Oil prices were lower today, falling further for the week as markets remained wary of soft Chinese demand despite OPEC+ extending production cuts. “While supplies have remained on the tighter side given OPEC’s production cuts and Russian sanctions slowing exports, demand from China looks to be lagging and U.S. driving season demand has yet to […]
Oil prices were mostly flat today as markets weighed new economic data from China against increasing supply from the Western Hemisphere. China’s import and export growth beat estimates, suggesting global trade is turning a corner. Despite the positive days overall crude imports to China have been falling. “The import numbers were down substantially because they […]
Oil prices were higher today edging up about 1% on a smaller-than-expected build in U.S. crude inventories, a big withdrawal from distillate and gasoline stocks. Crude stocks had a build of 1.4MM/bbls compared to a forcasted build of 2.1MM/bbls. “The draw down in gasoline and distillates has the market’s attention. This is a wake up […]
Oil prices were lower today as declining risk appetite hit financial assets across the board. Risk off sentiment in the broader financial markets weighed on prices. A weaker dollar provided some support for prices on easing growth in the services sector. “Beyond that, the market is really just looking for the next headline here, with […]
Oil prices were slightly lower today as headwinds continued to counterbalance wider expectations of an extension of output cuts. However, the end of a warm winter across the northern hemisphere is weighing on oil prices despite the OPEC+ announcement. U.S. product supplies of distillate fuel oil, which includes heating oil, declined in December to 3.61 […]
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Oil prices rose 2% on Friday and posted weekly gains as traders awaited an OPEC+ decision on supply agreements for the second quarter. “The expectation that OPEC+ is going to continue with their voluntary production cuts well into the second quarter of 2024 is the main focus on the market,” said Andrew Lipow, president of […]
Oil prices were lower today as US inflation data implied a softening of the US economy. “The economic data, which is mixed, is helping to argue for interest rate cuts for the Fed, which is supportive of oil demand,” said John Kilduff, partner with Again Capital LLC. “At the same time, those cuts are going […]
Oil prices were mostly flat today after the Fed held firm on its decision to hold off in rate cuts in the near future. U.S. crude inventories rose by 4.2 million barrels last week, surpassing analysts’ expectations of 2.74 million. Stockpiles have risen for five consecutive weeks due to unplanned refinery outages following a winter […]
Oil prices were higher today, rising about $1/bbl as OPEC+ is contemplating extending voluntary output cuts. Sources are telling Reuters OPEC+ could keep the additional cuts in place until the end of the year. “We are going to see some tight supplies down the road,” said Dennis Kissler, senior vice president of trading at BOK […]