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Keyword: oilprice

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  • Crude Prices Soar After Saudi Oil Disruption, Threatening Global Growth

    09/15/2019 3:33:13 PM PDT · by RummyChick · 72 replies
    wsj ^ | 9/15/2019 | By Amrith Ramkumar
    Crude prices surged Sunday evening following an attack on Saudi Arabia’s oil infrastructure and announcement from President Trump that he has authorized the release of oil from the Strategic Petroleum Reserve. U.S. oil futures advanced about 12% to $61.60 a barrel shortly after trading opened at 6 p.m. ET. Brent crude, the global gauge of oil prices, soared 13% to nearly $69 a barrel. If those moves held, they would mark some of the biggest intraday for crude in years. ...
  • Oil Prices Plunge Below $15 In Canada

    11/13/2018 9:07:17 AM PST · by bananaman22 · 29 replies
    Oilprice.com ^ | 11-13-2018 | Nick
    Canadian oil prices briefly plunged as low as $15 per barrel last week, after a U.S. federal judge blocked the construction of the Keystone XL pipeline. Canada’s oil industry has lurched from pipeline crisis to pipeline crisis, with projects blocked at every turn. Just a few months ago, the Trans Mountain expansion – a proposed pipeline to be built from Alberta to the Pacific Coast – also ran into trouble and is now ultimately in doubt. The inability to build new capacity capable of shipping higher levels of oil out of Alberta has crushed Western Canada Select (WCS), a price...
  • Global Economy Throwing Up Red Flags For Oil

    10/17/2018 2:09:24 PM PDT · by bananaman22 · 98 replies
    Oilprice.com ^ | 10-17-2018 | Nick
    Investors are feeling the most pessimistic about the health of the global economy in a decade, according to a survey from Bank of America Merrill Lynch. The gloom is spreading, with a growing number of data points that point to risks for the economy. Fund managers surveyed by BofAML said they are holding onto cash instead of risking it in a frothy market, and 85 percent of them said that the economic expansion is in its late cycle. 38 percent of them said that they expect growth to slow over the next year, the highest share since November 2008, which...
  • Trump Is Fracturing OPEC

    07/04/2018 9:11:47 PM PDT · by BlackVeil · 24 replies
    Oil Price ^ | 4 July 2018 | Nick Cunningham
    Trump’s tweet over the weekend that Saudi Arabia agreed to add 2 million barrels per day (mb/d) of supply confused the oil markets, pushing prices down a bit on Monday. Most analysts dismissed the statement, concluding that Trump was confused when the Saudis told him they have 2 mb/d of spare capacity, and not that they had planned to bring that capacity online. A few days on from that episode, however, it actually doesn’t look that black and white. ...
  • Oil Crashes Ahead Of Trump’s Iran Deal Decision

    05/08/2018 8:38:34 AM PDT · by bananaman22 · 38 replies
    Oilprice.com ^ | 05-08-2018 | Para
    Oil prices dropped early on Tuesday as market participants await the decision of U.S. President Donald Trump on the Iran nuclear deal at 2:00 p.m. today. President Trump tweeted on Monday that he would announce his decision on whether to waive sanctions on Iran at 2:00 p.m. At 11:35 a.m. EDT on Tuesday, WTI Crude was down 3.65 percent at $68.10 and Brent Crude was down 3.02 percent at $73.87.
  • Oil Prices Tank As U.S. Drillers Add Massive Number Of Rigs

    02/09/2018 10:20:16 AM PST · by bananaman22 · 31 replies
    Oilprice.com ^ | 02-09-2018 | Juli
    As if the recent nosedive that oil prices have taken in the last few days wasn’t bad enough—Baker Hughes reported a staggering increase to the number of rigs. The number of active oil and gas rigs increased by 29 to Baker Hughes data. This brings the total number of oil and gas rigs to 975, which is an addition of 234 rigs year over year.
  • Peter Schiff: In The Impending Collapse "Everything That Can Go Wrong, Will"

