Crude Oil Price

U.S. West Texas Intermediate crude oil futures jumped more than 5% on Friday, the last trading day of May, capping off its best monthly performance in history as record supply cuts and a slight uptick in demand chased out the short-sellers and pushed prices higher.The market was firm throughout the session on Friday but surged to the upside late in the session as traders breathed a sigh of relief after President Donald Trump’s much-awaited news conference on China.During the news conference, Trump said he would take action to eliminate special treatment towards Hong Kong, this statement somewhat rattled traders. However, trader concerns eased for the time being after Trump did not indicate the U.S. would pull out of the phase one trade agreement reached with China back in January.Crude oil traders reacted to the last statement by aggressively covering shorts after a wave of speculative buyers surfaced.At 20:55 GMT, July WTI crude oil is trading $35.40, up $1.69 or +5.01%. Daily July WT…

U.S. West Texas Intermediate crude oil futures jumped more than 5% on Friday, the last trading day of May, capping off its best monthly performance in history as record supply cuts and a slight uptick in demand chased out the short-sellers and pushed prices higher.The market was firm throughout the session on Friday but surged to the upside late in the session as traders breathed a sigh of relief after President Donald Trump’s much-awaited news conference on China.During the news conference, Trump said he would take action to eliminate special treatment towards Hong Kong, this statement somewhat rattled traders. However, trader concerns eased for the time being after Trump did not indicate the U.S. would pull out of the phase one trade agreement reached with China back in January.Crude oil traders reacted to the last statement by aggressively covering shorts after a wave of speculative buyers surfaced.At 20:55 GMT, July WTI crude oil is trading $35.40, up $1.69 or +5.01%. Daily July WT…

U.S. West Texas Intermediate crude oil futures jumped more than 5% on Friday, the last trading day of May, capping off its best monthly performance in history as record supply cuts and a slight uptick in demand chased out the short-sellers and pushed prices higher.The market was firm throughout the session on Friday but surged to the upside late in the session as traders breathed a sigh of relief after President Donald Trump’s much-awaited news conference on China.During the news conference, Trump said he would take action to eliminate special treatment towards Hong Kong, this statement somewhat rattled traders. However, trader concerns eased for the time being after Trump did not indicate the U.S. would pull out of the phase one trade agreement reached with China back in January.Crude oil traders reacted to the last statement by aggressively covering shorts after a wave of speculative buyers surfaced.At 20:55 GMT, July WTI crude oil is trading $35.40, up $1.69 or +5.01%. Daily July WT…

U.S. Regulators Probe Investor Risk Disclosure Of World's Top Oil ETF - OilPrice.comU.S. Regulators Probe Investor Risk Disclosure Of World's Top Oil ETF - OilPrice.comPosted: 30 May 2020 04:04 PM PDT The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are investigating the most popular exchange-traded fund tracking crude oil prices, the United States Oil Fund, to ascertain if the fund has managed to properly disclose to investors the risks, Bloomberg reported on Friday, citing three sources familiar with the issue.The United States Oil Fund LP (NYSEARCA: USO), one of the most popular oil-tracking ETFs for retail investors, was said to be one of the reasons for the historic plunge in May WTI Crude futures on April 20, a day before the May contract expired on April 21.   Many retail investors were stung by the plunge at the rollover of the May futures contract, and since then, the USO fund has amended its structure, inc…

U.S. West Texas Intermediate crude oil futures jumped more than 5% on Friday, the last trading day of May, capping off its best monthly performance in history as record supply cuts and a slight uptick in demand chased out the short-sellers and pushed prices higher.The market was firm throughout the session on Friday but surged to the upside late in the session as traders breathed a sigh of relief after President Donald Trump’s much-awaited news conference on China.During the news conference, Trump said he would take action to eliminate special treatment towards Hong Kong, this statement somewhat rattled traders. However, trader concerns eased for the time being after Trump did not indicate the U.S. would pull out of the phase one trade agreement reached with China back in January.Crude oil traders reacted to the last statement by aggressively covering shorts after a wave of speculative buyers surfaced.At 20:55 GMT, July WTI crude oil is trading $35.40, up $1.69 or +5.01%. Daily July WT…

Stocks plunge amid coronavirus fears and oil-price crash - Anchorage Daily NewsStocks plunge amid coronavirus fears and oil-price crash - Anchorage Daily NewsPosted: 09 Mar 2020 12:00 AM PDT Stocks took their worst one-day beating on Wall Street since the global financial crisis of 2008 as a collapse in oil prices Monday combined with mounting alarm over what the coronavirus could do to the world economy. The staggering losses, including a 7.8% tumble in the Dow Jones Industrial Average, immediately raised fears that a recession might be on the way in the U.S. and that the record-breaking 11-year bull market on Wall Street may be coming to an abrupt end in a way no one even imagined just a few months ago. The drop was so sharp that it triggered the first automatic halt in trading in more than two decades. European stock indexes likewise registered their heaviest losses since the darkest days of the 2008 meltdown and are now in a bear market. Together, the sell-offs reflected growing anxie…

