Post Tagged with: "Oil Price"

Goldman Slashes Oil Forecasts as New Supply Seen Plentiful

Goldman Slashes Oil Forecasts as New Supply Seen Plentiful

From Bloomberg

Goldman Sachs Group Inc. cut its oil price forecasts for 2019, citing a re-emerging surplus and resilient U.S. shale production.

Global benchmark Brent crude will average $62.50 a barrel this year, analysts including Damien Courvalin said in a …

January 7, 2019 - 4:04 pm Closing Bell Story‎, Crude Oil News, Energy News
Oil Prices Go on Wild Christmas Ride

Oil Prices Go on Wild Christmas Ride

Prices drop sharply on Monday, recover 8.7% on Wednesday
Oil prices have experienced a wild ride in the past week, with major jumps and drops in individual days.

WTI prices have been erasing much of the gains seen since the

Cushing, Okla., is one of the United States oil facilities in the Keystone Pipeline System.

TransCanada’s 4,250-kilometre (2,640 mile) Keystone Pipeline System transports approximately 20 per cent of western Canadian crude oil exports to key refineries in the U.S. Midwest and Gulf Coast, where it is converted into fuel and other useful petroleum products.

Oil Takes a Sub-$50 Dip: OPEC+ Vacillations Send Oil on Wild Ride

Russia, Saudi discussing how much should be cut and how fast
Oil prices swung sharply in trading today, dropping below $50/bbl for the first time in 14 months before rising to close up 2.25% on the day. WTI closed the

Oil Falls as Rising Global Supply Forces Price U-Turn

Oil Falls as Rising Global Supply Forces Price U-Turn

From Reuters

Oil edged lower on Thursday, surrendering early gains, as investors focused on the pace of growth in global crude supply, which is increasing more quickly than many had expected.

Chinese data earlier in the day that showed record …

November 8, 2018 - 12:13 pm Closing Bell Story‎, Crude Oil News, Energy News
Oil Falls on Oversupply Worries Despite Iran Sanctions

Oil Falls on Oversupply Worries Despite Iran Sanctions

From Reuters

Oil prices dropped on Friday, heading for a third weekly loss after Saudi Arabia warned of oversupply, while a slump in stock markets and concerns about trade clouded the outlook for fuel demand.

Brent crude oil LCOc1 fell …

October 26, 2018 - 12:40 pm Closing Bell Story‎, Crude Oil News, Energy News
Wall Street Takes a Punch: Dow Drops 800 Points

Wall Street Takes a Punch: Dow Drops 800 Points

From the Associated Press/Los Angeles Times

Stocks slid Wednesday, with the Dow Jones industrial average losing more than 800 points in a sell-off that accelerated in the final minutes of trading. The Dow and other major U.S. stock indexes notched …

October 10, 2018 - 4:22 pm Closing Bell Story‎, Commodity Pricing, Energy News
OPEC Sets a Date to Determine if Cuts will be Extended or Die

OPEC Sets a Date to Determine if Cuts will be Extended or Die

OPEC to make decision on cuts as part of regular meeting

The Organization of Petroleum Exporting Countries will hold meetings with its non-OPEC counterparts to decide the future of production cuts on the same day as the group’s scheduled semi-annual …

Oil Above $50 Despite 15 Additional Rigs

Oil Above $50 Despite 15 Additional Rigs

Onshore drilling continues to spool up as oil remains near $50 per barrel

The U.S. rig count continued to climb in the week ended March 31, 2017, with Baker Hughes reporting 15 additional rigs added to fleets across the country …

OPEC Paints Itself into a Corner

OPEC Paints Itself into a Corner

OPEC may extend production cuts as U.S. production rollover adds to inventoryOPEC prepares for its 171st meeting to decide on production cuts

WTI crude oil prices were down again Monday even as news that OPEC was considering extending production cuts reached markets. For a change, prices didn’t reflect the news …

Oil: Is $50 the Ceiling?

Oil: Is $50 the Ceiling?

