LONDON (Reuters) – Wall Street giant Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz), one of the biggest banks in commodity trading, slashed its oil price forecast following years of super-bullish recommendations as it said oil output was soaring in the United States and Canada.
Goldman, which up until now had the highest oil price prediction among major forecasters, said on Thursday it cut its 2013 Brent crude oil price forecast to $110 a barrel from the previous $130 per barrel.
LONDON, Oct 17 (Reuters) – Diesel and heating oil users in
Europe and the United States may wonder why they are paying near
record prices when recession has cut fuel demand and the price
of crude is well below record highs.
But while the world has enough crude, shrinking refinery
capacity in Europe and on the U.S. East Coast means consumers
will need to get used to regular price spikes as increasing
dependence on imports reduces supply security.
LONDON (Reuters) – Leading commodity fund managers are focusing on refined oil product futures and U.S. refining stocks in the fourth quarter as U.S. gasoline and European gasoil supplies tighten, and U.S. refiners benefit from strong margins.
Managers at Quantex and Threadneedle who outperformed their peers in the third quarter are targeting the energy segment in their commodity funds, believing the sector still has legs.
LONDON, Oct 9 (Reuters) – Leading commodity fund managers
are focusing on refined oil product futures and U.S. refining
stocks in the fourth quarter as U.S. gasoline and European
gasoil supplies tighten, and U.S. refiners benefit from strong
Managers at Quantex and Threadneedle who outperformed their
peers in the third quarter are targeting the energy segment in
their commodity funds, believing the sector still has legs.
LONDON, Sept 28 (Reuters) – Oil prices were firmer above
$112 on Friday as plans for economic reform in Spain temporarily
eased investor concerns about Europe’s debt crisis, while
heightened tensions between Israel and Iran also provided
Improved market sentiment helped lift Asian and European
stock markets, base metals and gold after Spain announced a
crisis budget for 2013 based mostly on spending cuts.
LONDON, Sept 7 (Reuters) – Europe may face soaring diesel
prices this autumn after a string of refinery accidents ahead of
routine closures have tightened fuel supplies worldwide,
sounding alarm bells in Western governments.
The United States is pressing for a release of oil stocks
from Western nations, supervised by the International Energy
Agency. The reluctant IEA has stressed that the problem is not
with crude supply, but with the flow of products from
refineries, as wholesale fuel prices in Asian markets have
already hit four-year highs..
LONDON (Reuters) – Oil prices slipped towards $103 a barrel on Monday as investors sold off riskier assets and fled for the perceived safety of the dollar on fears that Spain will not be able to avoid a costly sovereign bailout.
Brent crude was down $3.20 at $103.63 a barrel by 0852 GMT, after brushing an intra-day low of $102.95. Brent had posted a fourth straight weekly gain in the previous session. U.S. crude fell $3.05 to $88.78 a barrel.
LONDON, July 20 (Reuters) – European oil refiners increased
production in the month of June to take advantage of improved
margins and cheaper crude oil feedstock, figures from industry
monitor Euroilstock showed on Friday.
Refiners have been under pressure for much of 2012 as the
high price of crude oil has squeezed their profit margins.
But Brent crude oil futures fell about $10 over the
course of June, helping overall refining margins to rise to some
$8.88 a barrel in northwest Europe, up from $6.37 a barrel in
May, according to Reuters’ calculations.
Europe’s total net refinery output was up 3.1 percent in
June from the previous month, with fuel oil and naphtha showing
the biggest month-on-month production gains, up 3 percent and
3.4 percent, respectively.
Gasoline production was up 1.8 percent from May, and middle
distillates were up 1.4 percent as refiners sought to exploit
the improved margins on offer in a tighter European products
Supplies of gasoline and diesel had fallen steadily as
almost a quarter of Europe’s refining capacity was offline in
May. This pushed up gasoline and diesel refining margins to over
$20 a barrel apiece in June.
Total refining output was still down 2.2 percent
year-on-year, as many refineries remained idled in the
Mediterranean. Maintenance and unplanned outages in northwest
Europe have also weighed, with the UK’s Coryton refinery now
closed for good.
David Wech, an analyst at JBC Energy in Vienna, said that
according to JBC’s calculations, the utilisation rate had
increased to 80.7 percent in June, up from Euroilstock’s 77.15
percent in May.
But this is still low for the time of year, when refineries
should be pumping hard to meet summer driving demand for
gasoline in the United States and diesel in Europe.
“It is interesting to see that utilisation, as well as the
gasoline share in total output, remain lacklustre in spite of
relatively healthy refinery margins and surprisingly strong
gasoline cracks,” he said.
He added that gasoline’s share of total output is at the
lowest level since at least 2000. This is indicative of the weak
demand from the important U.S. market.
LONDON (Reuters) – Oil prices held steady above $102 a barrel on Monday supported by weekend comments from China’s Premier Wen Jiabao that the government would step up its efforts to boost the economy of the world’s second-largest oil consumer.
Brent crude was up 27 cents to $102.67 a barrel by 5.21 a.m. EDT. Prices settled $1.33 higher on Friday. U.S. oil was down 38 cents to $86.72 a barrel, after ending $1.02 higher on Friday.
LONDON (Reuters) – Oil prices rose above $102 on Friday after Chinese GDP data came in slightly better than expected, improving sentiment across the board in commodities, and the United States ramped up pressure on Iran’s ability to export oil.
Brent crude oil futures were up $1.29 to $102.36 a barrel by 1014 GMT. U.S. crude was up 77 cents at $86.85.