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Oil Mixed on Week: Brent Stares at Loss, US Crude Flat Amid Record Pump Prices

By Barani Krishnan AiVIF.com -- Crude prices were mixed on the week as trading neared Friday’s close, with global benchmark Brent showing a weekly loss amid a continued holdout...
Oil Mixed on Week: Brent Stares at Loss, US Crude Flat Amid Record Pump Prices © Reuters.

By Barani Krishnan

AiVIF.com -- Crude prices were mixed on the week as trading neared Friday’s close, with global benchmark Brent showing a weekly loss amid a continued holdout by Europe on a Russian oil ban, while U.S. crude was almost flat on strong summer demand bets and supply tightness that have pushed pump prices to record highs.

Both Brent and U.S. crude’s West Texas Intermediate benchmark were up more than 3% in Friday’s intraday trade, extending their recovery from a near 10% loss in the first two days of the week sparked by fears that America might be tipped into recession from aggressive rate hikes by the Federal Reserve trying to beat the worst inflation in 40 years.

By 1:30 PM ET (17:30 GMT), an hour to the close, London-traded Brent was at $111.19, up $3.74, or 3.5%, on the day. For the week, it was down 1.7%.

New York-traded WTI was at $110.08, up $3.95, or 3.7%. For the week though, it was down just 0.5%.

The divergence between Brent and WTI is "a story of two oils,” said John Kilduff, partner at New York energy hedge fund Again Capital. “The hold out of an European embargo, particularly by Hungary is limiting Brent’s upside, while WTI is basking in bullish glory from the refining crunch in fuels that’s sent pump prices to record highs.”

Some European Union nations said on Friday that the push to ban Russian oil should probably be delayed to prioritize other sanctions against Moscow, particularly if the bloc could not win immediate consensus from Budapest for an embargo.

Saudi Arabia’s Energy Minister Abdulaziz bin Salman, meanwhile, tried to avert any blame on OPEC+ for the record high pump prices in the United States, saying it was a lack of U.S. refining capacity that was responsible for the crisis rather than supply from the global oil exporters alliance.

“The bottleneck is now to do with refining,” Abdulaziz told Bloomberg in an interview. “I did warn this was coming back in October. Many refineries in the world, especially in Europe and the US, have closed over the last few years. The world is running out of energy capacity at all levels.”

Record-high fuel prices are testing the mettle of U.S. consumers, with gasoline at above $4.50 per gallon at some US pumps while diesel retails at above $6.

The International Energy Agency cautioned on Thursday that soaring pump prices and slowing economic growth are expected to significantly curb the demand recovery through the remainder of the year and into 2023.

Economists, meanwhile, warn that the US economy, finally on the path to resilience after the damage wrought by the two-year-long coronavirus pandemic, could head for recession again from a one-two punch delivered by record-high fuel prices and Fed rate hikes.

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24-05-2022 01:34:11 (UTC+7)

EUR/USD

1.0684

+0.0124 (+1.17%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (2)

EUR/USD

1.0684

+0.0124 (+1.17%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (2)

GBP/USD

1.2575

+0.0088 (+0.70%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

USD/JPY

127.93

+0.07 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

AUD/USD

0.7110

+0.0077 (+1.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

USD/CAD

1.2780

-0.0056 (-0.44%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

EUR/JPY

136.66

+1.65 (+1.23%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (3)

EUR/CHF

1.0324

+0.0028 (+0.27%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

Gold Futures

1,854.65

+12.55 (+0.68%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

Silver Futures

21.839

+0.165 (+0.76%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Copper Futures

4.3415

+0.0665 (+1.56%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Crude Oil WTI Futures

110.27

-0.01 (-0.01%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

Brent Oil Futures

110.74

+0.75 (+0.68%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (3)

Natural Gas Futures

8.854

+0.676 (+8.27%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

US Coffee C Futures

215.58

-0.27 (-0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Euro Stoxx 50

3,708.39

+51.36 (+1.40%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

S&P 500

3,974.80

+73.44 (+1.88%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (3)

Sell (3)

DAX

14,175.40

+193.49 (+1.38%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

FTSE 100

7,513.44

+123.46 (+1.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Hang Seng

20,470.06

-247.18 (-1.19%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (4)

US Small Cap 2000

1,798.40

+30.05 (+1.70%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

IBEX 35

8,625.80

+141.30 (+1.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

BASF SE NA O.N.

49.735

+0.885 (+1.81%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Bayer AG NA

64.47

+0.73 (+1.15%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (0)

Allianz SE VNA O.N.

199.38

+3.80 (+1.94%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

Adidas AG

175.48

+2.68 (+1.55%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Deutsche Lufthansa AG

6.903

+0.051 (+0.74%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (2)

Sell (3)

Siemens AG Class N

116.70

+1.62 (+1.41%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (1)

Deutsche Bank AG

10.018

+0.656 (+7.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

 EUR/USD1.0684↑ Buy
 GBP/USD1.2575↑ Buy
 USD/JPY127.93↑ Buy
 AUD/USD0.7110↑ Buy
 USD/CAD1.2780↑ Sell
 EUR/JPY136.66↑ Buy
 EUR/CHF1.0324↑ Sell
 Gold1,854.65↑ Buy
 Silver21.839↑ Buy
 Copper4.3415↑ Buy
 Crude Oil WTI110.27↑ Buy
 Brent Oil110.74Neutral
 Natural Gas8.854↑ Buy
 US Coffee C215.58↑ Buy
 Euro Stoxx 503,708.39↑ Buy
 S&P 5003,974.80Neutral
 DAX14,175.40↑ Buy
 FTSE 1007,513.44↑ Buy
 Hang Seng20,470.06Neutral
 Small Cap 20001,798.40↑ Buy
 IBEX 358,625.80↑ Buy
 BASF49.735↑ Buy
 Bayer64.47↑ Buy
 Allianz199.38↑ Buy
 Adidas175.48↑ Buy
 Lufthansa6.903Neutral
 Siemens AG116.70↑ Buy
 Deutsche Bank AG10.018↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,890/ 6,990
(0/ 0) # 1,765
SJC HCM6,905/ 6,995
(0/ 0) # 1,769
SJC Hanoi6,905/ 6,997
(0/ 0) # 1,771
SJC Danang6,905/ 6,997
(0/ 0) # 1,771
SJC Nhatrang6,905/ 6,997
(0/ 0) # 1,771
SJC Cantho6,905/ 6,997
(0/ 0) # 1,771
Cập nhật 24-05-2022 01:34:16
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ↀ Giá vàng thế giới
$1,855.43+9.610.52%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V31.25031.870
RON 95-III30.65031.260
E5 RON 92-II29.63030.220
DO 0.05S25.55026.060
DO 0,001S-V26.35026.870
Dầu hỏa 2-K24.40024.880
ↂ Giá dầu thô thế giới
WTI$109.72-0.01-0.01%
Brent$113.42-0.43-0.38%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.005,0023.315,00
EUR23.899,8625.238,69
GBP28.277,1029.483,51
JPY176,47186,83
KRW15,8019,25
Cập nhật lúc 18:52:02 23/05/2022
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