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Showing posts from January, 2019

Crude Oil Price Scales 2-Month High: 4 Top Picks - Nasdaq

[unable to retrieve full-text content] Crude Oil Price Scales 2-Month High: 4 Top Picks    Nasdaq Crude oil prices have been stabilizing since the beginning of 2019 buoyed by the decision of OPEC and Russia-led oil exporters to cut production. http://bit.ly/2HGHqMz

Venezuela and the new oil landscape - Axios

Generate - January 31, 2019 - Axios

Crude Oil Price Scales 2-Month High: 4 Top Picks - Nasdaq

[unable to retrieve full-text content] Crude Oil Price Scales 2-Month High: 4 Top Picks    Nasdaq Crude oil prices have been stabilizing since the beginning of 2019 buoyed by the decision of OPEC and Russia-led oil exporters to cut production. http://bit.ly/2HGHqMz

Venezuela and the new oil landscape - Axios

Generate - January 31, 2019 - Axios

US crude oil tops $55, poised for best January on record - CNBC

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Oil prices turned sharply lower on Thursday, though U.S. crude remained on track to break a three-month losing streak. Crude futures have powered through a steady flow of weak economic data from China, the world's second biggest oil consumer. The energy complex has been boosted by OPEC-led production cuts aimed at draining oversupply and U.S. sanctions on Venezuela, which threaten to disrupt global trade flows and bolster prices. U.S. West Texas Intermediate crude prices were last down 40 cents at $53.83 a barrel, after hitting a fresh two-month high at $55.37. WTI is heading for a roughly 18.5 percent gain. Brent crude , the international benchmark for oil prices, rose 24 cents to $61.89 a barrel around 1:47 p.m. Brent is currently up about 15 percent in January, for its best monthly gain since April 2016. Despite the strong monthly performance, both benchmarks remain in bear market territory, with WTI down about 30 percent from its 52-week high in October. The crude price

Crude Oil Technical Price Outlook: WTI Pullback Testing Pivot Support - DailyFX

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Crude oil prices are down nearly 3% since the start of the week and while the risk remains for further losses near-term, the broader picture remains constructive after last month's rebound. These are the updated targets and invalidation levels that matter on the WTI charts this week. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more. New to Oil Trading ? Get started with this Free How to Trade Crude Oil Beginners Guide Crude Oil Daily Price Chart (WTI) Technical Outlook: In my latest Crude Oil Weekly Technical Outlook , we warned that the recent, “price advance remains vulnerable near-term while below 55.21/53 . ” WTI registered a high at 54.30 before reversing last week with the decline now testing the 100% extension (two-equal legs) of the decline off the monthly high at 51.45 . Note that the advance off the December low does look to be a five-wave affair and as such, a three-wave correction would bode well for the bulls. It’s m

Oil prices rise as Saudi Arabia cuts supply to United States - CNBC

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Oil prices rose for a third day on Thursday, pushed up by signs of lower imports into the United States as part of efforts by OPEC to tighten the market. U.S. West Texas Intermediate (WTI) crude futures were at $54.58 per barrel at 0249 GMT, up 35 cents, or 0.7 percent, from their last settlement. WTI closed up 1.7 percent on Wednesday, when prices touched their highest since Nov. 21 at $54.93 a barrel. International Brent crude oil futures were up 52 cents, or 0.8 percent, at $62.17 per barrel. The price rise came after a report from the U.S. Energy Information Administration (EIA) on Wednesday showed a drop in Saudi crude supply to the United States. "Crude oil prices were stronger after signs emerged that OPEC cuts are impacting trade. EIA's weekly report showed that U.S. imports from Saudi Arabia fell by more than half from the previous week to 442,000 barrels per day (bpd). This is the second lowest level in weekly data going back to 2010," ANZ bank said. Sau

The Major Risk That Oil Markets Are Underestimating | OilPrice.com - OilPrice.com

