Oil closes the week with gains on positive demand outlook
Oil prices are set to close the week with notable gains as the market got a boost from positivity over the speed of the oil demand’s recovery.
Browse the latest special reports news and articles.
Oil prices are set to close the week with notable gains as the market got a boost from positivity over the speed of the oil demand’s recovery.
Oil prices fell today as a result of a steep rise in gasoline stock levels in the US and concerns over the AstraZeneca vaccine future usage.
American oilfield services and equipment sector employment rose by an estimated 23 015 jobs in March, according to a report compiled by the Bureau of Labor Statistics and the Energy Workforce & Technology Council.
In an article from Oilfield Technology's first issue of 2021, Adam Calvin, TETRA Technologies, USA, analyses sand recovery challenges and conventional methods.
In an article from Oilfield Technology's first issue of 2021, Manash Goswami and Artem Abramov, Rystad Energy, explain why US tight oil’s overhaul in 2020 has positioned the industry for robust future performance.
Oilfield Technology’s first issue of 2021 begins with a look at US tight oil’s prospects this year, before moving on to cover completions technology, production forecasting, electric fracturing, sand recovery and more.
Oil prices rose on Wednesday as the market expects OPEC+ to keep a conservative output policy in the following day’s meeting, due to the speed lag of the oil demand recovery.
Oil prices fell on Monday as the Suez Canal blockade is getting closer to a resolution and as global Covid-19 infections rose for a fifth consecutive week.
Oil prices rose on Friday as the market re-evaluated the importance and consequences of the Suez Canal blockade and the effect of a prolonged bottleneck.
Oil prices rose on Wednesday due to a blockage at the Suez Canal, which prevents normal traffic of oil tankers. Positive data in European purchasing manager indices also help, but concerns that heavy lockdowns in Europe will affect the demand recovery still keep prices lower than few weeks ago.
Rystad Energy expects around 54 000 wells to be drilled worldwide in 2021, a 12% increase from 2020 levels, while in 2022 drilling is set to increase by another 19% year-on-year to about 64 500 wells.
Oil prices started the week largely flat due to renewed lockdowns in Europe but, after last week’s painful correction, levels are now more sustainable.