03/28 Closing Prices / revised 03/28/2026 21:59 GMT | 03/27 OPEC Basket  $76.11 +$0.15 cents | 03/28 Mexico Basket (MME) $66.72 -$0.31 cents |   02/28 Venezuela Basket (Merey)  $64.96   -$1.90 cents  03/28 NYMEX Light Sweet Crude  $69.36 -$0.56 cents | 03/28 ICE Brent $73.63 -$0.40 cents  03/28 RBOB Gasoline NY Harbor  $.2.2433 0.0110 cents | 03/28 Heating Oil NY Harbor  $ 2.28.88 -0.2034 cents | 03/28 NYMEX Natural Gas  $4.063 +0.140 cents | 03/28 Baker Hughes Rig Count (Oil & Gas) 592 -1 | 03/28 USD – Dollar/MXN  20.3753 (data live) 03/28 EUR – USD  $1.0828 (data live)  03/31 US/Bs. (Bolivar)  $69.56640000 (data BCV) Source: WTRG/MSN/Bloomberg/MarketWatch/Reuters

Oil rises 1% on China demand hopes and supply concerns – Reuters

An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022.
An aerial view shows Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. (Tatiana Meel/Reuters)

 Stephanie Kelly , Reuters

NEW YORK
EnergiesNet.com 02 20 2023

Oil prices rose over 1% on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers and Russia’s plans to rein in supply.

Brent crude settled up $1.07, or 1.3%, at $84.07 a barrel. U.S. West Texas Intermediate crude (WTI) for March, which expires on Tuesday, last rose 85 cents, or 1.1%, at $77.19.

Volumes were muted on Monday because of a U.S. market holiday for Presidents’ Day.

Both crude benchmarks settled $2 lower on Friday for a decline of about 4% over the week after the United States reported higher crude and gasoline inventories.

Analysts expect China’s oil imports to hit a record high in 2023 to meet increased demand for transportation fuel and as new refineries come on stream.

“The optimism around China today may be responsible for the gains we’re seeing in crude, which would make a lot of sense given it’s the world’s largest importer and expected to recover strongly from the COVID transition,” said Craig Erlam, senior markets analyst at OANDA in London.

China and India have become major buyers of Russian crude amid Western sanctions on Russian oil and more recently, embargoes and price caps because of the Ukraine war.

In India, the world’s third-biggest oil importer, crude imports rose to a six-month high in January, government data showed.

China’s commerce ministry has met independent oil refiners to discuss their deals with Russia, five sources with knowledge of the matter said, imports which have saved Chinese buyers billions of dollars.

“The government wants to understand how much independent refiners could possibly buy and their actual appetite for such imports,” said one source with direct knowledge of the discussions.

Russia plans to cut oil production by 500,000 barrels per day (bpd), equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products.

Russia is part of the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies, which agreed in October to cut oil production targets by 2 million bpd until the end of 2023.

Future oil supply shortages are likely to drive prices toward $100 a barrel by the end of the year, Goldman Sachs analysts said in a Feb. 19 note.

Prices will move higher “as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand”, they wrote.

Reporting by Stephanie Kelly in New York; additional reporting by Noah Browning, Florence Tan and Emily Chow Editing by Marguerita Choy and Mark Potter

reuters.com 02 20 2023

Share this news

Leave a Comment


 EnergiesNet.com

About Us

 

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas,
Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2024, Petroleumworld.com
, EnergiesNet.com™  /
Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the materia

 

Energy - Environment

No posts found!

Point of View

EIA Total Energy Review
This Week in Petroleum