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The U.S. campaign for regime change in Venezuela could drive up oil prices. The oil markets barely budged last week when the Trump administration first recognized Juan Gauidó as President of Venezuela, and prices hardly moved even after follow-up reporting showed that the U.S.’ effort to topple Nicolas Maduro was a lot more coordinated than it may have seemed at first glance. Oil prices also largely shrugged when American sanctions on PDVSA were announced earlier this week. However, by Tuesday, oil traders finally woke up to the fact that the U.S. campaign to topple Maduro by essentially issuing an embargo on Venezuelan oil exports could lead to major disruptions in the market. WTI and Brent both rose sharply. Even as U.S. sanctions simply bar American entities from doing business with PDVSA, the measures could wreak havoc on Venezuelan oil exports. U.S. refiners import around 500,000 bpd of Venezuelan oil. American sanctions also dictate that any revenues from oil sales would b

Oil Markets Unmoved By Modest Inventory Build | OilPrice.com - OilPrice.com

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As international prices inched up in the aftermath of Washington’s latest sanctions against Venezuela, the Energy Information Administration reported a build in crude oil inventories for the week to January 25. At 900,000 barrels, the build is modest, and follows an increase of 8 million barrels in the previous week. Gasoline inventories reversed four weeks of builds. In the week to January 24, these shed 2.2 million barrels. In the previous four weeks, cumulative gains in gasoline reached 26.6 million barrels . There has been growing worry that United States refiners are producing excessive amounts of gasoline, which has pressured their profit margins as the oversupply combines with sluggish demand. Last week, refineries churned out 9.9 million barrels daily of gasoline, compared with 9.6 million bpd a week earlier. In distillate fuels, the EIA reported a 1.1-million-barrels inventory decline and average daily production of 5 million barrels, versus 5.2 million bpd a week earlie

Crude Oil Price Forecast – crude oil markets continue to chop back and forth - Yahoo! Finance News

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WTI Crude Oil The WTI Crude Oil market has rallied significantly during the trading session on Tuesday, but has failed to break out yet again, as we continue to consolidate just below the $55 level. This is an area that should continue to be important, as we are trying to form an inverted head and shoulders pattern. If we can break above the $55 level, we probably go looking towards the $60 level eventually, although I suspect that the move higher is probably going to be rather choppy as we had fallen so significantly over the last several months. Oil Forecast Video 30.01.19 [embedded content] Brent Brent markets also look as if they are trying to form an inverted head and shoulders, with the $64 level offering resistance. If we can break above that level, then I think the market could continue to go much higher, perhaps all the way to the $68 level. I think at this point we continue to see a lot of back-and-forth trading, as we are pressuring a major resistance barrier. If we

API Reports Smaller Crude Oil Build Than Expected | OilPrice.com - OilPrice.com

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The American Petroleum Institute (API) reported a crude oil inventory build of 2.098 million barrels for the week ending Jan 25, compared to analyst expectations that we would see a much larger buildup in crude oil inventories to the tune of  7.97 million barrels . Last week, the API reported a surprise crude build of 6.55 million barrels. A day later, the EIA confirmed the inventory build, but a larger one at 8 million barrels.  Oil prices were trading up prior to the data released, buoyed in part by unrest in Venezuela and the additional sanctions that may disrupt heavy oil flows to the United States, combined with Saudi Arabia’s pledge to cut its oil production more deeply, even as more and more barrels are removed from the market courtesy of Venezuela and Libya. At 4:03pm EST on Tuesday, WTI was trading up on the day $1.22 (+2.35%) per barrel at $53.20—a rise of less than $1 per barrel week on week. Brent crude was trading up $1.27 (+2.12%) at $61.08—near flat week on week.  

