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Oil Mixed on Week: Brent Falls, U.S. 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 Falls, U.S. 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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23-05-2022 08:38:47 (UTC+7)

EUR/USD

1.0587

+0.0027 (+0.26%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (0)

Sell (9)

EUR/USD

1.0587

+0.0027 (+0.26%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (0)

Sell (9)

GBP/USD

1.2534

+0.0047 (+0.38%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

USD/JPY

127.51

-0.34 (-0.26%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

AUD/USD

0.7089

+0.0056 (+0.80%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

USD/CAD

1.2797

-0.0039 (-0.30%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (5)

Sell (4)

EUR/JPY

135.02

+0.01 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

EUR/CHF

1.0297

+0.0001 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Gold Futures

1,850.00

+7.90 (+0.43%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (6)

Silver Futures

21.883

+0.209 (+0.96%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (5)

Copper Futures

4.3075

+0.0033 (+0.08%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

Crude Oil WTI Futures

111.02

+0.74 (+0.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (2)

Brent Oil Futures

110.84

+0.85 (+0.77%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Natural Gas Futures

8.172

-0.228 (-2.71%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

US Coffee C Futures

216.48

-2.22 (-1.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Euro Stoxx 50

3,657.03

+16.48 (+0.45%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (9)

Sell (1)

S&P 500

3,901.36

+0.57 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

DAX

13,981.91

+99.61 (+0.72%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (0)

FTSE 100

7,389.98

+87.24 (+1.19%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (7)

Sell (2)

Hang Seng

20,594.00

-123.24 (-0.59%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

US Small Cap 2000

1,773.27

-2.96 (-0.17%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (1)

IBEX 35

8,484.50

+78.50 (+0.93%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (5)

Sell (2)

BASF SE NA O.N.

48.850

-0.010 (-0.02%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

63.74

+0.34 (+0.54%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (2)

Allianz SE VNA O.N.

195.58

+0.78 (+0.40%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (0)

Adidas AG

172.80

+0.92 (+0.54%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

Deutsche Lufthansa AG

6.852

+0.049 (+0.72%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

Siemens AG Class N

115.08

+2.62 (+2.33%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (4)

Deutsche Bank AG

9.362

-0.130 (-1.37%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (8)

Sell (1)

    EUR/USD 1.0587 Neutral  
    GBP/USD 1.2534 ↑ Sell  
    USD/JPY 127.51 ↑ Sell  
    AUD/USD 0.7089 ↑ Sell  
    USD/CAD 1.2797 Neutral  
    EUR/JPY 135.02 ↑ Sell  
    EUR/CHF 1.0297 ↑ Sell  
    Gold 1,850.00 ↑ Sell  
    Silver 21.883 Sell  
    Copper 4.3075 ↑ Sell  
    Crude Oil WTI 111.02 ↑ Buy  
    Brent Oil 110.84 ↑ Buy  
    Natural Gas 8.172 ↑ Buy  
    US Coffee C 216.48 ↑ Buy  
    Euro Stoxx 50 3,657.03 ↑ Buy  
    S&P 500 3,901.36 ↑ Buy  
    DAX 13,981.91 Buy  
    FTSE 100 7,389.98 Neutral  
    Hang Seng 20,594.00 ↑ Sell  
    Small Cap 2000 1,773.27 ↑ Buy  
    IBEX 35 8,484.50 Neutral  
    BASF 48.850 Buy  
    Bayer 63.74 Buy  
    Allianz 195.58 Buy  
    Adidas 172.80 Buy  
    Lufthansa 6.852 ↑ Sell  
    Siemens AG 115.08 Neutral  
    Deutsche Bank AG 9.362 Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,880/ 6,980
(5/ 5) # 1,780
SJC HCM6,895/ 6,985
(0/ 0) # 1,784
SJC Hanoi6,895/ 6,987
(0/ 0) # 1,786
SJC Danang6,895/ 6,987
(0/ 0) # 1,786
SJC Nhatrang6,895/ 6,987
(0/ 0) # 1,786
SJC Cantho6,895/ 6,987
(0/ 0) # 1,786
Cập nhật 23-05-2022 08:38:49
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ↀ Giá vàng thế giới
$1,852.33 +5.65 0.31%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 2
RON 95-V30.58031.190
RON 95-III29.98030.570
E5 RON 92-II28.95029.520
DO 0.05S26.65027.180
DO 0,001S-V27.45027.990
Dầu hỏa 2-K25.16025.660
ↂ Giá dầu thô thế giới
WTI $110.44 -0.74 -0.67%
Brent $111.24 -0.7 -0.63%
$ 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 08:33:56 23/05/2022
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