Oil prices continue to feel pressure from a rising U.S. dollar and rising rig counts but the long term outlook for the global oil market is looking ever more scary. As the oil industry continues to contract, the investment in oil for the long haul continues to retrench. While we are focused on what we […]Continue Reading →
George Orwell, DTN Energy Reporter. Oil futures traded on the New York Mercantile Exchange and Brent crude on the Intercontinental Exchange moved lower early in Friday’s regular session, with the Brent and ULSD contracts sliding to 2-1/2 month lows on their spot continuation charts, as concern over too much supply weighs on values. “Oil prices […]Continue Reading →
Oil prices are testing key support levels as they try to balance supply versus demand and demand expectations. Supply seems to be speaking for itself as combined, all U.S. crude oil and refined product stocks are at 2.08 billion barrels, an all-time high. But demand is near all-time highs as well. The American Petroleum Institute […]Continue Reading →
Timothy Puko, The Wall Street Journal. The EIA said natural-gas stockpiles grew by 34 billion cubic feet last week Natural gas prices flipped to gains after government data showed a smaller-than-expected surplus of gas headed into storage last week. The U.S. Energy Information Administration said natural-gas stockpiles grew by 34 billion cubic feet last week, […]Continue Reading →
Oil prices gave up some oil inventory inspired gains after Japan said there is no chance Japan will resort to “helicopter money” bonds. Darn, I already thought they had. This comes against a backdrop of a state of emergency in Turkey that is raising concerns that Turkey may actually start moving away from the West […]Continue Reading →
Oil prices sputter into August crude oil expiration as volume dries up. The oil market seems to lack any real conviction as it faded to a 10 week low. The dollar is soaring to the highest levels since last March and that seems to be offsetting the fact that we saw another drop in U.S. […]Continue Reading →
Nicole Friedman and Kevin Baxter, The Wall Street Journal. Oil prices wavered between gains and losses Tuesday as traders weighed signs of a growing glut of refined fuels against continued declines in U.S. crude production. U.S. crude for August delivery recently fell 20 cents, or 0.4%, to $45.04 a barrel on the New York Mercantile […]Continue Reading →
Crude oil price fell as it became apparent that the failed Turkish coup would have little impact on key oil supply and pipeline routes and instead turned to worries about oversupply. With the post Brexit and now Turkey’s failed coup weighing on demand expectations, supplies look a lot larger. Oil sold off on a report […]Continue Reading →
George Orwel, DTN Energy Reporter. New York Mercantile Exchange oil futures settled lower this afternoon, pressured by a strong dollar and fresh worries supply could be running ahead of demand. “This [selloff] is an inverse reaction to the failed coup in Turkey,” said analyst Phil Flynn at Price Futures Group. Others agreed. “Petroleum prices are […]Continue Reading →
As the news broke about the Turkey coup, oil prices shot up right before the electronic close on Friday. The reason is that Turkey is a key transportation hub for global oil supply. Close to 3% of the globe’s daily oil supply travels through the Turkish straits between the Black Sea and the Mediterranean. As […]Continue Reading →
The sick and twisted terror attack in Nice, France has put some pressure on oil overnight. France will go into lockdown mode as events surrounding the Bastille day holiday will be canceled, reducing travel and demand for oil. It is a travesty that we have to once again write how an evil act and its […]Continue Reading →
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