Today it’s all about oil–again
As of noon New York time, U.S. benchmark set Texas Intermediate was off 2.9% to $42.92 a barrel–below, again, not just $45 but the $43 a barrel level that has provided support. International benchmark Brent crude was off 2.56% to $45.71. A break in Brent below...
Oil plunges on U.S. inventory surprise and pumping-happy Iraq
West Texas Intermediate sank today by 5.04% to $45.76 a barrel. International benchmark Brent crude dropped 3.95% to $48.14%. The fall began with a surprise increase in U.S oil inventories reported by the U.S. Energy Information Administration. Oil stockpiles rose by...
Oil markets disappointed as OPEC does the expected
OPEC and allied non-OPEC producers have agreed to extend oil production cuts at current levels for nine more months through March 2018. Oil markets, which had been expecting exactly this result for days now, fell on disappointment that OPEC didn’t go further and...
Oil climbs as Saudis, Russians agree on continued production cuts
It still has to be ratified at the May 25 meeting of all OPEC members, but it looks like Saudi Arabia and Russia have agree to extend current production cuts past their June expiration. At least the oil market certainly believes that’s the case. U.S. benchmark...
Oil up today after plunge yesterday: What’s this volatility telling us?
Oil prices have bounced back this morning from yesterday’s tumble with West Texas Intermediate climbing 1.63% and the Brent international benchmark advancing 1.49% as of 11:45 a.m. New York time. The gain still leaves West Texas Intermediate below $50 a barrel...
Saudis reverse 1/3 of production cuts; oil market trembles
Saudi Arabia has told OPEC that it will not play sucker to countries that won’t meet OPEC’s targets for production cuts. Russia, Iraq, and the United Arab Emirates have not yet delivered the production cuts they agreed to. Saudi Arabia has said that it...
Oil gets crushed as traders lose patience with stubbornly higher supply
“If it wasn’t for bad luck, I’d have no luck at all,” Walter Mosley wrote. Today it was “If it wasn’t for bad news, there’s be no news at all” for the oil sector. Oil prices got crushed today with U.S. benchmark West Texas...
Oil to stay above $50 but not crack $60 on OPEC compliance and increase in U.S. production
Sorry to break into the stream of never-ending Trump news, but there is other news driving the markets now. Yesterday, January 30, oil prices fell as another increase in the number of oil rigs at work in the U.S. met skepticism about OPEC’s ability/willingness...
OPEC agrees on monitoring system but Saudis say compliance is so strong that production cuts might not be needed past May
On Sunday January 22 OPEC and non-OPEC producers including Russia announced what looks like a credible mechanism for monitoring the production cuts that these nations agreed in December. And Saudi Arabia’s oil minister said that with better than expected...
Surprise! U.S oil inventories rise when they were expected to drop
For the week ended December 16, U.S. crude inventories grew by 2.26 million barrels, according to the U.S. Energy Information Administration. Going into this morning’s report, oil analysts had expected stockpiles to fall by 2.3 million barrels. That surprise...
How big an oil supply cut do we need to reduce stockpiles? One answer from IEA
Oil is up about 17% since OPEC announced that it had agreed to cut output on November 30. That deal was expanded to include important non-OPEC producers on December 10. Is that enough, though, to switch oil supply from surplus to deficit and to cut into global oil...
Pioneer Natural Resources updates production plans; I’d look to buy if OPEC/Non-OPEC meeting this weekend disappoints
Update December 6, 2016. Pioneer Natural Resources (PXD), one the biggest oil shale producers in the low cost Permian Basin, filled in some details on its post-OPEC agreement on reducing production today at the Cowen & Co. Energy Conference. The company said it...
Oil and oil stocks soar today as OPEC agreement is stronger than Wall Street expected
Yesterday I wrote that the financial markets’ reaction to whatever came out of OPEC’s meeting today would depend on how weak or strong the agreement to cut production was. Well, the actual agreement announced today to cut oil production was far stronger...
Another day, another OPEC rumor–this one sends oil prices down
Another day. Another batch of OPEC rumors. Oil prices were flying high again until about noon New York time when they retreated on headlines that emphasized a lack of agreement from Iran, Iraq, and Indonesia on the proposed deal. For a while this morning and yesterday...
Oil prices surge on new optimistic theory about production cut at OPEC’s November 30 meeting
U.S. oil benchmark West Texas Intermediate surged 3.61% to $47.34 a barrel and international crude benchmark Brent 3.71% to $48.60 a barrel as of 11:45 a.m. New York time today as the market posited a new, optimistic theory about OPEC November 30 meeting. That meeting...
Oil price volatility increases as we get closer to OPEC’s November 30 deadline
Oil prices were all over the chart on Wednesday, November 17, as negative data battled optimistic words. Look out for more days of this war as we get closer to the November 30 meeting of OPEC that is supposed to result (but might not) in an agreement to significantly...
Oil stumbles to near $42 before steadying
I suspect that today’s “rally” in oil was simple a result of the commodity falling too far, too fast and opening the way for some traders to make a buck or two on the upside. U.S. benchmark West Texas Intermediate fell to $42.24 a barrel as of 11:45...
Just what a downward trend in oil prices needs–higher than expected U.S. oil inventories
This isn’t what oil markets needed after OPEC talks last weekend revealed the deep fissures among OPEC members that stand in the way of an agreement to reduce production emerging from the organization’s November 30 meeting. This morning the U.S. Energy...
Oil gains on a surprise drop in U.S. inventories
Oil prices jumped on a surprise draw down of U.S. crude inventories of 5.25 million barrels in today’s report from the U.S. Energy Information Administration. Analysts had been looking for an increase of 2.1 million barrels in U.S. inventories. U.S. benchmark...
A week of oil talk–with volatility and (probably) higher oil prices
Lots of talk with the potential to move oil markets on tap this week. And already today we’re got the first installment of that talk from Russian President Vladimir Putin at the World Energy Congress in Istanbul. (The congress brings together OPEC and non-OPEC...
Surprise drop in crude inventories today continues oil rally
Crude was up again this morning continuing the rally that began with OPEC’s “announcement” of production cuts (details in Vienna on November 30, maybe) at its meeting last week in Algiers. West Texas Intermediate sagged into the close, however. West...
As usual, today’s “agreement” by OPEC is more talk than action
What exactly did OPEC agree to in Algiers today? Oil rallied big time today on news that OPEC countries have agreed to reimpose a production ceiling and to drop production to 32.5 to 33 million barrels a day. At the low end of the range that would amount to a...Oil to stay stuck at $70-$80 a barrel in 2010
So who ya’ gonna’ believe on oil prices in 2010? The economists at the International Energy Agency predict that oil demand will pick up sharply in 2010, rising about 1.5 million barrels a day from 2009 levels. Big oil traders, who handle about 15% of the world’s oil...Jim’s Daily Email Alerts:
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