By Tom Whipple, Steve Andrews, The Energy Bulletin
Crude oil futures finished the week sharply lower as a stronger dollar and expectations of rising global supply pulled prices off a 13-month high of over $67 a barrel, seen earlier last week.
By Tom Whipple, Steve Andrews, The Energy Bulletin
The severe winter storm that swept through the United States last week likely shut in between 2 million and 4 million b/d of US crude oil production, IHS Markit said in an analysis.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Prices in London climbed for a fourth straight week as efforts to clear an oil surplus are supporting oil prices until demand comes back to pre-pandemic levels.
By Nick Cunningham, DeSmog Blog
ExxonMobil announced a $19.3 billion write-down on Tuesday, a big hit to a company reeling from depressed oil and gas prices and a rapidly changing global energy market.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Brent closed on Friday at $59.44—close to the benchmark's $60 psychological threshold. Last week at this time, the spot price for Brent was just $55.04.
By Tom Whipple, The Energy Bulletin
Prices remained in a narrow range for the third week, around $52 in New York and $55 in London.
By Tom Whipple, Steve Andrews, The Energy Bulletin
The course of the coronavirus continued to roil the oil markets last week. After a 10 percent gain since the beginning of the year, oil reversed last week as new outbreaks of the virus accompanied by recent lockdowns appeared worldwide.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Prices, which hit their highest in nearly a year the previous week, posted their first weekly decline of 2021 last week.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Crude futures rode a late session upswing to end 2020 higher, as the market looked to a Jan. 4th OPEC+ meeting for direction. WTI settled at $48.52, and Brent settled at $51.80.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Weekly prices declined for the first time since October, as a new coronavirus mutation spread through parts of the world and poses risks to energy demand.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Prices rose for a seventh straight week as efforts to pass another US virus relief package added to optimism that the vaccine’s rollout will provide a boost in demand. Futures rose 1.5 percent in New York on Friday, extending this week’s rally to over 5 percent.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Oil managed a small weekly gain last week as the impasse in Washington over pandemic relief dimmed chances of an imminent boost in demand.