In the week since our last edition of What’s Affecting Oil Prices, Brent rose $1.34/bbl last week to average $73.85/bbl, while WTI was basically flat and averaged $68.80/bbl.
Refinery economics remain supportive of further runs globally and the Suncor Syncrude outage will continue to support WTI. There are no new geopolitical events on the horizon, but if something were to develop it would likely be bullish for prices. For the week ahead, we expect Brent to maintain its strength and average $74/bbl.
Geopolitical: Positive
Dollar: Neutral
Trader Sentiment: Negative
Supply: Neutral
Demand: Positive
Refining Margins: Positive
How We Did
Recommended Reading
As Permian Gas Pipelines Quickly Fill, More Buildout Likely—EDA
2024-10-28 - Natural gas volatility remains—typically with prices down, and then down further—but demand is developing rapidly for an expanded energy market, East Daley Analytics says.
Companies Hop on Digital Twins, AI Trends to Transform Day-to-day Processes
2024-10-23 - A big trend for oil and gas companies is applying AI and digital twin technology into everyday processes, said Kongsberg Digital's Yorinde Lokin-Knegtering at Gastech 2024.
Liberty Capitalizes on Frac Tech Expertise to Navigate Soft Market
2024-10-18 - Liberty Energy capitalized on its “competitive edge” when navigating a challenging demand environment in third-quarter 2024, CEO Chris Wright said in the company’s quarterly earnings call.
Enbridge Embraces AI to Advance Operations with Microsoft Tools
2024-10-09 - Enbridge, which has been at work on a software modernization project since 2020, is collaborating with Microsoft for improvements to efficiency and emissions reductions.
Fugro’s Remote Capabilities Usher In New Age of Efficiency, Safety
2024-11-19 - Fugro’s remote operations center allows operators to accomplish the same tasks they’ve done on vessels while being on land.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.