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 […]
“What is now proved was once only imagined.” ― William Blake Jobs Update Stocks closed mixed on Friday of last week and mixed week over week The DOW closed lower on Friday of last week, down -158.84 points (-0.47%), closing out the week at 33,507.5, down -456.34 points week-over-week. The S&P 500 closed lower 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 […]
Oil prices eased about 1% today as traders took profits after prices rose to 10 month highs. Rising interest rate worries are also dragging down sentiment. “Oil was ripe for a pullback. After coming a few dollars short of the $100 level, energy traders are quickly locking in profits,” Edward Moya, senior market analyst at […]
WTI crude futures climbed $3.29, or 3.6 per cent, to settle at$93.68/bbl. The session high was over US$94. Brent crude futures closed up $2.59, or 2.8 per cent, to close at US$96.55/bbl. Brent traded above US$97/bbl during the trading session to the highest settlement in 2023, after a steep drop in U.S. crude stocks compounded […]
Oil prices settled nearly 1% higher today, rebounding from a two week low earlier in the session. Expectations of tighter supply is outweighing worries of economic uncertainty. “Refined products remain under pressure as fears of higher oil prices for a longer period of time combined with higher interest rates for a longer period of time […]
Oil prices settled mostly flat for the day in a choppy session as Russia relaxed its fuel ban and investors eyed elevated interest rates. Fed officials not only indicated another rate hike before year end but also indicated rates could stay higher for longer which would crimp oil demand. The news was enough to snap […]