Fuel changes during the week, despite weak demand forecasts

  • Oil went down on Friday but has not changed much in a week
  • Expansion of COVID-19 Delta alternatives knocks out oil demand -IEA
  • Banks also lower their short-term interest forecasts
  • Big Weekly U.S. Oil Rise since April – Baker Hughes

NEW YORK, Aug. 13 (Reuters) – Oil prices fell on Friday after a series of concerns, with banks and the International Energy Agency (IAEA) warning that the spread of cornevirus variables is slowing down.

International oil reference brand Brent is priced at 72 cents or 1% at $ 70.59 per barrel. The US Central American dropped 65 cents to $ 68.44.

For the week Brent fell below 1%, falling 6% last week, the biggest loss in four months. Last week, WTI fell by about 7% in the first nine months of the week. Read more

On Thursday, the IAAI’s demand for crude oil was halted in July and the disease was accelerated more slowly for the rest of the year due to alternatives to the coronavirus in the Delta. Read more

Nevertheless, oil is supported by the growing demand for COVID-19 vaccine in the world’s largest consumers, the United States and other countries.

For his part, John Kilduff said: “While the III report is pretty much in demand, there is a lack of supply in the near future and this could continue.” Again, Capital LLC in New York.

Goldman Sachs and JPM commodities research at major banks are not as significant in oil as the disease is on the rise.

Goldman reported an expected decline in demand in August and September, a short-term reduction of 2.3 million BPD per day to 1 million barrels per day.

However, Goldman expects interest rates to continue to grow, along with increasing vaccination rates.

“The latest favorable US macroeconomic policy flow shows further improvement in petroleum demand after the arrival of Delta Variant,” said Jim Ritterbush, president of Ritbubush and LLP president in Galina, Illinois.

JPM, for its part, said its demand is now at an all-time high of 98 million BPD for global consumption in July.

Meanwhile, the Organization of Petroleum Exporting Countries (OPEC) on Thursday raised concerns about COVID-19, but this year it is expected to re-evaluate global demand for oil and further growth in 2022.

U.S. energy companies have doubled their total from a year ago to a record high in a week in April, according to energy service provider Baker House co-BKN. Read more

U.S. gas stations rose from 10 to 397 this week, the highest since April 2020 and 172 from a year ago, the lowest since 2005 when Shale Boom activity increased.

Preliminary indicators of future oil and gas compression increased by 9 to 500 during the week to August 13, up 105% from last year’s 244 low, according to Baker Hughes. It goes back to 1940.

Additional information by Shadia Nasrallah, Aaron ld Ledrick and Florence Tan by Margurita Choi, Jane Maryman and David Gregory

Our Standards – Thomson Reuters Trust Principles.

.

Leave a Comment