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Socar Trading Head Expects Oil to Hit $80 a Barrel This Year - Bloomberg

Socar Trading Head Expects Oil to Hit $80 a Barrel This Year - Bloomberg Oil prices will hit $80 a barrel this year as demand comes roaring back and producers won’t be able to immediately respond with sufficient supply, Socar Trading SA said, joining a chorus of bullish calls on the market.Hayal Ahmadzada, Socar’s chief trading officer, said the glut of excess oil stocks that built up in 2020 in response to the pandemic will be fully drawn down by the summer. At the same time, soaring prices for...
Tags: Travel, Bloomberg, Baku Azerbaijan, State Oil Company, Rupert Neil Bumfrey, Bloomberg Oil, Socar Trading Head Expects Oil, Socar Trading SA, Hayal Ahmadzada Socar, Ahmadzada, Azerbaijan Republic Geneva, Socar Trading


Oil Snaps Eight-Day Rally After Cut in Global Demand Outlook - Bloomberg

Oil Snaps Eight-Day Rally After Cut in Global Demand Outlook - Bloomberg Oil’s longest winning streak in two years lost momentum following the International Energy Agency’s bleaker outlook for global demand and signs that futures were overbought.Prices in New York declined less than 1% on Thursday after rising for eight straight days. The IEA said the re-balancing of the global oil markets remains “fragile” and cut its forecasts for world oil consumption in 2021 as the pandemic continues to limi...
Tags: Travel, New York, IEA, International Energy Agency, Stamford Connecticut, Rupert Neil Bumfrey, Gary Cunningham, Bloomberg Oil


Oil Rally Risks Reverse If Idle Fields Return, Dana Gas Says - Bloomberg video

Oil Rally Risks Reverse If Idle Fields Return, Dana Gas Says - Bloomberg Oil’s rally may end or even reverse if producers resume pumping some of the 10 million barrels of daily output capacity that now sits idled, according to the head of Middle Eastern energy producer Dana Gas PJSC.Oil and gas companies are looking to bounce back from a year in which the coronavirus hammered economies and caused crude prices to plummet. Firms canceled projects, suspended operations and cut spending. Curbs on ...
Tags: Travel, China, Opec, Bloomberg, Bloomberg Television, Dana, Dana Gas, Rupert Neil Bumfrey, Patrick Allman Ward, Bloomberg Oil, Allman Ward


Brent Oil Within Sight of $60 on Expectations for Tight Supply - Bloomberg

Brent Oil Within Sight of $60 on Expectations for Tight Supply - Bloomberg Oil rose toward $60 a barrel on expectations OPEC+ is committed to restraining global supplies even as the demand outlook improves.Futures in London climbed for a sixth day as they close in on a level last reached in February 2020 before Covid-19 upended global energy markets. OPEC+ has pledged to keep draining a virus-driven surplus as inventories from China to the U.S. shrink. Saudi Arabia defied expectations for a redu...
Tags: Travel, Asia, London, Saudi Arabia, China, Opec, Bloomberg, Rupert Neil Bumfrey, Bloomberg Oil


Oil Jumps After OPEC+ Pledges to Clear Oil Surplus Left By Virus - Bloomberg

Oil Jumps After OPEC+ Pledges to Clear Oil Surplus Left By Virus - Bloomberg Oil gained as OPEC and its allies pledged to keep pursuing a speedy market rebalancing while global inventories continue to shrink.Futures in New York surged as much as 2.7% to the highest in more than a year on Wednesday. A committee of OPEC+ ministers said it will keep pushing to quickly clear the oil surplus left by the pandemic-induced demand slump. Declining inventories are a sign of the group’s work: Chinese stock...
Tags: Travel, New York, Opec, Bloomberg, Tortoise, Rupert Neil Bumfrey, Matt Sallee, Bloomberg Oil


OPEC Core’s Crude Exports Slip Even as Output Curbs Are Eased - Bloomberg

OPEC Core’s Crude Exports Slip Even as Output Curbs Are Eased - Bloomberg Oil shipments from OPEC’s Persian Gulf producers slipped last month, even as output restrictions were eased and production volumes increased.Combined shipments of crude and condensate -- a light form of oil extracted from gas fields -- from Saudi Arabia, Iraq, the United Arab Emirates and Kuwait were almost 430,000 barrels a day lower in January than in December. The UAE was the only one of the group to boost shipments las...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Kuwait, Uae, Persian Gulf, Rupert Neil Bumfrey, Saudi Arabia Iraq, Bloomberg Oil, OPEC Core


