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 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

July 24th, 2017

Crude oil futures rose on Monday, erasing early losses after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed the rebalancing of global supply and demand.

Saudi Energy Minister Khalid al-Falih said his country would limit crude oil exports at 6.6 million barrels per day (bpd) in August, almost 1 million bpd below levels a year ago.

Brent September crude futures (LCOc1) were up 44 cents on the day at $48.50 a barrel by 1313 GMT, having risen from a session low of $47.68.

NYMEX crude for September delivery (CLc1) rose 39 cents to $46.16.

“This is the Saudis saying they view the current market conditions as too weak and they are actually delivering,” said SEB commodity strategist Bjarne Schieldrop.

“It shows real additional willingness on their part to do something, which is hugely important, rather than sitting back and letting OPEC motions roll forward. They’re acting unilaterally and adding pressure.”

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crude oil futures quotes

crude oil futures quotes

February 2nd, 2017

Crude oil futures were higher during North American morning hours on Thursday, hitting the strongest level in about a month as traders cheered signs that global supply was beginning to tighten in wake of a planned agreement by major crude producers to cut output.

Crude oil for March delivery on the New York Mercantile Exchange rose to a daily peak of $54.34 a barrel, the most since January 3.

It was last at $54.10 by 9:50AM ET (14:50GMT), up 21 cents, or about 0.4%, after jumping $1.07, or around 2%, a day earlier.

Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London added 29 cents, or 0.5%, to $57.09 a barrel. Futures touched $57.45 earlier, a level not seen since January 6.

On Tuesday, London-traded Brent rallied $1.22, or 2.2%, after data showed that Russian oil output shrank by 100,000 barrel per day in January, adding to signs that major oil producers are sticking to their pledge to cut back output.

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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 news

crude oil futures news

May 19th, 2016

Crude oil prices tumbled in North American trade on Thursday, adding to sharp overnight losses, as a surging U.S. dollar and an unexpected rise in U.S. crude inventories triggered selling.

The U.S. dollar surged to seven-week highs in early trade after the minutes of the Federal Reserve’s latest policy meeting rekindled expectations for a June interest rate hike.

Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies.

Crude oil for June delivery on the New York Mercantile Exchange sank $1.03, or 2.14%, to trade at $47.18 a barrel by 13:50GMT, or 9:50AM ET.

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Crude oil futures quotes

Crude oil futures quotes

May 9th, 2016

Crude oil rose on Monday after Canada’s most destructive wildfire in recent memory knocked out over a million barrels in daily production capacity, but caution among investors prevented a return to late April’s 2016 price highs.

The lost capacity is equivalent to well over a third of the country’s typical daily production, and almost all of Canada’s crude from oil sands is exported to the United States.

U.S. crude futures (CLc1) rose 65 cents to $45.31 a barrel by 1118 GMT, having risen earlier by as much as $1.28, while Brent crude futures (LCOc1) gained 40 cents to trade at $45.77 a barrel.

The fire, which broke out on May 1, has forced three major oil firms to warn they will be unable to deliver on some contracts for Canadian crude.

The impact of the production loss has been far more marked in the U.S. crude market, where prices for West Texas Intermediate oil for delivery in July are now above those for Brent.

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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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