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Oil climbs for sixth day on supply concerns, Brent tops $80

By Yuka Obayashi TOKYO (Reuters) -Oil markets climbed for a sixth day on Tuesday, reversing earlier losses, on fears over tight supply while surging prices of liquefied natural...
Oil climbs for sixth day on supply concerns, Brent tops $80 © Reuters. FILE PHOTO: An employee holds a sample of crude oil at the Yarakta oilfield, owned by Irkutsk Oil Co, in the Irkutsk region, Russia on March 11, 2019. REUTERS/Vasily Fedosenko/File Photo

By Yuka Obayashi

TOKYO (Reuters) -Oil markets climbed for a sixth day on Tuesday, reversing earlier losses, on fears over tight supply while surging prices of liquefied natural gas (LNG) and coal also lent support.

Brent crude futures gained $1.05, or 1.3%, to $80.58 a barrel at 0645 GMT, after reaching its highest since October 2018 at $80.75 earlier in the session. It surged 1.8% on Monday.

U.S. West Texas Intermediate (WTI) crude futures rose $1.06, or 1.4%, to $76.51 a barrel, the highest since July 6. It jumped 2% the previous day.

"Investors remained bullish as supply disruptions in the United States from hurricanes are continuing for longer than expected at a time when demand is picking up due to easing lockdown measures and the wider rollouts of COVID-19 vaccination," said Chiyoki Chen, chief analyst at Sunward Trading.

Hurricanes Ida and Nicholas, which swept through the U.S. Gulf of Mexico in August and September, damaged platforms, pipelines and processing hubs, shutting most offshore production for weeks.

Also weighing on supply, top African oil exporters Nigeria and Angola will struggle to boost output to their quotas set by the Organization of the Petroleum Exporting Countries (OPEC) until at least next year as underinvestment and nagging maintenance problems continue to hobble output, sources at their respective oil firms warn.

Their battle mirrors that of several other members of the OPEC+ group who curbed production in the past year to support prices when COVID-19 hit demand, but are now failing to ramp up output to meet soaring global fuel needs as economies recover.

The supply issues are occurring as countries ease their COVID-19 movement restrictions, potentially boosting demand.

Japan, the world's fifth-biggest oil user, plans to lift a coronavirus state of emergency in all regions on Thursday as the number of new cases falls and the strain on the medical system eases, Economy Minister Yasutoshi Nishimura said.

Analysts also say rising prices of spot liquefied natural gas (LNG) and coal may support higher oil prices.

"Oil demand could pick up by an additional 0.5 million barrels per day, or 0.5% of global oil supply, as high gas prices force a switch from gas to oil consumption," Commonwealth Bank commodities analyst Vivek Dhar said in a note.

He added that energy prices could rally from here if the Northern Hemisphere winter proved colder than expected.

China is in the grip of a power crunch as a shortage of coal supplies, tougher emissions standards and strong demand from manufacturers and industry have pushed coal prices to record highs and triggered widespread curbs on usage.

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29-03-2024 12:03:07 (UTC+7)

EUR/USD

1.0777

-0.0010 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

EUR/USD

1.0777

-0.0010 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

GBP/USD

1.2618

-0.0004 (-0.03%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

USD/JPY

151.29

-0.09 (-0.06%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (0)

AUD/USD

0.6513

-0.0002 (-0.03%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

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USD/CAD

1.3552

+0.0014 (+0.10%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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EUR/JPY

163.01

-0.24 (-0.15%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

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Sell (0)

EUR/CHF

0.9724

-0.0003 (-0.03%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (7)

Gold Futures

2,254.80

-0.10 (0.00%)

Summary

Buy

Moving Avg:

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Sell (1)

Indicators:

Buy (5)

Sell (0)

Silver Futures

25.100

+0.002 (+0.01%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

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Copper Futures

4.0115

-0.0003 (-0.01%)

Summary

↑ Buy

Moving Avg:

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Crude Oil WTI Futures

83.11

+1.76 (+2.16%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

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Brent Oil Futures

86.99

+0.04 (+0.05%)

Summary

Neutral

Moving Avg:

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Natural Gas Futures

1.752

+0.034 (+1.98%)

Summary

↑ Sell

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Indicators:

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US Coffee C Futures

188.53

-2.12 (-1.11%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (9)

Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

Summary

↑ Sell

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Sell (12)

Indicators:

Buy (2)

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S&P 500

5,254.35

+5.86 (+0.11%)

Summary

↑ Sell

Moving Avg:

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Sell (11)

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DAX

18,504.51

+27.42 (+0.15%)

Summary

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Moving Avg:

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FTSE 100

7,952.62

+20.64 (+0.26%)

Summary

↑ Sell

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Sell (12)

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Sell (10)

Hang Seng

16,541.42

+148.58 (+0.91%)

Summary

Neutral

Moving Avg:

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Sell (12)

Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,120.15

+5.80 (+0.27%)

Summary

Neutral

Moving Avg:

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Sell (12)

Indicators:

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Sell (4)

IBEX 35

11,074.60

-36.70 (-0.33%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

Summary

↑ Buy

Moving Avg:

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Sell (3)

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Sell (1)

Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

Moving Avg:

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Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

Summary

↑ Buy

Moving Avg:

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Adidas AG

207.00

+2.30 (+1.12%)

Summary

↑ Buy

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Sell (0)

Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

↑ Sell

Moving Avg:

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Sell (8)

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Siemens AG Class N

176.96

+0.04 (+0.02%)

Summary

↑ Buy

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Deutsche Bank AG

14.582

-0.030 (-0.21%)

Summary

↑ Buy

Moving Avg:

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 EUR/USD1.0777↑ Buy
 GBP/USD1.2618↑ Sell
 USD/JPY151.29↑ Buy
 AUD/USD0.6513↑ Sell
 USD/CAD1.3552↑ Buy
 EUR/JPY163.01↑ Buy
 EUR/CHF0.9724↑ Sell
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
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SJC Eximbank7,910/ 8,080
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SJC HCM7,900/ 8,100
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SJC Nhatrang7,900/ 8,102
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SJC Cantho7,900/ 8,102
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Cập nhật 29-03-2024 12:03:09
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ↀ Giá vàng thế giới
$2,232.75-1.61-0.07%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.82+5.390.07%
Brent$86.82+5.180.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.610,0024.980,00
EUR26.047,4527.476,69
GBP30.507,5531.805,49
JPY159,05168,34
KRW15,9119,28
Cập nhật lúc 11:57:45 29/03/2024
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