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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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 US oil boom is delivering a surprise for traders — and it’s costly

“Get the latest Oil WTI price here” writes Devika Krishna Kumar for businessinsider.com. Betting on the price spread, a popular trade in oil markets, is based on predictions of price differences between European and US market fundamentals.”As the exporter of US crude, traders are naturally long WTI and hedge their bets by shorting Brent.LONDON/NEW YORK (Reuters) – The world’s biggest oil traders are counting hefty losses after a surprise doubling in the price discount of US light crude to benchmark Brent in just a month, as surging US production upends…

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Markets News Oil 

Oil prices climb on tightening U.S. market

“The U.S. government plans to shut Iran’s oil exports out of the market from November, demanding that all countries stop buying its oil” writes Midwest Communications Inc for 95kqds.com. U.S. crude inventories fell by 4.5 million barrels in the week to June 29 to 416.9 million barrels, according to the American Petroleum Institute (API) on Tuesday.Outside North America, looming U.S. sanctions against major oil exporter Iran were the focus of attention.OPEC-member Iran, however, has warned it would not accept other producers reaping the benefits by taking its market share.SINGAPORE (Reuters)…

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Futures Markets News Oil 

US oil dips from 3-1/2 yr high, but markets remain tight

“Brent crude futures were at $77.79 per barrel, down 6 cents” writes Nick Oxford for cnbc.com. Greg McKenna, chief market strategist at futures brokerage AxiTrader said this week’s crude price rises had “exhausted the bulls.”. International oil markets also remained firm as looming sanctions by Washington against Iran are expected to lead to a sharp drop in supplies from the OPEC-member.U.S. oil prices on Friday held around three-and-a-half year highs touched the previous day as a Canadian production outage disrupted the North American market.U.S. West Texas Intermediate (WTI) crude futures…

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Futures News Oil 

Brent slides after OPEC lifts output caps

“That flow is liable to go primarily to consumers of Brent crude” writes Biman Mukherji for marketwatch.com. –Brent oil futures maintained its start-of-trading slide in afternoon Asian trading Monday as investors continued to react to the end-of-week agreement to lift production caps. –August Brent futures were recently down 1.8% at $74.17 a barrel after Friday’s 3.4% jump. Source: marketwatch.com Share This:

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Futures News Oil Stocks 

US stocks set to open lower as central banks tighten policy

“U.S. stock index futures pointed to a lower open Thursday morning as investors digested comments from the Federal Reserve” writes Silvia Amaro for cnbc.com. ET, Dow futures slipped 27 points, indicating a negative open of 31.20 points.The Nasdaq and the S&P 500 futures also indicated a lower start to the session for their respective markets. Source: cnbc.com Share This:

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News Oil 

Oil prices rise on ongoing Venezuelan supply trouble

“U.S. crude oil production hit another record last week at 10.8 million barrels per day (bpd)” writes Midwest Communications Inc for 95kqds.com. U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.3 percent, at $66.14 a barrel.Prices were pushed up by supply trouble in Venezuela, where state-owned oil firm PDVSA is struggling to clear a backlog of around 24 million barrels of crude waiting to be shipped to customers.In North America, however, surging U.S. output has pressured WTI crude futures.Looming new U.S. sanctions against major oil exporter…

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Futures News Oil 

U.S. crude eases for third day on expectations of higher supplies

“SINGAPORE (Reuters) – U.S. crude oil futures dipped for a third consecutive session on Monday, with prices coming under pressure from record U.S. output and expectations of higher OPEC supplies” writes Midwest Communications Inc for 95kqds.com. U.S. crude production rose in March to 10.47 million barrels per day (bpd), a monthly record, the Energy Information Administration said on Thursday.Crude oil production rose to another record, while drilling activity picked up again.”. Hedge funds and other money managers cut their bullish wagers on U.S. crude futures and options, according to data…

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News Oil 

US oil exports are only going up from here

“Discounts of this magnitude are pretty rare, particularly after the U.S. began exporting crude oil several years ago” writes Nick Cunningham for businessinsider.com. For most of 2018, U.S. weekly oil exports have been hovering around the 2 mb/d range.U.S. oil exports already hit a new record at 2.566 mb/d for the week ending on May 11, before dipping a bit in the most recent week.Of course, a $9-per-barrel discount relative to Brent suggests that everyone is going to want to buy U.S. crude oil on the cheap, which means that…

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