Oil Hits Two-week Low After China Hits U.S. Goods With Tariffs
U.S. crude inventories also likely saw build for 2nd week. Oil fell to its lowest in two weeks on Wednesday after China said it would impose tariffs on a number of U.S. goods including agricultural products, raising the prospect of a growing trade war that could impact global growth. China, the world's largest importer of raw materials, hit back at the Trump administration's plan to levy tariffs on $50 billion of its goods, retaliating with a list of duties on U.S. imports including soybeans, planes, cars, whiskey and chemicals.
U.S. Crude Down Ahead of Inventory Data; OPEC Speculation Lingers
U.S. crude futures fell nearly 1 percent on Wednesday ahead of important inventory data while Brent steadied near 5-week highs on speculation that the world's crude producers might still be able to strike a deal to support the market. Analysts expect the U.S. Energy Information Administration to announce a fourth straight weekly rise in domestic crude stockpiles and draws in gasoline and distillates for the week ended Aug. 12, in data due at 10:30 a.m. EDT (1430 GMT). Preliminary data on Tuesday from the American Petroleum Institute, a trade group, showed a draw in U.S.
Oil Rebounds on Post-Brexit Bargain Hunting, Norway Strike
Oil prices rose 2 percent on Tuesday as investors took advantage of a two-day slide in crude triggered by Britain's vote to leave the European Union and as their focus returned to potential supply outages and drawdowns in crude. A looming strike at several Norwegian oil and gas fields that threatened to cut output in western Europe's biggest producer helped support crude futures. Investors were also counting on a sizeable and a sixth weekly drop in U.S. crude stockpiles, with oil market analysts polled by Reuters forecasting a 2.4 million-barrel drawdown.
Oil Ends Higher in Choppy Trade ahead of Britain's EU Vote
Oil prices closed 2 percent higher after a volatile session on Thursday, with investors less worried about prospects for the global economy after the last pre-vote opinion polls showed Britain was likely to remain in the European Union. Oil prices were also supported by market intelligence firm Genscape's report of a drawdown of nearly 1 million barrels at the Cushing, Oklahoma storage base for U.S. crude futures during the week to June 21, traders who saw the data said. Brent crude settled up $1.03, or 2.1 percent, at $50.91 a barrel. U.S. crude settled at $50.11 a barrel, up 98 cents.
US Crude Oil Stocks Drop Less Than Expected
U.S. crude stocks fell last week, though the decline was less than forecast, while gasoline and distillate stocks decreased, the Energy Information Administration said on Thursday. The slight decrease came as the Organization of Petroleum Exporting Countries concluded a meeting in Vienna, at which it failed to agree on output policy. "Markets are 'long in the tooth' here," said Donald Morton, energy trader at Herbert J. Sims & Co. in Fairfield, Connecticut. Crude inventories fell by 1.4 million barrels in the last week, compared with analysts' expectations for an decrease of 2.5 million barrels.
Oil Rises, Heads for Third Week of Gains
Oil prices rose on Friday and were poised for a third week of gains as market sentiment turned more upbeat amid signs a persisting global supply glut may be easing. Strong gasoline consumption in the United States, increasing signs of declining production around the world and oilfield outages have underpinned a return to investment in the sector, traders said. "The current rally is driven by a market sentiment that is becoming more and more convinced that the worst is over and the global oil market rebalancing process is already in play…
LNG & Crude Oil: Dissimilar Trading Markets
Should the liquefied natural gas (LNG) market become much more like crude oil, with deep and liquid futures contracts coupled with unrestricted trade between producers, buyers and traders? The answer is yes it should, but that is unlikely to happen as there are enough significant differences to make it extremely difficult for LNG to tread closely in oil's footsteps. In a recent column (LNG producers need to go downstream to build industry), I argued that the LNG industry would find it hard to undertake a new wave of expansion if it persists with its current model.
Oil Sinks, Pressured by China, OPEC and Warmer US Weather
U.S. crude oil prices slid almost 7 percent on Monday, pressured by weak economic data from China, a U.S. forecast for mild weather and growing doubts that OPEC would act to reduce the swelling global supply glut. Chinese manufacturing contracted in January at the fastest pace since 2012, adding to worries about energy demand from the world's largest energy consumer. "China is the last standing consumer of oil outside of the U.S. The problem is that everyone is relying on them," said Carl Larry, director of business development at Frost & Sullivan in Houston. A mild U.S. winter has also dented demand for oil.
Oil Jumps on Russia-OPEC Talks
Russian govt, producers discuss possible coordination with OPEC. Oil futures surged on Wednesday, after Russia said it was discussing the possibility of co-operation with OPEC, fanning hopes that a deal was in the works to reduce oversupply that sent prices the lowest levels in a dozen years last week. Russia's energy ministry said possible coordination with the Organization of the Petroleum Exporting Countries (OPEC) was discussed at a meeting with Russian oil companies on Wednesday. Top non-OPEC producer…
Oil Soars 5 pct on OPEC Chatter, U.S. Demand Spike
Oil futures surged 5 percent on Wednesday, after Russia said co-operation with major oil producers was discussed and U.S. data showed a surprise spike in demand for products such as heating oil last week, when a massive blizzard hit the country. Russia's energy ministry said possible coordination between Russia and the Organization of the Petroleum Exporting Countries (OPEC) was discussed at a meeting with Russian oil companies on Wednesday. Top non-OPEC producer Russia has been unwilling to cut oil output, as it battles for market share with OPEC king-pin Saudi Arabia.
