crude oil futures news

crude oil futures news

December 10th, 2015

Crude oil futures fell to fresh seven-year lows on Thursday, after the Organization of the Petroleum Exporting Countries said it pumped the most crude in more than three years last month, adding to concerns over a glut in global supplies.

In its December monthly report released earlier in the day, OPEC said crude production rose by 230,100 barrels a day in November to 31.695 million, the most since April 2012, as the cartel pressed on with a strategy to protect market share and pressure competing producers.

Non-OPEC supply will fall by 380,000 barrels a day next year to 57.14 million, with an expected contraction in the U.S. accounting for roughly half the drop, the organization said.

Oil futures are down more than 11% since OPEC failed to agree on output targets last week. As a result, crude prices are expected to remain stubbornly low amid a glut of oversupply on global energy markets.

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crude oil futures news

crude oil futures news

October 30th, 2015

Crude oil futures rose near two-week highs on Friday, helped by a weaker U.S. dollar, although expectations for a U.S. rate hike before the year-end limited gains.

U.S. crude futures for December delivery were last at $46.25 a barrel, up 0.40% for the day.

On the ICE Futures Exchange in London, the December Brent contract were up 0.78% at $49.19 a barrel.

The dollar came under pressure after the Commerce Department reported on Thursday that U.S. gross domestic product grew at an annual rate of 1.5% in the three months to September, missing expectations for growth of 1.6%.

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crude oil futures 101

crude oil futures 101

November 12th, 2014

OPEC said Saudi Arabia led declines in the group’s oil output last month, weeks before its 12 members meet to decide whether to trim a global supply glut that drove crude prices into a bear market.

Saudi Arabia’s production fell 69,900 barrels a day to a seven-month low of 9.603 million, the Organization of Petroleum Exporting Countries said in a monthly report. The data are based on estimates from sources including analysts and media organizations. OPEC’s members pumped 30.253 million barrels a day, a decrease of 226,400 barrels, the largest since March. There are signs of global economic recovery, it said.

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Crude oil futures

Crude oil futures

August 8th, 2014

Crude oil futures rose as U.S. President Barack Obama authorized airstrikes in parts of Iraq, OPEC’s second-largest producer, while Chevron Corp. said it was withdrawing some workers.

Brent futures advanced as much as 1.3 percent in London and West Texas Intermediate by 1.1 percent in New York. Obama said yesterday that the strikes, if needed, would be used to protect U.S. personnel and Yezidis, a minority sect concentrated in northern Iraq, who have been targeted by militants and are stranded on a mountain. Conflict in the OPEC producer has so far spared production in Iraq’s south, home to about three-quarters of its crude output.

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crude oil futures

crude oil futures

August 5th, 2014

Crude oil futures fell for the sixth time in seven days amid forecasts that U.S. refineries reduced operating rates last week, allowing crude supplies at Cushing, Oklahoma, to rebound from near six-year lows.

Refineries probably operated at 92.8 percent of capacity on Aug. 1, down 0.7 percentage point from the prior week, according to a Bloomberg survey before a government report tomorrow. The announcement last week that a Kansas refinery that gets oil from Cushing may be offline for most of August sent WTI to a four-month low. Brent slipped on reports that Kurdish fighters in Iraq retook border towns seized by Islamic militants.

“We’re all anxious about tomorrow’s data,” said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York. “WTI has been supported by the fall in Cushing supplies this year. Coffeyville being offline may change the whole formula and we may see a supply gain.”

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brent oil futures

Brent oil futures

July 17th, 2014

Crude oil West Texas Intermediate rose to a four-day high after U.S. crude stockpiles fell as refiners in the world’s biggest oil consumer boosted processing to the highest level since 2005. Brent advanced in London.

Futures increased as much as 1.5 percent in New York, extending a 1.2 percent gain yesterday. Crude stockpiles shrank by 7.53 million barrels last week, the most since January, while refineries operated at 93.8 percent of capacity, the U.S. Energy Information Administration reported yesterday. President Barack Obama’s administration, acting with the European Union, imposed sanctions on Russian banks and energy and defense companies in its latest bid to punish the country over Ukraine.

“The crude stockpile draw explains why WTI is up a bit,” Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London, said by e-mail. “Russian sanctions do not seem to be worrying the market for now. The bigger picture is the weak crude oil market in Europe.”

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crude oil brokers

crude oil brokers

June 24th, 2014

West Texas Intermediate and Brent crude rose, approaching nine-month highs, as an al-Qaeda offshoot consolidates its control over areas of Iraq, OPEC’s second-largest producer.

Iraqi forces have been battling the Sunni Islamic State in Iraq and the Levant for control of the Baiji refinery north of Baghdad for almost two weeks. Russian President Vladimir Putin asked lawmakers in the upper house of parliament to rescind approval they granted to use force in Ukraine. A government report tomorrow is projected to show that U.S. crude supplies fell a fourth week.

“The situations in Iraq and Ukraine continue to support the market,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “Things were a little overdone so prices retreated yesterday, but that move’s run its course. We are going to continue to trade near nine-month highs as long as fears about Iraqi supply remain.”

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crude oil brokers

crude oil brokers

June 12th, 2014

Crude Oil West Texas Intermediate rose to an eight-month high and Brent surged as violence escalated across northern and central Iraq, increasing the prospect of a return to civil war in OPEC’s second-biggest oil producer.

WTI advanced as much as 2 percent while Brent gained 2.2 percent. Militants linked to al-Qaeda extended control over Mosul, Iraq’s second-largest city, and moved south toward Baghdad as Oil Minister Abdul Kareem al-Luaibi said U.S. planes may bomb northern Iraq. Iraqi crude production rose 50,000 barrels a day to 3.3 million last month, data compiled by Bloomberg show.

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Crude-Oil Futures Higher on Iraq

On June 12, 2014, in Crude Oil Futures News Report, by Infinity Trading
brent oil futures

Brent oil futures

June 12, 2014

Crude-oil futures moved higher in Asia Thursday on potential supply disruptions as militants moved closer to Iraq’s capital Bagdad.

On the New York Mercantile Exchange light, sweet crude futures for delivery in July traded at $104.54 a barrel at 0500 GMT–up $0.14 in the Globex electronic session. July Brent crude on London’s ICE Futures exchange rose $0.32 to $110.27 a barrel.

Militants have taken the northern cities of Mosul and Tikrit. Iraq has been trying to rebuild its oil industry and was considered a possible source to replace production from Libya.

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crude oil futures brokers

crude oil futures

May 30th, 2014

Crude oil futures headed for the first weekly loss in four weeks as rising inventories signaled ample U.S. supplies. Brent oil slipped as Russia pulled back most of its troops from the border with Ukraine.

WTI fell for a third time this week. Crude stockpiles climbed 1.66 million barrels to 393 million last week, the Energy Information Administration reported yesterday. Russia, the world’s biggest energy exporter, has withdrawn a majority of its military forces from the Ukrainian border, Rear Admiral John Kirby, a Pentagon spokesman, said today.

“The builds in crude inventory are weighing on the market,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The market has a hard time attracting fresh buyers with U.S. inventories near record highs. The Russians pulled their troops back and that probably diminished some geopolitical risk.”

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