Energy said on Friday. Currently, oil production in Libya is around […]
The world’s biggest oil-producing and oil-exporting company, state oil giant Saudi Aramco, is optimistic about the pace of oil demand recovery in Asia, chief executive Amin Nasser said on Sunday, helping oil prices rise on Monday. “We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and […]
U.S. President Donald Trump touted America’s energy independence and vowed that the oil industry will never again be reliant on hostile foreign suppliers in a speech in Midland, Texas. “We’re also here to send a clear message to the zealots, radicals, and extremists trying to shut down your industry and to make America subservient to foreign producers. […]
Oil prices hit a four-month high on Tuesday as the promise of major stimulus packages in the EU and the U.S. counter-balanced an increase in COVID cases. Chart of the Week – U.S. liquid fuels consumption is expected to continue to rise in the second half of 2020, but will remain below pre-pandemic levels […]
Saudi Arabia could use this summer record amounts of crude oil for producing electricity as more Saudis would stay at home rather than travel on vacation abroad because of the pandemic, according to Bloomberg estimates of analysts. Saudi Arabia burns crude oil for power generation and this summer it could be on track to burn record volumes […]
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