Crude Oil 3December 3rd, 2018

Oil prices jumped by more than 5 percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply.

U.S. light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 percent. The contract last traded $2.12, or 4.2 percent, higher at $53.05.

Brent crude rose 5.3 percent or $3.14 to a high of $62.60. It was up $2.36, or 4 percent at $61.71 shortly after 9 a.m. ET (1400 GMT).

China and the United States agreed during a weekend meeting in Argentina of the Group of 20 leading economies not to impose additional trade tariffs for at least 90 days while they hold talks to resolve existing disputes.

“From Argentina to Alberta, the oil market news is about supply curtailments,” said Norbert Rücker, head of commodity research at Swiss bank Julius Baer. “A brightening market mood will likely extend today’s price rally in the very near term.”

Continue reading »

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.

Continue reading »

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.

Continue reading »

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.

Continue reading »

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.”

Continue reading »

crude oil futures quotes

crude oil futures quotes

November 28th, 2016

Crude oil futures prices jumped in choppy trade on Monday after Iraq’s oil minister said he was “optimistic” that Wednesday’s crunch OPEC meeting will yield an agreement on output cuts.

U.S. crude oil was up 78 cents or 1.78% at $46.88 a barrel at 0931ET, after falling as low as $45.16 earlier.

Global benchmark Brent futures were at $49.08 a barrel, up 81 cents or 1.68%.

Prices jumped after Iraqi oil minister Jabar Ali al-Luaibi said Monday he is “optimistic” that OPEC will reach an agreement that is acceptable to all this week.

The Organization of the Petroleum Exporting Countries is attempting to get its 14 member states, along with non-OPEC member Russia, to implement coordinated production cuts aimed at reducing a global supply glut that has seen oil prices halve in two years.

Continue reading »

crude oil futures news

crude oil futures news

November 15th, 2016

Oil prices were higher during North America trading on Tuesday, extending overnight gains as market participants continued to weigh prospects of a coordinated production cut among major global oil producers.

Crude oil for December delivery on the New York Mercantile Exchange jumped by as much as 3.6% to a session high of $44.95 a barrel.

It was last at $44.57 by 9:10AM ET (14:10GMT), up $1.25, or 2.9%, after sliding to $42.20 the day before, a level not seen since August 11.

Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London climbed $1.23, or 2.77%, to $45.66 a barrel. It dropped to as low as $43.57 in the prior session, the weakest since August 11.

Continue reading »

crude oil futures news

crude oil futures news

May 10th, 2015

Oil held gains after rising for an eighth week as U.S. drillers further reduced the number of active rigs to the fewest since September 2010.

Crude oil futures were little changed in New York after capping a 0.4 percent weekly advance Friday, the longest run of increases since February 2013. The U.S. rig count declined by 11 to 668, extending a slide that started in December, according to Baker Hughes Inc. The Organization of Petroleum Exporting Countries, which is scheduled to meet June 5, is unlikely to cut its output quota, according to an official at National Iranian Oil Co.

Continue reading »