New York Mercantile Exchange (NYMEX) Oil prices rose to near eight-week highs on Wednesday, with Brent crude futures above $50 a barrel, as a much steeper than expected decline in United States inventories encouraged hopes the global crude glut would recede.
Despite initial support provided to the oil market by the agreement in late 2016 between OPEC and other major exporters (OPEC+) to restrain production and the subsequent extension of the initial six-month trial period through the first quarter of 2018, sentiment has weakened notably since the start of the year.
New York Mercantile Exchange (NYMEX) Oil prices extended their earlier gains Wednesday after data from the United States Energy Information Administration (EIA) showed that domestic crude supplies dropped 7.6 million barrels for the week ended July 7.
New York Mercantile Exchange (NYMEX) Oil prices tumbled about 4 percent on Wednesday, ending their longest string of daily gains in more than five years, as climbing Organization of the Petroleum Exporting Countries (OPEC) exports and a stronger dollar spurred selling.
New York Mercantile Exchange (NYMEX) Oil prices rose to a two-week high on Thursday, extending a rally into a sixth straight session, after a decline in weekly U.S. production eased concerns about deepening oversupply.
Last Friday, Baker Hughes (BHI-NYSE) reported its weekly U.S. drilling rig count data showing a six-rig increase from the prior week, as well as a six-rig increase in the number of drilling rigs seeking crude oil.
Traders who are long and wrong in crude oil, as well as those looking to catch the falling knife, have been looking for answers in what has been one of the most severe WTI oil futures sell-offs in recent years (that said, we’ve seen a lot of severe bouts of selling in this market).
New York Mercantile Exchange (NYMEX) Oil prices dropped to six-week lows on Thursday, under pressure from high global inventories and doubts about Organization of the Petroleum Exporting Countries (OPEC) ability to implement agreed production cuts.
New York Mercantile Exchange (NYMEX) Oil fell for a second day on Thursday to hit one-month lows after an unexpected surge in United States inventories and the return of more Nigerian crude aggravated investor concerns about an already oversupplied market.
Highlights: Supply: Crude production up 62 kbd in March – Year on Year down 76 kbd Flattish production in North Dakota (-2 kbd) and Texas (+3 kbd) Demand: Demand for March was 0.4 million b/d stronger than the weekly data Year on Year demand growth for March was 0.4 mbd (2.1%)
New York Mercantile Exchange (NYMEX) Oil futures rose on Thursday after slumping to a three-week low the previous session, buoyed by an industry report that showed United States crude stockpiles had fallen more than expected.
New York Mercantile Exchange (NYMEX) Crude futures settled lower on Wednesday, despite the release of a bullish report from the Energy Information Administration (EIA), showing United States crude inventories fell more than expected in the previous week, extending the dip in United States crude stockpiles to a sixth-straight week.
Yesterday the Algerian Energy Minister, who sits in the OPEC monitoring committee together with the ministers from Kuwait and Venezuela, stated that “At this moment I think we have an agreement to do 9 months, but tomorrow perhaps we’ll have another proposition.”
New York Mercantile Exchange (NYMEX) Oil prices slumped in North American trading on Thursday, amid concern that an ongoing rebound in U.S. shale production is derailing efforts by other major producers to rebalance global oil supply and demand. The United States West Texas Intermediate crude June contract dropped 61 cents, or around 1.3%, to $48.45 a barrel.
New York Mercantile Exchange (NYMEX) Oil prices on Thursday marked their second-highest settlement of the month with traders encouraged by a bigger-than-expected decline in weekly U.S. crude inventories.
Content 1 Phase 1 of the price recovery is over ......................................... 3 2 What happens in phase 2 and 3? ............................................... 4 3 Will shale growth kill the price recovery? .................................... 4 4 Key risk is Nigeria and Libya ...................................................... 5
New York Mercantile Exchange (NYMEX) Oil prices closed 1.5 percent higher on Friday, rebounding from five-month lows, following positive United States jobs data and assurances by Saudi Arabia that Russia is ready to join Organization of the Petroleum Exporting Countries (OPEC) in extending supply cuts to reduce a persistent glut.
The huge US record supplies of crude as well as confusion as the OPEC's compliance with scheduled production cuts were the reason all in the group fell back recently after testing the upper reaches of support. We do see a little technical support a bit lower for all here so this will be an interesting wing for this group.
New York Mercantile Exchange (NYMEX) Oil prices rebounded from early losses on Wednesday after United States government data showed a larger-than-expected falloff in crude inventories, which encouraged buying after several days of selling on worries that a global crude glut was persisting despite output cuts by producing countries.
Natural gas prices have recovered sharply from their trough in early-2016 (Chart 1) - with Henry Hub up 51% y/y in mid-April - as earlier low prices curtailed U.S. production and bolstered demand by industry and power generators.
New York Mercantile Exchange (NYMEX) Oil fell to a two-week low on Wednesday, after a surprising build in United States gasoline inventories and a rise in domestic crude output that is partially offsetting cutbacks by other countries trying to reduce a global glut.
New York Mercantile Exchange (NYMEX) United States crude stocks fell unexpectedly last week, the Energy Information Administration said on Wednesday, while gasoline and distillate inventories also declined in a report that analysts said should be supportive for prices.
New York Mercantile Exchange (NYMEX) Oil prices settled a shade firmer on Wednesday, easing from one-month highs, as support from an outage at the largest United Kingdom North Sea oilfield was offset by a surprise increase in United States crude inventories to a record high limited price gains.
New York Mercantile Exchange (NYMEX) Oil prices rose more than 2 percent on Wednesday as United States crude inventories grew less than expected, supply disruptions continued in Libya and the Organization of the Petroleum Exporting Countries (OPEC) -led output cut by producing countries looked likely to be extended.
New York Mercantile Exchange (NYMEX) Crude futures settled lower on Wednesday, after the latest Energy Information Administration (EIA) report showed a faster rise than expected in United States crude inventories.
New York Mercantile Exchange (NYMEX) Oil prices on Wednesday climbed for the first time in more than a week on a surprise drawdown in United States crude inventories and data from the International Energy Agency (IEA) suggesting OPEC cuts could create a crude deficit in the first half of 2017.