|Day's Range||65.48 - 65.90|
Oil prices fell in early Asian trading on Tuesday on expectations that producer cartel OPEC and key ally Russia will gradually increase output after withholding supplies since 2017. Brent crude futures (LCOc1), the international benchmark for oil prices, were at $78.05 per barrel at 0021 GMT, down 29 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $65.63 a barrel, down 22 cents, or 0.3 percent.
The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets. FUNDAMENTALS * Malaysian palm oil futures saw their sharpest decline in a week at the close of ...
All eyes in the oil market are focused on the upcoming OPEC meeting, with most analysts expecting an increase in production, but the modest increase that is being suggested may not be enough
As we saw in the previous part of this series, ConocoPhillips’s (COP) stock price was down ~6%. Crude oil (SCO) fell more than 1%. So, it’s clear that COP’s stock price underperformed crude oil prices. In this part, we’ll quantify this correlation between COP and crude oil prices.
Saudi Arabia and Russia have extended their oil partnership indefinitely, institutionalizing their cooperation and not specifying any volumes
Last week, crude oil (USO) prices decreased from $65.74 per barrel to $65.06 per barrel, a fall of more than 1%. Crude oil prices saw a rising trend for the first four days of the week, increasing every day. However, on Friday, June 15, crude oil prices fell ~3% and gave up all their gains for the week.
The Permian Basin Is Still a Star, but Can Midstream Keep Up? Spanning western Texas and southeastern New Mexico and boasting many prolific tight oil formations such as Wolfcamp, Spraberry, and Bonespring, the Permian Basin has developed into one of the most active drilling regions in the United States. As rig counts have rebounded from the decreases that occurred in 2015 and 2016, producers have increasingly been focusing on the Permian region, with the highest number of monthly rig counts among all regions, as we can see in the above image.
The Permian Basin Is Still a Star, but Can Midstream Keep Up? According to the EIA (U.S. Energy Information Administration), US tight oil production has increased in part due to the increasing productivity of new wells. Growing initial production rates have helped tight oil production to increase despite slowdowns in drilling activity when oil prices crashed in 2014.
OECD crude stocks stand 4% below 5-year average levels: GoldmanAFP/An Iranian tanker waiting to dock at the platform of the oil facility in the Khark Island, on the shore of the Gulf. Goldman Sachs on Monday said it continues to expect Brent crude oil prices to peak above $82 a barrel this summer, even after assuming that the Organization of the Petroleum Exporting Countries will soon agree to lift production. “Oil prices have sold off over the past three weeks on concerns over higher OPEC production, weaker [emerging market] demand, escalating trade wars and rising inventories,” analysts at Goldman wrote in a research note.
According to the EIA (U.S. Energy Information Administration), recent growth in US crude oil production has been driven primarily by light, sweet crude oil, which is produced from tight resource formations such as the Permian, Eagle Ford, and Bakken Shales. Light, sweet crude oil accounted for almost 90% of the 3.1-million-barrel-per-day production growth that occurred between 2010 and 2017. In 2017, light, sweet crude oil accounted for 56% of total domestic crude oil production, and in the EIA’s Annual Energy Outlook 2018, we can see that this is expected to grow to 60% by 2020 and to 70% by 2050.
According to the EIA (U.S. Energy Information Administration), in 2017, average annual US crude oil production was 9.3 million barrels per day, an increase of 464,000 bpd (barrels per day) compared to 2016. In contrast, production fell 551,000 bpd in 2016 compared to 2015. The EIA has forecast that US crude oil production will average 10.7 million bpd in 2018, a rise of 15% annually. In 2019, crude oil production is expected to average 11.3 million bpd, a rise of ~6% annually.
Investing.com - Oil prices bounced off two-month lows hit earlier on Monday after reports that the contemplated increase in output by Saudi Arabia and Russia may be less than originally feared.
says it's likely that benchmark Brent oil prices will rise as demand from emerging markets outweighs worries about higher production, rising inventories and risks of a global trade war. "We now forecast a moderately tighter oil market through the second quarter of 2019 than previously despite core OPEC and Russia production reaching new record highs by next summer and inventories already below normal levels," Goldman analysts, including Damien Courvalin and Jeffrey Currie, wrote in a June 18 research note.
Harold Hamm, founder and chief executive officer of Continental Resources Inc, has canceled a scheduled appearance at an OPEC event this week in Vienna, a company spokeswoman said. Hamm is the third of five U.S. shale executives to withdraw from a scheduled speaking slot at the OPEC meeting in Vienna.
According to sources quoted by Bloomberg, OPEC is looking to boost output by 300,000 to 600,000 bpd in order to stabilize oil markets
On June 8–15, the ETFs that track natural gas futures had the following performances: The United States Natural Gas ETF (UNG) rose 4.4%. The ProShares Ultra Bloomberg Natural Gas ETF (BOIL) rose 8.6%.
Insiders in energy companies have been purchasing a lot of shares lately as there are several underlying factors that will drive oil prices in the near term
The Russian/Saudi plan to boost oil production by up to 1.5 million barrels per day could be vetoed by Iran which sees no merit in this proposal
OPEC members’ meeting is scheduled for June 22. The meeting will likely be the most important event for oil prices this week. The meeting will decide the fate of the production cut deal—an event that would decide the future direction of oil prices.
Previously, we saw how the strengthening US dollar could benefit foreign automakers (VCR) such as Toyota (TM) and Honda (HMC). An upward movement in the US Dollar Index could also hurt the international market profitability of US automakers General Motors (GM) and Ford (F). Now, let’s take a look at the recent crude oil price movement and find out what it suggests for the auto industry.
Whiting Petroleum (WLL) could be an interesting play for investors as it is seeing solid earnings estimate revision in addition to having a robust industry rank.
Crude oil declined last week and clocked the fourth consecutive weekly decline. Maintaining the weakness, crude oil opened Monday on a weaker note and was trading with mixed sentiment in the early hours.
China's threat to impose duties on U.S. oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month. In an escalating spat over the United States' trade deficit with most of its major trading partners, including China, U.S. President Donald Trump said last week he was pushing ahead with hefty tariffs on $50 billion of Chinese imports, starting on July 6. China said Friday it would retaliate by slapping duties on several American commodities, including oil.
For the week ended June 15, crude oil (USO) prices have been on the rise. Crude oil prices increased from the previous week’s close of $65.74 per barrel on June 8 to $66.89 per barrel on June 14—an increase of ~1.8% so far. On May 22, crude oil prices made a 52-week high of $72.90 per barrel, but they have retreated from these higher levels since then.