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Investing.com - Oil prices on Friday morning in Asia stayed close to three-year highs reached earlier this week as ongoing OPEC-led supply cuts gradually shrink excess supplies.
Oil prices showed little movement early Friday ahead of the joint Organization of the Petroleum Exporting Countries and non-OPEC ministerial monitoring committee (JMMC) meeting.
Formerly sceptical investors are buying back into oil majors in the hope that upcoming results will mark a turning point for energy stocks which have failed to keep pace with a surge in crude prices. Oil stocks could begin to close that gap if results live up to lofty expectations, with Goldman Sachs predicting the strongest free cash flow figures in a decade for the sector. Oil is the best-performing global asset this year, with Brent crude up 11.4 percent since January, but energy stocks have continued to lag the commodity.
KUALA LUMPUR, April 20 (Reuters) - Exports of Malaysian palm oil products for April 1 to 20 climbed 2 percent to 931,758 tonnes from 913,091 tonnes shipped during March 1 to 20, inspection company AmSpec ...
Russia and Saudi Arabia have further strengthened the energy ties between them, with Aramco and Gazprom agreeing to boost cooperation in the gas sector
While Saudi Arabia has reportedly been talking about $100 oil, the man who may be responsible for oil’s next jump is out of the oil kingdom’s control
Investing.com - Crude oil prices retreated from above three-year highs but sentiment remained upbeat amid expectations that major oil producers will confirm continued compliance with OEPC-led production curbs in a meeting slated for Friday.
While much of the oil market has been focused on Saudi Arabia’s desire for $100 oil, it appears that the impact of Donald Trump has been overlooked
A meeting between OPEC and non-OPEC members on Thursday found that oil inventories in developed economies are just 12 million barrels above the groups’ target
The EIA estimates that US distillate inventories decreased by 3.1 MMbbls (million barrels) to 125.3 MMbbls on April 6–13, 2018. US distillate inventories dropped for the ninth time in the last ten weeks. The inventories also dropped by 22.9 MMbbls or 15.5% YoY (year-over-year).
Investing.com - Oil prices rose to their highest level in over three and a half years on Thursday after news that Saudi Arabian officials want the price of oil to rise.
On April 11–18, 2018, our list of natural gas–weighted stocks fell 2%. However, natural gas May futures rose 2.4% during this period. In the seven calendar days to April 18, the natural gas–weighted stocks that outperformed were: Cabot Oil & Gas (COG) rose 2.3%. Southwestern Energy (SWN) rose 0.4%. Chesapeake Energy (CHK) fell 1.9%.
The EIA released the weekly US crude oil output data on April 18, 2018. The EIA reported that the US crude oil output rose by 15,000 bpd (barrels per day) to a record high of 10,540,000 bpd on April 6–13, 2018. The production also rose by 1,288,000 bpd or ~14% YoY (year-over-year).
Oil prices are soaring and they are poised to go even higher, but could a push to $100 per barrel actually hurt the leader of the oil price rally?
On April 11–18, 2018, US crude oil June futures rose 2.6%. The following natural gas–weighted stocks could follow oil’s rise based on the past five trading sessions’ correlations with US crude oil June futures: Southwestern Energy (SWN) at 79.3% Chesapeake Energy (CHK) at 74.1% Range Resources (RRC) at 68.6%
The EIA released its weekly crude oil inventory report on April 18, 2018. The EIA reported that US crude oil inventories decreased by 1 MMbbls (million barrels) to 427.5 MMbbls on April 6–13, 2018. The inventories dropped by 104.7 MMbbls or ~20% YoY (year-over-year).
A global oil glut has been virtually eliminated, according to a joint OPEC and non-OPEC technical panel, two sources familiar with the matter said, thanks in part to an OPEC-led supply cut deal in place since January 2017. The meeting of the Joint Technical Committee (JTC) earlier on Thursday found that oil inventories in developed nations in March stood at 12 million barrels above the five-year average, one of the sources said. The stated goal of the supply cut is to reduce the excess in oil stocks to that of the five-year average, although oil ministers have said other metrics should also be considered.
The price of crude oil surged to the highest its been since the end of 2014 on Thursday, with Brent pushing past $74 (£52) a barrel. The price was also propped up by political tensions in the Middle East, with commodities in general rallying after US sanctions were imposed on Russian companies. Meanwhile, the surge comes hours ahead of an Opec meeting on Friday, where the Organisation of the Petroleum Exporting Countries is expected to agree to extend their supply cut agreement.
The correlation coefficient between Halliburton’s (HAL) stock price and the crude oil price from April 16, 2017, to April 16, 2018, was 0.56, which indicates a healthy positive relationship between Halliburton stock and crude oil prices.
On April 18, 2018, natural gas May futures were unchanged and closed at $2.739 per MMBtu (million British thermal units). On April 19, 2018, the EIA’s natural gas inventory report will likely be important for natural gas prices.
On April 11–18, 2018, our list of oil-weighted stocks rose 8.8%. US crude oil June futures rose 2.6% during this period. In the seven calendar days to April 18, the oil-weighted stocks with the largest gains were: Oasis Petroleum (OAS) rose 17.6%. WPX Energy (WPX) rose 13.6%. California Resources (CRC) rose 13.1%.
On April 18, 2018, US crude oil June futures rose 2.9% and closed at $68.47 per barrel—the highest closing level for US crude oil active futures since December 2014.
The Baghdad government was showing a "lack of constructive position and interest" about Rosneft's offer to develop southern Iraqi oilfields, Sechin wrote in the letter, a copy of which was seen by Reuters. Kurdistan, a region of about 6 million people in northern Iraq, had just tried and failed to break away from the rest of the country.