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Oil slides with U.S. supply gain adding to global demand concern
Jake Lloyd-Smith, Bloomberg News VIDEO SIGN OUT
Oil fell for a second day with an increase in U.S. crude inventories compounding concerns around a choppy global demand recovery.
Futures in New York fell 2.1 per cent on Wednesday after a U.S. weekly inventory report showed the first gain in domestic crude supplies in a month. Meanwhile, a resurgent coronavirus in India is curbing fuel consumption.
âThe price pullback has been over rising uncertainty in regards to global oil demand, given the rise in infections, particularly in India,â said Rob Thummel, a portfolio manager at Tortoise, a firm that manages roughly US$8 billion in energy-related assets. âIndia is a large, high growth market for oil. Whatâs going on in the country with Covid-19, at least in the near-term, could pose a challenge for demand.â
Oil fell for a second day with an increase in USA crude inventories compounding concerns.
(Bloomberg) Oil fell for a second day with an increase in U.S. crude inventories compounding concerns around a choppy global demand recovery.
Futures in New York fell 2.1% on Wednesday after a U.S. weekly inventory report showed the first gain in domestic crude supplies in a month. Meanwhile, a resurgent coronavirus in India is curbing fuel consumption.
“The price pullback has been over rising uncertainty in regards to global oil demand, given the rise in infections, particularly in India,” said Rob Thummel, a portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets. “India is a large, high growth market for oil. What’s going on in the country with Covid-19, at least in the near-term, could pose a challenge for demand.”
OPEC+ brushes off latest US antitrust bill as it prepares to relax oil production quotas
US lawmakers’ efforts to revive antitrust legislation targeting OPEC will add a wrinkle to the April 28 meeting between the oil bloc, Russia and other allies, but officials within the group say they are not worried about the prospects of American interference.
The Saudi-Russia-led OPEC+ alliance is set to convene to firm up production plans for the coming months, having agreed earlier in the month to relax quotas by a collective 1 million b/d through July to meet growing oil demand.
Rising retail gasoline prices, however, have already drawn attention in the US Congress, where so-called NOPEC bills have been repeatedly introduced over the last two decades. The latest iteration was advanced by the US House of Representatives’ Judiciary Committee on April 20, the first of several hurdles it would need to surmount before becoming law.
Russia projects OPEC+ will maintain oil price course at this weekâs meeting By Olga Tanas and Dina Khrennikova on 4/21/2021
Russian Deputy Prime Minister Alexander Novak
MOSCOW (Bloomberg) Next weekâs OPEC+ meeting will most likely focus on assessing the current oil environment rather than on revising production targets as the market looks balanced so far, according to Russia, a leading member of the group.
âIf nothing extraordinary happens, we have already formed our three-month plans,â Russiaâs Deputy Prime Minister Alexander Novak told reporters in Moscow on Wednesday, âOur task will be to look at these plans and maybe confirm or adjust them - yet most likely, this is the meeting to assess the current situation,â he said.