Latest news with #OrganizationofPetroleumExporting
Yahoo
12-05-2025
- Business
- Yahoo
Oil jumps 4% as traders signal 'risk back on' after China-US trade truce
Oil jumped as much as 4% before paring gains Monday after a US-China trade truce sent the overall stock market and commodities higher. West Texas Intermediate (CL=F) futures rallied over 2% to hover near $62.50 per barrel. Brent crude (BZ=F), the international benchmark, also rebounded to trade above $65. Monday's oil price rally was exacerbated by a likely short position covering after talks between the US and China resulted in a 90-day pause on tariffs and substantial reduction of duties. "For traders it's a 'risk back on' signal which is triggering some short covering in crude," Dennis Kissler, senior vice president at BOK Financial said in a client note. Investors had feared the trade war would spark an economic slowdown, impacting oil demand. In other news, oil giant Saudi Aramco announced over the weekend it saw profits plunge last quarter, fueling speculation that Saudi Arabia, the leader of the Organization of Petroleum Exporting Countries and its allies (OPEC+) could push to curtail some of the cartel's recent production hike promises. Futures are down more than 12% year-to-date as fears of demand from a global trade ware and expectations of more supply from OPEC have weighed on prices. Last week US shale producer Diamondback warned domestic production had likely peaked and would decline in the coming quarters given the current prices. Goldman Sachs analysts see downside risks to oil if OPEC+ moves forward with its output increases, and even decides to raise in July too. "We expect solid supply growth outside US shale to weigh further on prices and on US shale supply, and update our estimates of the (mostly downside) risks to prices," Goldman's Daan Stuyven and his team wrote on Sunday night. The analysts forecast Brent to edge down and average $60 in the rest of 2025, with WTI averaging $56. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-05-2025
- Business
- Yahoo
Oil jumps 4% as traders signal 'risk back on' after China-US trade truce
Oil jumped as much as 4% before paring gains Monday after a US-China trade truce sent the overall stock market and commodities higher. West Texas Intermediate (CL=F) futures rallied over 2% to hover near $62.50 per barrel. Brent crude (BZ=F), the international benchmark, also rebounded to trade above $65. Monday's oil price rally was exacerbated by a likely short position covering after talks between the US and China resulted in a 90-day pause on tariffs and substantial reduction of duties. "For traders it's a 'risk back on' signal which is triggering some short covering in crude," Dennis Kissler, senior vice president at BOK Financial said in a client note. Investors had feared the trade war would spark an economic slowdown, impacting oil demand. In other news, oil giant Saudi Aramco announced over the weekend it saw profits plunge last quarter, fueling speculation that Saudi Arabia, the leader of the Organization of Petroleum Exporting Countries and its allies (OPEC+) could push to curtail some of the cartel's recent production hike promises. Futures are down more than 12% year-to-date as fears of demand from a global trade ware and expectations of more supply from OPEC have weighed on prices. Last week US shale producer Diamondback warned domestic production had likely peaked and would decline in the coming quarters given the current prices. Goldman Sachs analysts see downside risks to oil if OPEC+ moves forward with its output increases, and even decides to raise in July too. "We expect solid supply growth outside US shale to weigh further on prices and on US shale supply, and update our estimates of the (mostly downside) risks to prices," Goldman's Daan Stuyven and his team wrote on Sunday night. The analysts forecast Brent to edge down and average $60 in the rest of 2025, with WTI averaging $56. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices Sign in to access your portfolio
Yahoo
09-05-2025
- Business
- Yahoo
Energy Market Assessment: Supply expectations high and demand expectations low
(Oil & Gas 360) – Supply Expectations High And Demand Expectations Low, Running Counter To U.S. Supply Demand Data Have The Consensus Set UP To Be Caught Short. The price of WTI crude oil back below $60 reflects much fear plus news that OPEC+ will increase production. The Organization of Petroleum Exporting Countries (OPEC), + other world exporters announcing Monday, that production limits will be increased 411,000 barrels per day in June deflated the spot market price of West Texas Intermediate (WTI) crude oil back below $60 per barrel (Figure 1, red line). More supply plus Inflation, Tariff, and Recession fears increasing uncertainty are also minimizing demand expectations and exaggerating down. While price expectations are extra depressed, crude oil inventory at Cushing (where futures contracts are delivered) is