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Texas Freeze Causes Mixed Crude Trading, But Analysts Continue Bullish Post-Covid Outlook by Ship & Bunker News Team Thursday February 25, 2021 The sharp drop in U.S. crude output last week due to freezing weather in southern states, along with the U.S. Federal Reserve stating that interest rates would remain low for awhile, caused West Texas Intermediate on Thursday to eke out a modest price gain; however, Brent declined minimally. Craig Erlam, senior analyst at OANDA, said, "With momentum appearing to slow a week before the next OPEC+ meeting, crude may be positioning for a small correct...

by Bloomberg |Friday, February 26, 2021 Oil fell the most since November. (Bloomberg) -- Oil fell the most since November with a stronger dollar and concerns surrounding inflation weighing on crude’s best start to the year on record. Futures in New York declined 3.2% on Friday, with a rising dollar reducing the appeal of commodities priced in the currency. Yet, the U.S. crude benchmark still managed to post a nearly 18% gain this month as inventories worldwide tighten and pockets of demand return. Domestic crude production dropped in 2020 for the first time in four years, according to the ...

Oil hits highest in more than a year with global supply draining Elizabeth Low, Bloomberg News VIDEO SIGN OUT Oil climbed to the highest in more than a year amid optimism of swiftly depleting global oil inventories. Futures in New York closed 0.5 per cent higher on Thursday. The oil futures curve continues to signal a tighter market. U.S. crude inventories are near the lowest levels in about a year, while exports of five key crudes in the North Sea fields are seen slumping in April. As a result, crude timespreads are strengthening in a bullish structure known as backwardation.

Oil flipped between small gains and losses. (Bloomberg) -- Oil flipped between small gains and losses as the market weighed a tightening global supply outlook against indications prices may be overextended. Futures in New York were little changed after chopping around a one-year high on Thursday. The oil futures curve continues to signal a tighter market, with Brent’s nearest contract trading at a nearly $6 a barrel premium to the contract one year out in a bullish structure known as backwardation. Still, technical indicators show crude hovering in overbought territory with the recent price...

(Bloomberg) -- Oil climbed to the highest in more than a year amid optimism of swiftly depleting global oil inventories.Futures in New York closed 0.5% higher on Thursday. The oil futures curve continues to signal a tighter market. U.S. crude inventories are near the lowest levels in about a year, while exports of five key crudes in the North Sea fields are seen slumping in April. As a result, crude timespreads are strengthening in a bullish structure known as backwardation.“Looking forward in the market, we’re seeing a significant backwardation, which signals that there is an an...