crude oil futures 101

crude oil futures 101

August 2nd, 2018

Oil prices dropped Thursday, extending losses that came in the wake of fresh U.S. government data showing mounting petroleum stockpiles.

Brent crude LCOV8, -0.35%  , the global benchmark, was down 0.6% at $71.94 a barrel on London’s Intercontinental Exchange. On the New York Mercantile Exchange, West Texas Intermediate futures CLU8, -0.40%  were trading down 0.9% at $67.05 a barrel.

The U.S. Energy Information Administration said late Wednesday that U.S. crude oil inventories increased by 3.8 million barrels last week, to stand at 409 million barrels. Traders and analysts surveyed by The Wall Street Journal had predicted an average weekly decline of 2.2 million barrels.

Prices fell to their lowest level in almost six weeks after the data came out Wednesday.

“The build was driven by lower crude oil exports, which fell by 1.37 million barrels a day week-on-week,” according to analysts at ING Bank.

Tamas Varga, an analyst at brokerage PVM Oil Associates, noted that total U.S. commercial oil inventories, including refined products, increased by more than 10 million barrels last week.

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crude oil futures 101

crude oil futures 101

June 12th, 2018

Crude Oil futures prices were slightly higher on Tuesday despite an increase in production from OPEC.

Crude oil futures increased 0.51% to $66.44 a barrel as of 11:13 AM ET (15:13 GMT) after falling to a low of $64.92 earlier in the session. Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., rose 0.05% to $76.50.

Total production of the Organization of the Petroleum Exporting Countries and Russia countries rose by 35,000 barrels per day (bpd) in May to 31.87 million bpd, according to its monthly report.

However the higher production in Saudi Arabia, Algeria and Iraq was offset by decreased production in Venezuela, Libya and Nigeria, the firm said.

The organization remained cautious however, as there is “pronounced uncertainty” about the oil market outlook for the rest of the year.

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crude oil futures quotes

crude oil futures quotes

November 14th, 2017

Crude oil futures were under pressure on Tuesday, as market players awaited weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer.

Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (2130GMT), amid forecasts for an oil-stock drop of around 2.8 million barrels.

Market sentiment was dampened after the International Energy Agency cut its global oil-demand forecasts, in contrast to a more bullish outlook from OPEC released a day earlier.

In a monthly report, the Paris-based agency cut its oil demand forecast by 100,000 barrels per day (bpd) for this year and next, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018.

The IEA said warmer temperatures could cut consumption, while sharply rising production from outside OPEC might mean the global market tilts back into surplus in the first half of 2018.

U.S. West Texas Intermediate (WTI) crude futures shed 24 cents, or about 0.4%, to $56.52 a barrel by 8:40AM ET (1340GMT). It reached its best level since July 2015 at $57.92 last week.

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Crude oil futures quotes

Crude oil futures quotes

November 13th, 2017

OPEC on Monday forecast higher demand for its oil in 2018 and said its production-cutting deal with rival producers was reducing excess oil in storage, pointing to an even tighter global market next year.

In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 33.42 million barrels per day (bpd) of OPEC crude next year, up 360,000 bpd from its previous forecast.

The 14-country producer group also said its oil output in October, as assessed by secondary sources, came in below the 2018 demand forecast at 32.59 million bpd, a drop of about 150,000 bpd from September.

The report points to a supply deficit next year if OPEC keeps pumping at October’s rate.

Investing.com.

crude oil futures news

crude oil futures news

November 6th, 2017

Crude oil prices remained near two-year highs on Monday, still boosted by expectations that oil producing countries will agree to extend an output cut at their meeting at the end of this month.

The U.S. West Texas Intermediate crude December contract was up20cents or about 0.36% at $55.80a barrel by 09:55 a.m. ET (13:55 GMT),just off a two-year high of $56.24 hit overnight.

Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London was up 37 cents or about 0.60% at $62.45 a barrel, off a two-year high of $62.87 hit earlier in the day.

Under the original terms of the deal, OPEC and 10 other non-OPEC countries led by Russia agreed to cut production by 1.8 million barrels a day (bpd) for six months. The agreement was extended in May of this year for a period of nine more months until March 2018 in a bid to reduce global oil inventories and support oil prices.

