Oil prices rose today on a larger than expected crude oil draw. Shrinking inventories indicating tighter supply helped prices as inventories fell by 1.4MM.bbls. This is higher than the 1.1 million bbl draw expected as refinery activity also increased. A weaker than expected US jobs report also helped boost prices as it raised expectations that […]
Oil prices were lower today trading down on easing of supply tightness. Markets traded down further after hours as the API survey showed a jump a crude inventories. “If EIA shows less barrels are going into the refineries, then that is a problem for crude oil here,” Mizuho analyst Robert Yawger said. “Heading into peak […]
Oil prices steadied ending the day largely unchanged as a ceasefire in the middle east remained elusive. Earlier in the day some news organizations reported a ceasefire agreement had been reach which sent prices lower. Ultimately this was disputed and prices traded higher later in the session. “(A possible agreement) took some air out of […]
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Oil prices were lower today, closing down week over week for their steepest weekly loss in three months. Investors are weighing weak US jobs data as it relates to possible timing of a Fed interest rate cut. Higher for longer rates would curb economic growth in the worlds leading oil consuming nation. US job growth […]
Oil prices were lower today near their lowest levels in almost two months under pressure from weaker global demand and rising inventories. Both benchmarks closed below their 200 day moving average. “Now it’s all a story of demand as risk premium from tensions in the Middle East seen last month morphs into residual risk,” said […]
U.S. oil prices fell more than they have in months on today, dropping below $80 per barrel for the first time since March in response to signs of weak demand and an easing of Middle East tensions. The strong dollar isn’t helping either. Oil, which is priced in dollars, tends to fall when the greenback […]
Oil prices fell 1% on Tuesday, extending losses from Monday, on the back of rising U.S. crude production, as well as hopes of an Israel-Hamas ceasefire. U.S. crude production rose to 13.15 million barrels per day (bpd) in February from 12.58 million bpd in January in its biggest monthly increase since October 2021 according to […]
Oil prices were lower today trading down as Middle East tensions eased. “You’re seeing the geopolitical risk premium leak out again today because of no new escalation in the Israel-Hamas situation,” said John Kilduff, partner at Again Capital LLC. “A ceasefire or hostage negation release would take out even more risk premium.” U.S. monthly inflation […]
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