OPEC faces a moment of truth about planned output increases: Kemp
Saudi Arabia and its OPEC allies will have to make a difficult decision in the coming weeks. They must decide whether they want to proceed with production increases planned for October or postpone them due an uncertain economic outlook. Saudi Arabia and its OPEC?Recent falls in Brent futures prices for the front-month, calendar spreads, and refinery margins amid concerns over the outlook for oil consumption have highlighted the risk…
Kemp: Oil traders focus on economy, not dwindling stock.
The oil prices have fallen in recent weeks, as traders focus their attention on a potential slowdown of the major economies. At the end of the month of June, the Organization for Economic Cooperation and Development's (OECD) advanced economies had 2,761,000,000 barrels of crude and refined product in their commercial stocks. The stocks were 120 million barrels below the seasonal average of the past ten years (-4%, or -7.71 standard deviations)…
Kemp: Oil traders focus on the economy, not dwindling stock
The oil prices fell in recent weeks, as traders looked past the depletion of global inventories and focused on a future threat that could be posed by the possible slowdown of major economies.At the end of the month of June, the Organization for Economic Cooperation and Development's (OECD) advanced economies had 2,761,000,000 barrels of commercial crude and refined product stocks.The stocks were 120,000,000 barrels below the seasonal average of the past ten years (-4%…
US Crude Inventory Drops for Third Week
U.S. crude inventory declined again last week. The latest weekly survey by the U.S. Energy Information Administration (EIA) indicates an inventory fall of 0.5 million barrels in the week ended December 14. While only a small drop, it is the third decline in a row.While EIA data include only U.S. oil inventory the survey results are considered more reliable – and are available at more frequent intervals – than international figures and…
Trump Rails Against Oil Prices, OPEC Pushes Back
U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters."Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!" Trump wrote on Twitter.It was unclear what triggered the tweet, Trump's first mention of OPEC on social media during his term.U.S.
U.S. Crude Falls on Worries About Glut, Brent Flat
Front-month expires Monday, long liquidation seen; dollar index highest in more than four years. U.S. crude oil fell on Friday, on track for its fourth daily decline on continued concerns about ample supply at a time of weak global economic data and fragile demand. Analysts and traders also cited some liquidation of long positions ahead of Monday's expiration of the front-month light-crude contract. Brent crude hovered around $98 a barrel…
Oil Steady at $98 on Oversupply Worries
Talk of OPEC cuts, lower Libyan output support prices; Dollar index highest in more than four years. Middle East tensions remain a big focus. Brent crude oil steadied below $98 a barrel on Friday, not far above 26-month lows reached at the start of the week as OPEC talk of a production cut balanced worries about ample supply at a time of fragile demand. Brent hit its lowest point since July 2012 on Monday as oil supply overwhelmed lacklustre demand in Europe and Asia…
