Crude's upward march continues, with supply concerns still dominant

20/1/2022 8:42:00 PM

OIL & GAS: Crude's upward march continues, with supply concerns still dominant - Reuters

OIL & GAS: Crude's upward march continues, with supply concerns still dominant - Reuters

NEW YORK (Jan 20): Oil rose modestly on Thursday, as bulls remain in charge, with benchmark Brent nearing US$90 a barrel, bolstered by strong demand and concerns about short-term supply disruptions.Brent crude futures were up 67 cents, or 0.7%, at US$89.07 a barrel at 11.32am EST (1632 GMT) after falling more than US$1 in earlier trade. The global benchmark rose to US$89.17 on Wednesday, its highest level since October 2014.US West Texas Intermediate (WTI) crude futures for February delivery

NEW YORK (Jan 20): Oil rose modestly on Thursday, as bulls remain in charge, with benchmark Brent nearing US$90 a barrel, bolstered by strong demand and concerns about short-term supply disruptions.Brent crude futures were up 67 cents, or 0.7%, at US$89.07 a barrel at 11.32am EST (1632 GMT) after falling more than US$1 in earlier trade. The global benchmark rose to US$89.17 on Wednesday, its highest level since October 2014.

US West Texas Intermediate (WTI) crude futures for February delivery were up 69 cents, or 0.8%, at US$87.65 a barrel. The contract, which expires on Thursday, climbed to US$87.91 on Wednesday.The more active March WTI contract was up 72 cents to US$86.52.

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Oil up, settles near seven-year highs after Iraq-Turkey pipeline outageWASHINGTON (Jan 20): Oil prices settled higher on Wednesday (Jan 19) after a fire on a pipeline from Iraq to Turkey briefly stopped flows, increasing concerns about an already tight short-term supply outlook.Flows have resumed through the Kirkuk-Ceyhan pipeline that carries crude from northern Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), to the Turkish port of Ceyhan for export.The explosion that set off the fire on the pipeline in the south-eastern Turkish province was

Oil hits seven-year highs as global unrest stokes supply jittersNEW YORK (Jan 19): Oil prices on Tuesday (Jan 18) climbed to their highest since 2014 as investors worried about global political tensions involving major producers such as the United Arab Emirates (UAE) and Russia that could exacerbate the already tight supply outlook.The risk added a premium to prices during the session. Brent crude futures rose US$1.03, or 1.2%, to settle at US$87.51 (about RM366.71) a barrel. US West Texas Intermediate crude futures ended US$1.61, or 1.9%, higher at US$85.43 a barrel.Both

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A NEW YORK (Jan 20): Oil rose modestly on Thursday, as bulls remain in charge, with benchmark Brent nearing US$90 a barrel, bolstered by strong demand and concerns about short-term supply disruptions.A WASHINGTON (Jan 20): Oil prices settled higher on Wednesday (Jan 19) after a fire on a pipeline from Iraq to Turkey briefly stopped flows, increasing concerns about an already tight short-term supply outlook.A NEW YORK (Jan 19): Oil prices on Tuesday (Jan 18) climbed to their highest since 2014 as investors worried about global political tensions involving major producers such as the United Arab Emirates (UAE) and Russia that could exacerbate the already tight supply outlook.Telegram channel for the latest updates.

Brent crude futures were up 67 cents, or 0.7%, at US$89. The explosion that set off the fire on the pipeline in the south-eastern Turkish province was caused by a falling power pylon, not an attack, a senior security source said.07 a barrel at 11.03, or 1.32am EST (1632 GMT) after falling more than US$1 in earlier trade. Brent crude futures settled up 93 cents, or 1. The global benchmark rose to US$89. Griffiths said his ship was carrying 250,000 litres of water, and had the capacity to produce another 70,000 litres a day, along with other supplies.