Oil rises 2.5%, settling at $53.31, as US slaps sanctions on Venezuela - CNBC

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Oil prices rebounded on Tuesday from steep losses in the previous session after Washington imposed sanctions on Venezuelan state-owned oil firm PDVSA in a move that may curb the country's crude exports. Despite the move, which comes as the U.S government looks to pile pressure on President Nicolas Maduro to step down, traders said ample global oil supply and an economic slowdown, especially in China, were keeping crude prices in check. U.S. West Texas Intermediate crude futures ended Tuesday's session up $1.32, or 2.5 percent, at $53.31 per barrel. WTI fell 3.2 percent in the previous session. International Brent crude futures rose $1.29, or 2.2 percent, to $61.22 per barrel around 2:30 p.m. ET, after tumbling nearly 2 percent on Monday. Venezuela has the world's biggest proven oil reserves, but its potential has not been realized due to a lack of investment. The country is also a member of OPEC, which is implementing a supply cut deal. "The Latin American

South Korea To Boost US Oil Buys Further This Year | OilPrice.com - OilPrice.com

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South Korea has been buying increasing amounts of U.S. crude oil and will continue to do so this year, Reuters reports , citing data from its service Eikon. This will help narrow the Asian economy’s trade surplus with the United States, improving moods in Washington and strengthening bilateral ties. Over this month and next, for example, imports of U.S. crude oil and liquefied natural gas into South Korea are seen at 18 million barrels and 900,000 tons, respectively. “At the moment, the trend (of importing U.S. crude) will stay ... The economics for U.S. crude is a little bit better than Middle East and North Sea oil,” Reuters quoted a source from the South Korean refining industry as saying. Last year, according to Reuters data, the U.S. exported 7.87 million tons of crude oil to South Korea, equal to 57.687 million barrels, as well as 4.664 million tons of liquefied natural gas. The country, which is the world’s fourth-largest oil importer, was nevertheless granted a sanction wai

New Exploration Tech Finds 1.5 Billion Barrels Of Oil In Alaska - OilPrice.com

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Digital technology adoption in all stages of upstream operations in the oil and gas industry has seen a steep rise recently. While a lot has been written about the benefits of digitizing various aspects of the well-drilling, extraction, and field maintenance processes, there is also another major field where digital tech is changing the game: before the well-drilling even begins. In Alaska, for instance, new technology in oil and gas exploration has led to the discovery of more than 1.5 billion barrels of crude oil in the North Slope in just two years, S&P Global Platts recently reported . These are deposits that were known to be there but the resources they held could not be mapped or measured, so the deposits were considered unproductive before digital tech, in the form of advanced 3D seismic surveys and new data processing techniques, came along. So, established exploration methods are one area where there is a surge of improvements but there are also alternative exploration

Crude Oil Prices May Focus on US, China Trade Talks for Direction - DailyFX

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CRUDE OIL & GOLD TALKING POINTS: Crude oil prices rise amid talk of further US sanctions on Venezuela Gold prices shrug off US Dollar gains to rise as Treasury yields drop US-China trade talks may overshadow FOMC rate decision, US GDP A lull in top-tier relevant event risk and a deluge of incoming developments translated into uneven performance for benchmark commodities. Gold prices rose – shrugging off a modestly stronger US Dollar – as Treasury bond yields declined despite the absence of a clear lead from sentiment trends. Crude oil prices jumped after US Treasury Secretary Steve Mnuchin said in an interview with Bloomberg that further sanctions on Venezuela are being considered. That appeared to amplify supply concerns touched off by political turmoil amid dueling claims on the country’s presidency . FOMC AND US GDP DUE, US-CHINA TRADE TALKS MAY PROVE PIVOTAL An action-packed session in the hours ahead features a first look at fourth-quarter US GDP data as wel

U.S. oil prices end at 2-month high on modest crude supply rise, Venezuela turmoil - MarketWatch

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Oil futures settled higher Wednesday, with weekly domestic crude supplies up less than expected and U.S. sanctions on Venezuela’s state-run oil company lifting U.S. benchmark prices to their highest finish in over two months. The U.S. sanctioned Venezuela’s Petróleos de Venezuela SA, or PdVSA, earlier this week, raising the risk of disruptions to global oil supply from the Organization of the Petroleum Exporting Countries member, which is also home to the world’s largest oil reserves. West Texas Intermediate crude for March delivery US:CLG9 gained 92 cents, or 1.7%, to settle at $54.23 a barrel on the New York Mercantile Exchange. Based on the front-month contracts, prices logged their highest finish since Nov. 21, according to FactSet data. Month to date, front-month contracts were up 19%, on pace for the best January performance since at least 1985, according to Dow Jones Market Data. March Brent crude LCOH9, +0.73%  rose 33 cents, or 0.5%, to $61.65 a barrel on ICE Futures Eu

