3 Oil Stocks To Watch This Spring By Alex Kimani - Apr 15, 2021, 7:00 PM CDT
Oil bulls who have been praying for oil prices to cross the $70 per barrel mark to affirm a full recovery after a very encouraging 6 month-long rally have unfortunately been disappointed. Oil prices seem to have hit a ceiling at the high 60s and are currently flirting with the low 60s with a Covid-19 resurgence raining on the bulls parade thanks to new lockdowns in key consumer regions such as India and the UK.
Still, the U.S. oil and gas sector remains in good stead; J.P. Morgan has estimated that Permian s Delaware Basin oil drillers now require oil prices of just ~$33/bbl to break even down from $40/bbl in 2019. Indeed, JPM says most U.S. onshore operators are economic at current oil prices, and many operators are even likely to ramp up activity in H2 and build solid momentum for higher volumes in 2022.
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OPEC’s Bullish Demand Data Sparks Hope Of New Oil Rally By Julianne Geiger - Apr 13, 2021, 4:00 PM CDT
OPEC has revised its 2021 oil demand upward to stand 190,000 bpd higher than last month s estimates, on the back of an economic rebound that surpasses last month s outlook.
Global 2021 oil demand is now expected to average 96.46 million bpd for the full year, according to OPEC s latest projects included in its April Monthly Oil Market Report. That figure is up from 96.27 million bpd in last month s report, and up from the newly estimated 2020 oil demand figure of 90.51 million bpd.
In last month s report, OPEC had estimated 2020 global oil demand at 90.39 million bpd.