(Reuters) - Oil rose towards $85 a barrel on Tuesday, not far from a multi-year high, supported by signs that supply from OPEC and other producers is falling short as demand recovers from the worst of the pandemic. The increase in OPEC's oil output in October undershot the rise planned under a deal with allies,... Continue Reading →
Brazil Senate committee approves report calling for Bolsonaro to be indicted
(Reuters) - A Brazilian Senate investigative committee approved a report on Tuesday that calls for President Jair Bolsonaro to be indicted for nine crimes related to his handling of the coronavirus pandemic, including crimes against humanity. The report, which is more than 1,300 pages long and took the opposition-controlled committee about six months to prepare,... Continue Reading →
LNG Demand to Rise 25-50% By 2030 – Morgan Stanley
Demand for liquefied natural gas (LNG) is expected to rise by 25 to 50% by 2030, making it the fastest growing hydrocarbon over the next decade, analysts from Morgan Stanley Research said in a note on Monday. Morgan Stanley has raised its long-term LNG price outlook to $10 per million British thermal units (mmBtu), expecting... Continue Reading →
Brent Crude Prices Hits Highest Since October 2018
Oil prices extended pre-weekend gains on Monday to hit multi-year highs, lifted by tight global supply and strengthening fuel demand in the United States and beyond as economies recover from pandemic-induced slumps. Brent crude futures rose by 97 cents, or 1.1%, to $86.50 a barrel by 1225 GMT, the highest since October 2018. U.S. West... Continue Reading →
Wall Street projects a “higher for longer” era for oil prices
(Bloomberg) --Could the era of cheap oil supply be gone for good? That’s the conclusion of some of the biggest commodities desks on Wall Street, where banks have been lifting their long-term price forecasts, often by $10 or more. While the U.S. shale boom brought about a “lower-for-longer” mantra, the market is now fixated on... Continue Reading →
World Bank sees ‘significant’ inflation risk from high energy prices
(Reuters) - Energy prices are expected to inch up in 2022 after surging more than 80% in 2021, fueling significant near-term risks to global inflation in many developing countries, the World Bank said in its latest Commodity Markets Outlook on Thursday. The multilateral development bank said energy prices should start to decline in the second... Continue Reading →
Crude’s forward price curve suggests $100 oil is on the way
(Bloomberg) --Time will tell which one is out of sync: Is it a forward oil curve that yields 11% on an annualized basis for investors, or is it a headline price of West Texas Intermediate crude near $83 a barrel? Because if there’s one thing over which there’s growing consensus in the oil market, it’s... Continue Reading →
Brazil stocks and currency plunge, rate futures rise on fiscal fears
(Reuters) - Brazilian stocks tumbled on Thursday to an 11-month low, while interest rate futures jumped and the currency weakened on fears that the government will bend a constitutional spending cap. Economy Minister Paulo Guedes said late on Wednesday the government may try to exempt 30 billion reais ($5.3 billion) of spending from its fiscal... Continue Reading →
Oil prices hit seven-year high on surprise drop in U.S. stockpiles
(Bloomberg) --Oil hit a fresh high after a U.S. government report showed an unexpected drop in crude stockpiles, allaying concerns that higher prices would blunt demand. Futures in New York rose 1.3% to a fresh seven-year high, after earlier falling as much as 1.2% on Wednesday. Domestic crude inventories fell 431,000 barrels last week, according... Continue Reading →
Analysis: As oil prices skyrocket, fund managers hop on board for the ride
(Reuters) - A surge in oil prices is drawing fund managers back into shares of oil and gas companies, even as some remain unsure that the price gains will stick. Energy stocks in the S&P 500 (.SPNY) are up 53.8% for the year to date compared with a 20.2% gain for the broader index, as rising demand... Continue Reading →
Brazil Energy Insight 