Cautious production increases by OPEC+ and a strong business cycle upturn have encouraged bullish sentiment about downward pressure on oil inventories and upward pressure on the oil price in the second half of the year, Reuters columnist John Kemp reports in a recent post. Sign up today for Gunpowder, MetalMiner’s free, biweekly e-newsletter featuring news, […]
Tag: oil price
This Morning in Metals: US steel capacity utilization at 77.6%
This morning in metals news: US steel sector capacity utilization fell to 77.6% last week; US import prices rose in March; and the WTI crude price continues to hang steady. The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies. US […]
Oil price shakes off relaxation of OPEC+ curbs
In a surprise move last week, OPEC+ announced a further gradual relaxation of the group’s 2020 emergency 9.7 million barrels per day cut in oil output, causing the oil price to briefly retreat. In December, OPEC+ had intended to ease the curb by about 500,000 barrels per day each month in 2021. However, in the […]
This Morning in Metals: Semiconductor shortage impacts Stellantis, Ford
This morning in metals news: the global semiconductor shortage continues to impact automotive operations; the oil price tracked back over the past week; and Katherine Tai, the recently confirmed United States Trade Representative, addressed staff on her first day in office. Don’t miss the MetalMiner analyst team on March 24 at 10 a.m. CDT for […]
EIA: Oil prices expected to continue to rise through April on lower output
Oil prices have been on the rise for months and, according to the Energy Information Administration (EIA), they appear likely to remain elevated in April. “The sustained OPEC+ production curtailment through April suggests that supply will remain constrained in the near term, even as demand continues to increase,” the EIA explained Wednesday. The MetalMiner Best […]
OPEC producers walk a fine line amid oil price run-up
This time last year, Saudi Arabia all but announced war on America’s fracking industry and major OPEC+ partner Russia by releasing a flood of oil onto the world market just as the pandemic was getting underway. The pandemic, among other impacts, led to a plunge in oil demand. The unprecedented collapse in prices took oil […]
This Morning in Metals: Nucor to build new tube mill in Midwest
This morning in metals news: Nucor announced plans to build a new tube mill in the Midwest; meanwhile, the Bureau of Labor Statistics released the Consumer Price Index summary for February; and the oil price pulled back slightly this week. Don’t miss the MetalMiner analyst team on Wednesday, March 24, at 10 a.m. CDT for […]
Following a strong recovery, how much further does oil have to go?
The Brent crude oil price has continued a dramatic recovery this year. Brent crude last week briefly crossed $66 a barrel (where it started 2020). A recovery in demand has stoked oil prices. That demand surge is largely coming from the prospects of an acceleration in transport activity as vaccine programs roll out. Find more […]
This Morning in Metals: Copper price surges after January cooldown
This morning in metals news: the copper price is on its way back up again; meanwhile, Rio Tinto reached a new power agreement for its ISAL aluminum smelter; and, lastly, oil prices continue to rise. Copper price surges After a sleepy January, copper prices are back on the ascent. The LME three-month copper price closed […]
This Morning in Metals: General Motors grapples with semiconductor supply challenges
This morning in metals news: automaker General Motors is facing challenges related to semiconductor supply; meanwhile, Oslo-based Norsk Hydro reported its Q4 2020 financial results; and, lastly, the oil price continues to tick up. Semiconductor supply End users across sectors are dealing with material shortage challenges. The automotive sector is no different. This week, General Motors […]
