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Showing posts from August, 2020

Brent Crude Oil Price At Five-Month Highs. Is this the Start Of A New Crude Oil Uptrend? - InvestingCube

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Brent crude oil price trades higher for one more day hitting the highest level since March 9 after Abu Dhabi said that it would cut crude supplies by 30%. More robust than expected economic data from China also helps the oil price while the refineries in U.S. Gulf Coast strangles to return to production after the hurricanes landing.  Early morning, the Abu Dhabi announced the reduction of October supplies by 30%, that is higher than the cuts in September, in a move to meet its commitment on the latest OPEC+ crude oil production cuts agreement. China Services and Manufacturing PMI’s Improve The services and manufacturing activity in China continues to improve and point to higher demand for crude oil. The Manufacturing PMI came in at 51, topping the estimates of 48.7 in August. The services PMI climbed at 55.2 above the expectations of 52.1 and slightly above the July reading of 54.2.  August will be the fifth straight month that the crude oil price will close with gains, as the rebo

Crude Oil Price Update - Needs to Hold $42.62 to Sustain Upside Momentum - FX Empire

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U.S. West Texas Intermediate crude oil futures are edging higher early Monday, with a strong performance in international-benchmark Brent crude oil helping to drag the U.S. benchmark higher. The catalysts behind the early strength are support from global stimulus measures and better-than-expected China services sector data. Helping to put a lid on prices, however, is weak demand as it continues to struggle to return to pre-COVID levels in a well-supplied market. At 07:00 GMT, October WTI crude oil is trading $43.28, up $0.31 or +0.72%. The early price action also suggests that traders have largely shrugged off Hurricane Laura’s impact on Thursday/Friday as energy companies continued efforts to restore operations at U.S. Gulf Coast offshore platforms and refineries shut before the storm struck. Daily October WTI Crude Oil Daily Swing Chart Technical Analysis The main trend is up according to the daily swing chart. A trade through last week’s five-week high at $43.78 wi

Oil prices edge up on stimulus support despite ample supplies - CNBC

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An aerial view shows pumpjacks in the South Belridge Oil Field on April 24, 2020 near McKittrick, California. David McNew | Getty Images Oil prices nudged up on Monday, with Brent futures set to post a fifth straight monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well supplied market. Brent crude futures for November climbed 49 cents, or 1%, to $46.30 a barrel, while U.S. West Texas Intermediate crude was at $43.39 a barrel, up 41 cents, or 0.95%. WTI is on track for a fourth monthly rise, reaching $43.78 a barrel on Aug. 26 when Hurricane Laura struck. Oil markets largely shrugged off the hurricane's impact on Friday as energy companies continued efforts to restore operations at U.S. Gulf Coast offshore platforms and refineries shut before the storm. A weak U.S. dollar has supported oil prices even though fuel demand has struggled to recover amid the coronavirus pandemic and supplies remain excess

Crude Oil Price Update - Needs to Hold $42.62 to Sustain Upside Momentum - FX Empire

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U.S. West Texas Intermediate crude oil futures are edging higher early Monday, with a strong performance in international-benchmark Brent crude oil helping to drag the U.S. benchmark higher. The catalysts behind the early strength are support from global stimulus measures and better-than-expected China services sector data. Helping to put a lid on prices, however, is weak demand as it continues to struggle to return to pre-COVID levels in a well-supplied market. At 07:00 GMT, October WTI crude oil is trading $43.28, up $0.31 or +0.72%. The early price action also suggests that traders have largely shrugged off Hurricane Laura’s impact on Thursday/Friday as energy companies continued efforts to restore operations at U.S. Gulf Coast offshore platforms and refineries shut before the storm struck. Daily October WTI Crude Oil Daily Swing Chart Technical Analysis The main trend is up according to the daily swing chart. A trade through last week’s five-week high at $43.78 wi

Oil prices edge up on stimulus support despite ample supplies - CNBC

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An aerial view shows pumpjacks in the South Belridge Oil Field on April 24, 2020 near McKittrick, California. David McNew | Getty Images Oil prices nudged up on Monday, with Brent futures set to post a fifth straight monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well supplied market. Brent crude futures for November climbed 49 cents, or 1%, to $46.30 a barrel, while U.S. West Texas Intermediate crude was at $43.39 a barrel, up 41 cents, or 0.95%. WTI is on track for a fourth monthly rise, reaching $43.78 a barrel on Aug. 26 when Hurricane Laura struck. Oil markets largely shrugged off the hurricane's impact on Friday as energy companies continued efforts to restore operations at U.S. Gulf Coast offshore platforms and refineries shut before the storm. A weak U.S. dollar has supported oil prices even though fuel demand has struggled to recover amid the coronavirus pandemic and supplies remain excess

Oil prices edge up on stimulus support despite ample supplies - CNBC

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An aerial view shows pumpjacks in the South Belridge Oil Field on April 24, 2020 near McKittrick, California. David McNew | Getty Images Oil prices nudged up on Monday, with Brent futures set to post a fifth straight monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well supplied market. Brent crude futures for November climbed 27 cents, or 0.6%, to $46.08 a barrel by 0038 GMT, while U.S. West Texas Intermediate crude was at $43.11 a barrel, up 14 cents, or 0.3%. Brent is set to close out August with a fifth successive monthly price rise, having peaked at $46.23 a barrel on Aug. 5, the highest level since March. WTI is on track for a fourth monthly rise, reaching $43.78 a barrel on Aug. 26 when Hurricane Laura struck. Oil markets largely shrugged off the hurricane's impact on Friday as energy companies continued efforts to restore operations at U.S. Gulf Coast offshore platforms and refineries shut bef