Continued stock builds and concern about OPEC members cranking up production may have put a cap $50

Oil prices took a dramatic dip Wednesday following the crude oil inventory report, which showed an 8.2 MMBO increase in U.S. storage compared …

OPEC Says Cuts Are Ahead of Schedule

OPEC Says Cuts Are Ahead of Schedule

OPEC, Russia said they are not worried about U.S. shale production

OPEC and non-OPEC producers are off to a good start in meeting the goals set in a production cut plan initiated at the start of the year, according to …

Oil Prices Rise Ahead of OPEC Compliance Meeting

Oil Prices Rise Ahead of OPEC Compliance Meeting

Oil prices move higher as markets expect high levels of compliance among OPEC and non-OPEC members

Oil prices were up over $1 per barrel Friday as markets felt hopeful that OPEC and non-OPEC members taking part in production cuts were …

January 20, 2017 - 4:49 pm Closing Bell Story‎, Oil and Gas 360 Articles, OPEC
Venezuela Plans to Cut 95 MBOPD as Markets Await OPEC Compliance

Venezuela Plans to Cut 95 MBOPD as Markets Await OPEC Compliance

Venezuela plans to cut production roughly 4% as OPEC prepares to lower output

Venezuela said Tuesday that it plans to cut production by 95 MBOPD, or roughly 4% of its 2.4 MMBOPD of total production, as OPEC prepares to implement …

Source: Sweetcrudereport.com

U.S. Crude Draw was a Million Barrels More than Expected

EIA reports a crude oil draw of 2.4 MMBO

Crude oil inventories fell 2.4 MMBO for the week ended December 2, 2016, according to the Energy Information Administration. The decline in crude stocks was more than 1.0 MMBOPD more than …

WTI Down Nearly $2 as Uncertainty around OPEC Continues to Grow

WTI Down Nearly $2 as Uncertainty around OPEC Continues to Grow

OPEC appears to be struggling to close on a production agreement

Oil prices dropped Monday as markets continue to lose faith that OPEC will be able to reach a production agreement by the end of November.

A meeting this weekend …

Oil Hits One-Year High on Surprise Crude Draw

Oil Hits One-Year High on Surprise Crude Draw

Crude in storage sinks below year-ago levels

Oil prices spiked as much as 3% Wednesday following news from the EIA that the number of barrels in storage declined despite analyst expectations of a build. The EIA reported a draw of …

Oil Prices Go Up after 2017:  EIA

Oil Prices Go Up after 2017: EIA

NatGas Use in Electricity Generation Soars through 2040: EIA Report

The U.S. Department of Energy’s Energy Information Agency released its newest comprehensive report today, its Annual Energy Outlook 2016. As to the agency’s projections for oil and gas prices and …

Rig Count Decreases, Oil Price Volatile

Rig Count Decreases, Oil Price Volatile

Oil prices bounced around today on a variety on news entering the market.

All eyes were on Janet Yellen who spoke this morning from a symposium in Jackson Hole, Wyoming. Speculation on when and if the Fed will raise rates …

August 26, 2016 - 5:18 pm Closing Bell Story‎, Oil and Gas 360 Articles
Crude Oil Storage Rises, WTI Price Sinks

Crude Oil Storage Rises, WTI Price Sinks

July 27, 2016

CRUDE OIL INVENTORY/000 BBLS

Week Ended 7/22/2016

Current Inventory:                          521,133

Actual Build/(Draw):                       1,671

Economist Average Estimate:     (2,020)

Previous Inventory:                        519,462

 

Crude oil storage increased for the first time after nine weeks of storage draws. Economist’s estimates …

Rig Count Continues to Increase

Rig Count Continues to Increase

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 …

July 15, 2016 - 4:33 pm Closing Bell Story‎, Oil and Gas 360 Articles
Oil Reports Cast Contradicting Shadows of Oil Market: Oil Price Falls

Oil Reports Cast Contradicting Shadows of Oil Market: Oil Price Falls

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 Price Falls Hard on Inventory Report

Oil Price Falls Hard on Inventory Report

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) …

Oil Prices Climb on Lower Inventories and a Potential Strike in Norway

Oil Prices Climb on Lower Inventories and a Potential Strike in Norway

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

Could the Reaction to a Strong Yen Push Oil Lower?

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 …

Oil Drops for Sixth Straight Day on Brexit Concerns, Smaller Inventory Draw than Economists Expected

Oil Drops for Sixth Straight Day on Brexit Concerns, Smaller Inventory Draw than Economists Expected

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 …

Reasons for Not Completing a Well

Reasons for Not Completing a Well

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, …

Oil Closes Above $51 on Third Straight Week of Inventory Draws

Oil Closes Above $51 on Third Straight Week of Inventory Draws

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 …

You Say OPEC, I Say What the Heck

You Say OPEC, I Say What the Heck

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).

oil price

The ascent has been slow …

How do Yellen, the Fed, and the Dollar Affect Oil Prices?

How do Yellen, the Fed, and the Dollar Affect Oil Prices?

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:  …

Iran Reignites Middle East Price War

Iran Reignites Middle East Price War

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. …