Oil prices declined sharply on Tuesday, September 8th, after holding for weeks in a tight range. During the month, 20-day rolling volatility ranged from 21.2% to 29.2%, with an average of 25.5%. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) High price 72.30, low 67.07. Saudi Arabia: The price is 3.40 USD. The agreement will be valid until April 30th, 2022, however, the extension of this agreement will be reviewed during December 2021.”. The EIA estimated global oil production at 91.55 million barrels per day (mmbd) for August, compared to global oil consumption of 94.31 mmbd. He starts the video by pointing out that the recovery of prices from April’s historic lows has stalled. At one point, oil was down as much as 9%. Brent oil price forecast for October 2021. Best, It was crude's worst day and lowest closing price in nearly three months. 4 of 1997,No. US oil prices plunged 7% Tuesday to $36.76 a barrel. Oil/renewables: power play Jan 01 2021; US oil industry awaits new era under Biden Jan 01 2021; Food price rally sparks warnings of pressure on developing countries Dec 31 2020; Trafigura takes stake in Rosneft’s vast Arctic oil project Dec 30 2020; Five things to watch in 2021 after oil’s wild ride this year Dec 29 2020 April 2020 proved that oil prices can move dramatically based on expectations and that they can drop far below the model’s valuations. Brent Crude Oil Spot Price is at a current level of 50.88, unchanged from 50.88 the previous market day and down from 68.91 one year ago. Revenue received from Crude Oil export in November amounted to $73.27 million (N27.78 billion), representing a 500% increase compared with the revenue recorded in October 2020. Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Therefore, the prices are as follows: The oil companies implemented their price decrease effective today, 29 December 2020. Crude oil predictions and projections. The database includes 52 countries. You can unsubscribe at any time by clicking the link at the bottom of any IEA newsletter. IEA (2020), Oil Market Report - September 2020, IEA, Paris https://www.iea.org/reports/oil-market-report-september-2020. Heating oil decreased 0.03 USD/GAL or 1.88% since the beginning of 2021, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Oil prices have climbed up slightly in the wake of two raging storms in the Gulf of Mexico. View Data for 2019. A report by the International Energy Agency. OPEC’s annual oil price is on course to fall below 40 U.S. dollars per barrel in 2020, following reduced oil demand as a result of the coronavirus pandemic. In 2019, the annual average price was 64.3 U.S. dollars per barrel. September 9, 2020 at 10:13 Oil, Trading Videos by Vladimir Vyun In the present video, David Jones from Capital.com provides his forecast for Brent crude oil in September 2020. The EIA forecast was made incorporates the OPEC+ decision to cut production and exports. For 2021 it forecasts that stocks will draw by 44 million barrels to end the year at 2.895 billion. The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. The baseline for the calculation of the adjustments is the oil production of October 2018, except for the Kingdom of Saudi Arabia and The Russian Federation, both with the same baseline level of 11.0 mb/d. Let’s go around the room, or in this case, Zoom, and get your oil and gas forecasts for year-end 2020 and year-end 2021. In last month’s Report, we said that the market was in a state of “delicate re-balancing”. Natural Gas and Crude Oil Prices. WTI Crude Oil Outlook for September: Speculative price range for WTI Crude Oil is 39.50 to 45.50 USD. For 2020, OECD inventories are now projected to build by a net 46 million barrels to 2.939 billion. Faltering demand is preventing oil prices to experience a sustained increase. Check out how gold, oil, rupee, petrol and diesel prices fared on September 29, 2020. Oil 2020 examines the key issues in demand, supply, refining and trade to 2025. A resurgence of Covid-19 cases in many countries, local lockdown measures, continued teleworking and the weak aviation sector led to downward revisions of our demand estimates for 3Q20 and 4Q20 by 0.1 mb/d and 0.6 mb/d, respectively. The most important uncertainty is how deeply and how long the coronavirus will disrupt the U.S. economy. Total non-OPEC supply is expected to drop by 2.6 mb/d in 2020, before posting a modest 0.5 mb/d recovery next year. On September 7, 2020 9:09 am In News by Emmanuel Okogba Kindly Share This Story: Oil prices dropped more than $1 a barrel on Monday, hitting their lowest since July. I used the model to assess WTI oil prices for the EIA forecast period through 2020 and 2021 and compared the regression equation forecast to actual NYMEX futures prices as of September 9th. 5 days Oil Prices Continue Climb On Large Crude Draw. Gold price Gold, oil, rupee, petrol and diesel on September 29, 2020 – Here's what went up and what went down. Stocks might be drawing over time, but OECD data show an increase in stocks in July taking them back to record levels. Finally, we see that trading houses are once again looking to charter ships to store oil. 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