Crude Oil Price

Both major oil contracts have given up large chunks of their weekly gains, writes Fawad Razaqzada.After an early surge to new 2019 highs, both major oil contracts have given up large chunks of their weekly gains. WTI is down for the third consecutive day, while Brent is down for the second day. Prices were barely hanging onto their now small weekly gains at the time of writing. Prior to this week, Brent had risen for five and WTI for eight consecutive weeks.Clearly, prices had been technically “overbought” and a correction of some sort was imminent. It remains to be seen how far oil prices will fall given the still supportive market conditions, with the OPEC+ group of producers continuing to restrict supply and the U.S. government tightening sanctions against Iran. On top of this, you have ongoing production outages from Venezuela and yesterday an important pipeline in Russia had to be suspended due to contamination.Thus, if oil prices were to weaken further, this would either have to…

(MENAFN - DailyFX) Crude Oil Technical Highlights: WTI crude oil posted weekly reversal around 2016 trend-line Brent crude down-move facing channel support test already To see what fundamental drivers are expected to drive oil through the remainder of the quarter, check out the Q2 Crude Oil Forecast.WTI crude oil posted weekly reversal around 2016 trend-line Last week, WTI appeared headed for more push higher into the 67s before retreating, but with Friday's big down day a weekly reversal candle was cemented, and where it developed from was also important. In the vicinity of the past few weeks' trading range is the trend-line, or lower parallel of a channel, off the 2016 low. With oil becoming quite extended in recent weeks, rallying over 50% off the December low and then having such a powerful key-reversal event, the trading bias has firmly turned in favor of shorts. Looking at the daily time-frame a few angles of support are on the verge of breaking, which could soon have th…

The American Petroleum Institute (API) reported a surprise build in crude oil inventory of 6.81 million barrels for the week ending April 26, coming in over analyst expectations of a 2.093-million-barrel buildup in inventories.Last week, the API reported a large build in crude oil of 6.86 million barrels. A day later, the EIA confirmed the build with a report of a 5.5-million-barrel drop in inventory. Including this week’s data, the net build is now 18.11 million barrels for the 18-week reporting period so far this year, using API data.(Click to enlarge)Oil prices rose on Tuesday as signs pointed to a continued tightening of global oil supplies as OPEC is giving no indication that it will back off its production quotas.WTI was trading up on Tuesday before the data release at $64.03, up $0.53 (+0.93%) on the day at 12:29pm, but down week on week by more than $2 per barrel. The Brent benchmark was also trading up on the day at $72.31, $74.21, up $0.77 (+1.08%) at that time. The Brent be…

[unable to retrieve full-text content]What the uprising in Venezuela means for oil pricesCNNThe deepening chaos in Venezuela could have profound consequences for the global oil markets.

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For more than ten weeks, portfolio managers have been consistently amassing bullish bets in the most important petroleum futures contracts, as market fundamentals were pointing to OPEC over-delivering on the production cuts, Venezuela’s supply crashing, and potential losses from conflict-torn Libya, amid resilient global oil demand growth.Last week, oil prices jumped on Monday on the news that the U.S. is ending the sanction waivers for all Iranian oil buyers. And hedge funds continued to bet on higher prices and a tightening oil market.However, the net long position—the difference between bullish and bearish bets—in WTI and Brent begins to look too stretched to the bullish side, making oil prices vulnerable to declines now if (or rather, when) money managers decide to do some profit taking and liquidate some of their bets on rising oil prices, analysts say.   According to data compiled by Reuters market analyst John Kemp, as of April 23, the latest available exchange data, hedge fund…

The oil price rally has ground to a halt as investors pull back, Trump promises a flood of OPEC oil, and the global economy shows some signs of slowing down.Washington’s “maximum pressure” campaign led to a spike in oil prices only a week ago, but prices crashed on Friday after Trump tweeted that he “called up OPEC” to tell them to increase production.The seesawing means that price volatility has shot up. The 3 percent decline in oil prices on Friday was the largest single-day decline so far this year. But that came after prices increased by nearly as much at the start of the week when Trump surprised the world by deciding against extending sanctions waivers.As the Wall Street Journal notes, oil prices made multiple daily moves of at least 2.5 percent last week, the first time that has occurred in two months. “It’s been a massive roller coaster over the last couple of months,” Tyler Ellegard, an investment analyst at Gradient Investments, told the Wall Street Journal.Hedge funds and o…

