.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.” […]
“Don’t do nothing halfway, else you find yourself dropping more than can be picked up.” ~ Louis Armstrong Jobs Update Stocks closed lower on Friday of last week and lower week over week The DOW closed lower on Friday of last week, down -150.27 points (-0.43%), closing out the week at 35,065.62, down -393.67 points […]
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 […]
Oil prices were lower today, settling more than 2% despite a historic drop in crude inventories. Crude stocks fell 17MM/bbls last week, the largest drop in inventories ever going back to 1982. Increased refinery runs and strong exports led this larger than expected decline. Ratings agency Fitch downgraded the US government’s top credit rating, an […]
Oil prices edged lower today, moving down as traders started taking profits. “Crude is moving in a corrective phase this morning, prompted by a sharply higher U.S. dollar index and satisfying the ‘overbought’ market situation,” said Dennis Kissler, senior vice president of trading at BOK Financial. The dollar index by .4% today, which is a […]
Oil prices hit multi month highs today on tightening supply. “After the end of SPR releases and recession fears and a liquidity drain due to bank stability fears, which caused the markets to ignore a looming supply squeeze, the coming supply deficits are getting too big to ignore,” Price Futures Group analyst Phil Flynn said. […]
“What we observe is not nature itself, but nature exposed to our method of questioning.” – Werner Heisenberg Jobs Update Stocks closed higher on Friday of last week and higher week over week The DOW closed higher on Friday of last week, up +176.57 points (+0.5%), closing out the week at 35,459.29, up +231.6 points […]
Crude oil prices rose again today, notching their 5th straight week of gains. Bullish demand expectations were boosted on Thursday after U.S. second quarter gross domestic product grew at a forecast-beating 2.4%, supporting Federal Reserve Chairman Jerome Powell’s view that the economy can achieve a so-called “soft landing.” Investors are warming up to the idea […]