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Crude Oil Apr 21 (CL=F)

NY Mercantile - NY Mercantile Delayed Price. Currency in USD
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63.45+0.23 (+0.36%)
As of 7:20AM EST. Market open.
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Pre. SettlementN/A
Settlement Date2021-03-22
Last Price63.22
Day's Range63.06 - 63.79
  • Barrons.com

    Oil Prices Are Rising. Here Are Next Steps for Producers.

    Major oil producers will put their negotiation skills to the test when they meet to discuss production levels in early March. The gathering comes as Saudi Arabia and Russia, two of the world’s largest producers, attempt to balance rising crude prices, tightening global supplies and an uncertain path of recovery for energy demand. Strength in oil prices may encourage producers to consider lifting output.

  • Carbon offsets gird for lift-off as big money gets close to nature

    Carbon offsets gird for lift-off as big money gets close to nature

    An expected dash by big corporations for offsets to meet their climate targets has prompted financial exchanges to launch carbon futures contracts to capitalise on what could be a multi-billion dollar market. Carbon offsets, generated by emissions reduction projects, such as tree planting or shifts to less polluting fuels, have struggled for years to gain credibility, but as climate action has become urgent, their market is expected to grow to as much as $50 billion by 2030. Among the major corporations that say they expect to use them to compensate for any emissions they cannot cut from their operations and products are Unilever, EasyJet, Royal Dutch Shell and BP, which all have climate targets.

  • Oil Advances From One-Year High With Global Market Tightening

    Oil Advances From One-Year High With Global Market Tightening

    (Bloomberg) -- Oil extended gains from its highest close in more than a year on a slump in U.S. oil inventories and a broader lift to the reflation trade taking place across global markets.Futures in New York rose near $63 a barrel. Inventories of U.S. oil have fallen by 40 million barrels over the last three weeks, with cold weather demand for heating fuels offsetting a rise in gasoline and crude stockpiles.The futures curve is continuing to indicate tightness. The market is in a backwardation of almost $6 a barrel for the next 12 months, a structure that indicates scarce supplies. There have even been tentative mentions of crude hitting $100 a barrel again in the longer term.Oil is set for a fourth monthly gain after a pledge by Saudi Arabia to deepen output cuts accelerated a rally triggered by Covid-19 vaccine breakthroughs. While there’s been a raft of bullish calls on the outlook recently, the market is facing a possible supply increase in April from OPEC+, which meets next week to discuss its strategy with key members again differing on the way forward.See also: Barclays Lifts Oil Price Forecasts on Subdued Supply ResponseOil “continues to benefit, just like copper, from expectations that supply will be kept tight while demand continues to recover,” said Ole Hansen, head of commodities strategy at Saxo Bank. “The question remains how much is speculative and how much is real demand driving the price higher at this stage.”Shale explorers reported almost 6 million barrels of combined oil-output losses during the freeze last week. Occidental Petroleum Corp. and Pioneer Natural Resources Co., two of the largest producers in the Permian Basin, alone had a combined loss of about 3.8 million barrels, according to Bloomberg News calculations based on fourth-quarter earnings reports and calls.That will focus the attention of the Organization of Petroleum Exporting Countries and its allies before they meet next week. The talks are likely to lead to a rollback of Saudi Arabia’s unilateral output cut, according to Deutsche Bank.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.