U.S. Crude at its Cheapest Since March From Reuters NEW YORK (Reuters) – Oil prices plunged about 5% on Thursday, with U.S. crude at its lowest since March, as trade tensions dampened the demand outlook, putting the crude benchmarks on course for their biggest daily and weekly falls in six months. World shares were deep in the red as concerns
From Reuters Russia and Saudi Arabia are pushing OPEC and its allies to raise oil output steeply from July to meet growing demand and cover supply outages in Venezuela and Libya despite opposition from several members of the producer group including Iran. “Oil demand usually grows at the steepest pace in the third quarter … We could face a deficit
The Federal Reserve Bank of Dallas released its monthly report of energy-related economics, based on the bank’s September data. Dallas Fed: Backwardation for Brent “The Brent futures curve went into backwardation (downward sloping) through year-end 2019 on Sept. 25, 2017, a shift in the shape of the curve compared with the end of June when it was fully in contango
Oil prices dropped more than a dollar as soon as the DOE announced a surprise inventory build today. That was the first weekly build in crude stockpiles in five weeks. Analysts were expecting U.S. crude inventories to fall by 2.5 million barrels, according to a Reuters poll.
Oil prices climbed higher as a battle for Libya’s Sidra and Ras Lanuf ports delays crude shipments Crude oil prices rose over 1% this morning as fighting for one of Libya’s key oil ports delayed shipments out of the country. The Libyan ports of Sidra and Ras Lanuf changed hands twice over the weekend, preventing oil shipments from departing, and
Poorer OPEC nations reeling hardest from oil price slide OPEC’s biannual meeting has come and gone, but the group’s objective remains the same: defend market share. While some talks may be underway to set a new production ceiling of 32-32.5 MMBOPD, OPEC’s poorer members have to simply grin and bear the consequences of low oil prices. Despite oil’s move in
From Yahoo Finance Many traders are waiting for oil prices to crash again, as a rally triggered by the falling value of the U.S. dollar fizzles. They could be waiting a long time. “You could be at 50 or 60 [dollars per barrel] in 60 days,” famed oil investor T. Boone Pickens tells Yahoo Finance in the video above. “Supply
Harold Hamm is the Chairman and Chief Executive Officer of Continental Resources (ticker: CLR), one of the largest exploration and production companies in North America. He has also become the nominal leader of United States shale in the faceoff with Saudi Arabia, campaigning against the kingdom’s tactics and repeatedly stressing that an oil price recovery is on the horizon. The
The Brent/WTI spread disappears Last Friday, Dec. 18, the United States Senate adopted the Omnibus Appropriations Act by a vote of 65-33 as did the House of Representatives by a 316-113 vote. Later that day, President Obama then signed into law the $1.1 trillion funding bill. Those actions brought an end to the 40 year old law that had banned exporting
Revises Price Assumptions Down in the Interim A Moody’s Investors Service report out today has lowered pricing assumptions for Brent and WTI and examines how a sustained period of lower oil prices would affect certain industries in producing and non-producing countries. Moody’s revised its crude oil spot pricing assumptions as follows: The report sums up the situation as follows: “Ongoing
Congress expected to vote to lift crude oil export ban; economists worry about low inflation An end to the more than 40-year old crude oil export ban could soon be approaching. Members of Senate this week are expected to include a provision that will lift the export ban as part of the fiscal 2016 spending bill, aides from both parties
“Production from the North Slope of Alaska and the North Sea of Europe, burgeoning oil regions 20 years ago, is in decline. Unrest in Venezuela and Nigeria threatens the flow of oil. The Middle East remains the mother lode of crude, but war and instability underscore the perils of depending on that region.” The points above came from an archived
