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Oil steadied near $53 a barrel as signs of tightening supplies around the world offset concerns over the pandemic’s latest hit to demand. U.S industry data pointed to a sharp drop in the nation’s crude stockpiles last week. If confirmed by government figures due Wednesday it would a sixth draw in seven weeks, compounding signals of reduced supply from other regions. Saudi Arabia and Iraq are throttling back supplies next month as the OPEC+ coalition seeks to shore up prices against resurgent virus infections and new lockdowns. Russia is reducing seaborne exports and Libya has seen shipments interrupted by internal turmoil. An experienced instructional team brings over 45 years of combined experience with the Alberta Energy Regulator to provide practical and actionable advice to navigate the energy regulator process in new course on March 11. As a result, the overall market structure is reflecting a much stronger picture. The premium of Brent and West Texas Intermediate crude’s nearest contract is widening over the next one in a bullish formation known as backwardation. “The front of the curve is surprisingly strong,” said Helge Andre Martinsen, senior oil market analyst at DNB Bank ASA. “With the Saudi cut from the start […]
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