Albert Einstein once wrote that “the definition of insanity is doing the same thing over and over again and expecting different results.” Were he alive today, he would be repeating the line to anyone who would listen, especially the reporters on cable news channels such as CNBC. He might add that the world’s policymakers always approach oil market disruptions in the same way: predicting there will be no impact on prices.Einstein would then point out that the policymakers are consistently wrong. A hefty price boost has followed every disruption.The world has experienced nineteen oil market disruptions over the last forty years. In a paper published in March 2018, I chronicled these events and noted that the maximum price increase was predictable. Last Monday, Secretary of State Mike Pompeo initiated the twentieth disruption. The consequences are projected here.Start, though, with the energy policy insanity. In each of the disruptions since 1973, I have noted the following regarding gov…

Tuesday, April 30 — following another decline yesterday, crypto markets again reversed to gain momentum upwards, with all but one top 20 coins by market cap in the green.Having skyrocketed more than 18% yesterday, IOTA (MIOTA) is the only coin among the top 20 that sees losses, down around 4.3%. In contrast, litecoin (LTC) is seeing the biggest gains over the past 24 hours, up 7.17% at press time.Market visualization from Coin360Bitcoin (BTC) has broken back above $5,300 today, hitting an intraday high of $5,353. At press time, bitcoin is up 1.55% over the past 24 hours to trading at $5,321. Similarly to all the top 20 cryptos, Bitcoin is still down almost 5% over the past week.Bitcoin 7-day price chart. Source: CoinMarketCapEther (ETH), the second cryptocurrency by market cap, is up 2.3% to $159.21 at press time. Still, the top altcoin is seeing about a 8.36% drop over the past 7 days. Yesterday, tech entrepreneur and Tesla CEO Elon Musk entered a twitter conversation with ether co-f…

An oil and gas building spree in the United States might have a serious boomerang effect that could hit the industry as hard as a changing fundamentals landscape hit the coal industry in the 2010s, a report from Global Energy Monitor has warned.According to the report, there is US$232.5 billion worth of new oil and gas pipelines being planned and built right now in North America, with most of this in the United States. This expansion, however, does not rely on an increase in domestic demand for oil and gas. It relies almost exclusively on demand growth in Asia, much like the coal expansion in the 2010s. That, however, went awry, decimating the coal industry.The factors that could ruin the pipeline expansion in the United States include demand patterns in that key Asian market everyone is targeting as well as changing attitudes—and legislation—concerning climate change and the oil and gas industry.Asia, and particularly China and India, the continent’s largest economies, have become th…

A new study published today by Rystad Energy forecasts that there will be more than a million kilometers of new oil and gas wells drilled by 2023 globally; the distance of these wells combined is more than the distance to the moon and back.Behind this push for oil and gas wells is North American shale, which, Rystad says, is expected to account for 600,000 kilometers of the million.(Click to enlarge)Rystad’s Head of Consulting, Erik Reiso, refers to the drilling onslaught to be seen in North America as “in a league of its own thanks to the shale boom,” with six of ten of the new wells in North America drilled in shale basins—wells that are typical longer than other types of wells.Related: ‘’The Fat Margins Have Disappeared’’ - Big Oil DisappointsWhile the top four offshore operators are expected to account for a quarter of the new offshore wells, the top ten onshore operators will account for only a third of the new wells in the next five years.Discoveries of conventional resources on…

Oil prices are up 40% on the year, and the United States is putting even more muscle behind Iran sanctions. But that might not be enough to keep oil prices permanently high any longer. Today, we'll show you a play that gives you both short and long-term profits as oil prices rise and fall.The White House said on Monday, April 22, that it would not extend exemptions to Iran's oil sanctions that were set to end in May. This further limits Iran's global trade prospects, but it also restricts the world's oil supply.According to the Council on Foreign Relations, this tough stance by the United States could eliminate more than 500,000 barrels per day from the market. It also comes as the Organization of Petroleum Exporting Countries (OPEC) plans to lower production even further.At any other time, these would have been catalysts for higher oil prices. The markets thought so, too, as Brent crude futures went up 0.6% the day the announcement was made, then climbed another 1.8%.…