Crude Oil Prices Up More Than Four Percent
Crude prices closed up more than 4 percent on Thursday as rising violence in producer Libya and an expected boost in oil demand from China's central bank easing helped the market rebound from a sharp rout in the previous session. Traders and analysts said they expect crude's rollercoaster ride, which began last Friday, to continue as it tries to find a bottom to a seven-month selloff that took prices near six-year lows. But many were pessimistic about a sustained rally, as record-high U.S. inventories rekindle worries about a glut.
Brent Oil Ends Week Flat
Brent oil prices fell on Friday but were little changed on the week as traders caught their breath from a months-long rout, even as signs of rising global supply and a U.S. contango structure threatened deeper losses. U.S. crude oil futures, meanwhile, continued to slide. Contracts for December delivery settled down $1.08 at $81.01 per barrel, dropping $1.74 since last Friday. Increased domestic crude stores have depressed the price of short-term futures contracts. The spread between December and January contracts narrowed to 24 cents…
Oil Dives $4 as Demand Dims, Shale Booms and OPEC Resists Cuts
Oil dived more than $4 a barrel on Tuesday, its biggest drop in more than two years as mounting evidence of slackening demand and unrelenting U.S. shale output left traders struggling to peg a floor for crude's four-month rout. The abrupt acceleration of an over 26 percent slide in prices since June was triggered by three news items that epitomized the market's turn: a downgrade in global oil consumption forecasts; projections for another big boost in shale oil; and reluctance by OPEC members to cut output.
US Crude Falls, Down for Fifth Week
U.S. crude oil futures fell on Friday for a fifth straight week of declines while Brent remained under pressure from a stronger dollar and plentiful supplies despite an escalation of tensions between Russian and Ukraine. Ukraine declared on Friday that Russia had launched a "direct invasion" of its territory after Moscow sent a convoy of trucks across the border into eastern Ukraine where pro-Russian rebels are fighting government forces. "You'd think with increasing tensions between Russia and Ukraine…
Brent Oil Holds Above $112
Brent oil held above $112 per barrel on Tuesday as investors took heart from upbeat manufacturing data in China, while conflicts in Iraq and Ukraine underpinned supply concerns. China's factory growth rose to a six-month high, adding to signs the economy of the world's second-biggest oil consumer is regaining strength. "The latest data from China suggests that the main economic and oil demand growth engine of the world may be starting to turn the corner toward the upside," said Dominick Chirichella of the Energy Management Institute.
Brent Holds Above $112 on Supply Worries
Brent crude held above $112 a barrel on Monday after a strong rally last week, as advances by Sunni insurgents in Iraq raised concerns over a potential disruption to oil exports from the second-largest OPEC producer. The eruption of violence in Iraq led to a spike in prices last week, with Brent and U.S. crude gaining more than 4 percent - the most since July and December, respectively. But the rally seemed to run out of steam on Monday as the market waited to see how far oil exports would be affected and whether the United States would intervene to support the Iraqi government. U.S.
Brent Rises on Ukraine Clashes, Libya Uncertainty
Brent crude rose towards $108 per barrel on Tuesday, supported by clashes across Ukraine and lingering uncertainty over Libya's supply recovery. Pro-Russia rebels shot down a Ukrainian helicopter in fierce fighting near the eastern town of Slaviansk, while Kiev moved police special forces to the port city of Odessa to stop the rebellion spreading westward. And in Libya, the vital southern El Sharara oilfield remains closed while new protests shut the Zultun and Raquba oilfields in the central eastern region of the OPEC producer.
Update: Brent Dips on Weak Demand Outlook
Brent oil futures dipped towards $107 a barrel on Friday following a weaker outlook for 2014 global demand growth from the International Energy Agency and due to expectations that more Libyan crude will reach the market next week. Brent crude was down 8 cents at $107.38 a barrel by 1338 GMT after settling 52 cents lower on Thursday. The contract was on track to end the week about 0.5 percent higher, recouping part of the previous week's losses. U.S. oil was up 3 cents at $103.43 a barrel and was set to end the week about 2 percent higher. The U.S. oil complex was lifted by a sharp, unexpected fall in U.S.
Oil slips below $106 as Libya deal eases supply worries
Libyan rebels, govt agree to reopen occupied oil ports. Brent crude oil fell below $106 a barrel on Monday, snapping a two-day rise, after Libyan rebels occupying four eastern oil ports agreed to end an eight-month blockade, raising the prospect of increased supply to world markets. The end to the port standoff is removing some supply worries that have helped push prices as high as $112 for the year. Brent crude fell $1.47 to a low of $105.25 a barrel before recovering slightly to around $105.55 by 1230 GMT, down $1.17. Brent ended last week 1.2 percent lower. U.S. oil was down 80 cents at $100.34.
