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Oil Market By The Numbers
Oil Market By The Numbers ; Oil Market By The Numbers; Oil and natural gas prices as of 11:05 am, 02/02/2021
Yazar: Zack Smith
Yayınlanma: 3 Şubat 2021 18:22
Güncellenme: 7 Kasım 2024 14:16
Oil Market By The Numbers
- Global oil demand fell to 92.2 mb/d (Million Barrels a Day) in 2020, down 9 percent from the previous year, according to a new EIA (Energy Information Management Administration) forecast.
- Demand is recovering rapidly after lows in April 2020, yet the lack of demand was felt towards the end of 2020.
- The EIA (Energy Information Management Administration) expects a sharp recovery in demand this year, although there are two major unknowns; The rate at which vaccines and infections due to new covid variants are spread drives most predictions into deep uncertainty.
Market Movement
-Imperial Oil (NYSEMKT: IMO) announced a more-than-expected loss, and lost 2.9 percent in early transactions. In addition, the company saw a decline in value of 1.17 billion Canadian dollars from shale gas assets, which it believed would not be developed. -ConocoPhillips (NYSE: COP), soared in early trading after announcing a fourth-quarter loss lower than the expectations of $ 800 million. -Marathon Petroleum (NYSE: MPC), reported a profit of $ 192 million for the last quarter, compared to a profit of $ 443 million in the same quarter of the previous year.Tuesday, February 2, 2021
WTI valued at $55 a barrel on Tuesday, the highest pricing reached in a year. Ole Hansen, head of commodity research at Saxo Bank A/S, said the oil market is supported by the renewed risk appetite and return to normal in the US stock market. Oil Market By The Numbers Source: https://finance.yahoo.com/ You may also be interested in this:Dow Jones Shares to Monitor In February: Apple, Microsoft and Nike
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