Tag: “Commodity”

OPEC on Monday raised its medium- and long-term forecasts for global oil demand.

Oil prices were climbing sharply on Monday in reaction to the attack on Israel by Hamas. Energy stocks rose as traders watched how the conflict is set to affect oil production and transportation in the Middle East. 

LONDON, Oct 5 (Reuters) – Oil prices fell by more than $1 on Thursday, extending the previous session’s sharp losses as an uncertain demand outlook overshadowed any boost from an OPEC+ panel maintaining oil output cuts to keep supply tight.

An OPEC+ ministerial panel that met on Wednesday made no changes to the group’s oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market.

Oil prices fell on Wednesday as the Organization of the Petroleum Exporting Countries prepared to meet to discuss output.

LONDON, Sept 25 (Reuters) – Oil prices held steady on Monday after Russia relaxed its fuel ban, taking the edge off earlier gains on a tighter supply outlook and wariness over interest rates that could curb demand.

Oil prices rose on Friday as renewed global supply concerns from Russia’s fuel export ban counteracted demand fears driven by macroeconomic headwinds and high interest rates.

Investors shouldn’t be discouraged by the recent price declines in battery-grade lithium, with expectations for growth in demand from the electric vehicle market still strong.

Saudi Arabia’s energy minister said Riyadh and Moscow’s decision to extend crude oil supply cuts is not about “jacking up prices,” as Brent futures hover near $95 a barrel and analysts predict further rises into triple digits.  

Oil futures rose Wednesday, building on 2023 highs, on continued concerns over tight supplies.

European gas prices moved sharply higher on Friday as workers at Australian natural gas facilities went on strike, prompting fears that a prolonged halt to production could squeeze global supplies.

Saudi Arabia on Tuesday extended its 1-million-barrels-per-day voluntary oil production cut until the end of the year, according to the state-owned Saudi Press Agency.

The world could face a shortage for lithium as demand for the metal ramps up, with some analysts forecasting that it could come as soon as 2025. Others, however, see a longer time frame before that shortfall hits.

LONDON, Aug 11 (Reuters) – OPEC+ supply cuts could erode oil inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024, the International Energy Agency (IEA) said on Friday.

The Organization of the Petroleum Exporting Countries on Thursday left its forecasts for growth in 2023 and 2024 world oil demand unchanged. In its monthly report, OPEC said it expects demand this year to grow by 2.4 million barrels a day, followed by 2.2 million barrels a day, or mbd, in 2022. 

Energy analysts believe the bullish momentum for European natural gas prices will persist over the coming months after futures jumped almost 40% on Wednesday.

Oil futures pulled back from nearly four-month highs early Monday, consolidating as the U.S. dollar strengthened versus major rivals.

Oil prices were on track for a sixth week of gains after Saudi Arabia and Russia, the world’s second and third-largest crude producers, pledged to cut output through Septembe

Gold prices were modestly lower ahead of the release of jobs figures for July, which economists expected would show the U.S. labor market had continued to expand at a relatively robust pace.

Crude was reclaiming some ground lost in the previous session after a downgrade of the U.S. credit rating dented sentiment across markets, offsetting a record drop in U.S. crude inventories.