Post Tagged with: "Oil Price"

Source: Reuters

Benchmark Brent’s record $10 discount gives oil market reality check

Reuters


LONDON – U.S. President Donald Trump’s confidence he can get a deal to limit a global oil glut has driven world crude futures higher.

But he cannot talk up the underlying physical market that shows the full extent of …

Source: Reuters

U.S. crude dips below $20 as lockdowns wipe out demand

Reuters


LONDON – Oil prices fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent hitting its lowest in 18 years, on heightened fears that the global coronavirus shutdown could last months and demand for fuel could …

Source: Houston Chronicle

Layoffs, pay cuts loom as Schlumberger plans to cut up to 30 percent from budget

Houston Chronicle


Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid crumbling oil prices and the economic effects of the coronavirus pandemic.

Schlumberger …

Source: Reuters

U.S. diesel cash prices latest to slump from coronavirus fallout

Reuters


NEW YORK  – U.S. ultra-low sulfur diesel was the latest product refined from crude oil to take a hit in its cash market last week, after refiners boosted production in a bid to flee poorer margins for other products …

March 23, 2020 - 11:00 am Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Source: Barron's

The Price of Oil Jumped Because the U.S. Might Buy Huge Amounts of It

Barron’s


Oil prices rose Tuesday morning following comments by Treasury Secretary Steven Mnuchin that the U.S. needs to buy even more oil at today’s low prices. Government purchases of huge amounts of oil would essentially equate to a bailout of …

Source: Houston Chronicle

Shale drillers float Jones Act waiver as balm for price pain

Houston Chronicle


U.S. oil companies battered by the crude price war between Saudi Arabia and Russia are encouraging the Trump administration to waive a law that mandates only American vessels can be used to transport goods among U.S. ports.

A …

Source: Reuters

OPEC+ deal collapse, virus double whammy to keep oil in $30s range – Reuters poll

Reuters


Oil prices are set to languish near current lows in coming months as the collapse of a deal among major producers to curb output hammers a market already reeling from falling demand due to the coronavirus, a Reuters survey …

Source: CNBC

Oil drops as much as 8%, on pace for worst week in more than a decade

CNBC


Oil prices dropped as much as 8% on Thursday as crude continues to take a hit on both the supply and demand side. U.S. West Texas Intermediate crude is now down more than 25% this week, putting it on

Source: Reuters

Oil rises as Libya declares force majeure in oilfields

Reuters


LONDON – Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, risking reducing crude flows from the OPEC member to a …

Source: Reuters

Oil steadies as Chinese economy offsets trade optimism

Reuters


NEW YORK – Oil prices steadied on Friday as sluggish economic growth in China, the world’s biggest crude importer, raised concerns over fuel demand and countered optimism from the signing of a China-U.S. trade deal.

Brent crude LCOc1 futures …

January 17, 2020 - 3:00 pm China, Closing Bell Story‎, Commodity Pricing, Energy News, Finance
Source: Reuters

Oil tops $70 as Iran, Trump trade threats

Reuters


LONDON – Oil prices rose over 1% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike

Brent crude futures LCOc1 …

Source: Houston Chronicle

Oil rebounds though outlook remains clouded by oversupply

Houston Chronicle


Oil rebounded from the previous session’s loss, though the outlook remained clouded by rising U.S. stockpiles and concern that OPEC and its allies aren’t taking enough action to balance the market.

Futures added 0.6% to trade near $59 …

Oil Futures Extend Gains on Larger-Than-Expected U.S. Crude Draw

Oil Futures Extend Gains on Larger-Than-Expected U.S. Crude Draw

From Reuters


Oil prices rose in volatile trade on Tuesday supported by expectations of a drawdown in U.S. crude inventories, though gains were capped by worries about a recession and uncertainty over a China-U.S. trade deal.

Brent crude LCOc1 settled …

Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources

Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources

From Reuters


China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including …

Oil Falls 1% as U.S.-Iran Optimism Faces U.S.-China Trade Deal Hopes

Oil Falls 1% as U.S.-Iran Optimism Faces U.S.-China Trade Deal Hopes

From Reuters


Oil prices fell 1% on Monday on the outlook for increased supply of Iranian crude after France’s president lifted hopes for a deal between Washington and Tehran, but losses were limited by optimism surrounding a U.S.-China trade deal.…

Oil Spills Into U.S.-China Trade War, Prices Slump

Oil Spills Into U.S.-China Trade War, Prices Slump

From Reuters


China on Friday said it would impose tariffs on U.S. crude oil imports for the first time, sending prices down nearly 4% to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global …

Trump Calls on U.S. Firms to Exit China as Trade War Escalates

Trump Calls on U.S. Firms to Exit China as Trade War Escalates

From Reuters


President Donald Trump on Friday pressured U.S. companies to leave China after Beijing unveiled retaliatory tariffs on $75 billion in U.S. goods, stoking fears their escalating trade war will tip the global economy into recession.

Trump, who has …

Oil Eases as Fed’s Jackson Hole Meeting Gets Underway

Oil Eases as Fed’s Jackson Hole Meeting Gets Underway

From Reuters


Oil prices weakened on Thursday on worries about the global economy and as equity markets were on edge over the uncertain outlook for U.S. interest rate cuts.

