• Oil touched its strongest level since early September as signs that Covid-19 vaccinations in the U.S. could be underway within three weeks improved the demand outlook. Markets broadly rallied after AstraZeneca Plc became the latest company to report a vaccine that protects most people from coronavirus. West Texas Intermediate for January delivery rose 1.5% to $43.04 a barrel; Brent…
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This Week’s Market Buzz
• Oil prices fell sharply at press time, with Brent Crude, the global benchmark, falling as much as 5% before paring losses to trade 2.3% lower at $37.07 a barrel. West Texas Intermediate, the U.S. benchmark, was down 2.7% at $34.82 a barrel.
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• Oil futures lost ground at press time, prompting prices to turn lower for the week, as an accelerating rise in COVID-19 cases in the U.S. and Europe heightens worries about demand for crude. West Texas Intermediate crude for November delivery fell 58 cents, or 1.4%, to $40.38 a barrel on the New York Mercantile Exchange, December Brent crude was…
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• Oil prices were falling at press time, with the price of West Texas Intermediate declining more than 6% as OPEC’s production increased in September over August. West Texas Intermediate was $37.79 while Brent dropped 5.22% to $40.09.
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• Oil rebounded above $40 at press time after EIA data showed a drawdown in oil storage and Hurricane Sally forced offshore platforms offline.
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• Although U.S. benchmark crude futures have rebounded from April’s negative territory, price rallies remain limited amid uncertainty over when oil consumption will return to normal; and virus cases spiking in new hot spots like Iowa and South Dakota. Demand may also take a hit in September and October as Chinese imports ease state-issued quotas for independent refiners following a…
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• A new CBS/YouGov poll of Pennsylvanians shows that a slight majority of the state now opposes fracking, with 52% of voters opposed and a corresponding 48% voting in favor of fracking. That goes against the conventional wisdom that politicians can’t run on anti-fracking policies in Pennsylvania. In fact, in fracking-friendly Allegheny County, three political candidates won their primary elections…
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• At press time, West Texas Intermediate crude for September delivery rose 49 cents, or 1.2% to finish at $42.19 a barrel on the New York Mercantile, after rising as high as $43.52 immediately after the data. The global benchmark, October Brent crude closed at $45.17 a barrel, up 74 cents, or 1.7%, on ICE Futures Europe.
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• Oil settled at its highest level since early March as indications of an economic recovery from the coronavirus pandemic helped drive a rally in commodities. Both Brent and West Texas Intermediate crude futures jumped more than 2% at press time. European Union leaders agreed on an unprecedented stimulus package to pull their economies out of the worst recession in…
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• At press time, West Texas Intermediate for August delivery rose 28 cents to settle at $40.90 a barrel. Brent for September settlement rose 21 cents to $43.29 a barrel.
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