Oilprice

2022 - 7 - 5

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Image courtesy of "OilPrice.com"

The World's Third-Largest Economy Is Facing A Looming Energy ... (OilPrice.com)

It could be because of its heavy energy import bill that Japan proposed to the G7 to cap Russian oil export prices at half the current rate. By Charles Kennedy ...

That is one of the reasons why Japan is so reluctant to stop the LNG imports from Russia." Japan already had a significant energy import bill as it depends on foreign oil and gas for 90 percent of its needs. "We cannot use many nuclear power stations therefore the supply and demand balance of the power industry is quite tight," Takeshi Hashimoto told the Financial Times earlier this month.

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Image courtesy of "CNBC"

Oil tumbles as much as 10%, breaks below $100 as recession fears ... (CNBC)

Oil prices tumbled Tuesday with the U.S. benchmark falling below $100 as recession fears grow, sparking fears that an economic slowdown will cut demand for ...

Goldman has a $140 target on Brent. "We're at critically low inventories across the space," he said. "Recessions don't have a great track record of killing demand. The national average has since pulled back amid oil's decline, and sat at $4.80 on Tuesday. At one point WTI slid more than 10%, trading as low as $97.43 per barrel. "[T]he oil market appears to be homing in on some recent weakening in apparent demand for gasoline and diesel," the firm wrote in a note to clients.

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Image courtesy of "Fortune"

$65 or $380? Analysts have wildly different outlooks for oil prices in ... (Fortune)

Analysts have wildly different outlooks for oil. Here's what they expect.

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Image courtesy of "Reuters"

Oil tumbles 9% on recession demand destruction fears (Reuters)

Oil futures sank along with natural gas, gasoline and equities, which often serve as demand indicator for crude. Meanwhile, mass COVID-19 testing in China ...

read more read more read more read more read more There was no WTI settlement on Monday because of a U.S. holiday.

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Image courtesy of "Markets Insider"

Oil prices could plunge to $65 by year-end if recession hits, Citi says (Markets Insider)

Citi sees oil prices at $85 a barrel by the end of 2022 even if an "increasingly likely" recession is avoided, as Russia keeps pumping but demand slows.

Yet Citi also said European sanctions on Russia, such as the EU's plan to sharply reduce imports from the country, could increase prices. They called a global recession "increasingly likely." Many analysts expect exports to fall due to sanctions on Moscow.

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Image courtesy of "Forbes"

Oil Falls Below $100 Per Barrel For First Time Since May As 'Strong ... (Forbes)

The price of U.S. benchmark West Texas Intermediate slid roughly 8% to trade at around $99 per barrel, while international benchmark Brent crude now sits at ...

The Euro fell to a new 20-year low against the dollar on Tuesday. The currency has taken a hit as soaring gas prices from Russia’s war in Ukraine send recession fears surging higher, with central banks scrambling to raise interest rates. Amid Western sanctions on Russian oil and gas, Euro zone inflation has skyrocketed—reaching a record 8.6% in June. The U.S. dollar, meanwhile, has remained strong even as the Federal Reserve similarly hikes interest rates in a bid to cool surging consumer prices. The “tightness” in global energy markets is being countered by the “strong likelihood of recession,” which along with the surge in prices earlier this year has begun to “curtail oil demand,” according to a recent note from Ritterbusch and Associates.

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Image courtesy of "Livemint"

International oil price falls as recession fears boost fuel demand ... (Livemint)

Oil prices dropped as concerns over a possible recession affecting fuel demand eclipsed supply disruption fears.The latest hike in gas and fuel prices have ...

U.S. West Texas Intermediate (WTI) crude fell 15 cents, or 0.1%, to $108.28 a barrel, from Friday's close. The strike is expected to reduce oil and gas output by 89,000 barrels of oil equivalent per day (boepd), of which gas output makes up 27,500 boepd, Norwegian producer Equinor has said. In South Korea, inflation in June hit a near 24-year high, adding to concerns of slowing economic growth and oil demand. "Oil is still struggling to break out from its current recessionary malaise as the market pivots away from inflation to economic despair," Stephen Innes of SPI Asset Management said in a note. Oil prices slipped on Tuesday, reversing earlier gains, as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears, highlighted by an expected production cut in Norway. The latest hike in gas and fuel prices have also added to worries about a recession

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Image courtesy of "BNN"

Oil plummets below US$100 as recession risks come to forefront ... (BNN)

Risk off sentiment spread throughout markets on escalating concerns that a global economic slowdown will ultimately hobble demand. Crude has been prone to ...

While futures have been pressured by the threat of a global economic slowdown, key market timespreads remain robust, indicating that there’s solid demand for near-term supplies. The additional testing brings concerns that more lockdowns could be implemented as the city reported several infections Sunday and Monday. Saudi Arabia hiked its official selling prices to Asia on Tuesday. Its flagship Arab Light crude price will be US$9.30 above its regional benchmark in August, an increase of US$2.80. Oil prices have been under pressure in the past month as central banks aggressively raise interest rates. Oil prices have been prone to violent swings as traders fled to the exits after Russia invaded Ukraine, drying up liquidity. The latest plunge came as equities slid and the dollar surged.

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