    01/17/2018 4:05:22 PM PST · by blam · 121 replies
    SHTF Plan ^ | 1-17-2017 | NMac Slavo
    The impending economic collapse is hidden from most. People only see a rising stock market, not the negative underlying factors that will cause the whole system to crash. The weakening of the U.S. dollar is just getting started, warned veteran market forecaster Peter Schiff, CEO of Euro Pacific Capital. “We have just begun a major, long-term bear market in the dollar,” he said, which should cause a spike in oil prices. He thinks oil will reach $80-$100 a barrel in 2018. The commodity currently trades at roughly $63 a barrel. Shiff focuses on oil as just one example of the...
  • The Oil Information Cartel Is (Finally) Broken

    11/30/2017 10:18:05 AM PST · by bananaman22 · 6 replies
    Oilprice.com ^ | 30-11-2017 | Keith
    Most investors look at WTI and Brent prices at Bloomberg or CME Futures, and figure the oil price is in the public domain. You would be about 2 percent correct, because there are hundreds of different grades of oil, and hubs where it is bought and sold. And they all have different prices. Since the age of oil began until a few months ago, most real time oil prices were jealously guarded by marketers, who used it to their advantage in the daily multi-billion dollar physical oil trade. But I’m going to tell you the story of how Stafford and...
  • China sees new world order with oil benchmark backed by gold

    09/05/2017 7:37:59 PM PDT · by bkopto · 44 replies
    Nikkei Asian Review ^ | 9/1/2017 | Damon Evans
    China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in what analysts say could be a game-changer for the industry. The contract could become the most important Asia-based crude oil benchmark, given that China is the world's biggest oil importer. Crude oil is usually priced in relation to Brent or West Texas Intermediate futures, both denominated in U.S. dollars. China's move will allow exporters such as Russia and Iran to circumvent U.S. sanctions by trading in yuan. To further entice trade, China says the yuan will be fully convertible into gold...
  • Is History Repeating Itself In The Oil Markets?

    06/01/2017 10:32:15 AM PDT · by bananaman22 · 4 replies
    Oilprice.com ^ | 01-06-2017 | David
    It wasn’t that long ago, 19 years to be precise, when the average oil price was $11.91 per barrel (WTI). Are world conditions such that we could see that price again? Everyone said that oil prices would never fall into the $20 range, but 14 months ago oil prices hit a 14-year low of $26.21 per barrel on February 11, 2016. Are we, or better yet, can we really be looking at the same world conditions that drove those 1998 oil prices down to record lows that almost equaled the 158-year average annual oil price of $11.22 per barrel (WTI)?...
  • OPEC, non-OPEC extend oil output cut by nine months to fight glut

    05/25/2017 7:26:44 PM PDT · by Lorianne · 7 replies
    Reuters ^ | 25 May 2017 | Alex Lawler, Rania El Gamal and Ernest Scheyder
    OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years. Oil prices dropped more than 4 percent as the market had been hoping oil producers could reach a last-minute deal to deepen the cuts or extend them further, until mid-2018. [O/R] OPEC's cuts have helped to push oil back above $50 a barrel this year, giving a fiscal boost to producers, many of which rely heavily on energy...
  • Production Cuts vs Innovation – Why OPEC Has Lost The Oil Price War

    05/10/2017 8:38:29 AM PDT · by bananaman22 · 8 replies
    Oilprice.com ^ | 09-05-2017 | Peter
    OPEC and its cartel of friends must be sweating condensates in advance of their May 25th meeting. The oil price war, triggered almost three years ago, is far from over. Calling a truce with production cuts has been an ineffective strategy. In fact, it’s been a feeble strategy and nobody in the business should rely on its extension to be effective. Price wars are often triggered by the arrival of a new entrant into an entrenched market clique. American light tight oil began flowing into petroleum supply chains in 2010. By 2014, output from plays like the Bakken, Eagle Ford...
  • Oil slumps as surprise gasoline build raises supply worries

    04/20/2017 10:26:58 AM PDT · by Berlin_Freeper · 36 replies
    cnbc.com ^ | April 19, 2017 | Reuters
    Oil slumped to a two-week low on Wednesday, after U.S. data showed a smaller-than-expected drop in overall crude stocks and a surprising build in gasoline inventories, which raised worries about excessively high global supply. U.S. crude futures settled down $1.97 to $50.44 a barrel, a 3.8 percent drop, the worst-one day decline since March 8, as investors bailed out of long positions in response to the bearish inventory figures.
  • Oil Price Down Nearly 10% Over The Past Three Days

