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by Stockwatch Business Reporter
West Texas Intermediate crude for June delivery lost $1.32 to $61.35 on the New York Merc, while Brent for June lost $1.25 to $65.32 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.70 to WTI, down from a discount of $10.35. Natural gas for May lost four cents to $2.69. The TSX energy index added a fraction to close at 113.67.
Oil prices dipped as India, the world's third largest oil importer, set another daily record for new COVID-19 cases, as well as COVID-19 deaths. "India is a major crude oil consumer. So rising virus cases, and thereby restrictions to limit the spread, will dampen the demand outlook," Ravndra Rao of Kotak Securities opined to Reuters. Also dampening the outlook was a new report from Rystad Energy, Norway's biggest independent energy consultancy, which is now predicting that global oil demand will peak in 2026 -- just five years away -- at 101.6 million barrels a day. This is more bearish than its prior forecast of a peak in 2028 at 102.2 million barrels a day. (It is also a bearish forecast in general. By contrast, OPEC does not see global oil demand peaking until 2040.)
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