Technical Forecast for Gold Price, Crude Oil, Dow Jones, DAX 30 & More - DailyFX

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Gold is trying to push above a long-term resistance zone but at risk of a pullback to develop soon. Crude oil is consolidating and building the right side of a bullish price sequence. U.S. indices are trading near resistance, with the Dow Jones near confluent resistance by way of a trend-line off the record high and 200-day MA. The DAX is trading around the 2011 trend-line but yet to turn lower and give shorts momentum. Technical Highlights: Gold price around long-term resistance Crude consolidating, forming right side of inverse H&S Dow Jones near confluent resistance, DAX 2011 trend-line New Quarterly Forecasts are out, check them out along with other helpful resources on the DailyFX Trading Guides page. Gold price around long-term resistance Gold has snuck itself above the 1305/10 zone, but in an extended state it may not stay there for long. Not that interested in being a bear despite thinking there will be a pullback simply because it is still in a strong upward

South Korea To Boost US Oil Buys Further This Year | OilPrice.com - OilPrice.com

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South Korea has been buying increasing amounts of U.S. crude oil and will continue to do so this year, Reuters reports , citing data from its service Eikon. This will help narrow the Asian economy’s trade surplus with the United States, improving moods in Washington and strengthening bilateral ties. Over this month and next, for example, imports of U.S. crude oil and liquefied natural gas into South Korea are seen at 18 million barrels and 900,000 tons, respectively. “At the moment, the trend (of importing U.S. crude) will stay ... The economics for U.S. crude is a little bit better than Middle East and North Sea oil,” Reuters quoted a source from the South Korean refining industry as saying. Last year, according to Reuters data, the U.S. exported 7.87 million tons of crude oil to South Korea, equal to 57.687 million barrels, as well as 4.664 million tons of liquefied natural gas. The country, which is the world’s fourth-largest oil importer, was nevertheless granted a sanction wai

Azerbaijani oil prices up Business 14:52 - Trend News Agency

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Baku, Azerbaijan, Jan. 30 Trend: The price of the AZERI LT CIF oil, produced at the Azeri-Chirag-Gunashli block of oil and gas fields, amounted to $62.89 per barrel at the Italian port of Augusta on Jan. 29, or $1.41 more than on Jan. 28, a source in Azerbaijan's oil and gas market told Trend Jan. 30. The AZERI Light FOB Ceyhan oil price was $62.03 per barrel on Jan. 29, or $1.42 more than on Jan. 28. Azerbaijan has been producing AZERI LT since 1997 and exports it via the Baku-Tbilisi-Ceyhan and Baku-Supsa pipelines, as well as by rail to the Georgian port of Batumi. Azerbaijan also exports URALS oil from Russia’s Black Sea port of Novorossiysk. The oil is delivered there via the Baku-Novorossiysk pipeline. The price for URALS-NOVO was $59.47 per barrel on Jan. 29, or $1.69 more than the previous price. The price for a barrel of Brent Dated, produced from the North Sea, stood at $61.4 on Jan. 29, or $1.69 more than the previous price. Follow Trend on Telegram. Only most i

Crude Oil Price Update - Upside Momentum Increases Over $53.79 with $54.32 Next Major Tarqets - FX Empire

Oil prices steady as US sanctions Venezuela and the economy remains gloomy - Business Day

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London — Oil prices held steady on Wednesday, boosted by concerns about supply disruptions following US sanctions on Venezuela’s oil industry but pegged back by a bleak outlook for the global economy. US West Texas Intermediate (WTI) crude futures were at $53.34 a barrel at 9.50am GMT, up 3c or 0.06%. International Brent crude oil futures were at $61.45 a barrel, up 13c or 0.21%. Washington announced export sanctions against state-owned oil producer PDVSA on Monday, limiting transactions between US companies that do business with the firm. “The sanctions so far have been mostly disruptive for refiners on the US Gulf Coast, who are being forced to seek alternative heavy crude supplies, and have stepped up purchases from Canada,” said Vandana Hari of energy consultancy Vanda Insights. The sanctions aim to freeze sale proceeds from PDVSA’s exports of roughly 500,000 barrels per day (bpd) of crude to the US. World oil futures rose by more than 2% on Tuesday, but the market has not se