down extra low. Crude oil inventory at Cushing Oklahoma (where New York Mercantile Exchange [NYMEX] futures contracts are delivered), declining to extra low as the year began (Figure 2, red line), tugged the WTI spot price up to $80 per barrel (Figure 1). It then increasing to an early-April high helped deflate the price. Nevertheless, this inventory remains extra low, and we predict: decline is next. Oil bearishness is helped by the increase in total U.S. crude oil inventory since early January. Nevertheless, it is now 21.2 mmb less than last year. Total U.S. crude oil inventory declining to a multi-year low as the year began (Figure 3, red line) helped the price of WTI rise to $80 (Figure 1). It then increasing 31.4 million barrels (mmb) to 443.1 April 18 helped deflate. The drop back below $60, despite this inventory declining 4.7 mmb the last two weeks, encourages our conclusion that an exaggerated price-drop opportunity is in place. Oil bearishness is also helped by analysis thin helping most be unaware that more crude oil is next needed to fuel Summer. Refinery runs showing good year-over-year (YOY) growth October into January (Figure 4, red line versus blue) helped U.S. Commercial crude oil inventory show good YOY decline to January's low (Figure 3). YOY refinery run increase switching to decline mid-March helped pressure prices and expectations lower. Now, runs need to increase to fuel Summer, with hours of sunshine increasing and encouraging much getting out-and-about. By contributor Michael Smolinksi with Energy Directions The views expressed in this article are solely those of the author and do not necessarily reflect the opinions of Oil & Gas 360. Please consult with a professional before making any decisions based on the information provided here. The information presented in this article is not intended as financial advice. Contact Energy Directions for the full report. Please conduct your own research before making any investment decisions. Sign in to access your portfolio
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Business Standard
05-05-2025
- Business
- Business Standard
Discipline & deviation: Opec action to keep oil prices at reasonable levels
Brent crude oil futures were already dipping to nearly $61 a barrel before this announcement, and prices might go below $60 once traders have had a chance to digest this news Business Standard Editorial Comment Mumbai Listen to This Article At an online meeting over the weekend, the Organization of Petroleum Exporting Countries (Opec) plus associates like Russia — known as Opec+ — agreed to step up the rate of oil production. In June, output will be increased by over 400,000 barrels a day, according to the grouping. This is a second consecutive month that it has done this, and it takes the amount by which daily production will increase over the April-June quarter to almost a million barrels. Brent crude oil futures were already dipping to nearly $61 a barrel before this announcement, and prices might go below $60
Time of India
22-04-2025
- Business
- Time of India
Russian oil drives OPEC share in India's imports to record low, data shows
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The share of OPEC oil in India's imports fell to a record low in fiscal year 2024-25 as refiners continued to gorge on cheaper oil from Russia, the top oil supplier to New Delhi for the third straight year, data obtained from trade and industry sources the world's third biggest oil importer and consumer, has been tapping Russian oil sold at a discount after Western nations imposed sanctions on Moscow over the Ukraine South Asian nation imported an average of 4.88 million barrels per day (bpd) of oil in the fiscal year to March 2025, a growth of 5% over the previous of Russian oil rose 7.3% to 1.76 million bpd, raising its share marginally to 36% while OPEC's share slipped slightly to 48.5%, the data is an ally of the Organization of Petroleum Exporting Countries but has eaten into the market of key OPEC producers from the Middle trade flows due to geopolitical tensions and costlier shipments from some traditional suppliers have pushed India to diversify sources of crude and tap cheaper supplies from even far-flung areas such as and Saudi Arabia were the second and third biggest sources of crude for oil imports from Saudi Arabia in 2024-25 plunged to the least in 14 years while those from Iraq declined to a four-year low, data compiled by Reuters refiners restricted purchase of Saudi oil due to higher official selling prices set by state-owned Saudi Aramco for most of the year, industry sources imports from Iraq and Saudi Arabia dragged down the share of Middle East supplies in India's crude March, India's imports of Russian oil rose about 11% from February to 1.7 million bpd, the highest in 5 months, the data imported 5.3 million bpd oil in March, up 1.3% from the previous month, the data showed. The U.S. was the fourth largest oil supplier to India during the month.
