Global oil benchmarks extended gains on Monday, November 20, as further supply cuts in OPEC+ production are expected in the coming weeks. Since late September, oil prices have witnessed a nearly 20% decline, and last week, the prompt inter-month spreads for Brent and WTI transitioned into contango. "If additional cuts are agreed, a short-term price boost is expected, but its …
Concerns of oil traders and analysts have shifted from under-supply to over-supply, the futures contract structure of the global benchmark Brent showed on June 28, as expectations of weak economic growth outweigh Saudi Arabia's output cuts. For the first time since December, the six-month spread for Brent shows contracts for earlier loading are trading below those for later loading, a …
Oil extended declines as Saudi Arabia and other OPEC countries were reported to be discussing an output increase alongside China tightening its anti-Covid curbs, hurting the outlook for demand. Declines accelerated after the Wall Street Journal reported OPEC+ is considering an output increase of 500,000 barrels ahead of the EU’s embargo of Russian oil. Brent’s prompt spread briefly traded in …
Oil headed for its first back-to-back weekly losses since April’s price rout, driven by a sharp slump in risk sentiment earlier in the week and a patchy demand recovery. With a mixed demand picture, rising US crude stockpiles and the OPEC+ alliance gradually adding more supply, some market players are considering storing crude at sea again. There’s been a chorus …