Oil prices edge up on US sanctions against Venezuela - Livemint

Sydney: Oil prices steadied on Tuesday, edging up from a near two-week low in the previous session when prices fell around 3 percent on fears of supply growth and a global economic slowdown. U.S. West Texas Intermediate (WTI) crude futures were at $52.07 per barrel, up 8 cents from their last settlement. WTI futures closed down 3.2 percent on Monday when prices touched $51.33 a barrel - the lowest since January 17. International Brent crude oil futures had yet to trade, after closing down 2.8 percent in the previous session when prices hit a low of $59.49 a barrel - the lowest since January 15. "Rising supplies continue to put downward pressure on crude prices despite the efforts of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers to limit production," said Alfonso Esparza, senior market analyst, OANDA. U.S. drillers added 10 oil rigs last week, according to energy services firm Baker Hughes on Friday, in another sign of the expand

Oil Town Fights Man Camps in Effort to Boost Local Population - Bloomberg

[unable to retrieve full-text content] Oil Town Fights Man Camps in Effort to Boost Local Population    Bloomberg Fort McMurray, the remote Canadian town largely built by the oil-sands industry, is trying to limit the ability of those companies to fly in out-of-town workers. https://bloom.bg/2BbHZrT

Price of petrol up‚ diesel down in February - SowetanLIVE Sunday World

Petrol up‚ diesel down in February. This is according to the Automobile Association (AA)‚ which was commenting on unaudited month-end fuel price data released by the Central Energy Fund. "Over the same period‚ the Rand has firmed gradually against the US dollar. It began the month at nearly R14.50 to the dollar and is current hovering around R14.00‚ offsetting the oil price rise to some degree." The current picture shows petrol increasing by around eight cents a litre‚ while diesel is set to drop by three cents and illuminating paraffin by nine cents. The difference in the price changes relates mainly to the differences in the international product prices of diesel and petrol. "What is worth noting is that the average Rand strength against the US dollar has been increasing for nearly a month‚ and we are hopeful this may point to a period of greater stability for the currency‚" the AA comments. "If international oil prices continue their current stable trend

US Seeks To Cripple Venezuela's No.1 “Vehicle For Embezzlement' - OilPrice.com

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The Trump administration stepped up its effort at regime change in Venezuela on Monday, announcing sanctions intended to cripple the country’s oil sector. The U.S. government will bar most transactions between any American companies and PDVSA, with some limited exceptions. The U.S. Treasury Department justified the sanctions, saying that PDVSA has “long been a vehicle for embezzlement.” The sanctions immediately put 500,000 bpd of Venezuelan oil exports at risk, as well as some 100,000 bpd of U.S. exports of diluents to Venezuela. Citgo, the U.S.-based subsidiary of Venezuela, would be allowed to continue to operate, but its revenues will be diverted into a designated account. The Trump administration is trying to put Venezuela’s oil revenues into the hands of its preferred president, Juan Guiadó. The threat of oil sanctions on Venezuela has been on the table for the better part of two years. Former U.S. Secretary of State Rex Tillerson repeatedly hinted at the possibility of oil

Oil Markets Unmoved By Modest Inventory Build | OilPrice.com - OilPrice.com

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As international prices inched up in the aftermath of Washington’s latest sanctions against Venezuela, the Energy Information Administration reported a build in crude oil inventories for the week to January 25. At 900,000 barrels, the build is modest, and follows an increase of 8 million barrels in the previous week. Gasoline inventories reversed four weeks of builds. In the week to January 24, these shed 2.2 million barrels. In the previous four weeks, cumulative gains in gasoline reached 26.6 million barrels . There has been growing worry that United States refiners are producing excessive amounts of gasoline, which has pressured their profit margins as the oversupply combines with sluggish demand. Last week, refineries churned out 9.9 million barrels daily of gasoline, compared with 9.6 million bpd a week earlier. In distillate fuels, the EIA reported a 1.1-million-barrels inventory decline and average daily production of 5 million barrels, versus 5.2 million bpd a week earlie

