Oil prices rose today to their highest price yet this year on expectations of tighter supply. “The market is getting increasingly nervous about the sufficiency of supply,” said John Kilduff, partner at Again Capital. “Russia and Saudi are acting in a way that could materially constrain supplies as we get into the peak northern hemisphere […]
Oil prices were lower today after starting off the session strong on a surprise inventory build. A lack of big price moves in recent weeks has cut Brent’s historic or actual 30-day close-to-close futures volatility to its lowest since July 2021. Crude inventories were up by 4MM/bbls last week vs a forecasted drop of 1.9MM/bbls. […]
Oil prices were pretty much flat for the day but holding above the key $90 per barrel level. Saudi Arabia and Russia last week announced that they will extend voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year. “Much of this reduced supply has simply served […]
Oil prices were higher today with Brent rallying to nine month highs as rising Diesel futures lifted prices and increased worries about tight supplies. Both contracts closed higher about 2% week over week. “Crude prices continue to trade on supply-side drivers. No one is doubting that OPEC+ will keep this market tight going into the […]
Brent fell below $90 today in a volatile session halting a two week rally. Thursday’s fall came after nine straight sessions of gains in WTI and seven straight gains in Brent. “Crude futures are feeling some corrective pressure from a new high in the U.S. Dollar Index as well as more weakening economic numbers from […]
Oil prices settled higher on Wednesday, reversing early declines as traders anticipated further draws on U.S. crude oil inventory following extended production cuts in Saudi Arabia and Russia. “We have pretty low crude supplies in the U.S., with several weeks of big crude oil draws pushing prices up,” said Bob Yawger, director of energy futures […]
Oil prices rallied today hitting new highs for 2023 as Saudi Arabia and Russia extended their voluntary supply cuts through the end of year. Analysts had largely expected the group to continue the cuts for another month through October but through the end up the year was a supply shock to the upside. “This is […]
Oil prices broke higher today closing at seven month highs. After surging for the last couple weeks oil is approaching the upper part of a huge technical range. This Brent close above the $88 level pushed the 50 day moving average above the 200 day moving average which in technical terms could mean a big […]
US crude prices gained today on prospects of OPEC+ production cuts continuing through the end of the year. “With Brent prices having stalled in the mid-$80s … the prospect of those Saudi barrels returning to the market any time soon looks slim and the impact is increasingly being felt across the world as commercial stock […]
Oil prices gained today continuing yesterdays rally on a positive EIA report as inventories fell by 10.6MM/bbls, exceeding expectations. Analysts had forecasted a drop of 3.3MM/bbls. Meanwhile product supplied for gasoline was at about 9.1MM/bpd. Analysts are advising caution on these demand numbers however. “I would expect (gasoline demand) to fall precipitously from here,” said […]