Saturday, February 06, 2021 11:41:45 PM
Oil Prices Continue To Rise As Bullish News Mounts
https://oilprice.com/Energy/Energy-General/Oil-Prices-Continue-To-Rise-As-Bullish-News-Mounts.html
he EIA expects a sharp rebound in demand this year, although two massive unknowns – the pace of vaccinations and the pace of infections from new covid variants – throw most forecasts into a deep state of uncertainty.
https://www.investing.com/commodities/crude-oil
https://stockcharts.com/freecharts/candleglance.html?ERX,OIL,OXY,SHI,SUN,VLO|C|A12,26,9|0
https://stockcharts.com/freecharts/candleglance.html?USO,DIG,ERX,BDCO,COG,EOG,ROYL,SU,CLMT,CVI,FST,,OXY,SHI,SUN,VLO|C|A12,26,9|0
Tuesday, February 2, 2021
Oil shot up to a one-year high on Tuesday, with WTI topping $55 per barrel. The oil market is “supported by the combination of tightening fundamentals, as seen through the rising backwardation and the renewed risk appetite in the U.S. stock market,” said Ole Hansen, head of commodities research at Saxo Bank A/S.
Oil Prices Rally Towards $60
https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Rally-Towards-60.html
U.S. West Texas Intermediate crude oil futures rose to their highest levels in nearly a year on Friday with Brent traders zeroing in on the psychological $60 a barrel level on economic revival hopes led by strong compliance with the planned output cuts by OPEC+.
Also contributing to the gains were a government report that showed another draw in crude stockpiles, optimism over a speedier U.S. economic recovery on the prospect of additional stimulus from Washington and a successful rollout of the U.S. vaccination program.
OPEC+ Sticks with Oil Policy as Prices Rise Towards One-Year High
OPEC+ maintained its oil output policy at a meeting on Wednesday, a sign producers are happy that their deep supply cuts are draining inventories despite an uncertain outlook for a recovery in demand as the pandemic lingers.
A Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is “optimistic for (a) year of recovery in 2021,” OPEC said in a statement after the panel met virtually.
US Crude Stockpiles Fall, Gasoline Inventories Surge: EIA
U.S. crude oil stockpiles fell while gasoline inventories jumped unexpectedly, the Energy Information Administration said on Wednesday.
Crude inventories fell by 994,000 barrels in the week to January 29 to 475.7 million barrels, their lowest since March. Analysts in a Reuters poll had forecast a 446,000-barrel rise.
https://oilprice.com/Energy/Energy-General/Oil-Prices-Continue-To-Rise-As-Bullish-News-Mounts.html
he EIA expects a sharp rebound in demand this year, although two massive unknowns – the pace of vaccinations and the pace of infections from new covid variants – throw most forecasts into a deep state of uncertainty.
https://www.investing.com/commodities/crude-oil
https://stockcharts.com/freecharts/candleglance.html?ERX,OIL,OXY,SHI,SUN,VLO|C|A12,26,9|0
https://stockcharts.com/freecharts/candleglance.html?USO,DIG,ERX,BDCO,COG,EOG,ROYL,SU,CLMT,CVI,FST,,OXY,SHI,SUN,VLO|C|A12,26,9|0
Tuesday, February 2, 2021
Oil shot up to a one-year high on Tuesday, with WTI topping $55 per barrel. The oil market is “supported by the combination of tightening fundamentals, as seen through the rising backwardation and the renewed risk appetite in the U.S. stock market,” said Ole Hansen, head of commodities research at Saxo Bank A/S.
Oil Prices Rally Towards $60
https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Rally-Towards-60.html
U.S. West Texas Intermediate crude oil futures rose to their highest levels in nearly a year on Friday with Brent traders zeroing in on the psychological $60 a barrel level on economic revival hopes led by strong compliance with the planned output cuts by OPEC+.
Also contributing to the gains were a government report that showed another draw in crude stockpiles, optimism over a speedier U.S. economic recovery on the prospect of additional stimulus from Washington and a successful rollout of the U.S. vaccination program.
OPEC+ Sticks with Oil Policy as Prices Rise Towards One-Year High
OPEC+ maintained its oil output policy at a meeting on Wednesday, a sign producers are happy that their deep supply cuts are draining inventories despite an uncertain outlook for a recovery in demand as the pandemic lingers.
A Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is “optimistic for (a) year of recovery in 2021,” OPEC said in a statement after the panel met virtually.
US Crude Stockpiles Fall, Gasoline Inventories Surge: EIA
U.S. crude oil stockpiles fell while gasoline inventories jumped unexpectedly, the Energy Information Administration said on Wednesday.
Crude inventories fell by 994,000 barrels in the week to January 29 to 475.7 million barrels, their lowest since March. Analysts in a Reuters poll had forecast a 446,000-barrel rise.
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