• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 25 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 18 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 3 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 10 hours Wind droughts
  • 6 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 1 day Xi Is Set To Be Re-Elected As China’s Leader
  • 9 days Oil Prices Fall After Fed Raises Rates
  • 8 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 hours Europeans and Americans are beginning to see the results of depending on renewables.
  • 9 hours Australian power prices go insane
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Scientists Aim To Unlock The Secrets Of Semiconductors

Scientists Aim To Unlock The Secrets Of Semiconductors

SLAC National Accelerator Laboratory scientists…

German Manufacturers Struggle As Energy Crisis Persists

German Manufacturers Struggle As Energy Crisis Persists

Germany’s manufacturing industries are crumbling…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Prices Drop On Weak Short-Term Demand Outlook

After rallying in the last few weeks, oil prices were down for a second consecutive day early on Tuesday as tightened restrictions in the U.S. and Europe outweighed the start of vaccination in the UK and the certainty about the OPEC+ production at least for January.

As of 10:43 a.m. ET, WTI Crude prices were down 0.50 percent at $45.60 while Brent Crude was flat at $48.80.

After rising for most of the past three weeks, due to hopes of a vaccine-induced boost in economic growth and energy demand, oil prices have been down this week, with near-term demand concerns trumping hopes for the demand outlook in a few months.

Despite the fact that the first person in the UK received the Pfizer vaccine on Tuesday, several places around the world have just announced tougher restrictions to fight the surge in coronavirus cases. In the UK itself, the nationwide lockdown ended last week, but many counties and cities remain under strict local rules in the so-called Tier-3: Very High alert.

France is unlikely to reduce new daily infection numbers to below 5,000 by December 15—the target set by the government as a reason to lift the lockdown on that day.

The Bavaria region in Germany is moving into a stricter lockdown until January 5, while most areas in California in the U.S. are under a new strict lockdown again.

Last week, OPEC+ managed to seal a compromise deal over its oil production policy early next year, presenting a united front of a unanimous decision after days of disagreements. The original plan for a 2-million-bpd increase of OPEC+ production as of January was watered down to a 500,000-bpd rise for January in a compromise agreement, largely seen as a positive outcome that avoided a break-up of the OPEC+ pact or even of OPEC. 

Yet, the sentiment in the oil market has slightly soured in recent days, evident in the fact that in the Brent futures curve, the prompt timespread has returned to contango, with prompt prices cheaper than those further out in time.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News