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Home » Oil Futures Tumble on Rising U.S. Dollar, New Covid Restrictions in Asia

Oil Futures Tumble on Rising U.S. Dollar, New Covid Restrictions in Asia

Oil Futures Tumble on Rising U.S. Dollar, New Covid Restrictions in Asia

Energy stocks are set for a lower start, pressured by steep declines in the crude complex while the broader index futures trade mixed to lower on concerns over rising cases of the COVID-19 Delta variant.

Oil futures tumbled nearly 4% in early trading, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand. A United Nations panel's dire warning on climate change also added to the gloomy mood after fires in Greece have destroyed homes and forests and parts of Europe suffered deadly floods last month. "Concerns about potential global oil demand erosion have resurfaced with the acceleration of the Delta variant infection rate," RBC analyst Gordon Ramsay said in a note.

Natural gas futures are off 1.5%, weighed down by weakness in the crude complex and despite forecasts for above-seasonal weather this week for the majority of the L48 which should boost cooling demand.

INTERNATIONAL INTEGRATEDS

The Saudi Arabian Oil Company announced its second quarter 2021 financial results, reporting a 288% increase in net income from the same quarter of last year to $25.5 billion and declaring a dividend of $18.8 billion. The Company's net income for the first half of the year was $47.2 billion, representing a 103% increase over the same period in 2020. Free cash flow was $22.6 billion in the second quarter and $40.9 billion for the first half of 2021, compared to $6.1 billion and $21.1 billion, respectively, for the same periods in 2020.

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