crude oil futures news

crude oil futures news

December 31st, 2018

Crude futures plunged to fresh 17-month lows Monday amid fears of a sell-off amid the dramatic fall in equity markets, along with a partial US government shutdown. The decline comes despite OPEC ministers reiterating that they are committed to production cuts which kick off in January.
Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.
Register Now

At 1505 GMT, ICE February Brent crude futures were down 86 cents/b from Friday’s settle at $52.96/b, while the NYMEX February light sweet crude contract was down $1.16 cents/b at $44.43/b.

The steady decline in oil prices over the past few weeks has caused concern to several OPEC ministers, with some reiterating that the group’s production cuts may even be extended from June next year, if needed.

The UAE energy minister Suhail al-Mazrouei told reporters on Sunday that if the OPEC and non-OPEC producers’ plan to take 1.2 million b/d off the market does not work, there is always an option to call an extraordinary meeting.

“If we are required to extend for [another] six months, we will do it … I can assure you an extension will not be a problem,” Mazrouei said.

Petromatrix analyst Olivier Jakob said that despite “repeated comments from OPEC members that they are serious about supply reduction, and that they can consider doing additional cuts if the market balance does not improve,” the market is expected to be locked in a bearish cycle.

Meanwhile on the supply side, Libyan crude production remained down by 400,000 b/d as the country’s largest field Sharara remains shut-in, according to the state-owned National Oil Corporation. This was despite assurances from the country’s UN-backed government that the site would reopen soon.

China released its recent oil data earlier in the day which showed that its overall crude supply in November surged 12% from a year ago to 426.17 million barrels, and rose 6% from October, led by a sharp increase in net crude imports, while domestic crude output was largely rangebound.

Continue reading »

Crude Oil Futures Trade Near Week-Low

On July 28, 2014, in Crude Oil Futures News Report, by Infinity Trading
brent oil futures

brent oil futures

July 28th, 2014

West Texas Intermediate crude dropped for the fourth time in five days as economic data may signal slowing growth in the U.S., the world’s biggest oil consumer. Brent declined in London.

Crude oil futures fell as much as 0.8 percent to $101.27 a barrel in New York, extending a drop of 1 percent last week. A preliminary index of U.S. service industries is forecast to drop to 59.8 for July, a Bloomberg News survey showed before a report from Markit Economics today. The Federal Reserve is scheduled to review monetary policy at a two-day meeting starting tomorrow.

“Demand expectations are likely to remain weak and exert downward pressure in what is a big week for U.S. data,” said Michael Hewson, market analyst at London-based CMC Markets Plc. “Markets are expecting much more positive news out of the U.S. than is likely and this could well see U.S. prices slip back towards $100.”

Continue reading »

Ankur Varma, third officer on the oil tanker M/V Cotton, opened his cabin door at five minutes to midnight on July 14 to find two men pointing AK-47s at him.

“They just pushed me into the cabin with the guns in my chest and they told me to stay silent,” Varma said in a phone interview from India. “They were threatening, they were showing the guns, pointing at us. They took everything — everything that we had — including clothes, toiletries, electronics.”

Continue reading »

November 19th, 2012

Oil futures rose to the highest level in four weeks amid concern that Middle East unrest will disrupt supply and on growing confidence that a deal can be reached to avoid automatic U.S. spending cuts and tax increases.

Oil prices advanced for a second day as Israeli ground forces were poised to invade the Gaza Strip for the first time in almost four years if cease-fire efforts fail. President Barack Obama is “confident” of an agreement to avert the so-called fiscal cliff, he said in Bangkok yesterday.

Continue reading »

October 31st, 2012

Oil futures rose, trimming the biggest monthly decline since May, as refineries started resuming operations after the Atlantic superstorm Sandy moved away from the U.S. East Coast.

West Texas Intermediate futures gained as much as 1.1 percent after advancing 0.2 percent yesterday. Philadelphia Energy Solutions’ 355,000 barrel-a-day Pennsylvania refinery is restoring operations and NuStar Energy LP (NS)’s 74,000 barrel-a-day plant in Paulsboro, New Jersey, will be at full production tomorrow, the companies said. Seven refineries with a total capacity of 1.29 million barrels a day had shut or reduced operations because of Sandy.

Continue reading »

October 26th, 2012

Oil futures headed for a second weekly loss on concern that economic growth won’t be strong enough to boost demand and alleviate an inventory glut.

Crude oil prices fell for the sixth time in seven sessions as U.S. gross domestic product grew at a 2 percent annual rate in the third quarter and Spanish unemployment climbed to a record. U.S. inventories rose to the highest level for this time of year. Gasoline gained for a second day on concern that Hurricane Sandy will disrupt East Coast refinery production.

“There are just considerable indications of slowing economic growth,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “The GDP number is mediocre at best and 2 percent is nothing to write home about. The Spanish unemployment rate wasn’t a huge surprise but it was pretty despairing.”

Continue reading »

October 17th, 2012

Oil traded near the highest level in a week in New York on signs Germany may ease its resistance to a Spanish bailout and after industrial production rose more than forecast in the U.S., the world’s biggest crude consumer.

Oil futures were little changed after rising as much as 0.7 percent today. Two German lawmakers said the country is open to Spain seeking a precautionary credit line. Output at U.S. factories, mines and utilities rose 0.4 percent in September, twice as much as the median forecast of economists surveyed by Bloomberg News, data from the Federal Reserve in Washington showed yesterday.

“All the measures taken to show some progress in the European debt crisis should improve sentiment for commodities and for crude as well,” said Hannes Loacker, an analyst at Raiffeisen Bank International AG in Vienna, who predicts Brent crude will trade at about $114 a barrel at the end of the year.

Continue reading »

August 30th, 2012

Oil futures dropped for a second day on speculation oil producers would restore Gulf of Mexico output quickly after Tropical Storm Isaac passed and as more Americans than forecast filed applications for unemployment benefits.

Oil prices declined as much as 1.5 percent after Isaac’s threat to offshore energy production eased as the weather system weakened, dumping rain and producing storm surges over Louisiana. Jobless claims were at 374,000 last week, the Labor Department reported, higher than the 370,000 expected by economists surveyed by Bloomberg.

Continue reading »

August 16th, 2012

Crude oil climbed to $95 a barrel for the first time in three months as U.S. building permits reached a four-year high, a signal of future economic strength, and on concern that Israel will strike Iran and disrupt supplies.

Crude oil futures prices gained for a third day after the Commerce Department said the permits increased to an 812,000 annual pace in July. Michael Oren, Israel’s U.S. ambassador, said yesterday at a Bloomberg Government breakfast in Washington that Israel would strike Iran if only to delay Iran’s ability to produce nuclear weapons for a few years.

Continue reading »

August 3rd, 2012

Crude oil surged the most in a month after U.S. payrolls climbed more than estimated and service industries expanded at a faster pace, bolstering optimism about economic strength in the world’s biggest crude-consuming country.

Crude oil futures rose 4.9 percent as payrolls gained 163,000 in July, Labor Department figures showed today in Washington. The Institute for Supply Management’s non-manufacturing index unexpectedly gained. Tropical Storm Ernesto may grow into a hurricane this weekend, the U.S. National Hurricane Center said.

Continue reading »