© Reuters. By Barani KrishnanInvesting.com - Looks like the Saudis didn't get the phone call from Trump.Crude prices rose as much as 1% on Tuesday after Saudi Energy Minister Khalid Al-Falih told Russian state news agency RIA that Riyadh won't rush to fill a supply shortage caused by the U.S. ban on Iranian oil exports. President Donald Trump said on Friday he had "called" OPEC and was getting their cooperation for lower gasoline prices, suggesting more barrels were coming from the Saudi-led cartel.Oil prices were also supported by fighting that broke out in Venezuela between forces of opposition leader Juan Guaido and the military backing President Nicholas Maduro. But impact from this was limited as the operations of Caracas' state-run oil company PDVSA were not disrupted and top military leaders remained loyal to Maduro., the benchmark for U.S. crude, settled up 41 cents, or 0.8%, at $63.91 per barrel. It gained 6% in April and remains 41% higher on the year. B…

Oil prices are up 40% on the year, and the United States is putting even more muscle behind Iran sanctions. But that might not be enough to keep oil prices permanently high any longer. Today, we'll show you a play that gives you both short and long-term profits as oil prices rise and fall.The White House said on Monday, April 22, that it would not extend exemptions to Iran's oil sanctions that were set to end in May. This further limits Iran's global trade prospects, but it also restricts the world's oil supply.According to the Council on Foreign Relations, this tough stance by the United States could eliminate more than 500,000 barrels per day from the market. It also comes as the Organization of Petroleum Exporting Countries (OPEC) plans to lower production even further.At any other time, these would have been catalysts for higher oil prices. The markets thought so, too, as Brent crude futures went up 0.6% the day the announcement was made, then climbed another 1.8%.…

© Reuters. By Barani KrishnanInvesting.com - Looks like the Saudis didn't get the phone call from Trump.Crude prices rose as much as 1% on Tuesday after Saudi Energy Minister Khalid Al-Falih told Russian state news agency RIA that Riyadh won't rush to fill a supply shortage caused by the U.S. ban on Iranian oil exports. President Donald Trump said on Friday he had "called" OPEC and was getting their cooperation for lower gasoline prices, suggesting more barrels were coming from the Saudi-led cartel.Oil prices were also supported by fighting that broke out in Venezuela between forces of opposition leader Juan Guaido and the military backing President Nicholas Maduro. But impact from this was limited as the operations of Caracas' state-run oil company PDVSA were not disrupted and top military leaders remained loyal to Maduro., the benchmark for U.S. crude, settled up 41 cents, or 0.8%, at $63.91 per barrel. It gained 6% in April and remains 41% higher on the year. B…

BP reported first-quarter profit largely in line with expectations on Tuesday, citing tough market conditions at the start of the year.The British oil giant posted first-quarter underlying replacement cost profit, used as a proxy for net profit, of $2.4 billion, versus $2.3 billion expected in a Reuters poll. That compared with a profit of $2.6 billion a year earlier and $3.5 billion in the final three months of 2018.It marks the first significant setback in BP's steady recovery over the past 18 months."It was a pretty resilient set of results actually given the environment we came into at the start of the year," Brian Gilvary, chief financial officer at BP, told CNBC's "Squawk Box Europe" on Tuesday.Gilvary said the three-month period through to March had been particularly "tough" because of adverse weather conditions, assets being put out of action and lower oil prices in January."I think oil prices look pretty firm given where we are today…

USD/CAD is currently trading at 1.3443, a touch off the lows at 1.3439 and down from 1.3479 as oil prices perk up. WTI is stablising below trendline support but bulls are holding above the 200-D SMA which guards against a full-on breakout to the downside at this juncture. The Loonie is correlated to the oil market given Canada's economic dependency of the market where the exportation of crude oil itself represents 10% of total Canadian exports. The price action of late has been centred around the geopolitical environment surrounding the U.S. and Iran's relationship. The Trump administration seeks to impose a worldwide embargo on Iranian oil in a plight to cut off Iran's ability to support Hezbollah and Houthi fighters, as well as to send aid to governments in Syria and Venezuela.WTI bulls have ridden the rise in oil all the way from $42 bbls to the top end of the $66bls handle without much interruption in its ascent since the turn of the year and a major contributor to the…

