Amid the coronavirus pandemic, oil demand has plummeted over the last few months but Russia’s oil minister sees the global supply and demand situation rebalancing within two months, according to RIA sources, cited by Reuters. Russia’s Energy Ministry expects oil demand to improve in May, and notes that we are already seeing major shifts to global.
Oil prices rose in Asia after the head of the International Energy Agency gave an upbeat assessment on the prospects for a demand recovery as coronavirus restrictions are lifted around the world. Futures in New York were up 1.4% from Friday’s closing price. There was no settlement in the U.S. market on Monday due to.
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Oil was up on Tuesday morning in Asia with Russian expectations of a rebalancing of the market by June or July. Russia is one of the top oil producers in the world. Brent oil futures rose 1.58% to $36.09 by 12:21 PM ET (5:21 AM GMT). There was no settlement of WTI futures due to a holiday in.
Oil prices climbed on Tuesday, boosted by increasing faith in the market that producers will stick to commitments to cut crude supply while demand picks up with more cars back on the road as coronavirus lockdowns are eased around the world. U.S. West Texas Intermediate (WTI) crude futures gained 3.2%, or $1.06, to $34.31 a.
It’s going to take months for oil demand in the world’s third-biggest market to get back to pre-virus levels as India faces its deepest recession ever in the wake of its near two-month lockdown. Once the engine of global oil demand growth, India’s fuel consumption collapsed by as much as 70% at one stage last.
Oil was up on Thursday morning in Asia, continuing its gains from the previous session. Brent oil futures gained 0.59% to $36.01 by 9:34 PM ET (2:34 AM GMT) and WTI futures were up 0.45% to $33.64. The U.S. Energy Information Administration (EIA) reported a 4.983 million-barrel draw in crude oil inventories for the week.
Oil gained in a day of choppy trading as investors weighed supply cuts and a demand rebound against an ominous economic outlook from the Federal Reserve. West Texas Intermediate crude for July delivery rose 1%. Output cuts by the world’s largest producers are whittling down a supply glut while oil consumption is recovering as economies.
Malaysia’s national oil firm, Petroleum Nasional Bhd, has concluded a sales and purchase agreement with Tiger Clean Energy Limited (TCEL) via video teleconference to supply a tank facility on the island of Borneo, it said on Wednesday. Petronas will supply TCEL’s LNG ISO Tank Filling Facility at Bintulu in Sarawak for onward distribution to China..
Asian refining margins for jet fuel turned positive for the first time in a month, bolstered by deep supply cuts and an uptick in domestic flights in regional markets such as China and Vietnam after governments eased in-country travel restrictions. The jet fuel refining margin in Singapore flipped to $1.83 per barrel above Dubai crude.