Tight supply forecast keeps oil prices in check

US crude and refined fuel stockpiles depleted last week, show API figures.

BY MARKETWIRE, TRANSLATED BY DANIEL FRANK CHRISTENSEN

Oil trades higher Wednesday after sliding Tuesday evening in the wake of American Petroleum Institute data showing declining volumes in US crude oil and refined fuel inventories, thereby stoking concerns about tight supply, reports Reuters.

European reference oil Brent sells Wednesday morning CEST for USD 105.90 per barrel against USD 105.07 Tuesday afternoon. US benchmark West Texas Intermediate changes hands for USD 103.45 Wednesday morning against USD 102.80 late Tuesday evening and USD 105.37 Tuesday afternoon

“The API report had people stop worrying about the demand side and start worrying about the supply side again,” Price Futures Analyst Phil Flynn tells the news agency.

Prices are supported by news of the EU working to impose an embargo against Russia and its fossil fuels industry. EU Commission President Ursula von der Leyen is expected to present plans on Wednesday, Reuters writes.

EU plans halt to crude imports within six months

High energy prices ensure Equinor impressive Q1 results

Oil prices rise amid fears of tight supplies

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

Torsten Hasforth, chief economist at think tank Concito. | Foto: PR/Concito

Renewables

Think tank: Danish wind turbine industry has been outpaced by competitors

The wind turbine industry has developed into a traditional industry where more players can compete with the Danish pioneers in the field, says Concito. Consultancy firm disagrees with the analysis.

For subscribers

”The Norwegian electricity market is characterized by the fact that we have several large generators, which in some cases may have significant opportunities to influence the pricing in the market,” Rosendal writes in the consultation response. | Foto: Anders Vester Thykier

Policy & Trading

Nord Pool warns Norway about new initiative: May increase risk of market manipulation

For subscribers

Oil & Gas

DNO CFO: "Our exploration team has done a great job"

For subscribers

The offshore wind farm is dominated by Danish players. Vestas will supply the turbines for the project, which Cadeler will install. NKT will be responsible for the cable system, while Bladt and Semco Maritime will supply two substations. | Foto: vestas

Renewables

Financing for Baltic Power is in place

For subscribers

Renewables

Obton takes on Sweden

For subscribers

Renewables

Mitsui and partner make final decision on 1GW offshore wind in Taiwan

For subscribers

GE sues company for failure to recycle turbine blades
The US turbine manufacturer has accused a Texas-based company of leaving turbine blades unused rather than recycling.
Oil rises with renewed concern about limited supply
The Russian government announced last week a temporary ban on the export of both diesel fuel and gasoline to stabilize the country’s market.
Biocirc reveals German expansion next year: "An exciting pipeline"
Plans to build more plants by 2024 are not limited to the US, reveals the CEO of the biogas group.
For subscribers
European Energy and Mitsui finalize transaction of Danish solar farm and PtX plant
The sale to the Japanese trading company received the stamp of approval from the EU Commission in August, and the deal has now been finalized.
For subscribers
Offshore wind players: Crucial to speed up the pace of project permitting
There is a greater political focus on the need for pace in OSW projects, but more speed in the permitting process is needed if the targets for OSW are to be achieved, according to Vestas and Ørsted.
For subscribers
Wave energy developer warns: China could take the helm if Europe doesn't wake up
Major energy players and governments should get involved in European wave energy if the market is not to move to Asia, warns Weptos CEO.
For subscribers

Think tank: Danish wind turbine industry has been outpaced by competitors

The wind turbine industry has developed into a traditional industry where more players can compete with the Danish pioneers in the field, says Concito. Consultancy firm disagrees with the analysis.

For subscribers

US turbine manufacturer GE has hired a Texan company to recycle 5,000 turbine blades – but GE claims it never happened. | Foto: GE Renewable Energy

Renewables

GE sues company for failure to recycle turbine blades

The US turbine manufacturer has accused a Texas-based company of leaving turbine blades unused rather than recycling.

Policy & Trading

Nord Pool warns Norway about new initiative: May increase risk of market manipulation

”The biggest risk in the Norwegian electricity market is withholding capacity to push up electricity prices,” Nord Pool writes in a consultation response.

For subscribers

Renewables

Financing for Baltic Power is in place

Financial close has now been reached on the 1.2GW offshore wind farm, where several Danish players have roles to play.

For subscribers

Renewables

All hydrogen stations in Denmark will close

”We can’t justify throwing more money at subsidizing hydrogen alone,” states Everfuel’s CEO, who doesn’t want to kill off hydrogen’s future in passenger cars.

For subscribers

Renewables

Obton takes on Sweden

The Danish solar investor has secured the rights to build its first Swedish solar park, but there are already partnership agreements in place for more.

For subscribers