Oil Climbs As Fears Of Negative Prices Fade - OilPrice.comOil Climbs As Fears Of Negative Prices Fade - OilPrice.comPosted: 21 May 2020 02:04 AM PDTTrader anxiety has earned a reprieve, with oil markets dodging one of many bullets after a key U.S. benchmark oil futures contract avoided a repeat of the April fiasco that saw oil futures land in negative territory.West Texas Intermediate (WTI) crude prices settled higher on Tuesday, finishing the day in backwardation and allaying fears that oil prices could slip into negative territory once again.The June WTI Nymex contract finished higher than the front-month July contract, marking the first time in months that the market shifted from contango to backwardation. The WTI June contract, which expired at the end of the session, was settled at $32.50/barrel vs. $31.96 for the July contract after gaining 8.1% on Monday and another 2.1% on Tuesday. Meanwhile, the July contract, which is the most actively traded, rallied 7.2% on Monday and 1% o…

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are investigating the most popular exchange-traded fund tracking crude oil prices, the United States Oil Fund, to ascertain if the fund has managed to properly disclose to investors the risks, Bloomberg reported on Friday, citing three sources familiar with the issue.The United States Oil Fund LP (NYSEARCA: USO), one of the most popular oil-tracking ETFs for retail investors, was said to be one of the reasons for the historic plunge in May WTI Crude futures on April 20, a day before the May contract expired on April 21.   Many retail investors were stung by the plunge at the rollover of the May futures contract, and since then, the USO fund has amended its structure, including buying longer-dated contracts instead of front-month ones.Now, according to Bloomberg’s sources, the investigation into the USO revolves around whether the fund has properly explained to shareholders that the va…

Oil traded flat on Thursday morning following yesterday’s correction driven by Saudi Arabia and other OPEC members signaling that they are considering extending the huge output cuts until the end of 2020.Prices fell late on Wednesday afternoon after the API reported an unexpectedly large crude build. The institute reported an 8.7 million barrel build though analysts expected a 1.9 million barrel draw.The large build in crude stocks is the first build in inventories in 3 weeks and led to a drop in oil prices on Thursday morning. Traders are now waiting to see if the build in inventories is confirmed by the EIA.Harry Tchilinguirian, head of commodity research at BNP Paribas told Reuters that “All in all oil is pretty much flat after the price correction yesterday. The market opened lower after the shock API numbers, but it is now treading water until EIA statistics are released,”.While oil fundamentals have clearly improved since the beginning of March, traders shouldn’t become too opti…

Oil prices could go negative again for reasons beyond just storage - Hellenic Shipping News WorldwideOil prices could go negative again for reasons beyond just storage - Hellenic Shipping News WorldwidePosted: 01 May 2020 12:00 AM PDTIt's not all about storage.Yes, the world is watching the available amount of oil storage to try to figure out when the 'tank tops' and there's simply no more space to fill with unneeded crude. There are, however, two other happenings right now which are wonky but important and could send oil prices down in a hurry.First, the Chicago Mercantile Exchange recently raised its margin requirements for forward oil contracts. The June contract now requires margin of $10,000. Given that each contract is 1,000 barrels of oil, simple math tells us that $10 per barrel is a key level to watch in trading. Should crude fall under the $10 mark, it could trigger margin calls. That could in turn force more selling to raise cash, which sends prices lower, a…

By Staff The Canadian PressPosted May 29, 2020 6:08 pm Smaller fontDescrease article font size-ALarger fontIncrease article font sizeA+ Canada’s main stock index ended a strong May a little weaker while crude oil prices enjoyed their best ever month, surging 88 per cent.The S&P/TSX composite index closed down 69.90 points at 15,192.83.READ MORE: Canadian GDP dropped 8% in the first quarter, StatCan says In New York, the Dow Jones industrial average was down 17.53 points at 25,383.11. The S&P 500 index was up 14.58 points at 3,044.31, while the Nasdaq composite was up 120.88 points at 9,489.87.The Canadian dollar traded for 72.53 cents US compared with 72.65 cents US on Thursday.2:13Alberta Energy Regulator suspends monitoring requirements across oil and gas industry Alberta Energy Regulator suspends monitoring requirements across oil and gas industry The July crude contract was up US$1.78 at US$35.49 per barrel and the July natural gas contract was up 2.2 cents at nearly US$1.85 pe…

Oil surges 88% in May, posting its best month on record - Business InsiderOil surges 88% in May, posting its best month on record - Business InsiderOil Now Faces Demand Uncertainty After Record Rebound From Crash - BloombergCrude oil prices slide on US-China tensions, doubts about Russian output cuts - Economic TimesA London-based trading house bought 250,000 barrels of oil during the historic plunge below $0 and likely.. - Business InsiderOil surges 88% in May, posting its best month on record - Business InsiderPosted: 29 May 2020 01:06 PM PDTReutersWTI crude oil spiked 88% in May, notching its best monthly performance gain on record, according to data from Bloomberg.The surge in oil prices comes just one month after oil prices went negative for a brief period of time, as demand for oil plummeted amid the economic shutdown caused by the COVID-19 pandemic.Fast forward a month later, and signs of bottoming economic data suggest investors are willing to bet that demand for oil will boun…