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Oil prices jumped last week on rising geopolitical tensions and a government report that showed a surprise drop in crude inventories.
U.S. West Texas Intermediate and international-benchmark Brent crude oil ended the week on a high note, closing at its highest level for the month after China reported strong import data. For the week, December WTI Crude Oil settled at $51.73, up $2.08 or +4.19% and January Brent Crude Oil finished at $56.95, up $1.59 or … Continue reading Oil Price Fundamental Weekly Forecast – Unrest in Iraq Could Provide Some Support
John Kemp is a Reuters market analyst. LONDON, Oct 5 (Reuters) - U.S. refiners are struggling to meet the strong demand for heating oil and other distillates despite operations returning to near normal after Hurricane Harvey. Stocks of distillate fuel oil fell by another 2.6 million barrels to 135 million barrels last week, according to the Energy Information Administration (http://tmsnrt.rs/2yZN43X).
U.S. West Texas Intermediate and international-benchmark Brent crude oil closed lower on Wednesday after a surprising jump in U.S. crude exports to a record 2 million barrels per day. This news raised concerns over the global supply glut. November WTI crude oil futures settled at $49.98, down $0.44 or -0.87% and December Brent crude oil … Continue reading Oil Price Fundamental Daily Forecast- Rising U.S. Exports Raises Concerns Over Global Supply Glut
U.S. crude oil stocks fell sharply last week as crude exports rose to a record high of nearly 2 million barrels per day, the Energy Information Administration said on Wednesday. Crude inventories fell ...
Oil fell more than $1 a barrel on Monday as a rise in U.S. drilling and higher OPEC output put the brakes on a rally that helped prices notch their biggest third-quarter gain in 13 years. Iraq announced its exports rose slightly in September while a Reuters survey showed OPEC overall boosted output. U.S. drillers added six oil rigs in the week to Sept. 29, bringing the total count to 750, data from General Electric Co's (GE.N) Baker Hughes energy services firm showed on Friday.
Oil fell more than $1 a barrel on Monday as a rise in U.S. drilling and higher OPEC output put the brakes on a rally that helped prices notch their biggest third-quarter gain in 13 years. Iraq announced its exports rose slightly in September while a Reuters survey showed OPEC overall boosted output. U.S. drillers added six oil rigs in the week to Sept. 29, bringing the total count to 750, data from General Electric Co's Baker Hughes energy services firm showed on Friday.
Oil prices fall to the lowest settlement in more than a week as data show a September decline in OPEC’s compliance with a production-cut agreement and as a weekly rise in the number of active U.S. oil ...
Oil and metals post the biggest increases in the third quarter, prompting a key performance gauge for the commodities sector to post its first quarterly climb of the year.
Investing.com - Crude oil prices started the week on the back foot on Monday, but remained close to their best levels in months amid optimism that the crude market was well on its way towards rebalancing.
Investing.com - Oil prices on Friday tallied a gain for the week, month and quarter, boosted by optimism that the crude market was well on its way towards rebalancing.
Oil prices climb Friday, marking their first quarterly gain of the year, as investors considered the potential fallout from the independence referendum in the oil-rich Kurdish region of Iraq.
Oil prices slipped on Thursday, further backing off from 2015 peaks hit earlier in the week as tension around northern Iraq following the Kurdistan region's vote in favour of independence spurred fresh supply concerns. Crude has risen sharply in the last two-and-a-half weeks as traders anticipated renewed demand from U.S. refiners who were resuming operations after shutdowns due to Hurricane Harvey. U.S. crude has gained 9 percent in 14 trading days, with Brent up 7 percent in that time.
For the week starting September 25, crude oil (USO)(USL) prices are leading the rise in energy commodities. Crude oil prices rose from last week’s close of $50.66 per barrel.
Crude has risen sharply in the last two-and-a-half weeks, in anticipation of renewed demand from U.S. refiners in the wake of Hurricane Harvey, and expectations for ongoing efforts by major world producers to limit supply. "We've made a really impressive run here and I do think we're due for a pullback," said Robert Yawger, director of energy futures at Mizuho in New York. Brent (LCOc1) was down 13 cents at $57.76 a barrel, after hitting a more than two-year high of $59.49 on Tuesday after Monday's referendum vote prompted Turkey to threaten to close the region's oil pipeline.
Investing.com - Oil prices edged lower on Thursday, after U.S. government data revealed a weekly climb in domestic production to the highest level in over two years.
Oil prices end higher Wednesday after U.S. government data revealed that crude inventories fell unexpectedly, but a rise in gasoline stockpiles for the first time in four weeks kept price gains in check....
U.S. crude oil inventories fell unexpectedly last week as refineries hiked output due to restarts following Hurricane Harvey and exports soared, while gasoline stockpiles posted a surprise build, the Energy Information Administration said on Wednesday. "The highlight from today's EIA report isn't the larger-than-expected draw to stocks, but the reported cause of this draw," said Troy Vincent, oil analyst with Clipper Data. Refinery crude runs increased by 1 million barrels per day as utilization rates rose by 5.4 percentage points to 88.6 percent of total capacity, its highest rate since Harvey hit on Aug. 25, EIA data showed.
Crude oil prices ran up to a fresh 5-month highs before profit taking saw prices dip on the day. Brent prices were also on a tear, climbing above $58 per barrel. Strong demand for distillates continues to drive petroleum prices higher. Export from the United States have pushed distillate demand higher by more than 14% … Continue reading Crude Oil Price Analysis for September 27, 2017
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Crude oil prices continued to climb on Thursday buoyed by Wednesday larger than expected draw in petroleum inventories reported by the Department of Energy. Inventories of distillates, which include heating oil and diesel fuel, have dropped to the lower end of the 5-year range, ahead of fall in the U.S. and Europe. Traders will need … Continue reading Crude Oil Price Analysis for September 22, 2017
U.S. crude settled above $50 a barrel in trading yesterday, boosted by falling product inventories and possibility of OPEC extending its production cuts beyond March 2018.