WTI-Midland emerges as grade of choice for importers in Europe
A pumpjack operates next to a master-planned community north of Midland. West Texas Intermediate, the U.S. benchmark for the price of oil, is hovering once again in the $75-per-barrel range, after sinking to as low as $66.74 following the collapse of Silicon Valley Bank,Market analysts were unsure if concerns about a global financial crisis were behind us, though they agreed that oil prices are recovering amid expectations the worst is over.
WTI-Midland is emerging as the grade of choice for importers in Europe, but with April marking the debut of the new Brent basket, it’s unclear what happens next. The loss of Kurdish barrels likely won’t change decisions for the Organization of the Petroleum Exporting Countries, which meet Monday to consider production quotas. It’s likely, Varga said, there will be no changes that will impact pricing this week.
What has changed, Hickin said, is the perception of how high oil prices will go, with even the ever-bearish Goldman Sachs backing away from calls for triple-digit prices. WTI last touched triple digits in July, and a survey from the Dallas Fed found most in the industry expect U.S. crude will average $79.64 in the second quarter.
Data Friday show the overall outlook is improving and Fed policies to slow inflation are working. U.S. consumer prices increased by 0.3 percent from January to February, down from the 0.6 percent increase recorded from December to January. Inflation in the EU, meanwhile, came in at 6.9 percent to the year ending in March, a good recovery from the 10.6 percent peak set in October.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Texas Tech to hire North Texas coach Grant McCasland after Mean Green win NIT championshipGrant McCasland's win in Las Vegas on Thursday night may have solidified his new gig.
Read more »
Texas Eats: Loaded Mexican Hot Dogs, Bordertown Birria, and Texas BBQThis week on Texas Eats, David Elder takes us to Barbecue Station, a classic Texas BBQ joint near the airport in San Antonio.
Read more »
European DeFi startups saw a 120% increase in VC funding in 2022: Finance RedefinedDeFi VC investment rose by over 120% in 2022, while the Euler Finance hacker has returned most of the stolen funds. Read more DeFi highlights from the past week in our weekly newsletter.
Read more »
Drive Like James Bond: 3 European Road Tours Inspired by 007 (and His Aston Martin)These new luxury auto jaunts through Europe take you down scenic roads familiar to 007 fans. Your ride? A Porsche, Ferrari or Bond’s own signature “Casino Royale” ride.
Read more »
Texas lawmakers’ attempts to ban school library books deemed inappropriate for kids spur confusion — and concernsBills proposed in both the Texas House and Senate are trying to rid school libraries of books with “sexually explicit material.' But opponents have raised concerns that legislation is vague and broad enough to remove books that are not inappropriate.
Read more »
Texas Pushes Draconian Drag Ban Bills Amid Unprecedented Assault on Trans RightsDrag performers donned bright pink wigs and makeup to testify against anti-trans bills at the Texas Capitol this week.
Read more »