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2021-03-02

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Oil Sinks Toward $60 Before OPEC+ Meets to Decide on Supplies

(Bloomberg) -- Oil’s impressive 2021 rally is coming unstuck just days before OPEC+ meets to decide

Oil Sinks Toward $60 Before OPEC+ Meets to Decide on Supplies

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The alliance gathers on Thursday to decide on easing supply curbs after prices posted their best ever start to a year before the current skid. Ahead of the gathering, Saudi Arabia has urged members to take a cautious approach even as signs of tightening emerge.</p><p>Crude roared higher in the opening two months of 2021, aided by the deep OPEC+ supply cuts, which include unilateral reductions by the Saudis. The roll-out of vaccines and an investor charge into commodities has also underpinned the gains, which pushed prices in New York to the highest close since 2019.</p><p>Investors are “a little bit unsure whether OPEC will continue with the support they provided over the last few months with the supply cuts,” said Daniel Hynes, a senior commodity strategist at Australia &amp; New Zealand Banking Group Ltd. If there’s a higher-than-expected increase, that could make things difficult in the short term given demand is still showing signs of fragility, he said.</p><p>The Organization of Petroleum Exporting Countries and its allies must decide how much output gets restored -- and at what pace -- with current reductions amounting to just over 7 million barrels a day, or 7% of global supply. Citigroup Inc. thinks the coalition will boost output by about 500,000 barrels a day next month, with Saudi Arabia unlikely to continue its voluntary curbs.</p><p>Brent’s prompt timespread was 67 cents a barrel in backwardation on Tuesday. While that’s a bullish structure -- with near-dated prices above later-dated ones -- it’s the lowest reading since mid-February.</p><p>OPEC+ still has plenty of scope to restore production, according to Goldman Sachs Group Inc., which estimates there’s a “massive” deficit of 2 million barrels per day at present. The pace of draws during the recovery will likely outstrip the group’s ability to ramp up, the bank warned in a March 1 report.</p><p>As OPEC+ weighs it decision, group leaders Saudi Arabia and Russia need to judge the likely response by U.S. shale producers. While most big publicly traded explorers in the U.S. are planning to keep output flat, smaller, private companies are seeking to grow supply after this year’s rally.</p><p>The runway to the Thursday’s full OPEC+ meeting starts later Tuesday with the group’s Joint Technical Committee gathering. The JTC’s role is to review the market conditions and members’ conformity with supply agreements.</p><p>While the pandemic has eased as a concern for investors in 2021, with vaccination campaigns under way, the World Health Organization warned on Monday the threat remains. Global cases rose for the first time in almost two months in the past week, WHO officials said at a media briefing.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oil Sinks Toward $60 Before OPEC+ Meets to Decide on Supplies</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil Sinks Toward $60 Before OPEC+ Meets to Decide on Supplies\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-02 11:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-03-01/old-sinks-toward-60-before-opec-meets-to-decide-on-supplies><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Oil’s impressive 2021 rally is coming unstuck just days before OPEC+ meets to decide just how much crude it should return to the market.Futures in New York sank below $60 a barrel, ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-03-01/old-sinks-toward-60-before-opec-meets-to-decide-on-supplies\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2021-03-01/old-sinks-toward-60-before-opec-meets-to-decide-on-supplies","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166432321","content_text":"(Bloomberg) -- Oil’s impressive 2021 rally is coming unstuck just days before OPEC+ meets to decide just how much crude it should return to the market.Futures in New York sank below $60 a barrel, dropping for a third day to head for the longest losing run since December. The alliance gathers on Thursday to decide on easing supply curbs after prices posted their best ever start to a year before the current skid. Ahead of the gathering, Saudi Arabia has urged members to take a cautious approach even as signs of tightening emerge.Crude roared higher in the opening two months of 2021, aided by the deep OPEC+ supply cuts, which include unilateral reductions by the Saudis. The roll-out of vaccines and an investor charge into commodities has also underpinned the gains, which pushed prices in New York to the highest close since 2019.Investors are “a little bit unsure whether OPEC will continue with the support they provided over the last few months with the supply cuts,” said Daniel Hynes, a senior commodity strategist at Australia & New Zealand Banking Group Ltd. If there’s a higher-than-expected increase, that could make things difficult in the short term given demand is still showing signs of fragility, he said.The Organization of Petroleum Exporting Countries and its allies must decide how much output gets restored -- and at what pace -- with current reductions amounting to just over 7 million barrels a day, or 7% of global supply. Citigroup Inc. thinks the coalition will boost output by about 500,000 barrels a day next month, with Saudi Arabia unlikely to continue its voluntary curbs.Brent’s prompt timespread was 67 cents a barrel in backwardation on Tuesday. While that’s a bullish structure -- with near-dated prices above later-dated ones -- it’s the lowest reading since mid-February.OPEC+ still has plenty of scope to restore production, according to Goldman Sachs Group Inc., which estimates there’s a “massive” deficit of 2 million barrels per day at present. The pace of draws during the recovery will likely outstrip the group’s ability to ramp up, the bank warned in a March 1 report.As OPEC+ weighs it decision, group leaders Saudi Arabia and Russia need to judge the likely response by U.S. shale producers. While most big publicly traded explorers in the U.S. are planning to keep output flat, smaller, private companies are seeking to grow supply after this year’s rally.The runway to the Thursday’s full OPEC+ meeting starts later Tuesday with the group’s Joint Technical Committee gathering. The JTC’s role is to review the market conditions and members’ conformity with supply agreements.While the pandemic has eased as a concern for investors in 2021, with vaccination campaigns under way, the World Health Organization warned on Monday the threat remains. Global cases rose for the first time in almost two months in the past week, WHO officials said at a media briefing.","news_type":1},"isVote":1,"tweetType":1,"viewCount":276,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}