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
Open interest reaches new highs Bets that crude oil prices would fall below $25 per barrel in March reached an all-time high today. It is impossible to say exactly where oil prices will be two months from now, but if the open interest, or the amount of total contracts outstanding, for puts on West Texas Intermediate is any indication, the
U.S. rig counts continue their downward trend The U.S. rig count has either decreased or remained unchanged for 22 consecutive weeks now. According to information released from Baker Hughes (ticker: BHI) the U.S. rig count fell by 13 in the week ended January 22, 2016, to 637. This is the first time since the week ended August 20, 1999, that
Certain crude grades from around the globe are already at or below $20 per barrel Oil and gas prices for the U.S. crude benchmark WTI, and international crude benchmark Brent, closed below $30 per barrel today, but some producers are already seeing less for their oil. The price for some grades of crude oil is already below $20 per barrel
The United States crude export ban was lifted less than two weeks ago, and domestic companies are wasting no time transporting American oil abroad. On December 30, 2015, ConocoPhillips (ticker: COP) and NuStar Energy (ticker: NS) announced its first cargo is expected to complete the loading phase by December 31. The shipment is expected to be the first U.S. crude
Production forecast says NatGas will be down by 365 MMcf/d in Jan The Energy Information Administration (EIA) forecasts that next month. Despite the trend of more efficient wells, the EIA said it anticipates lower production in all major oil producing regions except the Permian and the Utica in January. The most substantial drop in production is expected to come from
“Production from the North Slope of Alaska and the North Sea of Europe, burgeoning oil regions 20 years ago, is in decline. Unrest in Venezuela and Nigeria threatens the flow of oil. The Middle East remains the mother lode of crude, but war and instability underscore the perils of depending on that region.” The points above came from an archived
