After an up and down week for crude oil prices, the U.S. rig count extended its upward momentum to make it six out of the last seven weeks in the positive. The total number of active rigs increased by seven rigs over last week to 447, according to date released today by Baker Hughes (ticker: BHI). Despite gains in the
In the last two days, three reports have been released with current data and predictions for the oil market moving forward. Yesterday, the Oil Market Reports for July were released from both OPEC and IEA, as well as the crude oil storage report from API. This morning brought the Weekly Petroleum Status Report from EIA. This smorgasbord of data has
Oil started the day on a slight upswing, but following today’s Petroleum Weekly Status Report issued by the EIA, the price began to plummet, ending the day down 4.76%. Initial reports coming last night from the American Petroleum institute (API) showed a draw on inventories of 6.7 million barrels. However, the API was just setting up the EIA for disappointing
U.S. crude oil stocks fell 4.1 million barrels Crude oil prices continued to rally today after taking a dive following the Brexit vote last week. Investors fleeing the pound sterling strengthened the dollar and yen substantially, creating downward pressure on oil prices earlier this week, but data from the EIA today showed a larger than expected crude oil inventory draw,
Eyes of the World Should be on the BOJ As the markets tread into the ‘post-Brexit’-world after the UK voters cast in favor of the United Kingdom leaving the European Union, the chips are beginning to fall and countries half a world away are feeling the effects of the decision. There have been many financial market effects felt around Britain
WTI and Brent crude oil prices down 4.1% and 3.9%, respectively, today Oil prices continued to fall for a sixth consecutive day, today, while concerns over the possible exit of U.K. from the European Union pulled markets down. Concerns over the future of the E.U. and its currency, along with more bullish statements from the U.S. Federal reserve, strengthened the
Drilling but not completing wells–why is it done? The uncertainty of the last year and a half surrounding the oil and gas industry has given rise to a multitude of different rationales about industry practices. Rig counts have been dissected, production levels followed, and any data point that could possibly be related to oil and gas has been factored in. Big
U.S. inventory draw of 3.2 MMBO Crude oil prices settled higher for a third day Wednesday as the Department of Energy reported the third consecutive week of crude oil draws. U.S. inventories decreased by 3.2 MMBO, slightly more than the average economist estimate of 3.1 MMBO. Today’s figures did show more gasoline pumped into storage, however, an unusual occurrence in
The oil market is showing signs of recovery as of late, with oil topping $50 a barrel during intraday trading today for the first time since November 2015 (the brief piercing of $50 ended quickly). The ascent has been slow but steady and aided by slowing production in the U.S., and production outages in Nigeria and Canada. However, it has
June Hike Likely – What is the Effect on Oil? On Wednesday May 18, 2016, the Federal Reserve released the minutes from its April meeting, sending vibrations throughout the markets. The message from the Fed to the market was simple: stay on your toes because the Fed is seriously considering raising interest rates in June. There has been speculation as
Iran made a statement when the country issued official selling prices for June contracts of heavy crude oil sold to Asia. The most recent pricing information unveiled by Iran is the largest discount to Saudi and Iraqi oil since 2007. The Iranian announcement was just a few days after Saudi Arabia announced a price increase for their June contracts to
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
