Oil prices were lower today posting their third straight weekly loss as investors weighed OPEC+ reassurances against the latest US jobs data that lowered expectations of a looming Fed rate cut. “The jobs report indicated higher rates for longer,” said Andrew Lipow, president of Lipow Oil Associates. “That tends to dampen enthusiasm on the oil […]
Oil prices were higher today, trading up after the ECB opted to cut interest rates. The move spurred hopes that the Fed will follow in their footsteps. This is kind of a good news/bad news situation. “Today the ECB rate cuts are helping, and casting a view that the Fed will finally follow suit here […]
Oil prices climbed today rebounding from four-month lows as hopes of an interest rate cut in September outweighed demand concerns from todays EIA report. “Data outside of the oil world was sufficiently weak that it’s going to give cover to the Fed to finally cut rates and spur some growth,” said John Kilduff, partner at […]
Oil prices fell today by more than $1/bbl as skepticism about an OPEC+ decision to boost supply later this year weighed on markets. “My base case is that the market is over-reacting to the OPEC announcement,” said Phil Flynn with Price Futures Group. The planned October unwinding adds jitters about oversupply in an environment where […]
Oil prices were lower today trading down as investors worried that a complicated OPEC+ decision could lead to higher supplies later in the year. “The communication of a surprisingly detailed default plan to unwind extra cuts makes it harder to maintain low production if the market turns out softer than bullish OPEC expectations,” Goldman Sachs […]
“Spectacular achievement is always preceded by unspectacular preparation.”– Robert H. Schuller Jobs Update Stocks closed mixed on Friday of last week and mixed lower week over week The DOW closed higher on Friday of last week, up 574.84 points (1.51%), closing out the week at 38,686.32, down -1,317.27 points week-over-week. The S&P 500 closed higher […]
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Oil prices were lower for the day and week over week as investors are watching the OPEC+ meeting this Sunday that will determine the fate of the groups output curbs. “It’s the trepidation ahead of the OPEC meeting over the weekend,” said Matt Smith, lead analyst at Kpler, referencing the potential for the group to […]
Oil prices fell today after a surprise build in fuel inventories. Analysts had expected the U.S. Memorial Day holiday on May 27, the start of the U.S. summer driving season, would boost fuel demand. Yet EIA’s measure of gasoline demand slipped about 2% from the prior week to 9.15 million barrels per day. “I was […]
Oil prices eased today on gasoline demand worries. Worries about U.S. gasoline demand, meanwhile, have kept gasoline futures prices near a recent two-month low, cutting gasoline and 321- crack spreads, which measure refining profit margins, to their lowest levels since February. “Gasoline demand (is) still surprisingly weak in keeping supplies near normal levels as bullish […]