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Jan 4, 2023 · The Brent crude oil spot price averaged $100/b in 2022, and the WTI spot price averaged $95/b. In the first half of 2022, geopolitical tension with Russia, culminating with Russia’s full-scale invasion of Ukraine on February 24, contributed to crude oil price increases.
Dec 30, 2022 · Oil's decline in the second half of 2022 as rising interest rates to fight inflation boosted the U.S. dollar. That made dollar-denominated commodities like crude more costly for holders of other...
Jan 19, 2022 · Crude prices struggled under demand uncertainties in December before a vigorous post-holiday rebound. North Sea Dated rose from an average $74.01/bbl last month to $87.30/bbl on 18 January, its highest level since 2014. ICE Brent backwardation doubled, reflecting tight oil stocks. A tighter balance.
- World oil demand is set to contract by 110 kb/d y-o-y in 4Q22, reaching 100.8 mb/d, up by 130 kb/d compared with last month’s Report. Strong gasoil use in key consuming countries outweighs weak European and Asian petrochemical deliveries.
- World oil supply fell 190 kb/d in November to 101.7 mb/d, breaking a five-month uptrend, after Saudi Arabia and other Gulf countries curbed supply in line with lower OPEC+ output targets.
- Global refinery throughputs surged 2.2 mb/d in November to the highest since January 2020, resulting in sharply lower diesel and gasoline cracks and refinery margins.
- Russian oil exports increased by 270 kb/d to 8.1 mb/d, the highest since April as diesel exports rose by 300 kb/d to 1.1 mb/d. Crude oil loadings were largely unchanged m-o-m, even as shipments to the EU fell by 430 kb/d to 1.1 mb/d.
Feb 11, 2022 · Benchmark crude oil prices surged by ~$15/bbl in January, breaching the $90/bbl threshold for the first time since 2014. Backwardation on the 12-month strip beginning with the April 2022 contract has hit double digits for both WTI and Brent, reflecting low crude stock levels.
Mar 8, 2023 · Primary energy production rose 4.0% year over year in 2022, largely due to natural gas (+7.3% to 8.3 million terajoules) and crude oil (+2.6% to 11.1 million terajoules). Natural gas liquids (+6.2%) and electricity generation (+2.6%) also contributed to the gain.
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Dec 30, 2022 · U.S. crude rose nearly 7% in 2022, following last year’s gain of 55%. Both benchmarks fell sharply in 2020 as the COVID-19 pandemic slashed fuel demand. Investors in 2023 are expected to keep...