17 on Wednesday, its highest level since October 2014.44 (about RM370.71) a barrel. US West Texas Intermediate (WTI) crude futures for February delivery were up 69 cents, or 0.8%, at US$87. The global benchmark earlier touched US$89.65 a barrel.9%, higher at US$85. The contract, which expires on Thursday, climbed to US$87. US West Texas Intermediate crude futures settled up US$1. The Red Cross said its teams in Tonga were distributing drinking water across the islands where salt water from the tsunami and volcanic ash were “polluting the clean drinking water sources of tens of thousands of people”.

91 on Wednesday. The more active March WTI contract was up 72 cents to US$86.96 a barrel, its highest level since Oct 9, 2014. Supply concerns mounted this week after Yemen's Houthi group attacked the UAE, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition.52. Trading has been dominated by supply concerns, from short-term issues like a temporary halt to flows in an Iraq-to-Turkey pipeline to a consistent shortfall from OPEC+ members in reaching targeted supply increases. OPEC officials and analysts said that an oil rally may continue in the next few months and prices could top US$100 a barrel due to recovering demand despite the spread of the Omicron coronavirus variant. In the meantime, demand remains steady, with US product supplied, a proxy for demand in the world's largest consumer, reaching 21. "The damage to the UAE oil facilities in Abu Dhabi was not significant in itself, but it raised the question of even more supply disruptions in the region in 2022," said Rystad Energy's senior oil markets analyst Louise Dickson. A second New Zealand Defence P3 Orion surveillance flight will fly over Tonga today to assess damage, the foreign ministry said.

2 million bpd over the past four weeks, ahead of the pre-pandemic pace. OPEC+, which groups the cartel with Russia and other producers, is struggling to hit the monthly output increase target of 400,000 barrels per day (bpd). "The voices of those forecasting US$100 per barrel oil are getting louder by the day," said Tamas Varga at oil brokerage PVM. Crude stocks rose by 515,000 barrels last week while gasoline inventories rose by 5. The International Energy Agency (IEA), however, said the oil market is due to flip into a surplus in the first quarter as some producers are set to pump at or above all-time highs. Separately, a senior US State Department official, said Russian troops deployed to Belarus for what Moscow and Minsk say will be joint military exercises is raising concerns that they"potentially" could be used to attack neighboring Ukraine.9 million barrels, boosting those inventories to their highest in a year, according to the US Energy Department. Supply concerns have mounted this week after a fire temporarily halted flows through an oil pipeline running from Iraq's Kirkuk to the Turkish port of Ceyhan on Tuesday. On Wednesday, US President Joe Biden told a news conference he will work to try to increase oil supplies. The US Agency for International Development approved US$100,000 in immediate assistance to support people affected by volcanic eruptions and tsunami waves.

An attack by Yemen's Houthis on the United Arab Emirates, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), heightened geopolitical risks. At the same time, producers within OPEC are struggling to pump at their allowed capacities under the OPEC+ agreement with Russia and allies to add 400,000 barrels per day each month. The OPEC+ producer group comprising OPEC and allies led by Russia has been producing less than its targets, with the International Energy Agency (IEA) on Wednesday estimating that the group produced about 800,000 barrels per day (bpd) below its December targets. US crude and gasoline stocks rose while distillate inventories fell last week, according to market sources citing American Petroleum Institute figures on Wednesday. The IEA said that while the oil market could be in a significant surplus in the first quarter of this year, inventories are likely to be well below pre-pandemic levels. The agency also upgraded its 2022 demand forecast.4 million barrels for the week ended Jan 14. Subscribe to Mid-day email alert We deliver news to your inbox daily. PVM's Varga said that high inflation rates and the prospect of rising interest rates represent downside risks to the oil price rally. Remote aid Tongan communities abroad have posted images from families on Facebook, giving a glimpse of the devastation, with homes reduced to rubble, fallen trees, cracked roads and sidewalks and everything coated with grey ash.

Subscribe to Mid-day email alert We deliver news to your inbox daily .5 million barrels, while distillate stocks fell by 1.