Crude oil prices fell yesterday, closing down $0.56 to settle at $49.96 per barrel, below the psychological $50.00 mark. Heating oil and RBOB also finished lower at $1.5631 and $1.5005, respectively. This morning the market is off slightly as traders digest the API and EIA data, as well as OPEC production news, comments and rumors […]
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There don’t seem to be too many new headlines today in the world of oil, as we await the release of the API inventory statistics tonight. As of recently, there has been some bullish sentiment surrounding crude inventories, although it is estimated that U.S. crude inventories rose last week by 800,000 barrels after having a […]
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WTI oil prices traded lower Monday morning as Iraq said it does not want to participate in the OPEC production cut. News of this dropped prices to the all-important technical level of $50/bbl.
Read MoreOPEC shocked the globe with its recent decision to cut production. If a cut is achieved it could be expected that prices will rise. U.S. producers, in turn, would begin to ramp up production. The question at hand is, where will this happen?
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As discussed in yesterday’s post, EIA data showed a crude draw of 5.2 million bbls and a build of 2.5 million barrels in gasoline. To go hand in hand with the crude draw, the Midwest saw the largest regional decline, as PADD II drew by nearly 3.5 million bbl, with Cushing responsible for nearly 1.6 […]
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The International Energy Agency (IEA) reported today that global oil supply was up 600,000 barrels a day in September vs. August. The majority of this increase was due to Russia raising their output by 400,000 barrels a day. According to The Wall Street Journal, it is no surprise to see production levels where they are […]
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After a week littered with Central Bank headlines across the globe, monetary policy will take a back seat next week to the informal OPEC meeting in Algiers September 26th – September 28th and the first U.S. presidential debate between Hillary Clinton and Donald Trump on Monday.
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After a strong day yesterday that saw settles up across the board, the market is giving back some this morning as the ever present supply theme seems to be running strong again this morning. “Oil prices keep trading in a narrow range. A short spike yesterday is erased this morning as supply glut worries rule” […]
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Oil is up slightly this morning as it continues to look for firm footing ahead of two key meetings later this month. With an informal OPEC meeting set for the last week of September in Algeria, you can expect the rhetoric to continue among the big OPEC producers and Russia regarding production. In addition, the […]
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Yesterday the G20 summit ended in Hangzhou, China, with plenty of talk circulating around the near future of oil prices. Russia and Saudi Arabia became the stars of the show, with reports of them looking to cooperate on the idea of stabilizing the oil market. Not only were there talks of them cooperating, but they […]
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