Crude futures rose during European morning trading Feb. 23, as lingering US supply outages, OPEC+ cuts, and vaccine roll-outs improved the fundamental outlook while a strong backwardation and inflationary pressures provided financial support to prices.
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A surge in commodity prices has Wall Street banks gearing up for the arrival of a new supercycle, but underlying dynamics suggest it isn’t going to be a repeat of the epic China-led boom at the start of this century.
Reliance Industries Ltd. has started carving out its new oil-to-chemicals operation into an independent unit with a $25 billion loan from the parent, as billionaire Mukesh Ambani steps up efforts to unlock the value of his businesses.
Ahmed Zaki Yamani, a long-serving oil minister in Saudi Arabia who led the kingdom through the 1973 oil crisis, the nationalisation of its state energy company and later found himself kidnapped by the assassin Carlos the Jackal, died on Tuesday in London.
Oil rose toward $63 a barrel with investment banks and traders predicting the market will tighten further and push prices higher.
China is poised to receive about 21 million barrels of the new Iraqi crude grade Basrah Medium by mid March.
FOB Arab Gulf 95 RON gasoline has strengthened as the market digested news of partial works at Saudi Aramco Total Refining and Petrochemical Co., or Satorp.
Premier Oil Plc, the indebted North Sea driller being swallowed by Chrysaor Holdings Ltd., will re-emerge as the largest independent oil and gas producer among UK stocks just as the global crude market roars back.
Turkey’s benchmark stock index closed Tuesday at 1,517.86 points, down 2.11%.