#UAE Targets Low-Cost Blue Hydrogen to Cut Emissions by 24% - Bloomberg

UAE Targets Low-Cost Blue Hydrogen to Cut Emissions by 24% - Bloomberg Oil and natural gas producer the United Arab Emirates aims to become one of the world’s lowest-cost producers of hydrogen, helping in the Middle Eastern state’s effort to slash polluting carbon emissions by nearly a quarter.The country will use carbon-capture technologies to create what’s known as blue hydrogen, supplying cleaner energy, Sultan Al Jaber, chief executive officer of Abu Dhabi National Oil Co. and UAE Industry M...
Tags: Travel, Opec, Bloomberg, United Arab Emirates, Abu Dhabi, Uae, ADNOC, Rupert Neil Bumfrey, Al Jaber, Abu Dhabi National Oil Co, Bloomberg Oil, UAE Targets Low Cost Blue Hydrogen


Oil Edges Higher Alongside Equities With Stimulus Hopes Growing - Bloomberg

Oil Edges Higher Alongside Equities With Stimulus Hopes Growing - Bloomberg Oil gained for a third day as a Democratic sweep in the U.S. stoked optimism around the prospect of more fiscal stimulus under the incoming Joe Biden administration. The slight rise of less than 1% on Thursday left futures in New York at their highest since late February. Prices tracked a move higher in equities as Democrats are poised to take control of the Senate, House and presidency, setting the stage for addit...
Tags: Travel, New York, Bloomberg, Joe Biden, Biden, Democratic, Stamford Connecticut, Senate House, Rupert Neil Bumfrey, Tradition Energy, Gary Cunningham, Bloomberg Oil


Oil Emerges from Covid Abyss With Startling Year-End Turnaround - Bloomberg

Oil Emerges from Covid Abyss With Startling Year-End Turnaround - Bloomberg Oil in London climbed above $50 a barrel for the first time since the pandemic ground the global economy to a halt in a remarkable rally that few predicted would happen this soon.Global benchmark futures surged 2.8% Thursday, reaching a nine-month high. The rebound represents a startling turnaround for a market that was brought to its knees earlier this year by an unprecedented loss of demand. With places to store unused...
Tags: Travel, Asia, London, China, Opec, Pfizer Inc, Rupert Neil Bumfrey, Bart Melek, Bloomberg Oil


Oil Falls From Nine-Month High With Dollar Strengthening

(Bloomberg) -- Oil fell from its strongest close in nine months, hampered by weaker risk sentiment in global markets.Crude futures were...
Tags: Bloomberg Oil


Oil Advances Toward $50 After OPEC+ Clinches Compromise Deal - Bloomberg

Oil Advances Toward $50 After OPEC+ Clinches Compromise Deal - Bloomberg Oil extended gains toward $50 a barrel after OPEC+ reached a compromise deal to gradually taper production cuts, ending days of uncertainty after cracks emerged in the alliance earlier in the week.Futures surged 1.9% in London after closing at the highest level in nine months on Thursday. The group will start adding 500,000 barrels a day of crude to the market in January, with ministers holding monthly meetings to de...
Tags: Travel, London, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Rupert Neil Bumfrey, Bloomberg Oil


Oil Near $45 With OPEC+ Struggling for Consensus on Output - Bloomberg

Oil Near $45 With OPEC+ Struggling for Consensus on Output - Bloomberg Oil traded near $45 a barrel in New York with OPEC seeking more time to reach a deal on production policy after a meeting broke down without an agreement.Futures flipped between gains and losses having earlier been buoyed by a weaker dollar. The recovery in Asia gathered pace as factory activity in South Korea and China surged in November. The rebound highlights the uneven global oil demand picture OPEC+ is facing, with...
Tags: Travel, Asia, South Korea, Europe, New York, China, Opec, Rupert Neil Bumfrey, Bloomberg Oil, OPEC Struggling for Consensus on Output Bloomberg


