Brent Oil Passes $65 With U.S. Crisis Now a Global Supply Shock

Bloomberg2021-02-18

(Bloomberg) -- Brent oil blew past $65 a barrel as a cold blast that’s taken out almost 40% of U.S. crude production morphed into a global supply shock. Futures in London jumped as much as 1.8% at the...

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Comments

yqqq
2021-02-18
yqqq
??
HuatMonster
2021-02-18
HuatMonster
Yes
Brrrrrrrrrrr
2021-02-18
Brrrrrrrrrrr
And yet the push for clean energy..
WYCKOFFPRO
2021-02-18
WYCKOFFPRO
oil and gas sector has been on the run. This is just another catalyst.
Coolboy750
2021-02-18
Coolboy750
Wow
Chandrakanth
2021-02-18
Chandrakanth
Hopefully oil stocks like GTE will raise now

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The global crude benchmark last traded above $65 on Jan. 21, 2020 before Covid-19 wreaked havoc on energy markets.\nMore than 4 million barrels a day of U.S. oil output is now offline, according to traders and executives, amid an unprecedented cold snap that’s frozen well operations and led to widespread power cuts. A spate of refinery outages has curbed demand for crude in the country, however, while gasoline consumption is also down as the icy conditions keep many Americans off the roads.\nSee also: Big Freeze in Texas Is Becoming a Global Oil Market Crisis\nThe supply shock is aiding an already frothy global oil market and is starting to roil global energy flows, with traders snapping up ocean-going tankers to haul millions of barrels of European diesel to the U.S. Adding to the bullishness, the American Petroleum Institute reported an almost 6 million-barrel drop in U.S. crude stockpiles before official government data due later on Thursday.\nEstimates for how long the U.S. outages may last have gotten longer in recent days as analysts try to figure out the timespan involved in thawing out infrastructure. As American barrels are removed from the market, North Sea traders have been frantically bidding for the region’s cargoes. Buyers in Asia, meanwhile, have been snapping up Middle Eastern crude at higher premiums.\nCrude is up 26% this year as Saudi Arabia’s deep output cuts and an improving demand outlook encourage investors. The rally was tempered on Wednesday following a Dow Jones report citing unnamed advisers that the kingdom is planning to boost output in the coming months. Many analysts expect that the Saudis will pump more from April given the recent surge in prices.\n“This cold snap is the perfect storm for the oil market, but it’s probably not the only catalyst that has driven oil to these heights,” said Howie Lee, an economist at Oversea-Chinese Banking Corp. “We have Saudi Arabia supporting the market and the U.S. inventories are coming off at such a rapid pace.”\nSaudi Arabia’s energy minister, meanwhile, urged fellow members of the OPEC+ alliance to remain cautious as they prepare to consider further output increases. The group will gather in early March to decide whether it can revive some more of the production halted during the coronavirus pandemic.\nThe cold blast has pushed WTI’s prompt timespread into a bearish contango structure, given the lack of demand from disrupted refineries. However, the similar spread for Brent has moved further into backwardation, reflecting the supply tightness. The April contract is now 87 cents a barrel more expensive than the May contract, from a gap of 29 cents at the start of last week.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":384622711,"gmtCreate":1613649851233,"gmtModify":1704883177174,"author":{"id":"3572943116519338","authorId":"3572943116519338","authorIdStr":"3572943116519338","name":"yqqq","avatar":"https://community-static.tradeup.com/news/4a13bf2d27c932920cec8f1a179a1229","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3572943116519338"},"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384622711","repostId":1109845490,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384889165,"gmtCreate":1613638824257,"gmtModify":1704883005811,"author":{"id":"3573958025912472","authorId":"3573958025912472","authorIdStr":"3573958025912472","name":"HuatMonster","avatar":"https://static.tigerbbs.com/7d81e74b4364df645e86942b6636cb78","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3573958025912472"},"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384889165","repostId":1109845490,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384135291,"gmtCreate":1613624008813,"gmtModify":1704882848225,"author":{"id":"3575461551657808","authorId":"3575461551657808","authorIdStr":"3575461551657808","name":"Brrrrrrrrrrr","avatar":"https://static.tigerbbs.com/97d44d09feebf875ee4ab34bd4d5eb7e","vip":1,"hat":"https://static.tigerbbs.com/50a4c8d97279fa9f8f1fa9749a6bdff4","crmLevel":7,"crmLevelSwitch":1,"idStr":"3575461551657808"},"htmlText":"And yet the push for clean energy..&nbsp;","listText":"And yet the push for clean energy..&nbsp;","text":"And yet the push for clean energy..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384135291","repostId":1109845490,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384109479,"gmtCreate":1613621144391,"gmtModify":1704882813855,"author":{"id":"3574982782498607","authorId":"3574982782498607","authorIdStr":"3574982782498607","name":"WYCKOFFPRO","avatar":"https://static.tigerbbs.com/e6df9a333ebef85a0ceac10611fda7c0","vip":2,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574982782498607"},"htmlText":"oil and gas sector has been on the run. This is just another catalyst.","listText":"oil and gas sector has been on the run. This is just another catalyst.","text":"oil and gas sector has been on the run. This is just another catalyst.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384109479","repostId":1109845490,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384343759,"gmtCreate":1613619191071,"gmtModify":1704882787626,"author":{"id":"3555112963364763","authorId":"3555112963364763","authorIdStr":"3555112963364763","name":"Coolboy750","avatar":"https://static.tigerbbs.com/0be16f76d54ddf03264eca9925be4a62","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3555112963364763"},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384343759","repostId":1109845490,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384349968,"gmtCreate":1613619026554,"gmtModify":1704882785013,"author":{"id":"3558327403685748","authorId":"3558327403685748","authorIdStr":"3558327403685748","name":"Chandrakanth","avatar":"https://static.tigerbbs.com/07c06436a27ac561acfa3a310eecedeb","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3558327403685748"},"htmlText":"Hopefully oil stocks like GTE will raise now","listText":"Hopefully oil stocks like GTE will raise now","text":"Hopefully oil stocks like GTE will raise now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384349968","repostId":1109845490,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":26,"commentSize":20,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.3","shortVersion":"4.28.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1109845490"}