OPEC+ lowers 2022 market surplus forecast to 1 million bps – Reuters

Citing an internal report prepared for the upcoming Joint Technical Committee meeting, Reuters reported on Monday that OPEC+ trimmed its oil market surplus forecast for 2022 to 1 million barrels per day (bpd) from 1.4 million bpd previously. Market reaction Crude oil prices gained traction after this report. As of writing, the barrel of West … Read more

WTI dips but remains well supported near-$120 despite risk-off conditions, China lockdown worries

WTI is a little lower but still trading near $120, weighed slightly amid risk-off conditions and China lockdown worries. Weak US data, a surprisingly hawkish Fed and tough restrictions in China could combine to send WTI towards its 21DMA. Though still a little lower on the day, oil prices pared the bulk of earlier session … Read more

WTI holds in $117s despite risk-off Wall Street flows, OPEC+ output hike acceleration with bulls eyeing $120

WTI is holding near Thursday’s highs in the $117s despite risk-off Wall Street flows post-strong US jobs data. OPEC+’s announcement of a faster pace of output quota hikes in July and August hasn’t dettered the bulls. Front-month WTI futures held near Thursday’s highs on Friday, despite US equity markets trading with a downside bias on … Read more

WTI stabilises in mid-$110s, with oil still well supported despite WSJ reports of Russia leaving OPEC+

WTI is a little higher on the day in the $116s, though still below Tuesday’s near-$120 highs. The WSJ speculated that Russia might leave OPEC+ and some other OPEC+ might up output. For now, Russia/OPEC+ supply woes, tight global markets, rising summer demand in the US/Europe are keeping prices supported. Oil prices have stabilized pulling … Read more

Russia foreign minister Lavrov met Saudi counterpart, both praised OPEC+ cooperation

Reuters reports that Russian Foreign Minister Sergei Lavrov on Tuesday met Saudi counterpart Prince Faisal bin Farhan Al Saud and both men praised the level of cooperation inside OPEC+, the Russian foreign ministry said. “They noted the stabilizing effect that the tight cooperation between Russia and Saudi Arabia has on world markets for hydrocarbons in … Read more

WTI set to end strong week around $114 and eyeing monthly highs with familiar bullish themes in focus

WTI has stabilized just below monthly highs near the $114 level, as bulls eye a push towards $120. Familiar themes of strong US demand, EU/Russia oil sanctions, OPEC+ output struggles and easing Chinese lockdowns are supporting prices. WTI looks set to end the week around $3.50 higher. Oil prices have stabilized close to monthly highs … Read more