Optimism grows on oil demand returning 100mbd
Businessam Staff
September 29, 2020
The whiff of optimism being expressed in respectable quarters about chances that oil demand could yet return to the psychological comfortable figure of 100 million barrels per day received another heavyweight support last week with ConocoPhillips joining the fray to issue a forward-looking statement that demand will not only return to that number but that […]
We may have to worry about peak oil demand soon
Businessam StaffNovember 4, 2019
By Mudashir Tunde A peak oil demand might continue to result in its rise in value for the next ten years if the world leaders implement low-carbon policies more strictly according to the Head of the Oil Industry & Markets Division at the International Energy Agency (IEA), Neil Atkinson. Speaking to CNBC today, Neil said, “If the world does […]
Storage concerns push natural gas futures to $2.936
Temitayo AyetotoAugust 8, 2018
The NYMEX September natural gas futures edge higher to $2.936 Wednesday as growing storage deficit intensified supply concerns to already-bullish market sentiment, with above-average summer temperatures lingering in the US. The expectation of analysts at S&P Global Platts was that about 45-Bcf build in storage stocks would be seen from the announcement of the US […]
Brent crude futures edge closer to $80 per barrel on tight market
Businessam StaffMay 17, 2018
Oil prices firmed on Thursday, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong. Brent crude futures were at $79.36 per barrel at 0451 GMT, up 8 cents from their last close, while U.S. West Texas Intermediate (WTI) […]
Crude oil price holds above $68 with Trump-Iran standoff in focus
Businessam StaffApril 26, 2018
Crude prices inched up on Thursday, staying within sight of their highest levels in more than three years, as geopolitical tension in the Middle East and concerns about supply disruptions in key oil-producing nations provided support. New York-traded West Texas Intermediate crude futures tacked on 9 cents to $68.14 a barrel by 08:00 GMT. The […]
Brent oil hits $75.20, highest since November 2014
Businessam StaffApril 24, 2018
Brent Oil rose to fresh 3.5 year highs in the Asian session on expectations of fresh US sanctions against Iran and as the demand side of the oil market continues to strengthen, courtesy of OPEC output cut deal. Brent oil is changing hands at $74.95/barrel, having clocked a high of $75.20 earlier today. It appears […]
Crude oil prices decline as increasing shale production forces profit-taking
Businessam StaffApril 16, 2018
Crude prices sank lower on Monday as increasing shale production and an apparent lull in Middle East tensions convinced traders to take profits after strong weekly gains. West Texas Intermediate crude futures fell 56 cents, or about 0.8 percent, to $66.83 a barrel by 14:20GMT as Brent crude futures, the benchmark for oil prices outside the […]
Oil prices slump as China, U.S. trade tensions continue
Businessam StaffApril 6, 2018
Oil prices were lower on Friday, as geopolitical tensions continued between the U.S. and China. Crude oil futures fell 0.38 percent to $63.30 a barrel by 8:36 GMT. Brent crude futures, the benchmark for oil prices outside the U.S., was down 25 cents, or 0.37percent, to $68.08 a barrel, according to investing.com. U.S. President Donald Trump […]
Oil prices to rise in 2018 as OPEC wages tug-of-war with U.S. shale, poll shows
Businessam StaffMarch 29, 2018
Oil prices are likely to rise this year thanks to supply disruptions and an OPEC-led deal to limit production, but doubts over the future of compliance with the multilateral agreement and rising U.S. production could stem the upward momentum, a Reuters poll showed on Thursday. A survey of 31 economists and analysts polled by Reuters […]
US shale oil to drive crude prices below $60- Fitch
Businessam StaffMarch 15, 2018
Fitch Ratings, said in a report Wednesday that the U.S.’ rising shale oil production is expected to drive crude oil prices below $60 a barrel this year, where they will remain in the long-term, The global rating agency said U.S. shale growth should result in a production surplus in 2018, which would result in global […]