America’s Biggest Oil Storage Hub is Filling to the Brim Again - Bloomberg

America’s Biggest Oil Storage Hub is Filling to the Brim Again - Bloomberg Oil tanks in America’s most important crude storage hub are filling to the brim once again, quickly approaching the critical levels reached in May after prices crashed.Stockpiles at Cushing, Oklahoma, the delivery point for West Texas Intermediate futures, stood at 61.6 million barrels as of Nov. 13, or about 81% of capacity, according to the most recent U.S. government data. That’s 3.83 million barrels shy of the levels ...
Tags: Travel, America, Bloomberg, Energy Information Administration, Cushing Oklahoma, Cushing, Rupert Neil Bumfrey, Wood Mackenzie Ltd, Bloomberg Oil, Biggest Oil Storage Hub, Hillary Stevenson


Oil Prices for Nov. 17, 2020: Oil Near $41 With OPEC+ Set to Meet on Output Hike Delay - Bloomberg

Oil Prices for Nov. 17, 2020: Oil Near $41 With OPEC+ Set to Meet on Output Hike Delay - Bloomberg Oil fluctuated near $41 a barrel as the dollar fell and traders weighed the potential for OPEC+ to delay a planned easing of output cuts.While headline prices have gained on the growing prospect of an effective Covid-19 vaccine in recent days, an OPEC+ panel said the group, which meets again on Tuesday, should consider holding off on easing bumper production curbs by three to six months.The p...
Tags: Travel, Asia, Europe, Russia, Opec, Bloomberg, Middle East, Oman, Rupert Neil Bumfrey, Dubai Mercantile Exchange, Bloomberg Oil


OPEC+ Gets Scant Relief From Vaccine as It Meets to Discuss Cuts - Bloomberg

OPEC+ Gets Scant Relief From Vaccine as It Meets to Discuss Cuts - Bloomberg Oil markets may be cheering the prospects of a coronavirus vaccine, but OPEC+ can’t celebrate.Crude prices have rallied to a 10-week high on hopes that Pfizer Inc. and BioNTech SE’s breakthrough could soon revive the flights, car journeys and other economic activity that underpin fuel consumption.Nonetheless, the alliance of producers led by Saudi Arabia and Russia is discussing a delay of the supply boost they’d hoped ...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, Pfizer Inc, Rupert Neil Bumfrey, Bloomberg Oil


Oil Pares Weekly Gain as Viral Surge Overshadows Vaccine Promise - Bloomberg

Oil Pares Weekly Gain as Viral Surge Overshadows Vaccine Promise - Bloomberg Oil declined for a second session as rising Covid-19 cases threatened to derail demand with tougher restrictions in major U.S. cities on the horizon.Futures fell 2.4% in New York on Friday, but still posted the largest weekly gain in a month as optimism from news of a potential Covid-19 vaccine breakthrough jolted markets earlier in the week. Despite the measure of hope for the long-term, U.S. cities from the West to Ea...
Tags: Travel, New York, Bloomberg, West, East, Rupert Neil Bumfrey, Edward Moya, Oanda Corp, Bloomberg Oil


Oil-Rich #AbuDhabi to Start Trading in Crude Futures From March - Bloomberg

Oil-Rich Abu Dhabi to Start Trading in Crude Futures From March - Bloomberg Oil-rich Abu Dhabi will open a commodities exchange in March to rival those of Middle Eastern neighbors and allow investors to trade its crude using futures contracts for the first time.The ICE Futures Abu Dhabi exchange will open on March 29 and offer contracts based on the emirate’s flagship Murban crude grade, pending regulatory approvals, Intercontinental Exchange Inc. said in a statement Monday. The Atlanta-based op...
Tags: Travel, Atlanta, Bloomberg, United Arab Emirates, Abu Dhabi, Intercontinental Exchange Inc, Rupert Neil Bumfrey, Abu Dhabi National Oil Co, Bloomberg Oil, Rich AbuDhabi, Rich Abu Dhabi, OPEC Murban