Crude Oil Price Update - Needs to Hold $42.62 to Sustain Upside Momentum - FX Empire

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U.S. West Texas Intermediate crude oil futures are edging higher early Monday, with a strong performance in international-benchmark Brent crude oil helping to drag the U.S. benchmark higher. The catalysts behind the early strength are support from global stimulus measures and better-than-expected China services sector data . Helping to put a lid on prices, however, is weak demand as it continues to struggle to return to pre-COVID levels in a well-supplied market. At 07:00 GMT, October WTI crude oil is trading $43.28, up $0.31 or +0.72%. The early price action also suggests that traders have largely shrugged off Hurricane Laura’s impact on Thursday/Friday as energy companies continued efforts to restore operations at U.S. Gulf Coast offshore platforms and refineries shut before the storm struck. Daily October WTI Crude Oil Daily Swing Chart Technical Analysis The main trend is up according to the daily swing chart. A trade through last week’s five-week high at $43.78

Oil prices edge up on stimulus support despite ample supplies - CNBC

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An aerial view shows pumpjacks in the South Belridge Oil Field on April 24, 2020 near McKittrick, California. David McNew | Getty Images Oil prices nudged up on Monday, with Brent futures set to post a fifth straight monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well supplied market. Brent crude futures for November climbed 27 cents, or 0.6%, to $46.08 a barrel by 0038 GMT, while U.S. West Texas Intermediate crude was at $43.11 a barrel, up 14 cents, or 0.3%. Brent is set to close out August with a fifth successive monthly price rise, having peaked at $46.23 a barrel on Aug. 5, the highest level since March. WTI is on track for a fourth monthly rise, reaching $43.78 a barrel on Aug. 26 when Hurricane Laura struck. Oil markets largely shrugged off the hurricane's impact on Friday as energy companies continued efforts to restore operations at U.S. Gulf Coast offshore platforms and refineries shut bef

Angola Aims To Ramp Up Oil Production - OilPrice.com

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Angola, Africa’s second-largest oil producer after Nigeria, will need foreign and government investments to discover up to 57 billion barrels of crude oil by 2025, according to a new energy strategy reported by state news agency ANGOP.  Angola’s plan includes foreign investment of US$679 million as well as US$188 million investment by the Angolan state, the news agency said.  Angola’s new oil and gas strategy to boost production comes a week after the country’s upstream regulator ANPG issued its forecast for oil production from existing fields, which showed that after peaking in 2008 at nearly 2 million bpd, Angola’s oil production would average 1.28 million bpd in 2020, and continuously decline as oilfields mature, to just above 500,000 bpd by 2028, if no new discoveries are made.    OPEC producer Angola has suffered a steady production decline over the past decade, especially after the oil price crash of 2014, because older fields were maturing while prohibitive costs offshor

Oil price war could cost Alaska hundreds of millions in revenue - Anchorage Daily News

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Oil price war could cost Alaska hundreds of millions in revenue - Anchorage Daily News Oil price war could cost Alaska hundreds of millions in revenue - Anchorage Daily News Posted: 16 Mar 2020 12:00 AM PDT What started as a small dip in oil prices from concerns of a virus-induced global economic slowdown has turned into a free fall from battling authoritarians. It all adds up to another big hole in the State of Alaska's budget. Lawmakers heard from Legislative Finance Division officials on Wednesday that the ongoing drop in oil prices will likely add $300 million to the current year budget deficit and upwards of a $600 million revenue reduction in the 2021 fiscal year that starts July 1. Oil price forecasts in the $60 per barrel range — that in recent years has been the baseline for the "new normal" in oil markets — now appear overly optimistic. Legislative Finance Director Pat Pitney told House Finance

Three Stocks To Watch As Natural Gas Prices Bounce Back - OilPrice.com

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Three Stocks To Watch As Natural Gas Prices Bounce Back - OilPrice.com Three Stocks To Watch As Natural Gas Prices Bounce Back - OilPrice.com Posted: 30 Aug 2020 12:00 PM PDT After prices hit decade-lows due to a stubborn supply overhang, natural gas markets appear to have finally reached a turning point. Buoyed by strong cooling and industrial demand due to an extraordinarily hot summer in the western part of the United States as well as economies gradually emerging from lockdown, natural gas prices have surged 49.1 percent over the past 30 days to trade at $2.65/MMBtu, a level they last touched in November. The rally has even caught short-sellers who went short as Hurricane Laura hit a critical natural gas export terminal by surprise, prompting massive short-covering. Meanwhile, injection into natural gas storage clocked in right in-line with the consensus but well below the year-ago average builds, thus easing worries of waning demand.

Steady oil price belies weakening physical market - The Guardian

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Steady oil price belies weakening physical market - The Guardian Steady oil price belies weakening physical market - The Guardian Lonestar Announces Second Quarter 2020 Results - Business Wire $0 Oil Forces Canada To Shut Down Crude Production - OilPrice.com Steady oil price belies weakening physical market - The Guardian Posted: 24 Aug 2020 08:54 AM PDT By Julia Payne LONDON (Reuters) - The oil price is holding steady close to $45 a barrel, but prices further forward and in the physical market are showing new signs of weakness mainly due to a fall in demand from China after the country's buying binge earlier in the year. The spread between Brent crude for nearby delivery and six-months ahead is at its widest since late May at around $2.50, a market structure known as contango. The coronavirus crisis reduced global oil demand by nearly a third in April and May when 4 billion people around the world were in some