• Contact Form
  • Submit Article
  • Terms of Use
  • Cookie Privacy
  • Privacy Policy
Monday, January 18, 2021
Daily Oil Gas newspaer online market news
Advertisement
  • Home
  • NewsDaily
    • All
    • Asian Oil & Gas
    • Equipment & Services
    • gas prices
    • Latest News
    • oil company
    • oil jobs
    • oil price
    • Production
    • Russia Oil & Gas News
    • saudi arabia Oil & Gas
    • Transport
    • USA Oil & Gas
    ADES International Holding PLC confirms revenue growth over first nine months of 2020

    ADES International Holding PLC confirms revenue growth over first nine months of 2020

    Terrorists Jeopardize Nearly $60B in SE Africa Gas Projects  | Rigzone

    Terrorists Jeopardize Nearly $60B in SE Africa Gas Projects  | Rigzone

    S&P 500 posted 2020 gains as COVID-19, oil price crash obliterated energy sector

    S&P 500 posted 2020 gains as COVID-19, oil price crash obliterated energy sector

    Nicola Sturgeon fury: Scotland’s oil price slump ‘final nail in coffin for independence’ | UK | News

    Nicola Sturgeon fury: Scotland’s oil price slump ‘final nail in coffin for independence’ | UK | News

    Shell and Q-LNG Hit US Offshore Milestone  | Rigzone

    Shell and Q-LNG Hit US Offshore Milestone  | Rigzone

    Methane emissions fell in 2020 on lower oil and gas production

    Methane emissions fell in 2020 on lower oil and gas production

    EMERGING MARKETS-Russia’s rouble leads EMEA FX losses on weak oil, political woes – Nasdaq

    Big Oil’s Flagship Plastic Waste Project Sinks on the Ganges – U.S. News & World Report

    U.S. Shale Is Gaining Influence Over Oil Markets

    U.S. Shale Is Gaining Influence Over Oil Markets

    Trending Tags

    • oil price
    • Oil
    • Energy
    • Asian Oil & Gas News
    • Russia Oil & Gas News
    • USA Oil & Gas News
    • europe Oil & Gas News
    • saudi arabia Oil & Gas News
  • Production
  • oil price
  • Equipment
  • oil company
  • Transport
  • gas prices
  • oil jobsNews
No Result
View All Result
  • Home
  • NewsDaily
    • All
    • Asian Oil & Gas
    • Equipment & Services
    • gas prices
    • Latest News
    • oil company
    • oil jobs
    • oil price
    • Production
    • Russia Oil & Gas News
    • saudi arabia Oil & Gas
    • Transport
    • USA Oil & Gas
    ADES International Holding PLC confirms revenue growth over first nine months of 2020

    ADES International Holding PLC confirms revenue growth over first nine months of 2020

    Terrorists Jeopardize Nearly $60B in SE Africa Gas Projects  | Rigzone

    Terrorists Jeopardize Nearly $60B in SE Africa Gas Projects  | Rigzone

    S&P 500 posted 2020 gains as COVID-19, oil price crash obliterated energy sector

    S&P 500 posted 2020 gains as COVID-19, oil price crash obliterated energy sector

    Nicola Sturgeon fury: Scotland’s oil price slump ‘final nail in coffin for independence’ | UK | News

    Nicola Sturgeon fury: Scotland’s oil price slump ‘final nail in coffin for independence’ | UK | News

    Shell and Q-LNG Hit US Offshore Milestone  | Rigzone

    Shell and Q-LNG Hit US Offshore Milestone  | Rigzone

    Methane emissions fell in 2020 on lower oil and gas production

    Methane emissions fell in 2020 on lower oil and gas production

    EMERGING MARKETS-Russia’s rouble leads EMEA FX losses on weak oil, political woes – Nasdaq

    Big Oil’s Flagship Plastic Waste Project Sinks on the Ganges – U.S. News & World Report

    U.S. Shale Is Gaining Influence Over Oil Markets

    U.S. Shale Is Gaining Influence Over Oil Markets

    Trending Tags

    • oil price
    • Oil
    • Energy
    • Asian Oil & Gas News
    • Russia Oil & Gas News
    • USA Oil & Gas News
    • europe Oil & Gas News
    • saudi arabia Oil & Gas News
  • Production
  • oil price
  • Equipment
  • oil company
  • Transport
  • gas prices
  • oil jobsNews
No Result
View All Result
Morning News
No Result
View All Result
Home oil price

Oil Price Fundamental Weekly Forecast

September 28, 2020
in oil price
Oil Price Fundamental Weekly Forecast
Share on FacebookShare on Twitter


Don’t Forget About Supply

By all means and measures, last week’s government inventories report was bullish, but that didn’t drive prices higher for the week. This is further evidence that demand is the major concern.

U.S. crude, gasoline and distillate inventories all fell the week-ending September 18, EIA data showed. Crude inventories fell by 1.6 million barrels, less than forecast; gasoline stocks dropped more than expected, sliding by 4 million barrels; while distillate stockpiles posted a surprise drawdown of 3.4 million barrels.

Although OPEC+ is doing its best to curtail global supply with its massive production cuts, and could do more if called upon, there could be a problem if Libya brings more oil to the market.

