CNBC Oil jumped more on Thursday and was on track for its second best week in history as a number of bullish factors supported prices, including U.S. companies cutting production, Saudi Arabia raising its official oil selling price and gasoline demand improving as economies around the world reopen. West Texas Intermediate, the U.S. benchmark, jumped 8%, or $1.91, to trade
Reuters LONDON – Hedge funds and other money managers bought petroleum derivatives last week in the cautious hope the industry may have passed the worst point of the coronavirus-induced lockdowns. Money managers purchased the equivalent of 41 million barrels in the six most important petroleum futures and options contracts in the week ending on April 28, exchange and regulatory records
Reuters Lower crude production due to reduced activity and OPEC+ cuts, coupled with a partial recovery in oil demand, should drive prices higher next year, Goldman Sachs Equity Research said in a note. The Wall Street bank raised its 2021 forecast for global benchmark Brent crude LCOc1 prices to $55.63 per barrel from $52.50 earlier. The bank hiked its estimate
Reuters NEW YORK – U.S. oil prices were 4% higher while the front month Brent crude futures rose above $26 per barrel on Friday, with both benchmarks on track for their first weekly gain in four weeks as OPEC and its allies embark on record output cuts to tackle a supply glut due to the coronavirus crisis. The global oil
CNBC Oil and gas exploration and production companies, or E&Ps, are slated to lose a staggering $1 trillion in revenues in 2020, according to analysis by research firm Rystad Energy. The E&P industry, which includes oil majors, made $2.47 trillion in revenues globally last year, the firm says. But this year it’s projected to bring in $1.47 trillion, reflecting a
Reuters LONDON – Oil prices jumped for a second day on Thursday, lifted by signs the U.S. crude glut is not growing as quickly as expected and clawing back ground at the end of a month of tumbles wrought by coronavirus fears that caused futures to plumb two-decade lows. Brent crude LCOc1 was up 13.8%, or $3.11, at $25.65 a
CNBC Oil alternated between gains and losses in a volatile trading session that at one point saw U.S. crude drop more than 20%. Traders continue to eye dwindling storage capacity worldwide, although some of the losses were offset by optimist around reopening of economies. West Texas Intermediate futures for June delivery gained 6 cents, or 0.47%, to trade at $12.84 per
Oil & Gas 360 Historic plunge in oil to NEGATIVE $37, WTI!?!? A Red Herring… For Most, For Now. How Can Prices Go Negative? That doesn’t make sense. You’re correct- it doesn’t make a whole lot of sense unless you understand the relationship between the financial market (paper) and the physical market. At the end of the day, speculators in
CNBC Oil prices moved between gains and losses on Friday, following a two-day winning streak that saw West Texas Intermediate gain more than 40%. The turn lower game despite some producers like Kuwait said they would move to cut output swiftly to try to counter the evaporation in global demand for fuels caused by the coronavirus pandemic. U.S. oil rose 5
CNBC Oil jumped more than 30% on Thursday, accelerating the recent rally as the Street eyed continued production cuts and rising U.S.-Iranian tensions. West Texas Intermediate, the U.S. benchmark, rose 30%, or $4.18, to trade at $17.96 per barrel. Brent crude, the international benchmark, traded 11.8% higher at $22.79 per barrel. On Wednesday, WTI jumped 19.1% — one of its best days on
CNBC Oil prices moved higher on Monday after OPEC and its allies agreed to cut production by 9.7 million barrels per day. The deal, which was finalized on Sunday after marathon discussions that spanned four days, is the single largest output cut in history. U.S. West Texas Intermediate crude rose 1.9% to trade at $23.18 per barrel, while international benchmark Brent crude
CNBC Oil prices on Thursday rallied more than 20% following reports of a possible deal to cut production by an enormous 10 million barrels per day, but one analyst is still predicting that Brent crude will sink to $10 a barrel. The benchmark Brent crude was trading up 9.92% trading at $32.91 on Friday afternoon in Asia, while West Texas Intermediate gained up 4.82% at $26.54. “We are