API Reports Smaller Crude Oil Build Than Expected | OilPrice.com - OilPrice.com

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The American Petroleum Institute (API) reported a crude oil inventory build of 2.098 million barrels for the week ending Jan 25, compared to analyst expectations that we would see a much larger buildup in crude oil inventories to the tune of  7.97 million barrels . Last week, the API reported a surprise crude build of 6.55 million barrels. A day later, the EIA confirmed the inventory build, but a larger one at 8 million barrels.  Oil prices were trading up prior to the data released, buoyed in part by unrest in Venezuela and the additional sanctions that may disrupt heavy oil flows to the United States, combined with Saudi Arabia’s pledge to cut its oil production more deeply, even as more and more barrels are removed from the market courtesy of Venezuela and Libya. At 4:03pm EST on Tuesday, WTI was trading up on the day $1.22 (+2.35%) per barrel at $53.20—a rise of less than $1 per barrel week on week. Brent crude was trading up $1.27 (+2.12%) at $61.08—near flat week on week.  

South Korea To Boost US Oil Buys Further This Year | OilPrice.com - OilPrice.com

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South Korea has been buying increasing amounts of U.S. crude oil and will continue to do so this year, Reuters reports , citing data from its service Eikon. This will help narrow the Asian economy’s trade surplus with the United States, improving moods in Washington and strengthening bilateral ties. Over this month and next, for example, imports of U.S. crude oil and liquefied natural gas into South Korea are seen at 18 million barrels and 900,000 tons, respectively. “At the moment, the trend (of importing U.S. crude) will stay ... The economics for U.S. crude is a little bit better than Middle East and North Sea oil,” Reuters quoted a source from the South Korean refining industry as saying. Last year, according to Reuters data, the U.S. exported 7.87 million tons of crude oil to South Korea, equal to 57.687 million barrels, as well as 4.664 million tons of liquefied natural gas. The country, which is the world’s fourth-largest oil importer, was nevertheless granted a sanction wai

New Exploration Tech Finds 1.5 Billion Barrels Of Oil In Alaska - OilPrice.com

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Digital technology adoption in all stages of upstream operations in the oil and gas industry has seen a steep rise recently. While a lot has been written about the benefits of digitizing various aspects of the well-drilling, extraction, and field maintenance processes, there is also another major field where digital tech is changing the game: before the well-drilling even begins. In Alaska, for instance, new technology in oil and gas exploration has led to the discovery of more than 1.5 billion barrels of crude oil in the North Slope in just two years, S&P Global Platts recently reported . These are deposits that were known to be there but the resources they held could not be mapped or measured, so the deposits were considered unproductive before digital tech, in the form of advanced 3D seismic surveys and new data processing techniques, came along. So, established exploration methods are one area where there is a surge of improvements but there are also alternative exploration

Oil Prices Rise As Saudis Pledge Deeper Cuts | OilPrice.com - OilPrice.com

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Saudi Arabia is determined to restore the balance on the oil market and is cutting deeper than required in the OPEC+ deal, with February crude production likely close to 10.1 million bpd, compared to the 10.3-million-bpd ceiling in the production cut agreement, Saudi Energy Minister Khalid al-Falih told Bloomberg Television in an interview . Under the OPEC/non-OPEC deal for a total of 1.2 million bpd cuts between January and June, Saudi Arabia’s share is a cut of 322,000 bpd from the October level of 10.633 million, to reduce output to 10.311 million bpd . Al-Falih said that the Kingdom will be “well below” its ceiling for the full six months, unless unforeseen market deficits require an intervention to lift production, as it happened last June with the ramp-up ahead of expectations of ‘zero’ Iranian oil exports. Since December, Saudi Arabia has cut close to 1 million bpd in production and exports, and this “will trickle down the markets over the next few weeks,” al-Falih told Bloo