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[Daniel J. Graeber. UPI] The likelihood that parties to an OPEC-led effort to balance the market with production cuts stand pat on output left oil prices in the red early Thursday. Ministers assigned to a joint committee monitoring an agreement to sideline 1.8 million barrels per day to balance an oversupplied market left a meeting […]

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[Catherine Traywick, Bloomberg] President Donald Trump has proposed selling off more than half of the U.S. emergency oil stockpile, potentially putting more crude on the global market, even as OPEC works to prop up prices. A budget proposal released Tuesday includes a plan to sell 270 million barrels of oil from the Strategic Petroleum Reserve […]

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[Myra Saefong, MarketWatch] 2018 budget proposal includes 10-year sale of 270 million barrels of reserve oil. At a time when major oil producers have been struggling to ease a global glut of crude supplies, the Trump administration has proposed the sale of nearly half of the oil from the U.S. Strategic Petroleum Reserve under its […]

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[Ship & Bunker] “I wouldn’t be surprised if the do something to wow the market.” Phil Flynn, Senior Analyst, PRICE Futures Group. Read Article: https://shipandbunker.com/news/world/873390-oil-prices-rise-as-talk-of-longer-deeper-cutback-consensus-grows

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Oil Futures Gain on OPEC Optimism

On May 22, 2017 - 11:16 AM By

[George Orwel, DTN Energy Reporter] New York Mercantile Exchange spot-month oil futures and Brent crude oil futures on the IntercontinentalExchange posted one-month highs on Monday morning, boosted by a weaker dollar and optimism ahead of a summit by the Organization of Petroleum Exporting Countries Thursday (5/25) that is expected to ratify their commitment to prolong […]

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Oil Futures End Mixed

On May 18, 2017 - 7:21 AM By

[George Orwell, DTN Energy] New York Mercantile Exchange spot-month oil futures settled mixed Wednesday afternoon, with RBOB futures reversing from a three-week high to end little changed amid worry seasonal demand for gasoline remains sluggish year-over-year. The ULSD futures contract was the strongest segment of the oil complex. Oil futures registered a modest rally earlier […]

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[Video, Fox Business News: Mornings with Maria] Price Futures Group analyst Phil Flynn discusses why OPEC may have to do more than extend its production cuts and the importance of oil rigs. Watch the latest video at video.foxbusiness.com http://video.foxbusiness.com/v/5437601639001/?#sp=show-clips  

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[Daniel J. Graeber, UPI] Market optimism may be tested by evolving sentiment over President Trump’s growth objectives. Support for an extended OPEC-led effort to balance the market with production declines helped boost oil prices Wednesday despite a build in U.S. supplies. Russia and Saudi Arabia started off the rally this week by supporting a move […]

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[Sue Chang & Myra Saefong, MarketWatch] WTI poised for first weak session after four days of gains. Oil reversed course to trade lower Tuesday as doubts about a sustained recovery in oil prices emerged. The International Energy Agency offered a pessimistic report, which dampened optimism over plans by the Organization of the Petroleum Exporting Countries […]

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[Gillian Rich, Investor’s Business Daily] l futures rallied Monday after the Saudi and Russian energy minsters threw their support behind extending output cuts by another nine months, but markets received another reminder that U.S. producers could undermine the deal as shale companies find ways to turn profits at lower prices. The Energy Information Agency said […]

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[Daniel J. Graeber, UPI] Decision from Russia and Saudi Arabia pushes oil prices up more than 3 percent in early trading. Crude oil prices were on pace for another major rally Monday after Saudi Arabia and Russia agreed on an extension to a production cut arrangement. Saudi Arabia is the largest contributor among members of […]

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[By Phil Flynn for Fox Business] President Donald Trump is hosting the Crown Prince of Abu Dhabi Monday ahead of a key meeting with Saudi Arabia that will essentially reset U.S. foreign policy in the Middle East. Relations with the long-time U.S. ally were strained under the Obama administration as the decision to not follow […]

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