    03/10/2017 10:12:48 AM PST · by Steely Tom · 42 replies
    NASDAQ WTI Petroleum Price ^ | 10 March 2017 | Petro Market
    The of oil is down, from $53 on 7 March, to a bit above $48 today. This, going into the summer driving season.
  • Crude Crashes As Saudis Kill OPEC Meeting Before It Even Started

    09/23/2016 10:10:35 AM PDT · by bananaman22 · 9 replies
    Oilprice.com ^ | 23-09-2016 | Matt
    Crude prices are selling off, aided by Saudi comments that a decision will not be forthcoming from next week's OPEC meeting in Algiers. Add to this news that the Federal Reserve is looking to restrict bank involvement in physical commodities...and dollar strength as the cherry on top...and oil is heading lower into the weekend.
  • Why oil prices just stampeded into bull-market territory

    08/18/2016 4:42:04 PM PDT · by BlackVeil · 30 replies
    MarketWatch ^ | Aug 18, 2016 | Myra Saefong
    Oil prices officially charged into a bull market Thursday as the prospect of an output freeze by major producers, data showing the first weekly fall in U.S. crude supplies in a month, and a decline in the dollar boosted prices. Crude-oil prices have advanced more than 20% from their Aug. 2 low over the past several sessions...September West Texas Intermediate crude CLU6, +0.23% climbed by $1.43, or 3.1%, to settle at $48.22 a barrel
  • The Price Of Oil Is Crashing Again, And That Is Very, Very Bad News For The U.S. Economy

    08/02/2016 4:28:47 AM PDT · by HomerBohn · 96 replies
    LC News Group ^ | 7/2/2016 | Michael Snyder
    This wasn’t supposed to happen. The price of oil was supposed to start going back up, and this would have brought much needed relief to economically-depressed areas of North America that are heavily dependent on the energy industry. Instead, the price of oil is crashing again, and that is really bad news for a U.S. economy that is already mired in the worst “recovery” since 1949. On Monday, U.S. oil was down almost four percent, and for a brief time it actually fell below 40 dollars a barrel. Overall, the price of oil has fallen a staggering 21 percent since...
  • Exxon Misses Estimates By A Mile, Plunges To Two-Month Lows

    07/29/2016 9:09:34 AM PDT · by bananaman22 · 12 replies
    Oilprice.com ^ | 29-07-2016 | Big Oil
    ExxonMobil reported on Friday earnings of US$1.7 billion for the second quarter, a 59-percent tumble on the year, amid sharply lower commodity prices and weaker refining margins. Earnings per share assuming dilution fell to US$0.41 from US$1.00 for the second quarter last year, missing Thomson Reuters’ analyst expectations of US$0.64 earnings per share. Upstream earnings plummeted by US$1.7 billion, to US$294 million in the second quarter of 2016, and the U.S. upstream segment posted a loss of US$514 million, swelled from a loss of US$47 million in the second quarter of 2015. Non-U.S. upstream earnings tumbled by US$1.3 billion, to...
  • The Biggest Threat To Oil Prices Is The Dollar, Not A Supply Glut

    07/28/2016 9:14:52 AM PDT · by bananaman22 · 5 replies
    The glut of gasoline and other refined products has taken center stage for the oil markets, threatening to initiate a new bear market and push oil prices down below $40 per barrel for the first time in months. But while a surplus of refined products is weighing on crude prices, there could be another culprit that does not get as much publicity. Goldman Sachs says that a strong dollar deserves more blame for an oil price downturn, and further strengthening of the greenback looms as a much larger threat to prices than the gasoline glut. The U.S. Federal Reserve could...
  • IEA: Gasoline Glut Could Cause Oil Price Rout

    07/13/2016 9:39:07 AM PDT · by bananaman22 · 7 replies
    Oilprice.com ^ | 13-07-2016 | IEA
    Oil prices have been crushed over the past two years because of a glut of production. With supplies falling off, particularly in the U.S. shale patch, prices have begun to firm up. But another glut that has built up and has stubbornly refused to fall threatens another oil price downturn. In its July Oil Market Report, the International Energy Agency warned about shockingly high levels of refined products sitting in storage. Gasoline, diesel and heating oil are built up to such high levels in so many parts of the world, that a sharp rise in crude oil prices is unlikely...