Iran's Revolutionary Guard says it put a stop to the protests in Iran, yet the oil traders are not that convinced. After many arrests and over 20 dead, the Iranian people are tired of being left out of the global economic surge.
The American Petroleum Institute (API) reported another massive drawdown in U.S. crude supply coming at a drop of 5.222 million barrels last week. That is the third big draw in a row and was almost twice what the market was looking for.
Crude oil prices have rallied sharply since the last week of October, with West Texas Intermediate (WTI) breaking above the upper end of the US$40-$55 trading range it had been in since early-2016 (Chart 1).
Oil prices were little changed on Tuesday as expectations of an extended OPEC-led production cut were cancelled out by rising output in the United States Brent crude futures, the international benchmark for oil prices, were at $62.25 per barrel at 0142 GMT, 3 cents above their last close.
The American Petroleum Institute (API) reported a shocking build of 6.513 million barrels of United States crude oil inventories, against a Wall Street Journal analyst expectation that inventories would draw down by 1.4 million barrels for the week ending November 10.
New York Mercantile Exchange (NYMEX) Oil prices steadied just below two-year highs on Thursday, supported by supply cuts by major exporters, but analysts said the market could be vulnerable to a sell-off after several months of gains.
New York Mercantile Exchange (NYMEX) Oil prices dipped in see-saw trade on Wednesday, hitting their highest in more than two years and then retreating after weekly United States government inventory data showed the latest crude stock draw was not as big as an industry trade group had reported.
New York Mercantile Exchange (NYMEX) United States oil prices slipped on Wednesday after a surprising increase in United States crude inventories, while United States gasoline futures rallied 1 percent on a sharp falloff in inventories.
Most here have pushed to the higher end of their respective trading ranges during the past two weeks. I do not expect any major moves for any in this group as we continue in the aforementioned trading ranges except for one possibility.
New York Mercantile Exchange (NYMEX) Oil prices logged a third straight session gain, as Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for crude demand but said output by member countries rose in September despite a deal to limit production.
New York Mercantile Exchange (NYMEX) Oil prices fell the West Texas Intermediate crude (WTI) (CLc1) settled down 44 cents to $49.98 a barrel while Brent (LCOc1) fell 20 cents to $55.80 a barrel on Wednesday after a surprising jump in United States crude exports to a record 2 million barrels per day fanned worries about global oversupply.
New York Mercantile Exchange (NYMEX) Oil prices were basically flat early on Wednesday prices are holding just below highs from earlier this week after United States crude inventories surprisingly declined amid higher demand.
New York Mercantile Exchange (NYMEX) Oil prices settled up 2 percent on Wednesday despite a rise in United States crude inventories, with the market heading for its largest third-quarter gain in 13 years after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts.
New York Mercantile Exchange (NYMEX) Crude oil prices rose on Wednesday after the International Energy Agency (IEA) said a global surplus of crude was starting to shrink, even though United States data showed another big increase in domestic inventories due to Hurricane Harvey.
New York Mercantile Exchange (NYMEX) Oil prices rose more than 1 percent on Wednesday as strong global refining margins and the reopening of U.S. Gulf Coast refineries provided a more bullish outlook after sharp drops due to Hurricane Harvey.
New York Mercantile Exchange (NYMEX) Gasoline and oil prices continued to diverge on Wednesday, as Tropical Storm Harvey dumped more rain along the Gulf Coast and forced the full shutdown of the nation's largest refinery.
New York Mercantile Exchange (NYMEX) Oil prices rose on Wednesday after United States crude inventories declined for the eighth straight week and as a storm approached the Gulf Coast with the potential to disrupt oil and refined products output.
New York Mercantile Exchange (NYMEX) Crude futures settled lower on Wednesday, as data showing United States crude production rose to its highest in over two years offset a decline in supplies of United States crude for a seventh-straight week.
New York Mercantile Exchange (NYMEX) Crude futures settled higher on Wednesday, as investor's cheered data showing a sharp decline in supplies of United States crude but gains were capped by a surprise uptick in gasoline stockpiles.
New York Mercantile Exchange (NYMEX) Oil prices edged higher on Wednesday, as surging United States fuel demand offset data from the Energy Department that showed crude inventories did not fall as much as expected last week.
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).