News Oil Stocks 

Oil slips as US gasoline stock build overshadows crude draw

“U.S. crude inventories last week dropped 5.1 million barrels, more than anticipated, and production hit another record high at 9.78 million barrels per day (bpd), government data showed” reports foxbusiness.com. Forties is the largest of the five crude oil streams that underpin the dated Brent benchmark.Gasoline stocks jumped 5.7 million barrels, more than double analysts’ expectations for a 2.5 million-barrel gain. “It’s kind of a mixed bag across the board – a little bigger than expected draw on crude but gasoline demand was down slightly.Oil prices slipped for a second…

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Markets News Oil 

Oil prices rise on signs of falling U.S. inventories

“The OPEC monthly oil market report is also scheduled for release in the morning” writes Markets Reporter for marketwatch.com. Prices for Brent crude oil, the global benchmark, pulled back Tuesday after rallying to a 2½-year high following news that a major North Sea pipeline would be shut down for weeks.Oil prices rose Wednesday after data from an industry group showed a decline in U.S. crude supplies, putting traders on watch for an official reading due later in the day.The system delivers almost 40% of the U.K.’s North Sea oil and…

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News Oil 

Man who gained fame for crude ‘Rick and Morty’ courtroom exchange gets life

“The exchange captured in the court transcript descended from there, with Durham finding Allen in contempt of court” reports nypost.com. A Georgia man — whose extraordinarily vulgar courtroom exchange with a judge was immortalized by the hit TV show “Rick and Morty” — has pleaded guilty but mentally ill to killing his cellmate.Durham said he doubted those claims and recommended that Allen go to trial with the attorney rather than represent himself, prompting Allen’s incredibly crude tirade.In June 2016, Allen made national headlines for an obscene, 11-minute exchange with Superior Court…

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News Oil 

Brent Crude Prices Spike to July 2015 Highs Following Forties Pipeline Shutdown

“The shutdown will impact that largest input into the so-called ‘dated Brent’ crude mix that is used to settle around half of the worlds’ crude contracts” writes Nyc Port Authority for thestreet.com. The moves took Brent prices, which are used as the global benchmark, more than $7.20 higher than those for February delivery of West Texas Intermediate crude, which was marked at $58.41.Brent crude prices surged to the highest levels in more than two and a half years Tuesday, extending its premium over U.S. prices past $7 a barrel after…

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News Oil 

Oil prices boosted by Chinese crude imports, elevated Mideast tensions

“Oil prices rose Friday, supported by elevated geopolitical tensions and data showing an increase in Chinese crude imports” writes Christopher Alessi for marketwatch.com. The accord, first adopted a year ago, was meant to rein in a global oil supply glut and boost prices.Brent crude LCOG8, +1.72%  , the global benchmark, was up 1.5%, or 92 cents, at $63.12 a barrel on London’s Intercontinental Exchange. Read: Analysts expect these energy stocks to rise the most in 2018 as oil rebounds.  Source: marketwatch.com Share This:

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News Oil 

Oil prices rebound as market moves on from OPEC deal

“Oil prices, meanwhile, headed higher a day after dropping to a three-week low” writes Christopher Alessi for marketwatch.com. The market’s focus continues to be rising U.S. crude production, according to analysts.Also on Nymex Thursday, prices for oil looked to recoup some of their recent losses.The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas edged up by 2 billion cubic feet for the week ended Dec. 1. Source: marketwatch.com Share This:

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OPEC has given US shale producers a ‘Christmas gift,’ says Tom Kloza

“We may be at a record right now for shale,” Kloza said” writes unknown author for cnbc.com. “OPEC basically gave a Christmas gift to U.S. shale producers,” the company’s global head of energy analysis said this week on CNBC’s “Futures Now.”. “It establishes a stronger bottom for crude oil.”.  Source: cnbc.com Share This:

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News Oil Stocks 

Oil edges up as U.S. crude stocks fall, but soaring output weighs

“Oil prices inched higher on Thursday after a data report showed a decrease in U.S. crude inventories, but rising gasoline stocks and crude production weighed on the market” reports foxbusiness.com. Gasoline stocks rose 6.8 million barrels, to 220.9 million barrels, according to the report from the U.S. Energy Information Administration (EIA), much more than analyst expectations in a Reuters poll for a gain of 1.7 million barrels.Brent crude futures, the international benchmark for oil prices, were at $61.49 a barrel, up 27 cents, or 0.44 percent.Traders said the higher prices…

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Futures News Oil Stocks 

Oil hits 2-week lows as US fuel stock build signals easing demand

“However, gasoline stocks rose by 6.8 million barrels and distillate inventories were up 1.7 million barrels, both exceeding expectations in a Reuters poll” reports foxbusiness.com. Brent crude futures were down $1.31, or 2.1 percent, at $61.55 a barrel by 12:43 p.m.U.S. crude production rose to 9.7 million barrels per day, another weekly record, though short of all-time records reached in the 1970s.Gasoline stocks tend to build in December, but at 221 million barrels of inventory, stocks are slightly above the five-year average for this time of year.U.S. oil production has…

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News Oil Stocks 

EIA reports a fall in U.S. crude supply, but gasoline stocks rise more than expected

“Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell 5.6 million barrels for the week ended Dec. 1” writes Markets Commodities Reporter for marketwatch.com. Gasoline stockpiles jumped by 6.8 million barrels for the week, while distillate stockpiles added 1.7 million barrels, according to the EIA. The S&P Global Platts survey forecast a supply rise of 2.7 million barrels for gasoline and an increase of 1.5 million barrels for distillates.That was bigger than the forecast for a decline of 4.1 million barrels from analysts surveyed by…

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