Crude Oil Price

Oil prices appear to be trapped within a relatively narrow range, squeezed between competing forces on both the upside and downside.There is no shortage of news, but WTI is stuck between $50 and $60, and Brent is stuck between $60 and $70. Obviously, nothing is ever static in the oil market, and the one truism about oil is that volatility can and will return. But for now, oil is range-bound, supported by supply outages, OPEC+ cuts and geopolitical unrest on the one hand, but capped by weak demand and a looming return of surplus on the other.“Oil markets have been becalmed within tight ranges amid falling volatility,” Standard Chartered wrote in a note. “While front-month Brent has settled higher on seven of the past eight trading days, the pace of the ascent has been glacial.”Opposing forces are keeping crude prices in place. The threat to the Strait of Hormuz is old news by now, and the markets are not overly concerned about a possible outage. Iran and the UK, each with their own tan…

7/31/2019WASHINGTON - U.S. crude oil production in each of the first five months of 2019 showed increases over their 2018 levels, with April 2019 establishing a new monthly record. Production grew the most in the Permian region and the U.S. Gulf of Mexico. The U.S. Energy Information Administration (EIA) initially expected the decline in crude oil prices between October and December 2018 to slow U.S. crude oil production growth for the first half of 2019. However, several factors have contributed to increases in the U.S. production forecast. First, crude oil prices began rising in early 2019, partially offsetting the price drop seen at the end of 2018. In addition, crude oil prices in Midland, Texas, rose faster than the U.S. benchmark West Texas Intermediate (WTI), which is priced in Cushing, Oklahoma. As a result, the price spread between Midland and Cushing narrowed, allowing producers in the Permian region to receive relatively better prices. Several projects have also come online…

Today, the EIA reported its US crude oil inventory data for the week ended July 26. The report showed a decline of 8.4 MMbbls (million barrels). This fall exceeded Reuters Poll’s estimated decline by 5.9 MMbbls. Most importantly, the US crude oil inventories spread contracted to zero, meaning oil inventories were at par with their five-year average.In the week ended July 19, the inventories spread was at 2%. The inventories spread is the difference between US crude oil inventories and their five-year average. Often, oil prices are inversely related to this spread.Moreover, gasoline inventories declined by 1.8 MMbbls for the week ended July 26. The fall was greater than Reuters’s forecast of a 1.45 MMbbls decline. The bullish draw in gasoline inventories is also likely to push oil prices upward. The difference between gasoline inventories and their five-year average remains unchanged for the second straight week.Will WTI crude oil prices pass $60?Despite the ongoing Middle-East talks, …

The U.S. could be viewing the situation in Venezuela as close to being resolved, as suggested by the extension of the U.S. sanctions waiver for Chevron to continue operating legally in Venezuela for three more months, according to Carlos Vecchio, the ambassador to the U.S. of Venezuela’s opposition leader Juan Guaidó.“The oil sector is very complicated, three months isn't anything. So it tells you, in our view, that we can build a solution in a short period of time,” S&P Global Platts quoted Vecchio as saying in a speech at the National Press Club in Washington, D.C.Chevron has been lobbying with the U.S. Administration to receive an extension to its sanctions waiver after its expiration date of July 27.The U.S. Department of the Treasury did extend on Friday the sanction waivers to Chevron and four oilfield services companies—Halliburton, Schlumberger, Baker Hughes, and Weatherford International—to continue to deal until October 25 with Venezuela’s state oil firm PDVSA, which…

by  Matthew V. Veazey| Rigzone Staff | Wednesday, July 31, 2019

WTI and Brent futures finished higher for the fifth consecutive trading day. West Texas Intermediate (WTI) and Brent crude oil futures finished higher for the fifth consecutive trading day.The September WTI gained 53 cents Wednesday, settling at $58.58 per barrel. The light crude marker traded within a range from $57.86 to $58.82.“September WTI yesterday finally broke out to the upside from the sideways congestion pattern that the market had been in for over a week and the September contract closed above the $57.44 major resistance level and closed right near the downtrend line of resistance seen on the daily chart,” said Steve Blair, senior account executive with the RCG Division of Marex Spectron.Brent crude oil also edged upward during midweek trading. The October contract price finished the day at $65.05 per barrel, reflecting a 42-cent gain.“October Brent closed above the major resistance level at $64.42 yesterday and c…

7/31/2019WASHINGTON - U.S. crude oil production in each of the first five months of 2019 showed increases over their 2018 levels, with April 2019 establishing a new monthly record. Production grew the most in the Permian region and the U.S. Gulf of Mexico. The U.S. Energy Information Administration (EIA) initially expected the decline in crude oil prices between October and December 2018 to slow U.S. crude oil production growth for the first half of 2019. However, several factors have contributed to increases in the U.S. production forecast. First, crude oil prices began rising in early 2019, partially offsetting the price drop seen at the end of 2018. In addition, crude oil prices in Midland, Texas, rose faster than the U.S. benchmark West Texas Intermediate (WTI), which is priced in Cushing, Oklahoma. As a result, the price spread between Midland and Cushing narrowed, allowing producers in the Permian region to receive relatively better prices. Several projects have also come online…

Oil prices rose on Wednesday following a larger-than-expected drop in U.S. inventories and after the Federal Reserve cut U.S. interest rates for the first time in more than a decade.Meanwhile Hedge Funds and Money Managers cut their bullish wagers in U.S. Crude futures in the latest week.Where are commodity prices heading next?  Watch Phil Carr at The Gold & Silver Club review Crude Oil with the latest price forecast and predictions:[embedded content]

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[unable to retrieve full-text content]Stock Market Today: Dow, S&P Live Updates for August 1, 2019BloombergThe dollar climbed in Asian trading after Federal Reserve Chairman Jerome Powell warned against expecting a lengthy U.S. monetary easing cycle. Stocks slid ...

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Aug 01, 09:31 AM (IST) Dollar Update: The dollar rose to a two-year peak against the euro and hit a two-month high versus the yen on Thursday as US Federal Reserve Chairman Jerome Powell ruled out a lengthy easing cycle after delivering the first rate cut since the financial crisis. Aug 01, 09:26 AM (IST) Brokerages View - Source: CNBC-TV18:CLSA on Zee Entertainment
Maintain buy, target at Rs 515 per share
Stake sale to allay near-term concerns; management continuity critical
Deal is at an 11% premium to market price 
Further 8-18% stake sale in co is likelyBNP Paribas on Zee Entertainment
Hold rating, target at Rs 390 per share
Uncertainty continues till September
Despite the deal announcement, promoter stake sale overhang will remainCiti on Zee Entertainment
Maintain neutral call, target at Rs 430 per share
Oppenheimer buying up to 11% is not enough
Closing positive catalyst watch introduced before announcement
Await clarity on the precedence of the repayment to the various lendersHSBC…