The worst seems like it’s over for the U.S. oil industry. Yet executives are entering the new year with cautious optimism, the latest Dallas Fed survey of the industry suggests. Despite an improved outlook for oil and gas in the final quarter of 2020, the biggest portion of respondents in the quarterly survey said they only expected a […]
The battered oil and gas sector ran riot on Monday, with the sector’s popular benchmark Energy Select Sector Fund (XLE) jumping nearly 15%. The catalyst was news that Pfizer and BioNTech may have hit the jackpot with a Covid-19 vaccine–a development that has injected a heavy dose of optimism into global financial markets. The pharmaceutical giants announced they have developed BNT162, […]
A Joe Biden win at next month’s U.S. elections will likely be an upward catalyst for oil prices because it will increase costs for the shale patch and will likely result in a weaker U.S. dollar, according to Goldman Sachs. “We do not expect the upcoming U.S. elections to derail our bullish forecasts for oil […]
The oil market has already priced in the slowing global demand recovery and the growing uncertainties about the economy amid resurging coronavirus cases in many parts of the world. Analysts largely concur that oil prices are not expected to move much higher than current levels of around $40 a barrel until the rest of the […]
OPEC expects global oil demand will exceed the pre-pandemic levels in 2022 and grow steadily until the late 2030s, when it will begin to plateau, the cartel said on Thursday, in a major shift in its forecast that put a timeline to peak oil demand. The coronavirus pandemic has changed some of the key assumptions in forecasts […]
Crude oil prices reversed their decline today after the Energy Information Administration reported an oil inventory draw of 1.6 million barrels for the week to September 18. This compares with a draw of 4.4 million barrels for the previous week. The report came a day after the American Petroleum Institute propped prices up temporarily by estimating a sizeable decline in gasoline […]
Goldman Sachs is bullish on oil, expecting the market to be in a deficit of around 3 million barrels per day (bpd) by the fourth quarter and Brent Crude prices to recover to $49 a barrel by the end of this year, from $43 early on Friday. According to a new report from Goldman analysts, […]
Oil prices are set to rise to $60 a barrel by the end of next year as the oversupply will have been drawn down by then, according to Citigroup, which is bullish on oil. Growing economies will lead to global oil demand returning to the pre-coronavirus levels in late 2021, Citi’s global head of commodities […]
Goldman Sachs expects Brent crude to reach $65 a barrel in the third quarter of 2021, although it could end the year lower, at $58 a barrel, according to Goldman Sachs analysts. In a note, they also said they expected West Texas Intermediate to rally to $55.88 a barrel by the third quarter of next […]
Global oil demand is set to recover to near pre-covid-19 levels by the end of this year, Saudi Arabia’s energy minister Prince Abdulaziz said today prior to the OPEC+ Joint Ministerial Monitoring Committee meeting today, according to The National. Specifically, Prince Abdulaziz expects that oil demand will recover to 97% of the levels pre-Covid. That 97% […]
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