Global crude inventories will decrease build rate through 2018, EIA predicts In its recently released Short Term Energy Outlook, the EIA outlined its predictions for global production and consumption through 2018. An increase in production and seasonal drop in consumption is expected to push an increase in global crude inventories of 2.0 million BPD in the fourth quarter of 2016,
Oil prices pushing markets higher Oil prices rose to a three-week high Monday as investors continue to bet that OPEC will come to an agreement on production. While international crude oil benchmark Brent and U.S. benchmark WTI are still about 39% and 38% below their value on November 21, 2014 – a week prior to OPEC’s initial decision to defend
WTI under $50 Oil prices slipped Monday morning over concerns of global oversupply despite promises from OPEC leader Saudi Arabia that the group would work to limit production at its next meeting in November. Both U.S. and international crude benchmarks were down more than $0.50 per barrel in trading Monday morning after breaking above $50 in October. The number of
U.S. crude benchmark WTI trades above $48.50 Crude oil prices are up today, as the markets remain hopeful that OPEC will come to an agreement and limit its production during its next official meeting in November. Brent, the global benchmark, gained 1.4% to $50.89 per barrel, its largest daily gains since September 8, and its highest settlement since August 18.
WTI oil price continued its hot streak today finishing the day up 1.82% at $48.59 per barrel. Uncontrolled forest fires in Canada have suppressed the supply of oil coming from that market, more than one million barrels have yet to return to market. The fires in Canada is the latest in a string of supply disruptions curtailing oil coming to
Words pushed prices higher, but for how long Oil prices have staged a recovery over the last few weeks as members of OPEC and other large producers like Russia discuss the possibility of a production freeze. News that the world’s largest producers would stop adding new production to the market was warmly welcomed as oil prices climbed above $40 per
Brent crude oil broke $40 per barrel for the first time in 2016 Both U.S. and international crude benchmarks are up over 5% today as rumors of a potential OPEC price floor give new hope of a “fair price for producers and consumers” – a phrase once favored by OPEC. WTI is up nearly $2 at $37.84 per barrel today,
U.S. rig counts continue their downward trend The U.S. rig count has either decreased or remained unchanged for 22 consecutive weeks now. According to information released from Baker Hughes (ticker: BHI) the U.S. rig count fell by 13 in the week ended January 22, 2016, to 637. This is the first time since the week ended August 20, 1999, that
Certain crude grades from around the globe are already at or below $20 per barrel Oil and gas prices for the U.S. crude benchmark WTI, and international crude benchmark Brent, closed below $30 per barrel today, but some producers are already seeing less for their oil. The price for some grades of crude oil is already below $20 per barrel
The United States crude export ban was lifted less than two weeks ago, and domestic companies are wasting no time transporting American oil abroad. On December 30, 2015, ConocoPhillips (ticker: COP) and NuStar Energy (ticker: NS) announced its first cargo is expected to complete the loading phase by December 31. The shipment is expected to be the first U.S. crude
Oil prices rebounded today on the eve of the much-anticipated meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, with Saudi Arabia rumored to propose a solution to struggling oil prices that have dropped to their lowest levels since the summer. Argus Media, a London-based organization, hosted a webinar on December 2, 2015, previewing the upcoming meeting and
Total rig count falls to 757 as oil rigs resume trend downward The United States total rig count fell again this week, continuing a trend started last year when OPEC announced it would not defend oil prices. The total rig count fell by 10 this week to 757, with all of the last rigs coming from the oil patch, according
