It looks like oil is consolidating for another leg up as it shakes off political uncertainty in Germany, one of the reasons we pulled back yesterday, and instead on talk of another big drop in supply in the Cushing Oklahoma. Market chatter has the NYMEX delivery point falling at least 1 million barrels and some […]Continue Reading →
[Daniel J. Graeber, UPI] State regulators approve of the route for the pipeline that was once an oil-industry scapegoat, but ordered TransCanada to avoid a sensitive ecological area in the state. A decision spanning two U.S. presidential terms came to a head Monday when regulators in Nebraska cleared a remaining hurdle for the Keystone XL oil pipeline. […]Continue Reading →
[David Gaffen, Reuters] Oil prices slipped on Monday, extending recent weakness ahead of an OPEC meeting next week, while a rally in the dollar negatively affected commodities across the board. Brent crude futures LCOc1 were down 84 cents at $61.86, or 1.4 percent, by 11:37 a.m. EST (1637 GMT), while U.S. West Texas Intermediate (WTI) […]Continue Reading →
Oil traders have amassed a record long position in oil as global demand rises and supply of distillate stocks remain tight. Money managers increased their net longs by 28,297 contracts to 409,963 or equivalent of nearly 410 million barrels of oil, according to Reuters. This comes as U.S. shale producers hold off on adding oil […]Continue Reading →
[Myra P. Saefong, MarketWatch] The International Swaps and Derivatives Association ruled Thursday that Venezuela, as well as state oil company Petróleos de Venezuela SA, defaulted on their debts. ISDA’s determination committee will reconvene on Nov. 20 to make a decision on how credit-default swaps, which can be used to protect against nonpayment, will be settled, according […]Continue Reading →
Khalid A. Al-Falih, the Minister of Energy, Industry and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco all but guaranteed an extension of oil production cuts to be officially announced at the end of the month despite the protestations by some Russian oil companies. Russian oil companies are desperate to raise production to […]Continue Reading →
[Zlati Meyer, USA TODAY] With Americans feeling better about their finances, they will hit the road in near-record numbers over the Thanksgiving weekend despite higher gasoline prices, experts predict. An estimated 50.9 million Americans will travel 50 miles or more to get to their destinations over the four-day weekend, the most since 2005, according to AAA’s annual […]Continue Reading →
[Rob Curran, Fox Business] Shares of energy producers fell alongside oil futures after a surprise buildup in U.S. oil supplies. Crude-oil stockpiles rose by 1.9 million barrels to 459 million barrels and are still in the upper half of the average range for this time of year, the EIA said, contrary to analysts’ predictions of […]Continue Reading →
The Energy Information Administration (EIA) reported a more supportive snapshot of petroleum supply and demand than the American Petroleum Institute (API) reported, and while the report was not as bullish as pre-API report expectations from a seasonal standpoint it was supportive. The EIA reported that total commercial petroleum stocks increased 2.75MB and while that might […]Continue Reading →
[Carl Surran, Seeking Alpha] U.S. crude oil fell for the fourth straight session after the EIA reported a surprise rise in crude and gasoline inventories, but a rise in refining runs and a drawdown in distillates helped prices bounce off session lows; WTI settled -0.7% at a two-week low $55.33/bbl, while Brent finished -0.6% at $61.87/bbl. “Overall, the report is somewhat supportive because […]Continue Reading →
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