Crude oil futures quotes

Crude oil futures quotes

November 29th, 2018

Crude oil futures prices underwent a selloff on Thursday with U.S. crude falling below the $50 a barrel level for the first time in more than a year amid persistent concerns about oversupply.

New York-traded West Texas Intermediate crude futures fell 47 cents, or 0.93%, at $49.82 a barrel by 4:45 AM ET (9:45 GMT). That was its lowest level since Oct. 9, 2017.

Brent crude futures, the benchmark for oil prices outside the U.S., traded down 74 cents, or 1.25%, to $58.35, after hitting its lowest level since Oct. 24, 2017.

Prices came under renewed selling pressure after data on Wednesday showing that U.S. crude inventories increased again last week, hitting their highest levels in more than a year. In its weekly report, the Energy Information Administration said oil stockpiles increased by 3.57 million barrels to 450 million barrels.

Prices also remained under pressure after Russian President Vladimir Putin indicated that he is comfortable with current levels, casting doubt on OPEC’s ability to move ahead with significant production cuts. Putin said Wednesday that prices of around $60 per barrel were “absolutely fine” as the Russian budget would be balanced at $40.

Saudi Arabia has been pushing OPEC and its non-OPEC allies, led by Russia, to agree to reduce production given the more than 30% decline in prices since last October.

Analysts believe that the group will announce a reduction of 1.1 million barrels per day when they meet in Vienna on Dec. 6-7.

With the U.S. and Saudi Arabia producing at record levels and rising inventories in the U.S., investors have been concerned that OPEC will be unable to counteract increasing supply.

Traders will keep an eye on this weekend’s G20 summit where Putin is expected to meet on the sidelines with Saudi Arabia’s Crown Prince to discuss plans for output.

“We are now in contact with OPEC and if needed, we will continue this joint work,” Putin said referring to the current agreement to help stabilize markets.

- Investing.com.

crude oil futures quotes

crude oil futures quotes

November 20th, 2018

Crude oil futures plummeted around 4% on Tuesday, falling deeper into a bear market, as markets became increasingly worried that supply will outstrip waning demand and OPEC reportedly remained undecided on the size of A production cut.

New York-traded West Texas Intermediate crude futures slumped $2.36, or 4.13%, at $54.84 a barrel by 11:02 AM ET (16:02 GMT).

Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., sank $2.62, or 3.92%, to $64.17.

With Tuesday’s decline, U.S. crude hit its lowest level since October 2017 and has fallen nearly 30% from the four-year high reached this year on Oct. 3.

Investors remain concerned that a global economic slowdown will dampen demand even as key producers — mainly the U.S., Saudi Arabia and Russia — continue to ramp up production.

According to the oilfield services firm Baker Hughes, the U.S. rig count rose by 2 to 888 last week, the highest level since March 2015.

The latest data from the U.S. Energy Information Administration showed that U.S. crude production hit a record 11.7 million barrels per day (bpd), marking an increase of more than 20% since a year earlier.

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crude oil futures 101

crude oil futures 101

November 1st, 2018

Investors are growing increasingly pessimistic about the direction that the oil market is heading in, and their negative outlook is helping to drag down crude oil prices.

Hedge funds and other money managers continue to slash their bullish bets on oil futures, a trend that has led to a dramatic reshuffling in the makeup of investor positioning. For the week ending on October 23, long-to-short bets fell to a 4:1 ratio, a sharp reduction from the nearly 26:1 makeup in July, according to the Wall Street Journal.

The liquidation of bullish bets shows a sharp reversal in market sentiment. Over the summer, sanctions on Iran combined with the temporary outage in Libya led to fears of a supply shortage, pushing investors to stake out ever-increasing volume of bullish bets on crude futures. That sentiment stalled in August as Turkey’s currency crisis exploded, and a range of other emerging markets saw their economies hit the skids.

Bullish sentiment renewed in September as Iran sanctions loomed, and the disruptions to Iran’s oil exports proved to be worse than previously expected. However, a month later, the global economy is showing some worrying signs of a slowdown, while Saudi Arabia has pledged to increase production to cover for any shortfall left over by Iran.

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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 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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crude oil investing

crude oil futures

May 22nd, 2014

Crude oil futures dropped from a one-month high as more Americans than projected filed applications for unemployment benefits last week. Brent slid.

WTI fell 0.3 percent after the Labor Department reported jobless claims increased to 326,000 in the week ended May 17, more than the 310,000 median forecast by economists surveyed by Bloomberg. It advanced $1.63 yesterday on a government report that U.S. supplies tumbled as imports dropped. Brent decreased less than WTI on stronger Chinese manufacturing.

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