WTI has recently fallen to new session lows and is in sight of a test of its 21 DMA ahead of the Fed interest rate announcement. Comments on weak demand growth prospects and China shutdowns are being cited as factors weighing on oil. However, oil markets appear poised to remain correct for the rest of […]
Tag: OPEC
OPEC warns of impact on supply if there is no investment to meet demand
OPEC Secretary-General Mohammad Sanusi Barkindo has warned of an even more serious impact on global energy supply if the investments needed to meet demand fail. Speaking at an event organized by Mediterranean Gas, which is developing the floating liquefied natural gas unit in Volos, Mr. Barkindo stressed that if there is no investment and demand […]
WTI Hits New Multiple Highs at $123.50 as Uptrend Continues
WTI has broken to fresh multi-month highs at $123.50 on Tuesday, maintaining the recent uptrend. OPEC’s supply problems came into the spotlight after the cartel said output fell in May (vs. forecast rise). Traders will be watching China’s closing situation and the macroeconomic reaction to the Fed meeting on Wednesday. In line with the recent […]
Reuters: OPEC sees a slowdown in oil demand in 2023
Global oil demand will slow in 2023, sources in OPEC and the oil industry told Reuters, as rising crude and fuel prices are contributing to rising inflation and acting as a weight in the global economy. Fuel use has recovered from the 2020 recession caused by the pandemic and is expected to exceed 2019 levels, […]
K. Skrekas met with the Secretary General of OPEC – The focus is on the evolution of international oil prices
The Minister of Environment and Energy, Costas Skrekas, met today with the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo. The focus of the discussions was the evolution of international oil prices on a short-term and long-term basis and Greece’s relations with oil-producing countries. The Minister of Environment and Energy, […]
WTI falls but remains near $120 despite risk-off conditions and China shutdown concerns
WTI is trading modestly lower but still trading near $120 amid risky conditions and China lockdown concerns. Weak US data, a surprisingly aggressive Fed, and tight restrictions in China could combine to send WTI back towards its 21 DMA. Although still slightly lower on the day, oil prices trimmed most of the previous session’s losses […]
WTI declines back below $120
WTI prices have dipped back below $120 on Friday as China lockdown concerns return and amid Wall Street risk aversion flows. Oil appears to be on track to end the week lower for the first time since early May. However, WTI remains in an uptrend that has been in place since April and dips are […]
WTI recovers returning above $120 after the US inventory report.
WTI has recovered and is back above $120 after the latest US EIA inventory report showed an unexpected drop in gasoline stocks. Prices remain well supported in a context of strong and growing demand, in addition to supply problems from OPEC+/Russia. The bulls will continue to target a test of $130 in the coming weeks. […]
WTI bounces away from lows, approaching $120
WTI has bounced from session lows below $118 to approach $120 despite a risk-free opening on Wall Street. Several themes are being cited as price support and encouraging buying on the dips as the bulls look for a break towards the March highs. oil prices have rallied in late trading despite a relatively dodgy open […]
WTI falls from three-month highs near $121
WTI hit new three-month highs near $121 earlier in the session, but has since pulled back to $118.50. Oil prices were initially buoyed on Monday by the Saudi rally, China’s easing of the lockdown and following last week’s OPEC+ meeting. Having nearly hit the $121 a barrel mark earlier in the day and in doing […]