OPEC Update - April 26, 2024

OPEC expects robust growth in World Demand for Liquid fuel in 2024 and 2025. The OPEC estimates for World Demand in 2023, 2024, and 2025 are significantly different from the EIA estimates. My estimates for future tight oil growth are about 100kb/d lower than OPEC estimates. OPEC Monthly Oil Market Report for April 2024 was published recently.

Oil rises for the week but Citi sees bearish view of crude market fundamentals

Crude oil prices rise for the week but Citi sees bearish view of crude market fundamentals. U.S. Natural gas fell for the third straight week. The energy sector finished the week up 0.1%. A large draw of crude inventories was supportive of crude oil prices.

Commodity Roundup: Gold snaps 5-week winning run, Brent hovers near $90/bbl

Gold snaps 5-week winning run, Brent hovers near $90/bbl. Oil benchmarks ticked up on the day, with Brent up more than 2% for the week. US economic growth slowed more than expected in the first quarter. Exxon Mobil and Chevron report first-quarter earnings on Friday.

Oil prices turn positive as traders continue to weigh demand prospects

Both U.S. And Brent crude oil futures finish at highest levels in more than a week. Oil prices bounced off early losses to finish higher Thursday. U.s. Natural gas extended Wednesday's sharp drop as EIA report showed larger than expected build in gas storage.

Commodity Roundup: Oil, gold firm ahead of U.S. GDP data, natgas down

Oil prices rise on fears of a wider conflict in the Middle East. Israel said it plans assault on Hamas hold-outs in Rafah. Brent crude futures rise 0.15% to $88.03 a barrel. Spot gold trading higher ahead of U.S. GDP data, natgas down.

Top oil ETF slammed with record outflow as geopolitical fears fade

Top oil ETF slammed with record outflow as geopolitical fears fade. U.S. Crude oil futures close lower as gasoline demand for gasoline outweighs the first drop in commercial crude supplies in five weeks. The biggest oil fund posted its largest daily outflow on record Wednesday. Crude prices lost some of the geopolitical premium.

Crude inventory decreased by 6.4M barrels for week ended April 19 - EIA

Crude inventory decreased by 6.4M barrels for week ended April 19 - EIA. Commercial crude stocks for the week ending April 19: 453.6M barrels. Crude inventory change: -6.4m barrels. Gasoline and distillates inventories decreased by 0.6m barrels for the same week.

Commodity Roundup: Oil prices ease; LNG supply risks remain high, ANZ says

Commodities Energy Commodity Roundup: Oil prices ease; LNG supply risks remain high, ANZ says. Subdued demand has eased concerns about supply shortages in global gas markets. Significant risks to supply still remain due to the ongoing conflict in Ukraine and the Middle East. European natural gas futures eased after rising from a two-week low. Crude oil prices ticked lower despite surprise drop in crude stockpiles.

Analyst Currie sees chances for $100-plus oil 'extraordinarily high'

Commodities Energy Analyst Currie sees chances for $100-plus oil 'extraordinarily high' Crude oil futures finish higher Tuesday. Euro zone business activity expanding at fastest pace in nearly a year. Focus shifts away from Middle East tensions to economic indicators and supply and demand balances.

Commodity Roundup: Gold, silver suffer aggressive, but 'healthy' correction - Saxo Bank

Weekly Report: what happened at BNO last week (0415-0419)?

Commodity Roundup: Oil sheds over 2%, gold down 1% as Mideast tensions ease

Commodities Energy Commodity Roundup: Oil sheds over 2%, gold down 1% as Mideast tensions ease. Crude oil prices fell more than 2% on Monday as Middle East tensions eased. Brent futures fell 0.58% to $86.58 a barrel. Gold prices retreated as well, registering a third consecutive weekly loss.

Iran oil sanctions part of U.S. aid package for Ukraine, but little disruption seen

Energy Iran oil sanctions part of U.S. Aid package for Ukraine, but little disruption seen. Chinese independent refiners account for 80% of Iran's 1.5M bbl/day in oil exports. Iran is exporting more oil than at any time in six years.

Short-Term Energy Outlook, April 2024

EIA expects the 2018 peak for annual average World C+C output will be surpassed in 2025. Working natural gas in storage is forecast to be significantly above the 5-year average in 2024 and 2025. The EIA expects Inflation to reach the 2% target in late 2024.

Oil rally fades as fears ease over Israel-Iran hostilities; week ends lower

Crude oil futures posted a second straight weekly loss. Israel and Iran exchanged tit-for-tat strikes in the Middle East. The energy sector ended the week -1.2%. China's Q1 gross domestic product increased 5.3% Y/Y, sending bullish signal to oil markets.

Oil prices turn lower as Israel's attack on Iran appears limited

Commodity Roundup: Oil erases early gains, gold volatile after Israel’s strike on Iran

Signs Of Life In Global Resources

Iran oil exports hit six-year high, exposing limits in U.S.-led bid to stifle crude sales

Geopolitical Conflict Threatens Yet Another Shipping Choke Point