Discussions are continuing in the run-up to the Nov. 30 meeting, which oil ministers from OPEC and the participating non-OPEC countries will attend.

Prices received another boost as a sizable weekly drop in active U.S. oil rigs to the lowest level since May fed expectations for a slowdown in domestic crude output growth.

Oilfield services firm Baker Hughes reported that the number of active U.S. rigs drilling for oil fell by eight to 729 last week. That was the fourth weekly decline in five.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for domestic oil production.

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Crude oil futures quotes

Crude oil futures quotes

May 19th, 2017

Crude oil futures prices climbed to one-month highs on Friday, boosted by hopes major oil producers will decide to extend their current supply cut plan.

U.S. crude futures for June delivery were up 1.22% at $49.95 a barrel, the highest since April 26.

On the ICE Futures Exchange in London, the July Brent contract rallied 1.20% to $53.15 a barrel, the highest since April 20.

Crude prices remained supported after Saudi Arabia and Russia agreed earlier in the week to extend oil output cuts for a further nine months until March 2018.

However, the 12 remaining OPEC members and other producers participating in the cuts have to agree to the extension during a meeting on May 25.

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crude oil futures news

crude oil futures news

June 24th, 2016

Crude oil futures prices slumped by more than 6 percent on Friday after Britain voted to leave the European Union, raising fears of a broader economic slowdown that could reduce demand.

Financial markets have been worried for months about what Brexit, or a British exit from the European Union, would mean for Europe’s future, but were clearly not fully factoring in the risk of a leave vote.

British Prime Minister David Cameron, who campaigned to remain in the EU, said he would stand down by October.

Brent crude (LCOc1) was down $2.45 at $48.46 a barrel at 1004 GMT. U.S. crude (CLc1) was down $2.39 at $47.72 a barrel.

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crude oil futures news

crude oil futures news

June 2nd, 2016

Crude oil prices were flat to weaker in early Asia on Friday with investors noting the bearish unchanged OPEC production ceiling, but also looking ahead to demand prospects.

On the New York Mercantile Exchange, WTI crude for July delivery was down 0.02% to $49.16 a barrel.

Overnight, crude futures inched up on Thursday, reversing territory late in the session, as a sharp decline in U.S. crude inventories offset a widely expected decision by OPEC to leave its production ceiling unchanged.

On the Intercontinental Exchange (ICE), Bent crude for August delivery wavered between $48.86 and $50.30 a barrel, before closing at $50.00, up 0.28 or 0.55% on the day.

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crude oil futures quotes

crude oil futures quotes

May 27th, 2016

The strong rally in oil prices that sent Brent and U.S. crude above $50 a barrel for awhile on Thursday faces technical barriers in the next three to five weeks.

Unexpected oil supply outages, along with technical buy signals, have helped lift Brent and U.S. crude prices nearly 90 percent above 12-year lows hit earlier this year.

Analysts believe the market has now factored in most supply cuts. Two technical analysts on Thursday said oil’s advance will be limited to a few more dollars at most. One was more bullish.

Brent futures (LCOc1) hit $50.51 on Thursday, after sinking to $27.10 on Jan. 20, which was the lowest since July 2003.

U.S. West Texas Intermediate (WTI) futures (CLc1) touched $50.21 on Thursday, up from $26.05 on Feb. 11, which was the lowest since May 2003. [O/R]

Both benchmarks retreated from session highs and settled below $50 a barrel.

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crude oil futures news

crude oil futures news

April 28th, 2016

Crude oil futures slid after setting a 2016 high on Thursday as traders locked in profits, though analysts said supply disruptions, strong investor appetite and a weakening dollar could push prices higher soon.

Brent crude futures were trading at $47.05 per barrel at 1129 GMT, down 13 cents from their last settlement and off an earlier high of $47.47. U.S. West Texas Intermediate (WTI) futures were down 19 cents at $45.14 a barrel.

Both Brent and WTI have rallied more than 70 percent since their respective 2016 lows in January and February.

Record crude storage figures may have spurred some investors to take profits on Thursday by closing positions betting on a rise in prices, traders said.

Government data on Wednesday showed that U.S. crude stocks climbed 2 million barrels last week to an all-time peak of 540.6 million barrels. [EIA/S]

Despite slipping from the highs, analysts said oil market sentiment had clearly turned bullish, and further price rises were likely.

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