Slick: Saudi oil exports more than doubled to $13.8bn in April June 24, 2021 Saudi Arabia’s oil exports rocketed 109 per cent year-on-year in April, worth an eyewatering $13.7bn, according to official data today. Oil exports made up 72.5 per cent of total exports from Saudi Arabia, the world’s top oil exporter – up from 64.8 per cent in April 2020 and 70 per cent in March. The country [...]
Oil prices hit highest levels in years as recovery revs up June 9, 2021 Global oil prices rose to their highest levels in several years as demand for fuels continues to recover amid loosening Covid-19 restrictions. After rising over 1.0 per cent yesterday, worldwide standard Brent Crude hit $72.83 per barrel earlier today, its highest levels since May 2019. And West Texas Intermediate also gained a further 0.3 per cent, [...]
Oil prices soar on demand prospects in US and China June 2, 2021 Oil prices surged today after OPEC and its allies stuck to their plan to cautiously bring back oil supply to the markets in June and July. A robust recovery in expected in the US and China, the world’s two biggest oil consumers, after prices rose their highest since October 2018. US West Texas Intermediate (WTI) [...]
Oil prices bounce back despite ongoing Iran talks May 24, 2021 Oil prices rose sharply today as economists predicted that the surge in demand due to the lifting of Covid-19 restrictions would offset any supply bump should sanctions against Iran’s oil be waived. In recent days prices have been trending downwards on the news that talks between Iran and the US on reinstating the former nuclear [...]
Oil prices rise after critical US pipeline hit by cyber attack May 10, 2021 Oil prices climbed higher this morning after a major cyber attack forced the shutdown of a critical US pipeline, sparking fears of shortages. Brent crude was up 0.6 per cent, at $68.66 a barrel this morning, having risen 1.5 per cent last week. US West Texas Intermediate futures rose 0.5 per cent at $65.24 a [...]
ECB day and trouble in travel while Bitcoin is oversold April 22, 2021 European futures are trading higher as traders pick up momentum from Wall Street, where we saw the Dow Jones index posting some strong gains. It seems like traders are taking every retracement in the stock market as an opportunity to jump back in or double down on their riskier bets, and this is pushing the [...]
Oil prices surge as refining surge fuels demand hike April 14, 2021 Oil prices surged today as a larger than expected fall in US crude stocks gave fresh indications that fuel demand is beginning to increase as coronavirus restrictions begin to be rolled back around the world. Worldwide standard Brent Crude saw prices jump 4.2 per cent today, rising to $66.34. US counterpart West Texas Intermediate (WTI) [...]
Oil prices rise as as output cut hopes offset Suez Canal reopening March 29, 2021 Oil prices rose nearly one per cent today as hopes that Opec+ will hold output cuts reversed an earlier slump linked to the reopening of the Suez Canal. Futures had dropped earlier today after container ship Ever Given, which had grounded in the Suez Canal and blocked the waterway for almost a week, was refloated. [...]
Oil prices shoot up after mega container ship blocks Suez Canal March 24, 2021 Oil prices soared higher this afternoon after one of the world’s largest container ships ran aground in the Suez Canal, blocking the major trade artery. While equity markets were largely quiet earlier today, global energy trading went into a frenzy as fears the blockage could disrupt shipment for days sparked speculation that oil supply could [...]
City A.M. TV: Daily Market Snapshot (video) March 24, 2021 The rotation out of the recent winners (especially the ‘reflation trades’) continued yesterday. In particular, the oil price was sharply lower (-6%); bond yields continued to ease, with the US 10 year yield off again (by 6bps); and the Russell 2000 was notably weak (-3.6%, i.e. given its ‘reflation’ and energy exposure). On this occasion, [...]