Markets News Oil 

Oil prices look poised to weaken — but the market is still vulnerable to shocks

“Trade war concerns do seem to have pulled out a lot of macro money from the oil market, along with the broader risk-off approach across the commodities complex” writes Warren Patterson for businessinsider.com. These disruptions saw Libyan oil supply fall from 962Mbbls/d in May to 527Mbbls/d in early July.It seems that the key for Iran will be trying to convince Asian buyers to purchase more Iranian crude oil. Source: businessinsider.com Share This:

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Markets News Oil 

Oil prices rise as concerns about oversupply ease

“He also said concerns that Saudi Arabia and its partners are moving to substantially oversupply the market are “without basis”” writes Nick Oxford for cnbc.com. Saudi Arabia moved on Thursday to allay fears of oversupply.Brent oil rose 22 cents, or 0.3 percent, to $72.80 by 0034 GMT, after falling 32 cents on Thursday.Prices have been dragged down by concerns about oversupply as some production returned after outages, while trade tensions stoked fears of damage to economies and commodities. Source: cnbc.com Share This:

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Futures News Oil 

Houston has overtaken Cushing as the US’s most important oil hub

“Oil gushing from Texas and exported through the Gulf Coast has put a premium on oil in Houston, as opposed to oil located inland” writes Oilprice Com for businessinsider.com. Scott Olson/Getty Houston is emerging as one of the great oil hubs in the world, and pretty soon it will be outfitted with an oil futures contract, which could cement its position.The ICE Permian WTI futures contract will provide price discovery, settlement and delivery at Magellan Midstream Partners, L.P.’s terminal in East Houston, ICE said.But the explosion of production from the…

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News Oil 

The world’s biggest oil trader is setting up a renewable energy fund

“Vitol has committed the initial investment, and investment opportunities may be offered to third parties, the oil trader and Low Carbon said” writes Oilprice Com for businessinsider.com. We firmly believe it is possible to provide all the energy we need through renewable sources, and this fund will help us further our ambition.”. Solar installers from Baker Electric place solar panels on the roof of a residential home in Scripps Ranch, San Diego Reuters/Mike Blake The world’s biggest oil trader, Vitol, is setting up in partnership with Low Carbon a renewables…

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News Oil 

Russia and China rebuff US call for North Korean oil embargo

“Russia and China objected to a U.S. assessment that North Korea has violated international oil sanctions, a United Nations Security Council diplomat confirmed to the Washington Examiner” reports washingtonexaminer.com. Ambassador Nikki Haley’s team called on Russia and China to stop exporting oil to North Korea, as part of a confidential American report alleging last week that the pariah state has exceeded the annual cap on petroleum imports established in a sanctions resolution that passed in December. Source: washingtonexaminer.com Share This:

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News Oil 

Setback for Trump: Saudi Arabia won’t export much more oil this month, official says

“Meanwhile, Saudi crude oil exports are poised to drop by 100,000 bpd in August compared with July” writes Jonathan Ernst for cnbc.com. Saudi exports were about 7.2 million bpd in June, an industry source told Reuters.The commentary from Saudi Arabia could be aimed at preventing oil prices from falling too far too fast, said John Kilduff, founding partner at energy hedge fund Again Capital.July exports from OPEC’s top producer will be roughly in line with last month’s total, the Dow Jones reported, citing Saudi OPEC governor Adeeb Al Aama.Oil prices…

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Markets News Oil 

The oil market is becoming increasingly dangerous, analysts say — and crude prices are feeling the pressure

“The oil market is likely to become progressively more unpredictable over the coming months, analysts have told CNBC, in the latest sign dynamics shaping crude futures have dramatically shifted since the crude rally began” writes unknown author for cnbc.com. International benchmark Brent crude has tumbled nearly 9 percent from last week’s high of more than $79 a barrel.It’s most recent dip comes amid emerging evidence of higher crude production from OPEC kingpin Saudi Arabia and other members of the Middle East-dominated cartel — as well as Russia and the U.S.…

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Futures News Oil 

Oil under pressure as traders eye inventory levels

“Oil futures lost ground Thursday, unable to completely shake off a rise in U.S. crude inventories and a pickup in output by major oil producers” writes Deputy Markets Editor for marketwatch.com. September Brent crude futures LCOU8, +0.67% the global benchmark, fell 77 cents, or 1.1%, to $72.13 a barrel on ICE Europe.Producers from the Organization of the Petroleum Exporting Countries and non-OPEC producers cut oil output in June by 20% more than agreed levels, compared with 47% in May, Reuters reported Wednesday.Oil futures on Wednesday shook off data that showed…

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News Oil Reviews 

Oil Daily Review July 19, 2018

Oil Daily Review for July 19, 2018 USD/CAD drops below 1.32 on crude oil rally The USD/CAD pair came under a heavy selling pressure in the last hours as the rising crude oil prices ramped up the demand for the commodity-sensitive   Oil spikes after US production hits record 11 million barrels per day | Markets Insider Oil rose as much as 1% on Wednesday. US production rose to a record high and stockpiles jumped unexpectedly. Watch oil trade in real time here. Oil pric…   U.S. oil futures finish…

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