Oil prices were up earlier in the session but traded down after a surprise build in crude inventories. Crude inventories rose by 10.2MM/bbls last week much higher than analysts’ expectations of a500K/bbl build. Lower refining utilization rates and higher net imports added to the crude build, said Bob Yawger, director of energy futures at Mizuho. […]
Oil prices fell today trading down 2% as Saudi Arabia pledged to help stabilize oil markets if there were any disruptions as a result of the ongoing middle east conflict. Mercuria sees prices hitting $100/bbl if the situation escalates further. “The only thing that is becoming clear for energy traders is that the road for […]
Oil prices were lower today but traded up from session lows reached earlier in the day. “Today it’s more like a ping pong game of fear-on, fear-off rather than trading on fundamentals,” said Phil Flynn, an analyst at Price Futures Group. Brent and WTI had surged more than $3.50 on Monday as the military clashes […]
Oil prices surged today, recouping some of last weeks losses as tensions in the middle east cause fears of a wider conflict potentially disrupting oil flows. “The most serious outcome for crude is that the conflict escalates into a more devastating proxy war which could affect crude supply,” said Rebecca Babin, senior energy trader at […]
Oil prices managed a gain today but still suffered steep losses week over week, with the largest weekly decline since March. Brent posted a weekly decline of 11% while WTI posted a drop of 8%. US job growth surprised to the upside, far exceeding analysts forecasts and increasing worries of further rate hikes. “Today’s (jobs) […]
Oil prices were lower again today extending yesterday’s losses as worries about fuel demand are outweighing OPEC+s decision to main oil output cuts. Brent and WTI have declined about $10/bbl in less than 10 days. “This is typical speculative trading activity – trying to make the best out of a bad situation after the bloodbath […]
Oil prices tanked today falling more than 5.5% as fuel demand destruction and a bleaker macroeconomic picture took center stage. Finished motor gasoline supplied, a proxy for demand, fell last week to about 8 million bpd, its lowest since the start of this year. Some of that lost demand could be attributed to torrential rainstorms […]
Oil prices rebounded today settling slightly higher. Prices have been under pressure lately as the dollar continues to gain, rising today to a 10 month high. A tight labor market has prompted fears the Fed could continue to raise interest rates. “We have seen an incredible increase in the yields and the dollar and that’s […]
Oil prices were lower today falling off about 2% the dollar strengthened and traders took profits. Concerns about rising supplies and high interest rates also pressured prices taking them down to 3 week lows. Before the crude price pullback that started on Sept. 28, U.S. speculators boosted their net long futures and options positions on […]
Oil prices were lower today as investors continued to take profits. The headline number however is prices closed up about 30% on the quarter. Oil and gas activity in three U.S. energy producing states has been rising with the latest jump in prices, according to a survey by the Federal Reserve Bank of Dallas. In […]