Sunday, October 1, 2023
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Commodities

The Commodities Feed: WTI breaks above $70 | Snap

MtR by MtR
June 9, 2021
in Commodities
0
The Commodities Feed: WTI breaks above $70 | Snap


Energy

Oil prices rallied yesterday, with ICE Brent trading back above US$72/bbl, whilst NYMEX WTI broke the US$70/bbl barrier for the first time since October 2018. API numbers overnight showed that US crude oil inventories declined by 2.11MMbbls over the last week, which has provided a further boost to oil this morning. Demand optimism continues to support the complex, with global Covid-19 cases continuing to trend lower after peaking in late April. In addition, the US eased its Covid-19 travel warnings for a number of countries, and while this is unlikely to lead to an immediate rebound in international travel, it is clearly a step in the right direction. We believe that the demand outlook will remain supportive for prices as we move through the year. We are of the view that significant further upside is capped by the more than 6MMbbls/d of spare capacity that OPEC+ is holding from the market. There will likely be more pressure on the group in the coming months to bring more of this capacity back to the market, particularly if we remain in the current price environment.

What has been evident in recent weeks has been the relative strength in WTI, with the WTI/Brent spread seeing its discount narrow to just US$2.30/bbl, the narrowest it has been since November last year. This does reflect a relatively more constructive US market, where crude inventories have been trending lower since March, and refinery utilization rates are at their highest levels since February 2020. A further narrowing in the spread could see crude oil exports from the US come under pressure.

Sticking with the US, and the EIA yesterday released its latest Short Term Energy Outlook, where some slight revisions were made to oil output forecasts for 2021 and 2022. The EIA expects that US oil output will fall less than previously expected in 2021, with it forecast to fall by 251Mbbls/d YoY to average 11.07MMbbls/d, compared to a previous forecast of 11.01MMbbl/d. As for 2022, growth expectations have been slightly lowered, with output next year forecast to grow by 722Mbbls/d to average 11.79MMbbls/d, lower than the 11.84MMbbls/d previously forecast.



Source link

Related articles

Exclusive Report on Commodity Supply Chain Management Solution Industry: Market Size will Witness Substantial Growth by 2030

Exclusive Report on Commodity Supply Chain Management Solution Industry: Market Size will Witness Substantial Growth by 2030

October 1, 2023
Rice students win commodity competition at University of Houston | Rice News | News and Media Relations

Rice students win commodity competition at University of Houston | Rice News | News and Media Relations

October 1, 2023

Related Posts

Exclusive Report on Commodity Supply Chain Management Solution Industry: Market Size will Witness Substantial Growth by 2030

Exclusive Report on Commodity Supply Chain Management Solution Industry: Market Size will Witness Substantial Growth by 2030

by MtR
October 1, 2023
0

The study includes a comprehensive analysis of current Commodity Supply Chain Management Solution Market trends, estimations, and market size dynamics...

Rice students win commodity competition at University of Houston | Rice News | News and Media Relations

Rice students win commodity competition at University of Houston | Rice News | News and Media Relations

by MtR
October 1, 2023
0

Four Rice students took the top prize and $2,000 in cash at the University of Houston’s Undergraduate Commodity Competition Sept....

Commodities Are Now So Out Of Fashion That A Bounce Must Be Near

Commodities Are Now So Out Of Fashion That A Bounce Must Be Near

by MtR
September 30, 2023
0

Exchange. (Photo by Michael L. Abramson/Getty Images)Getty Images Commodities are now so out of fashion with investors that it seems...

Mosaic Face CFTC Charges in in Digital Asset Commodity Scheme

Mosaic Face CFTC Charges in in Digital Asset Commodity Scheme

by MtR
September 30, 2023
0

The Commodity Futures Trading Commission (CFTC) filed fraud charges against cryptocurrency trading platform Mosaic Exchange and its founder. CFTC is...

CFTC Orders Goldman Sachs to Pay $3 Million for Supervision Failures and Material Omissions in a Letter to the CFTC’s Division of Enforcement

CFTC Orders Goldman Sachs to Pay $3 Million for Supervision Failures and Material Omissions in a Letter to the CFTC’s Division of Enforcement

by MtR
September 30, 2023
0

Washington, D.C. — The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against Goldman Sachs...

Load More
  • Trending
  • Comments
  • Latest
Bank of England tells ministers to intervene on digital currency ‘programming’

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021
Tips for checking smoke alarms during daylight saving time

Tips for checking smoke alarms during daylight saving time

March 12, 2022
GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021
What will Durham County education bonds pay for? A full list

What will Durham County education bonds pay for? A full list

July 8, 2022
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0
Canada’s economy stalled in July as previous rate hikes took hold

Canada’s economy stalled in July as previous rate hikes took hold

October 1, 2023
Nifty October series outlook: 4 stocks where investors can park their money; do you own?

Nifty October series outlook: 4 stocks where investors can park their money; do you own?

October 1, 2023
NRB issuing development bonds worth Rs 13.10 billion today

NRB issuing development bonds worth Rs 13.10 billion today

October 1, 2023
Financially Independent Stock Trader Shares Biggest Investing Mistake

Financially Independent Stock Trader Shares Biggest Investing Mistake

October 1, 2023

Recent News

Canada’s economy stalled in July as previous rate hikes took hold

Canada’s economy stalled in July as previous rate hikes took hold

October 1, 2023
Nifty October series outlook: 4 stocks where investors can park their money; do you own?

Nifty October series outlook: 4 stocks where investors can park their money; do you own?

October 1, 2023
NRB issuing development bonds worth Rs 13.10 billion today

NRB issuing development bonds worth Rs 13.10 billion today

October 1, 2023

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter