Energy Asia
Sunday, March 7, 2021
  • Home
  • News
  • Oil & Gas
    • Petroleum
    • Natural Gas
  • Renewables
    • Solar
    • Wind
    • Hydropower
    • Wave and Tidal
    • Biofuels
  • Sustainability
    • Energy Efficiency
    • Energy Storage
    • Alternative Fuels
    • Fossil Fuel Transition
  • Energy Usage
    • Power Generation
    • Transportation
    • Energy Procurement
    • Energy Subsidies
  • Multimedia
    • Videos
    • Podcasts
  • Events
  • Contact
No Result
View All Result
Energy Asia
  • Home
  • News
  • Oil & Gas
    • Petroleum
    • Natural Gas
  • Renewables
    • Solar
    • Wind
    • Hydropower
    • Wave and Tidal
    • Biofuels
  • Sustainability
    • Energy Efficiency
    • Energy Storage
    • Alternative Fuels
    • Fossil Fuel Transition
  • Energy Usage
    • Power Generation
    • Transportation
    • Energy Procurement
    • Energy Subsidies
  • Multimedia
    • Videos
    • Podcasts
  • Events
  • Contact
No Result
View All Result
Energy Asia
No Result
View All Result
Home Energy Usage Energy Procurement

Brent Crude Recovers on Biden Win Announcement

by Team Energy Asia
November 9, 2020
in Energy Procurement, Energy Usage, News, Oil & Gas
Brent Crude Recovers on Biden Win Announcement
Share on FacebookShare on Twitter

Oil prices gained more than 2 percent on Monday, with Brent futures rising above US$40 a barrel, after Joe Biden announced that he clinched the U.S. presidency and buoyed risk appetites, offsetting worries about the impact on demand from a worsening coronavirus pandemic.

Brent crude futures for January climbed US$1.06, or 2.7 percent, to US$40.51 a barrel by 0453 GMT, and U.S. West Texas Intermediate crude for December was at US$38.21 a barrel, up US$1.07, or 2.9 percent.

Oil recovered from a 4 percent decline on Friday, rising along with other financial markets after Biden emerged as the winner in the U.S. presidential race on Sunday. Meanwhile, the dollar weakened, boosting commodities priced in the greenback as they became more affordable for investors holding other currencies.

“Trading this morning has a risk-on flavour, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”

Biden announced that his team will be working on tackling the worsening health crisis. The United States became the first nation worldwide since the pandemic began to surpass 10 million COVID-19 infections, according to a Reuters tally on Sunday.

“There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.

“Either you’re crimping energy demand or consumption behaviour.”

Separately, U.S. oil production is set to climb as producers are tapping into a backlog of drilled wells left uncompleted to boost output. The number of operating oil and gas rigs in the United States rose for an eighth week last week, according to Baker Hughes.

Key members of the Organization of the Petroleum Exporting Countries (OPEC) are wary of Biden relaxing measures on either Iran or Venezuela in years to come, which could mean an increase in production that would make it harder to balance supply with demand.

ING analysts said the return of Iranian oil supply is more likely to happen at end-2021 or in 2022.

OPEC and its allies, a group known as OPEC+, are cutting output by about 7.7 million barrels per day to balance global oil markets.

China, the world’s top crude importer, posted a 12 percent decline in October imports compared with September.

This data may be bearish for global commodity markets, said OCBC’s Lee: “China might be near the end of what it needs in the raw commodity form given the amount of stockpiles that it has.”

Some analysts, however, expect imports to rise into 2021 after Beijing increased quotas by 20 percent.

  • Trending
  • Latest
Tenaga Nasional to Spearhead ‘Game-changers’ in Power Generation

Tenaga Nasional to Spearhead ‘Game-changers’ in Power Generation

July 9, 2020
Electric Cars Are a Bright Spot Amid an Industry Hammered by COVID-19

Electric Cars Are a Bright Spot Amid an Industry Hammered by COVID-19

July 2, 2020
Could India Blockade the Strait of Malacca?

Could India Blockade the Strait of Malacca?

July 10, 2020
Millions in Hin Leong Oil Tied Up in Lawsuits

Millions in Hin Leong Oil Tied Up in Lawsuits

July 8, 2020
Millions in Hin Leong Oil Tied Up in Lawsuits

Millions in Hin Leong Oil Tied Up in Lawsuits

The Power Behind Electric Vehicles

The Power Behind Electric Vehicles

Electric Cars Are a Bright Spot Amid an Industry Hammered by COVID-19

Electric Cars Are a Bright Spot Amid an Industry Hammered by COVID-19

Scandal-hit Trader Zenrock to Wind Up Operations

Scandal-hit Trader Zenrock to Wind Up Operations

Big Corporations Pledge to Work With Chinese Government to Eliminate Carbon Emissions by 2060

Big Corporations Pledge to Work With Chinese Government to Eliminate Carbon Emissions by 2060

March 5, 2021
The Future of Tidal Energy is Aerial

The Future of Tidal Energy is Aerial

March 4, 2021
Japan Falls Behind Europe in Renewable Initiatives

Japan Falls Behind Europe in Renewable Initiatives

March 3, 2021
The World’s Largest Coal User and Gas Emitter Cut Its Coal Consumption to 56.8 Percent

The World’s Largest Coal User and Gas Emitter Cut Its Coal Consumption to 56.8 Percent

March 2, 2021

Energy Asia brings you the latest news, analysis and insights for the energy sector. From oil and gas and geopolitics, to renewables and environmental issues, we cover energy-related news in Asia and beyond.

Categories

  • Alternative Fuels
  • Biofuels
  • Energy Efficiency
  • Energy Procurement
  • Energy Storage
  • Energy Subsidies
  • Energy Usage
  • Fossil Fuel Transition
  • Hydropower
  • Natural Gas
  • News
  • Nuclear Power
  • Oil & Gas
  • Petrochemicals
  • Petroleum
  • Power Generation
  • Renewables
  • Solar
  • Sustainability
  • Transportation
  • Wave and Tidal
  • Wind

Newsletter

Subscribe to our mailing list to receives daily updates direct to your inbox!

© 2021 Business Media International. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Oil & Gas
    • Petroleum
    • Natural Gas
  • Renewables
    • Solar
    • Wind
    • Hydropower
    • Wave and Tidal
    • Biofuels
  • Sustainability
    • Energy Efficiency
    • Energy Storage
    • Alternative Fuels
    • Fossil Fuel Transition
  • Energy Usage
    • Power Generation
    • Transportation
    • Energy Procurement
    • Energy Subsidies
  • Multimedia
    • Videos
    • Podcasts
  • Events
  • Contact

© 2021 Business Media International. All Rights Reserved.