|Day's Range||2.0081 - 2.0323|
Futures in New York closed up 1.5 percent, reaching the highest point in a week. The rally came as the International Energy Agency warned that turmoil in Venezuela could disrupt global flows of heavy crude and after Saudi Arabia said it would extend its own cuts. The inventories increase was “kind of shocking," said Phil Streible, senior market strategist at RJO Futures in Chicago.
U.S. benchmark oil futures fall Thursday, retreating from the more than two month high they settled at a day earlier, but still finish the month with an 18% gain—the strongest monthly rise in nearly three years.
Oil futures settle higher Wednesday, with weekly domestic crude supplies up less than expected and U.S. sanctions on Venezuela’s state-run oil company lifting U.S. benchmark prices to their highest finish in over two months.
Exxon Mobil and Chevron will report earnings Friday, providing insight into the oil industry and crude oil prices amid worries of slowing global growth and oversupply.
Oil prices finish higher on Tuesday, buoyed in the wake of the U.S. Treasury’s decision to impose sanctions on Venezuela’s state-owned oil firm, Petróleos de Venezuela SA.
Futures gained 2.5 percent in New York on Tuesday. The White House may remove tariffs on Chinese goods if Beijing presents sufficient concessions, Mnuchin told Fox Business Network. The remarks came just hours after the U.S. announced penalties aimed at ousting Venezuelan President Nicolas Maduro by strangling the country’s crude exports.
Investing.com - Oil prices rebounded from the prior day's losses on Tuesday, as market players looked ahead to the release of fresh weekly data on U.S. commercial crude inventories.
The Trump administration has imposed sanctions on the state-owned oil company of Venezuela, a potentially critical economic move aimed at increasing pressure on President Nicolas Maduro to cede power to the opposition in the South American nation. The move is also aimed at boosting Maduro's rival, opposition leader Juan Guaido, whom the administration recognized last week as Venezuela's legitimate leader.
Oil prices settle at a two-week low on Monday, then edge higher in electronic trading following news that the U.S. Treasury unveils sanctions on Venezuela’s state-owned oil firm, Petróleos de Venezuela.
Investing.com - Oil prices tumbled to start the week on Monday, after data late Friday that showed that U.S. energy firms added drilling rigs for the first time this year.
Oil futures end higher Friday for a second straight session, supported by supply concerns tied to Venezuela, but a hefty weekly rise in U.S. crude supplies helps to keep prices lower for the week.
U.S. gasoline inventories jumped to a record high in the most recent week even as refiners cut back activity, the Energy Information Administration said on Thursday, while crude stocks rose sharply. Gasoline ...
Norway, Germany's third biggest gas supplier after Russia and the Netherlands, could make further inroads into the German market as the country phases out coal, a top executive at Norwegian oil and gas firm Equinor (EQNR.OL) said on Wednesday. "I'm sensing that there is going to be an increasing demand for gas (in Germany)," said Irene Rummelhoff, member of Equinor's executive committee. A commission comprising politicians, researchers and lobbyists has been tasked with setting out a shut-down schedule for German coal mining and power generation on Friday, or by Feb. 1 at the latest.
There is a long way between the commodity price of ultra low sulfur diesel (ULSD)—which trades on the CME under the symbol HO, because it used to be a heating oil contract on the New York Mercantile Exchange—and those numbers that are sitting up on a sign in front of any kind of retail outlet. More importantly, there is a long way between that CME price and the weekly Energy Information Administration/Department of Energy diesel price, which serves as the basis for the overwhelming number of fuel surcharges in the trucking sector. There are far too many moving parts for the retail price of diesel to ever reflect in anything close to real-time the movements in the CME and the price in retail.
Oil markets Thursday completed a nine-day stretch of rising prices before reversing course Friday. --OPEC cut its output in December by anywhere from 460,000 barrels per day to a whopping 630,000 b/d in December, the latter figure being reported by S&P Global Platts after earlier reports by Reuters and Bloomberg put the cuts at lesser levels. If the Platts numbers are closer to reality, it means that OPEC is already more than 75% of the way toward its output reduction goal of 800,000 b/d, agreed to at its early December meeting.
In anticipation of this week, which led up to the finale of the high-level U.S.-China trade talks held in Beijing, all risk assets got a boost from a possible resolution as equities rallied 7% from the lows at the end of December. Oil rallied 20%, mining and tech stocks around 15% to 20%. Hence the rally, on back of an optimistic trade talks outcome this week, was more a classic case of short covering as seen by the hedge fund most-shorted-stocks basket rallying aggressively this week.
While easing oversupply concerns and hopes of U.S.-China trade deal helped oil to squirt past $50, it remains to be seen if the commodity can maintain the recent gains.
Oil futures rise on Monday, buoyed by optimism tied to trade talks between the U.S. and China as well as output reductions by major oil producers, but settle off the session’s highs as Goldman Sachs cut its price forecasts on worries over energy demand and the potential for a supply surplus.
Crude inventories rose by just 7,000 barrels in the week to Dec 28, compared with analyst expectations for a decrease of 1.3 million barrels.
Oil futures on Friday scored their first weekly gain in a month as renewed trade talks set for next week between the U.S. and China and signs of output reductions among major producers help to lift prices to their highest finish since mid-December.