Oil Rallies on Expectations of Supply Reduction
February 12, 2019
Oil rallies on expectations about supply reduction
Brit Research Group Revises Oil Price Forecast Upward through Mid-2020s
December 10, 2018
What the new OPEC with Russia and without Qatar means for energy prices: Cebr Britain’s Centre for Economics and Business Research (Cebr) has revised its oil price forecast based on higher demand for oil and natural gas from non-OECD countries. The Cebr put out a note Monday reflecting the revisions in conjunction with last week’s OPEC/non-OPEC production cut agreement. From
Massive Nor’easter Pushes Gas Prices, Consumption to Record Levels
January 4, 2018
New York spot prices reaching $46.50/MMBTU A heavy winter storm roared through New England today, bringing high winds and snowfall to the region. Morning forecasts predicted New York could see snow accumulations of nine inches, and even higher snowfalls in many other major cities. This storm follows several weeks of cold weather throughout the U.S., which fueled massive natural gas
Largest Crude Draw of the Year Sends Prices North
May 11, 2017
The 5.2 MMBO crude oil inventory draw is the largest since December 2016 U.S. crude oil inventory levels fell 5.2 MMBO in the week ended May 5, according to the EIA, sending traders into action yesterday. Oil markets have been waiting for signs that a production cut from OPEC would affect swelling inventories. Draw was almost triple analysts’ predictions The
OPEC Talks Up Prices, But Oil Production Continues to Overflow
September 22, 2016
OPEC using the last arrows in its quiver to try to move oil prices: words Prior to November 2014, OPEC acted as the swing producer, raising or lowering production in order to send prices one way or another. Since making the decision to focus on market share instead of oil prices, the group has lost its control over prices for
Rig Count Slightly Dips as Oil Prices Falter on Continued Glut
September 16, 2016
U.S. rig count drops by 2 this week as prices dip nearly $3 below weekly high The U.S. rig count snapped a streak of gains for the week ended September 9, 2016, according to information from Baker Hughes Industries (ticker: BHI). The total number of rigs in the U.S. fell by two to 506 last week. The loss of three rigs
WTI Meets Definition of Bull Market as OPEC Talks About a New Freeze
August 23, 2016
This time Iran indicates that it would be willing to cooperate with a new production freeze Oil prices rose today as news that Iran may be ready to join a wider production freeze surfaced. Both OPEC and non-OPEC producers such as Russia previously tried to implement a production freeze, but were unsuccessful when Saudi Arabia insisted that Iran take part
U.S. Rig Count Jumps 4%, Oil Prices Continue to Improve
August 12, 2016
The U.S. rig count rose 17 rigs this week, but increased drilling doesn’t weaken oil prices The U.S. land rig count continued to gain for the week ended August 12, 2016, with 17 additional rigs reported in the United States, according to Baker Hughes Industries (ticker: BHI). The total U.S. rig count reached 481 this week, thanks in large part
Oil Dips to $38 as the Market Waits for Actions, not Words
March 29, 2016
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
Total U.S. Rig Count Down by Four Last Week
March 18, 2016
Oil Rig Count Rises by One, Oil Breaks $40 Barrier The U.S. rig count continued falling for a thirteenth-straight week in the week ended March 18, 2016, according to information from Baker Hughes. The total count fell by four to 476 with five fewer rigs drilling for gas reported partially offset by the addition of one oil rig. Oil rigs
Rig Count Sees Largest Drop in Percentage Terms Since April
December 11, 2015
Oil prices and rig counts decline 4% following OPEC meeting The total rig count for the United States in the week ended December 11, 2015, was down 4% from the previous week, the largest drop by percentage since the week ended April 10, 2015. The total rig count fell by 28 in absolute terms, finishing the week at 709, according
WTI Price Increasingly Unstable Since OPEC 2014 Decision
November 3, 2015
The price of U.S. benchmark WTI crude is becoming increasingly volatile The price of U.S. crude oil benchmark West Texas Intermediate (WTI) has been increasingly volatile since November of last year, following the decision by OPEC to maintain production over defending oil prices. The chart above shows the number of days the price of oil changed by a certain percentage