A Petrobras oil platform floats in the Atlantic Ocean near Guanabara Bay in Rio de Janeiro.Getty Images Oil prices steadied on Monday, as the market attempted to resume a weeks-long rally that was halted on Friday when U.S. President Donald Trump demanded that producer club OPEC raise output to soften the impact of U.S. sanctions against Iran.U.S. West Texas Intermediate crude futures ended Monday's session 20 cents higher at $63.50. Brent crude futures fell 11 cents to $72.04 a barrel.Both benchmarks fell around 3% in the previous session, after Trump told reporters that he had called OPEC and told the cartel to lower oil prices, without identifying who he spoke to, or if he was speaking about previous discussions with OPEC officials.However, analysts and market participants have downplayed the comments as details were unclear.Sources denied that several high-level OPEC and Saudi officials spoke to Trump. "No representative of OPEC or the Saudi government has come forward to a…

Markets are expected to remain volatile this week. Crude oil price fluctuations, rupee movements, corporate earnings and the Federal Reserve's decision on interest rate will drive Indian markets. Share markets will have only three trading days this week with Monday and Wednesday being holidays due to general elections in Mumbai and Maharashtra Day, respectively.According to Jimeet Modi, founder and CEO, SAMCO Securities & StockNote, markets are expected to move either 2-3% up or down from current levels."Open interest is consistently reducing in the futures market given the already elevated levels and uncertainty over the election outcome. Status quo is expected to be maintained going forward. At the sectoral level, FMCG, capital goods and healthcare are largely expected to move sideways with very little volatility. Realty, mid-caps, auto, metal, power and small-caps are in a corrective mode with further downward pressure going ahead," he said.Major corporates schedu…

[unable to retrieve full-text content]S&P 500 Tops Record in Data-Rich Week; Bonds Drop: Markets WrapBloombergU.S. stocks rose above their record high at the start of a week packed with data that will provide clues on global economic growth. Bonds fell.

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3 Things Driving Oil Prices Right Nowpixabay 1.Goodbye, Iran Oil Import Waivers. Hello, Higher Energy Prices?Besides Occidental Petroleum’s bidding war with Chevron for fellow producer Anadarko Petroleum, the big energy news from last week is that President Donald Trump, as expected, moved to end all sanction waivers for nations that import Iranian oil. Starting in May, countries that still buy oil from Iran could face U.S. penalties. In response, Brent crude hit $75 per barrel for the first time in six months.Oil and natural gas are the Middle Eastern country’s most important export, so the policy is intended to hit Tehran where it hurts. The plan, announced last summer, appears to be working so far. Between January 2018 and January 2019, Iranian oil exports fell by nearly 700,000 barrels per day (b/d). (The data could be inaccurate, though, since Iranian oil tankers are believed to be turning off their transponders in an effort to conceal themselves from satellite tracking systems.)U…

While European oil supermajors are yielding to investor pressure to set emission reduction targets and announcing investments in renewables and EV charging networks, U.S. majors ExxonMobil and Chevron are doubling down on oil production on their home turf, turning the ‘shale game’ into a ‘scale game’, as Chevron’s CEO Michael Wirth has recently said.The two biggest U.S. oil firms aim to boost significantly their respective production from the most prolific U.S. basin, the Permian, which now pumps more than 4 million bpd of crude oil.Both Exxon and Chevron hold vast acreage positions in the basin, and both have the financial resources to invest in ramping up shale production even through various oil price cycles, even at oil prices at which smaller independent drillers struggle to break even and scale back drilling and capital spending.The shorter-cycle shale production yields returns in two-three years, compared to many years of lag time from discovery to development to start-up of co…

DUBLIN--(BUSINESS WIRE)--The "Oil Storage: Global Markets Through 2023" report has been added to ResearchAndMarkets.com's offering.The global demand for oil storage has now become a key component in both the economic and political environments due to the volatility in crude oil prices. Oil storage stocks are usually distinguished by three different types: primary, secondary and tertiary stocks. In all research carried out on oil storage, the last two types of stocks are usually ignored, and hence a lower volume of oil in storage is reported. However, this report has included the secondary and tertiary stocks, and in addition, has also quantified the oil stocks that are in transit plying the seas, plus those held onboard moored very large crude carriers (VLCCs) and used as storage for floating storage of crude oil. The global oil storage market along the entire value chain is bifurcated on the basis of reserve type into strategic/emergency and commercial/private sectors.O…