By Scott DiSavino NEW YORK (Reuters) - Oil prices rose to an eight-week high on Wednesday as U.S. crude exports plunged and on signs of a speedy economic recovery and upbeat forecasts for energy demand. Brent futures rose 77 cents, or 1.1%, to settle at $69.32 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 80 cents, or 1.2%, to settle at $66.08. That was the highest close for Brent since March 11 and for WTI since March 5. U.S. crude exports fell last week to around 1.8 million barrels per day (bpd), their lowest since October 2018, while crude inventories declined 0.4 million barrels versus an expected 2.8 million-barrel draw, according to weekly government data. [EIA/S]
Middle EastOil drops as India coronavirus crisis tempers rally
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Oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world s third-biggest importer of crude, tempered a rally driven by IEA and OPEC predictions that demand is coming back strong.
Brent crude was down 32 cents, or 0.5%, at $69.00 a barrel by 0145 GMT, after gaining more than 1% on Wednesday. West Texas Intermediate (WTI) was down 31 cents, or 0.5%, to $65.77 a barrel, having risen 1.2% in the previous session.
Oil Glut Returns to Near Pre-Pandemic Levels Source: By David Hodari, Wall Street Journal • Posted: Wednesday, May 12, 2021
IEA cuts global demand growth forecast as India battles Covid-19 wave
A pumpjack near Crane, Texas. Photo: Daniel Acker/Bloomberg News
The oil supply glut that built up after the pandemic forced producing countries to slash output has almost returned to normal levels, the International Energy Agency said Wednesday.
But in its monthly report, the IEA cut its 2021 global demand growth forecast by 270,000 barrels to 5.4 million barrels a day. Demand in Europe and the Americas in the first quarter was weaker than previously thought, the IEA said. The agency cut its second-quarter forecast for Indian demand as the country struggles with high coronavirus infection rates.
By Aaron Sheldrick TOKYO (Reuters) -Oil prices fell 1% on Thursday as India s coronavirus crisis deepened, halting a rally that had lifted crude to an eight-week high after the IEA and OPEC forecast a rebound in global demand. Brent crude was down 74 cents, or 1.1%, at $68.58 a barrel by 0655 GMT, after rising 1% on Wednesday. West Texas Intermediate (WTI) was down 75 cents, or 1.1%, to $65.33 a barrel, having risen 1.2% in the previous session. The path for crude prices appears to be higher but until the situation improves in India, WTI will probably struggle to break above the early March high, Edward Moya, senior market analyst at OANDA, said in a note.
By Emmanuel Addeh in Abuja with agency report
The Nigerian National Petroleum Corporation (NNPC) has picked 16 consortia for its new crude-for-fuel swap contracts for one year starting in August.
A report yesterday by Reuters listed the consortia to include major Swiss trading firms, Trafigura, Vitol and Mercuria, oil major Total as well as large Nigerian traders, Sahara Energy, Oando and MRS Oil.
Other companies which qualified for the contracts, according to a list sighted by THISDAY include: AY Mai Kifi, based in Kano; Litasco, a South African firm; Bono Energy, Lagos; Duke Oil, an NNPC subsidiary; Eyrie Energy, based in Abuja; Asian Energy Services; Prudent; BP and Mocoh.