Dow leaps 555 points as investors eagerly await election results

Spencer Platt/Getty Images US stocks surged on Tuesday as investors eagerly awaited the results of Tuesday's presidential election.A decisive election winner would remove uncertainty from the market and spur investors to buy stocks, one Wall Street strategist said.Stocks moved higher on broad participation from many sectors, with the industrial, information technology, consumer discretionary, and financial sectors leading the market higher.Watch major indexes update live here.US stocks sur...
Tags: Congress, Ipo, US, Trends, Opec, Joe Biden, United States, Alibaba, Donald Trump, Jack Ma, Dow Jones, Blackrock, Fed, Democratic, Lee, McDonald


Oil Gains Most in a Month as OPEC+ Hints at Delay to Output Hike - Bloomberg

Oil Gains Most in a Month as OPEC+ Hints at Delay to Output Hike - Bloomberg Oil rose alongside a broad market rally, drawing support from signs that OPEC+ may delay a planned output increase as well as a weaker dollar.U.S. benchmark crude futures climbed as much as 4.1%, the most in a month, before paring gains. The market also took its cue from stronger equities as millions of Americans headed to vote on election day. A weakening dollar also boosted the appeal for commodities priced in the cur...
Tags: Travel, Iraq, Opec, Bloomberg, Algeria, APS, Rupert Neil Bumfrey, Saudi Arabia Russia, John Kilduff, Again Capital LLC, Bloomberg Oil


Biden, Iran, and Oil Prices: How the Puzzle Pieces Might Fit Together - Bloomberg

Biden, Iran, and Oil Prices: How the Puzzle Pieces Might Fit Together - Bloomberg Oil prices have sunk back to their lowest levels since the novel coronavirus lockdown in the spring (when, bizarrely, the price of West Texas Intermediate crude briefly touched negative $37.63 a barrel). The pandemic is still weighing on the oil market, but now there seems to be an additional factor: the increasing likelihood that former Vice President Joe Biden will be elected U.S. president and ease sanctions on ...
Tags: Travel, London, Saudi Arabia, Opec, Bloomberg, Joe Biden, Iran, Middle East, Biden, Donald Trump, Gulf, Bloomberg News, Rupert Neil Bumfrey, FGE, Bloomberg Oil, Iman Nasseri


Oil Demand May See Lasting Impact From Pandemic, World Bank Says - Bloomberg

Oil Demand May See Lasting Impact From Pandemic, World Bank Says - Bloomberg Oil demand could see “lasting impacts” from the coronavirus while modest gains are projected in metals and agriculture prices as commodity markets recover from the shock of the pandemic, according to the World Bank.The World Bank boosted its projections from April for the average oil price in 2020 and 2021 to $41 a barrel and $44, respectively, as a slow recovery in demand is matched by an easing in supply restrictions...
Tags: Travel, Bloomberg, Rupert Neil Bumfrey, World Bank The World Bank, Bloomberg Oil, Ayhan Kose, World Bank Group 's Prospects Group


Oil Rebounds 10% From Historic Rout as Lawmakers Weigh Stimulus

(Bloomberg) -- Oil bounced back from its biggest plunge in 29 years on hopes the U.S. government will intervene to shield against the fallout of the coronavirus and a producer battle for market share.Futures jumped more than 10% in New York, the most since September, after Monday’s historic 25% slump. U.S. President Donald Trump vowed “substantial” economic measures to combat the coronavirus’ impact. He’s also pitched economic relief for the travel and hospitality sector, while some Republican s...
Tags: New York, London, News, Saudi Arabia, White House, Russia, Singapore, Opec, Bloomberg, Donald Trump, Trump, Saudi Aramco, Mohammed bin Salman, Grant Smith, IHS, American Petroleum Institute


Oil Extends Biggest Weekly Loss Since July as Gulf Tensions Ease

(Bloomberg) -- Oil extended its biggest weekly decline since July as an easing of geopolitical tension in the Middle East turned attention back to a flood of new supply set to hit the market this year.Futures in New York fell as much as 1.5% Monday to the lowest level in over a month. The threat of an outright war has receded since Tehran fired missiles at U.S.-Iraqi bases last week in retaliation for Washington’s assassination of its top general. In Libya, warring factions have called a cease-f...
Tags: New York, London, News, Washington, China, Opec, Iran, Middle East, Libya, Columbia University, Norway, Tehran, Guyana, Grant Smith, Persian Gulf, New York Mercantile Exchange