|Day's Range||60.79 - 61.41|
Current market volatility may seem low when taking into account the numerous supply outages and the trade war between the U.S. and China, but oil markets could be about to get a lot rockier in the second half of 2019
The rising risk for oil tankers in the Persian Gulf could lead to higher insurance premiums and higher crude prices in the short term
Oil futures dropped Wednesday, with U.S. prices settling at their lowest in a week and half, after the Energy Information Administration reported an unexpected weekly climb in U.S. crude inventories, the second weekly rise in a row. "A surprise buildup of 4.7 million barrels of crude and 3.7 million barrels of gasoline pushed prices down," said Alfonso Esparza, senior market analyst at Oanda. "Middle East tensions and the ongoing [OPEC-led] crude output cut deal have kept prices in a higher range, but higher U.S. production keeps putting downward pressure on prices." July WTI oil fell by $1.71, or 2.7%, to settle at $61.42 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since May 13 and biggest one-day dollar and percentage loss in nearly three weeks, FactSet data show.
Crude oil imports into the world's third-largest consumer rose 14% in April from a year earlier to 19.72 million tonnes, the highest since October 2018, when imports were at a seven-year high of about 21 million tonnes. April crude imports were also up 2% from March's 19.32 million tonnes, despite a decline in oil imports from Iran after Washington told buyers to end Iranian oil purchases from May or face sanctions. India's oil imports from Iran had fallen about 57 percent year-on-year in April, according to tanker arrival data seen by Reuters.
Which Refining Stocks Could Post More Gains?(Continued from Prior Part)Marathon Petroleum’s implied gainsMarathon Petroleum (MPC) is a US refiner with refining and marketing, midstream, and retail segments. The company is ranked first among the
U.S. crude oil inventories rose unexpectedly last week, hitting their highest levels since July 2017, due to weak refinery output, particularly in the Midwest, the Energy Information Administration said on Wednesday. Crude inventories rose 4.7 million barrels in the week ended May 17, compared with analysts' expectations for a decrease of 599,000 barrels. In particular, refining usage in the Midwest fell to its lowest levels in May since 2013.
Oil Prices: Will the Risk Premium Evaporate?Oil prices and broader market divergedOn May 21, US crude oil July futures fell 0.1% and settled at $63.13 per barrel despite a 0.8% gain in the S&P 500 Index (SPY). Based on the API’s data on May
Next-day natural gas prices at the Waha hub in the Permian basin in West Texas fell below zero for the first time since early April. The last time Waha traded below zero was April 3 when it averaged a record low minus $4.28, according to data from Refinitiv. On the Intercontinental Exchange, meanwhile, Waha has been trading below zero all week.
As Germany plans to shutter its coal sector, the government pledged Wednesday to pour 40 billion euros ($45 billion) into mining regions over the coming years to stimulate growth and jobs. While Germany now meets one third of its electricity needs with clean renewables such as wind, solar and biogas, it produces another third with coal, a climate killer with huge CO2 emissions. The coal phase-out has however stoked anger against Chancellor Angela Merkel's government in mining regions where the industry accounts for tens of thousands of jobs.
Crude Prices fall to near $62.35 bbl as OPEC+ members cast contrasting comments over Oil production. Sinking USD Index drags down the Loonie to 10-days low.
Investing.com - U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) rose by 4.7 million barrels last week, versus expectations for a decline of nearly 600,000 barrels, the Energy Information Administration said Wednesday.
For years, the Comoros islands off the east coast of Africa have dreamt of an oil or gas strike -- now the first planned seismic survey could reveal if the poverty-stricken nation's hopes are about to come true. The possibility of a lucrative resources boom has gripped Comoros for seven years after then-president Ikililou Dhoinine awarded a batch of offshore oil and gas exploration permits. The arrival last year of Tullow Oil changed the game, as the British company boosts a strong record striking deposits in Ghana, Uganda and Kenya.
Oil headed for its biggest drop in two weeks as signs the worsening U.S.-China trade war will take a toll on global economic growth overshadowed the prospect of OPEC+ extending output curbs.
Norway's Equinor (EQNR) acquired an additional 22.45% stake in GoM's Caesar Tonga oilfield, while energy services behemoth Schlumberger (SLB) sold several drilling assets for $400 million.
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 2.4 million barrels for the week ended May 17, according to sources. The API also reportedly showed a stockpile increase of 350,000 barrels in gasoline, but distillate supplies fell by 237,000 million barrels. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories declined by 2 million barrels last week, according to a survey of analysts conducted by S&P Global Platts. It also forecast a supply climb of 1 million barrels for gasoline and a decline of 1 million barrels for distillates. July West Texas Intermediate crude was at $62.99 a barrel in electronic trading, down from the contract's $63.13 settlement on the New York Mercantile Exchange.
Crude Oil WTI Futures continued to climb the ladder amid OPEC-led supply cut fears. PM May stated that she will give MPs last chance to back her “new improvised deal”. EUR/USD pair uplifted on USD plunge.
Based on the earlier price action, the direction of the June E-mini S&P 500 Index into the close is likely to be determined by trader reaction to the downtrending Gann angle at 2849.25. Currently, the market is trading on the bullish side of this angle.
Crude oil markets tried to rally during the trading session on Tuesday, but it is looking very likely that we are going to continue to see a lot of selling just above. If that’s going to be the case we may be trying to carve out another short-term range.
The natural gas markets fell doing the trading session on Tuesday, as the markets continue to drift lower overall. The supply issue always favor selling as there is far too much in the way of proven natural gas reserves. Even if storage drops, the reality is that the drillers will simply fill those tanks back up.