WTI under $50 Oil prices slipped Monday morning over concerns of global oversupply despite promises from OPEC leader Saudi Arabia that the group would work to limit production at its next meeting in November. Both U.S. and international crude benchmarks were down more than $0.50 per barrel in trading Monday morning after breaking above $50 in October. The number of
Crude oil inventories fell roughly 3.0 MMBO, sending WTI prices higher U.S. crude oil futures were up over 2% today, extending gains from earlier this week, as the Department of Energy announced a surprise draw in crude oil inventories. The average estimate for this week’s crude oil data indicated that stockpiles would build 1.06 MMBO, but the data released by
U.S. crude benchmark WTI trades above $48.50 Crude oil prices are up today, as the markets remain hopeful that OPEC will come to an agreement and limit its production during its next official meeting in November. Brent, the global benchmark, gained 1.4% to $50.89 per barrel, its largest daily gains since September 8, and its highest settlement since August 18.
EnerCom Analytics’ September Industry Trends Report Examines Oil Prices The current price of oil may feel low given the fading memories of $100 per barrel oil back in 2014. But in a longer term historical context, we are on the high end of the curve at today’s prices. EnerCom Analytics looked at historical monthly crude oil prices between 1974 and August 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
Today’s closing price represents a 2016 high for WTI oil prices Oil prices hit 2016 highs today, with U.S. crude benchmark WTI settling above $50 per barrel for the first time since July 21, 2015, when WTI closed at $50.36, the same closing price seen today. Concerns over unplanned supply interruptions in Nigeria, along with an expected crude oil storage
Chart Watching: a Hobby Resurrected Oil price has been on a tear as of late with market watchers picking away at any scrap of data coming from the oil sector as to when the market will balance. WTI prices have increased in the neighborhood of 70% since hitting a low around $27 three months ago. There have been several catalysts
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
Decreased price spread and new pipelines are decreasing crude by rail shipments The movement of crude oil by rail is down in the United States. Crude by rail shipments reached a peak in October 2014 at 928 MBOPD before trending downward, according to the EIA. Most of the shipments originated in the Midwest and went to the East Coast, West
Brent crude oil broke $40 per barrel for the first time in 2016 Both U.S. and international crude benchmarks are up over 5% today as rumors of a potential OPEC price floor give new hope of a “fair price for producers and consumers” – a phrase once favored by OPEC. WTI is up nearly $2 at $37.84 per barrel today,
“The market’s not shocked anymore” The price of both U.S. and international crude oil benchmarks has been fluctuating this morning following news from the Energy Information Administration that crude stockpiles grew by more than 10 million barrels last week. The news initially sent prices down as much as 2%, but both have recovered, and are even showing gains since this
Hopes of a coordinated cut from OPEC continue to spur WTI prices Prices for U.S. crude oil benchmark WTI were up over 12% at 1:20 p.m. EST today on continued hopes that OPEC would cut production in order to bolster prices. WTI approached 12-year lows yesterday as the global supply cut persisted, until news that OPEC was ready to consider
