|Day's Range||63.46 - 64.16|
As the Permian continues to add production, prices of West Texas Light oil which used to trade at a premium to WTI, have no fallen a couple of dollars below the famous benchmark
Japan is one of the several countries caught in the geopolitical crossfire between the U.S. and Iran, with all on edge ahead of a decision to extend or not to extend oil waivers
In addition to the strengthening U.S. Dollar, gold was also pushed to near its lowest level since the end of December last week as economic data from China improved enough to relax concerns over a global economic slowdown. U.S. West Texas Intermediate crude oil and international-benchmark Brent crude oil futures looked tired all week, which could be the first sign of a top-heavy market. Natural gas futures finished the week sharply lower after a government storage report showed a slightly larger than expected build.
Given the new CPI data, New Zealand economists are now predicting the Reserve Bank will cut its official cash rate from its present record low at 1.75 percent to 1.5 percent in May. Although traders are pricing in an RBA rate cut for later in the year, the employment report may have bought the central bank a little time. The AUD/USD price action suggests that traders may have increased bets the RBA will not rush to ease rates even though the broader economy has seemingly lost momentum.
The S&P 500 did very little during the trading week, as Friday was a holiday. The volume is very low, and of course we are in the middle of earnings season. Beyond that we are at the top of the market, and of course there is a lot of resistance above.
Crude oil markets were of course closed on Friday for the Good Friday holiday, but at this point it’s obvious that we are killing time, perhaps trying to break above major resistance.
The underlying natural gas futures were not open on Good Friday, but that doesn’t mean that we can’t take a look at the charts and glean some information going forward. As we roll through the Easter weekend, it’s easy to see that we are at a very important spot.
Russia pledged to speed up output cuts after the winter in order to comply with OPEC+ production quota, but has since then failed to speed up production cuts
Oil major BP and Azerbaijan's state energy company SOCAR signed an agreement on Friday to build a new exploration platform for the South Caucasus nation's three major oilfields, BP-Azerbaijan said in a statement. The Azeri Central East (ACE) platform, the latest phase of Azerbaijan's giant Azeri-Chirag-Guneshli (ACG) oilfields, is expected to produce 100,000 barrels of oil a day and cost $6 billion to build, the company said. The project is one of the biggest upstream investment decisions in Azerbaijan so far this year.
Traders are facing two major issues at this time: Further pressure on Iran and whether OPEC and its allies, including Russia will continue the deal to reduce production.
* Weaker ringgit earlier this week also supported palm * Market also looking ahead to export pace - trader * April 1-20 cargo surveyor data due after Saturday (Updates with latest prices) By Emily Chow ...
Early spring and winter traditionally are heavy periods for U.S. refinery maintenance. This year's maintenance schedule and higher crude prices helped push U.S. gasoline prices to a national average of $2.83 a gallon last week, up 26 percent since the start of the year, according to data from the American Automobile Association. U.S. crude futures rose 32 percent in the first quarter.
Oil futures edged up on Thursday as a drop in crude exports from OPEC's de facto leader, Saudi Arabia, and a draw in U.S. drilling rigs and oil inventories supported prices. U.S. crude, gasoline and distillate inventories dropped this week, with crude posting an unexpected drawdown, the first in four weeks, the Energy Information Administration (EIA) data showed on Wednesday.
HOUSTON/MEXICO CITY (Reuters) - Spain's Repsol suspended its swaps of refining products for crude with Venezuela's state-run oil company PDVSA, people familiar with the matter said, as U.S. officials weighed penalties for foreign firms doing business with Venezuela. The Spanish oil company has been swapping fuel and waiving payments due from a joint venture with PDVSA in exchange for crude, even as the United States rolled out new sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro.
China is ramping up its oil drilling initiative in Cuban waters, using cutting-edge technology to reach deposits that Cubans couldn’t touch
In 2008 Wolf Regener was appointed CEO of BNK Petroleum Inc. (TSE:BKX). First, this article will compare CEO compensation with compensation at similar sized companies. After that, we will consider the growth in the busin...
What Helped Your Energy Portfolio Overcome Oil's Weakness?(Continued from Prior Part)US equity indexesIn the trailing week, US equity indexes had the following correlations with US crude oil active futures:the Dow Jones Industrial Average (DIA):
Overall, oil is being supported by the OPEC+ deal to cut production by 1.2 million barrels per day. U.S. sanctions against Venezuela and Iran also continue to tighten the commodity's fundamentals.