Oil prices rose early on Monday, with WTI Crude topping $60 a barrel for the first time in a week after the Fed chair Jerome Powell said that the outlook on the U.S. economy had “brightened substantially.” As of 9:32 a.m. EDT on Monday, WTI Crude prices were rising by 1.97 percent at $60.50, and Brent Crude was up […]
Last week’s surprise decision from OPEC+ to ease the production cuts by a cumulative 2 million barrels per day (bpd) by July relies on expectations of robust oil demand recovery in the second quarter. Yet, recent demand concerns suggest the alliance’s supply management policies could once again be more in the realm of guestimates. The […]
Oil prices rose early on Tuesday along with rallies in other commodities and equities globally, following encouraging economic reports out of the United States and China and increased forecasts for the global economy this year and next. As of 9:37 a.m. EDT on Tuesday, WTI Crude was back up above $60 a barrel, rising by 2.42 percent […]
Crude oil could hit $100 and top it, and this could happen before this year’s end, according to Craig Johnson from investment bank Piper Sandler. Speaking to CNBC, Johnson said, “I could actually see a number that could be north of 100 in the next, say, six to … 12 months from here,” noting the […]
Goldman Sachs is now even more bullish on oil, expecting Brent Crude prices to hit $75 a barrel in the third quarter this year, on the back of faster market rebalancing, lower expected inventories, and traders hedging against inflation. In a note on Sunday, cited by Forexlive, the investment bank’s analysts forecast Brent Crude prices reaching the $70 […]
Oil prices rebounded again on Monday, with WTI shooting up more than 3% to over $61 per barrel by noon ET. Oil prices spiked to 13-month highs last week after the Texas Freeze, but prices sagged toward the latter part of the week. But on Monday, a new price rally began, with the price of WTI spiking […]
Oil prices could go as high as $100 a barrel next year on the back of “very easy monetary policy” and reflation trade, Amrita Sen, chief oil analyst at Energy Aspects, told Bloomberg in an interview. “It’s a futures market, we always discount stuff that’s going to happen in the future, now. That’s why prices are […]
The weather doesn’t always follow traders’ hopes and expectations. However, it sometimes exceeds them. December and January saw a surge in natural gas prices in Asia as a cold spell caused a boom in electricity and heating demand. Now, U.S. gas prices are also enjoying an improvement, albeit a lot more moderate than the $30 […]
Did the ‘Reddit-Raiders’ suddenly shift their crosshairs onto the energy complex? The last few days have seen WTI Crude surge over 6%… …topping $55 this morning for the first time since Jan 2020. Source: Bloomberg The catalysts for the move is uncertain amid mixed data from OPEC – on the bullish side, compliance with planned cuts […]
Goldman Sachs had another bullish message for oil markets this week, saying in a note that it expected global oil demand to recover to pre-pandemic levels of 100 million bpd by August this year. According to Goldman, the oil market was in a deficit of 2.3 million bpd in the final quarter of 2020. With supply still […]
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