In Libya, an oil tanker was loading cargo on Thursday from one of three Libyan terminals that were reopened in recent days and more cargoes are expected to be lifted in the coming days. It may look bearish on the surface, but analysts are questioning how quickly the country could ramp up supply.

There are additional reports that Iranian oil exports have risen sharply in September in defiance of U.S. sanctions, three assessments based on tanker tracking showed, throwing a lifeline to the Islamic Republic and its collapsing economy.

Weekly Forecast

We’re expecting a sideways-to-lower trade over the near-term as long as the number of COVID-19 cases continue to rise worldwide. On the downside, the biggest concern will be renewed restrictions in the U.S., Europe and Asia.

Other factors that could weigh on prices is a stronger U.S. Dollar that tends to reduce foreign demand for dollar-denominated crude oil. This goes hand in hand with the strength of the U.S. economy. Increased supply from Libya and Iran could also become bearish factors.

The drop in distillates is encouraging because it could be an early indication of renewed demand. However, if the airlines don’t get stimulus money then distillate prices could plunge again.

The wild cards are the coronavirus vaccine and the OPEC+ production cuts. A vaccine will reduce the number of cases and ease restrictions. OPEC+’s output cuts are helping to underpin prices, but they may need to do more. Over a week ago, prices rose sharply when they said they were cracking down on over producers. Another steep decline could lead them to tighten the screws even further.

For a look at all of today’s economic events, check out our economic calendar.



news.google.com

Related Posts

S&P 500 posted 2020 gains as COVID-19, oil price crash obliterated energy sector

S&P 500 posted 2020 gains as COVID-19, oil price crash obliterated energy sector

by OIl News
January 18, 2021
0

In defiance of the pandemic's dampening effect on the global economy, most of the S&P 500's indexes rose in...

Nicola Sturgeon fury: Scotland’s oil price slump ‘final nail in coffin for independence’ | UK | News

Nicola Sturgeon fury: Scotland’s oil price slump ‘final nail in coffin for independence’ | UK | News

by OIl News
January 18, 2021
0

The Scottish National Party (SNP) has gained serous momentum in its efforts to take Scotland out of the UK....

Column: Rapid oil price rise divides fund managers

Column: Rapid oil price rise divides fund managers

by OIl News
January 17, 2021
0

LONDON (Reuters) - Hedge fund managers are starting to diverge over the likelihood of further oil price increases as...

Ghana’s Political Meddling Could Derail Its Oil Boom

Ghana’s Political Meddling Could Derail Its Oil Boom

by OIl News
January 17, 2021
0

Ghana has been one of the bright stars of the oil and gas market in the 2010s, ramping up...

Strengthening dollar stalls oil price rally’s momentum

Strengthening dollar stalls oil price rally’s momentum

by OIl News
January 17, 2021
0

By Saket Sundria and Alex Longley on 1/11/2021 (Bloomberg) --Oil fell as the dollar strengthened, with the steam coming...

With oil revenue down, North Dakota approves budget forecast as legislators hope for 2022 production boost

With oil revenue down, North Dakota approves budget forecast as legislators hope for 2022 production boost

by OIl News
January 17, 2021
0

The Legislature has historically relied heavily on oil and gas taxes as a central driver of the state's revenue,...

Leave a Reply

avatar
This comment form is under antispam protection
avatar
This comment form is under antispam protection
  Subscribe  
Notify of

POPULAR NEWS

The great Texas oil shutdown has begun

The great Texas oil shutdown has begun

April 26, 2020
Oil Market Offers Wrong Type of Wow Factor

Oil Market Offers Wrong Type of Wow Factor

April 25, 2020
which companies are still paying dividends

which companies are still paying dividends

April 25, 2020
Tullow Oil PLC names former Cairn India boss, Rahul Dhir as new chief executive

Tullow Oil PLC names former Cairn India boss, Rahul Dhir as new chief executive

April 25, 2020
SDX Energy PLC higher as says testing confirms Sobhi discovery in Egypt is commercial

SDX Energy PLC higher as says testing confirms Sobhi discovery in Egypt is commercial

April 25, 2020

EDITOR'S PICK

WTI Crude Oil Slips Below $38.00 Despite Libya Conflict; US Crude Oil Inventories Ahead – InvestingCube

WTI Crude Oil Slips Below $38.00 Despite Libya Conflict; US Crude Oil Inventories Ahead – InvestingCube

June 10, 2020
Coronavirus has Memorial Day weekend gas prices lowest they’ve been in more than a decade

Coronavirus has Memorial Day weekend gas prices lowest they’ve been in more than a decade

May 22, 2020
Why U.S. Politics Don’t Impact Energy

Why U.S. Politics Don’t Impact Energy

November 8, 2020
Oil and Gas in 2021 and More  | Rigzone

Oil and Gas in 2021 and More  | Rigzone

January 10, 2021
  • Contact Form
  • Submit Article
  • Terms of Use
  • Cookie Privacy
  • Privacy Policy

© 2020 Oil Newspaper.com

No Result
View All Result
  • Home
  • News
    • Asian Oil & Gas News
    • Russia Oil & Gas News
    • USA Oil & Gas News
    • europe Oil & Gas News
    • saudi arabia Oil & Gas News
  • Production
  • oil price
  • Equipment
  • oil company
  • Transport
  • gas prices
  • oil jobs

© 2020 Oil Newspaper.com

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.