Oil continued to update highs

Crude oil price (April Brent futures) at 15.37 GMT on Wednesday, February 10, the price of crude oil rose 0.5% to $61.5 a barrel Brent. At the same time, the price has updated the maximum again since January last year, rising to $61.61.

Black Gold Market reproduces data on the dynamics of U.S. crude oil reserves last week. In this way, the American Petroleum Institute (API) fell by 3.5 million barrels.

The US Department of Energy on Wednesday evening will present its estimates. They may fall for the third week in a row, and U.S. stocks have already fallen to levels in March 2020. However, experts predict an increase in oil reserves in the United States – about 1 million barrels last week.

Norwegian oil and gas company Equinor (formerly Statoil) reported a net loss of $5.496 billion in 2020 compared to a year earlier. On a per-share basis, the diluted loss was $1.69 against a profit of $0.55. Equinor’s revenue fell 29 percent over the year to $45.818 billion. Equinor’s net loss increased more than 10 times year-on-year to $2.416 billion in the fourth quarter of 2020. For the share, the diluted loss was $0.75, compared with a loss of $0.07 a year earlier. The company’s quarterly revenue fell 23% to $11.746 billion. Equinor’s fourth-quarter hydrocarbon production was 2.043 million barrels of oil equivalent per day, 7% less than a year earlier. In total, by 2020 it was 2.07 million barrels of oil equivalent per day.

Among such news, it is natural that Equinor Group sells assets in the U.S. bakken field for $900 million in North Dakota and Montana to Grayson Mill Energy. In the fourth quarter of 2020, the permitted production in these fields was 48 000 barrels of oil equivalent per day (excluding royalties).