Traders are awaiting a speech from Federal Reserve Chair Jerome Powell …

Courtesy of Chesapeake

Oil Steadies as Hopes of Easing Trade Tensions Lend Support

From Reuters


Oil prices steadied on Tuesday on optimism U.S.-China trade tensions will ease and hopes major economies will take stimulus measures to ward off a possible economic slowdown, after falling earlier on concerns over future demand.

Brent crude LCOc1 …

Trade War Impasse Casts a ‘Dark Cloud’ Over Outlook for US Oil Shipments, Analysts Warn

Trade War Impasse Casts a ‘Dark Cloud’ Over Outlook for US Oil Shipments, Analysts Warn

From CNBC


An escalating trade war between the world’s two largest economies is negatively impacting the outlook for U.S. crude shipments, energy analysts have warned, amid fears that China could soon dramatically reduce its intake of American oil.

Trade tensions …

Oil Rises 2% After Attack on Saudi Field, Stimulus Expectations

Oil Rises 2% After Attack on Saudi Field, Stimulus Expectations

From Reuters


Oil prices gained roughly 2% on Monday after a weekend attack on a Saudi oil facility by Yemen’s Houthi forces threatened crude supplies and as traders looked for signs that top economies would take measures to counteract a …

Oil Deepens Slide on Recession Fears, China’s Trade Threats

Oil Deepens Slide on Recession Fears, China’s Trade Threats

From Reuters


Oil prices fell more than 1% on Thursday, extending the previous session’s 3% drop, pressured by mounting recession concerns and a surprise boost in U.S. crude inventories.

In a sign of investor concern that the world’s biggest economy …

Oil Drops 3% on Weak Global Economic Data, U.S. Crude Stocks Build

Oil Drops 3% on Weak Global Economic Data, U.S. Crude Stocks Build

From Reuters


Oil prices shed 3% on Wednesday after fresh Chinese and European economic data revived global demand fears and U.S. crude inventories rose unexpectedly for the second week in a row.

Brent crude LCOc1 settled at $59.48 a barrel, …

Oil Soars Near 5% as U.S. Delays Tariffs on Some Chinese Goods

Oil Soars Near 5% as U.S. Delays Tariffs on Some Chinese Goods

From Reuters


Oil prices on Tuesday jumped by the most so far this year after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled …

Geopolitical Problems Drive WTI to $64

Geopolitical Problems Drive WTI to $64

Fighting breaks out in Libya
By Richard Rostad, analyst, Oil & Gas 360

Oil prices rose today, as geopolitical risk threatening supply instability once again asserted itself in the markets.

WTI prices rose by 2.16% today, finishing the day at

Oil Price Benchmarks Are Defying the Laws of Supply and Demand

Oil Price Benchmarks Are Defying the Laws of Supply and Demand

From Bloomberg

The diverging fortunes of fuel products derived from crude are influencing two oil benchmarks more than the state of supplies in the market.

U.S. sanctions on Venezuelan and Iranian oil as well as output cuts by the Saudi …

April 5, 2019 - 4:07 pm Closing Bell Story‎, Crude Oil News, Energy News
Oil Set for Best Quarter in Almost a Decade on OPEC+ Output Cuts

Oil Set for Best Quarter in Almost a Decade on OPEC+ Output Cuts

From Bloomberg

Oil headed for its best quarter in almost 10 years as the OPEC+ coalition’s production cuts and the loss of barrels due to U.S. sanctions on Iran and Venezuela countered a wobbly demand outlook.

Futures rose as much …

March 29, 2019 - 5:03 pm Closing Bell Story‎, Crude Oil News, Energy News
Oil Edges Lower as Trump Urges OPEC to Pump, U.S. Seen Slowing

Oil Edges Lower as Trump Urges OPEC to Pump, U.S. Seen Slowing

From Bloomberg

Oil fell for the fourth time in five days as President Donald Trump called on OPEC to lift production and data showed the U.S. economy cooling faster than expected.

Futures in New York almost staged a comeback as …

March 28, 2019 - 5:17 pm Closing Bell Story‎, Crude Oil News, Energy News
Brent Crude Hits 2019 High Above $65, Buoyed by Output Cuts

Brent Crude Hits 2019 High Above $65, Buoyed by Output Cuts

From Reuters

Brent crude oil climbed above $65 a barrel to its highest this year as OPEC-led supply cuts and this week’s announcement of a higher than expected cut by Saudi Arabia encouraged investors.

The international oil benchmark reached $65.52 …

February 15, 2019 - 5:05 pm Closing Bell Story‎, Crude Oil News, Energy News
The World’s Oil Producers Prepare for a New Round of Low Prices

The World’s Oil Producers Prepare for a New Round of Low Prices

From Stratfor

Heading into 2019, oil producers are getting the feeling that they’ve seen this market before. That suspicion was reinforced last month when the price of global benchmark Brent crude briefly fell below $50 for the first time since …

January 8, 2019 - 2:55 pm Closing Bell Story‎, Crude Oil News, Energy News