Oil prices fell today over 1% for the second day in a row as poor Chinese economic data gave pause to the recent rally. Weighing on sentiment, China’s industrial output and retail sales data showed the economy slowed further last month, intensifying pressure on already faltering growth and prompting authorities to cut key policy rates […]
Oil prices dipped today on worries of Chinas faltering economic recovery. With fading hope China’s economy will return to pre-pandemic levels of demand, oil markets have little to pin their hopes to for future growth, said Walter Zimmerman, chief technical analyst with ICAP-TA. “The problem is as China increasingly proves unable of getting out of […]
“What you do makes a difference, and you have to decide what kind of difference you want to make.” ~ Jane Goodall Jobs Update Stocks closed mixed on Friday of last week and mixed week over week The DOW closed higher on Friday of last week, up 105.25 points (0.3%), closing out the week at […]
Oil prices were higher today, buoyed by tightening supplies and forecasted record global demand. The IEA estimated that global oil demand hit a record 103MM/bpd in June and could reach a new peak this month. At the same time Saudi Arabia and Russia are cutting production setting the stage for inventory declines over the rest […]
Oil prices were lower today after some profit taking. Both benchmarks have been on a sustained rally since July. Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for conflict between Russia and Ukraine in the Black Sea region […]
Oil prices hit new highs today with Brent trading at its highest since January and WTI trading at its highest since November of last year. Gasoline and distillate inventories continue to draw down as stocks had a draw of 2.7MM/bbls and 1.7MM/bbls respectively. “The draws in refined products continue to be bullish for the oil […]
.Oil prices were slightly higher today after trading down big early in the session but rebounding after the EIA forecasted GDP growth to rise 1.9% in 2023. The EIA also expects Brent crude oil prices to average $86 in the second half of 2023, up about $7 from the previous forecast. U.S. crude production is […]
Oil prices settled traded down today on a rising dollar and fears of weaker than expected demand out of China. “The summer driving season is winding down in the United States,” said Robert Yawger, director of energy futures for Mizuho Securities USA. “If you don’t need as much gasoline, you don’t need as much oil.” […]
Oil prices rose again for the 6th straight week and are now at the highest level since mid-April. Saudi Arabia on Thursday extended a voluntary oil production cut of 1 million barrels per day to the end of September, keeping the door open for another extension. Russia has also elected to reduce its oil exports […]
Oil prices were higher today as Saudi Arabia and Russia take steps to keep supplies tight into next month and maybe beyond. Diesel futures also rose about 2% to close at their highest since January 2023. A lack of big price moves in recent weeks has cut Brent’s historic or actual 30-day close-to-close futures volatility […]