News Oil 

Oil stable on expectations of extended output cut

“EV uptake and increased fleet fuel-efficiency could cut oil demand by around 3.5 million bpd in 2025,” the bank said” reports foxbusiness.com. The increase has been triggered by the wide discount in U.S. WTI prices against international Brent crude prices, which makes U.S. oil exports attractive.Brent crude futures, the international benchmark for oil prices, were at $55.83 per barrel at 0538 GMT, up 3 cents from their previous close.Beyond short-term market drivers, analysts at Barclays bank said oil demand could be seriously dented by improving fuel-efficiency and the rise of…

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Markets News Oil 

Oil prices dip over doubts that recent rally will last

“The drops came over concerns that a third-quarter market rally that had lifted Brent to mid-2015 highs by late September had been overdone” reports foxbusiness.com. “The number of active drilling rigs in the U.S. increased last week, highlighting the fact that higher oil prices will inevitably lead to more production from U.S. shale. Source: foxbusiness.com Share This:

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News Oil Stocks 

After oil stocks’ big gains, it’s time to sell

“On Sept. 28, we advised our subscribers to exit direct oil stocks and ETFs, and on Oct. 2 we recommended the closing of positions in other oil-related stocks” writes Thomas H for marketwatch.com. However, the downward sloping channel that was in place in oil is broken, and arguably a new upward sloping channel might be developing. Source: marketwatch.com Share This:

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News Oil 

Oil drillers are trying to fix their finances. They better hope crude stays above $50, says Moody’s

“Oil prices below $50 are simply not going to cut it in the U.S. shale oil patch, Moody’s analysts say in a new research note” writes Brittany Sowacke for cnbc.com. The U.S. Energy Department projects oil prices will average $48.83 next year and $49.58 in 2018.Exploration and production companies have managed to drive down their costs since oil prices crashed in late 2014.U.S. shale drillers rely on expensive advanced drilling methods like hydraulic fracturing.WTI has averaged $49.34 a barrel, while natural gas prices were at $3.02 in the first eight…

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News Oil 

Oil prices fluctuate, but cling to a gain for the week

“Meanwhile, November Brent crude LCOX7, +0.57% the global benchmark, added 38 cents, or 0.7%, to $56.81 a barrel on the ICE Futures Europe exchange” writes Markets Commodities Reporter for marketwatch.com. Oil switched between gains and losses early Friday, but futures prices held on to a gain for the week, as major oil producers at an OPEC-led committee meeting boasted record compliance with their production-cut agreement, but, as expected, reached no decision to extend the agreement.On Nymex, October gasoline RBV7, +1.26%  rose 1.8 cents, or 1.1%, to $1.662 a gallon, with…

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News Oil 

Oil prices top $50 to mark highest finish in about 4 months

“Support from expectations that major oil producers will extend their output-cut deal further into next year outweighed pressure from a bigger-than-expected weekly rise in U.S. crude inventories” writes Markets Commodities Reporter for marketwatch.com. Tensions in the Middle East tied to President Donald Trump’s comments on Iran’s nuclear deal also supported prices. Read the full story: U.S. oil rallies and settles at 4-month high.  Source: marketwatch.com Share This:

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News Oil 

Here’s why oil prices bounced back so fast from Hurricane Harvey

“But traders may be surprised by how quick oil prices have rebounded” writes Markets Commodities Reporter for marketwatch.com. It’s no surprise supplies of crude oil jumped while gasoline inventories fell sharply in the three weeks since Hurricane Harvey hit the Texas Gulf Coast’s refining hub.As a result, supplies of gasoline and other petroleum products were drawn down sharply, while demand for crude oil was curtailed, prompting a back up of oil inventories.But this week, prices for U.S. benchmark West Texas Intermediate crude CLV7, -0.08%  traded as high as $50.50 a…

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News Oil Stocks 

With oil rising, the most lucrative investment may be U.S. shale producers

“The hurricanes, OPEC and U.S. shale production all play a role in the fundamental observations, but oil traders focus more on price” writes Thomas H for marketwatch.com. Domestic oil and gas producers will likely benefit the most if WTI breaks resistance and if natural gas prices increase beyond $3.Oil prices have been on a roller-coaster ride over the past couple of weeks, but the recent increase is prompting investors to ask a serious question: Has the negative sentiment in the oil space finally run its course, and will oil and…

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News Oil 

U.S. oil prices end lower, with WTI at a more than 1-month low

“U.S. oil prices finished Wednesday with a loss, at their lowest level in more than four weeks” writes Markets Commodities Reporter for marketwatch.com. The Energy Information Administration reported a bigger-than-expected weekly drop in U.S. crude supplies, but gasoline stockpiles were flat and traders expect next week’s government report to reveal the impact of Hurricane Harvey-related crude production and refinery shutdowns. October West Texas Intermediate crude CLV7, -1.08% fell 48 cents, or 1%, to settle at $45.96 a barrel on the New York Mercantile Exchange. Source: marketwatch.com Share This:

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Markets News Oil 

Here’s what’s pinning oil prices in a narrow range at $40 to $50 a barrel

“Talk of a slowdown in shale output has re-emerged, with WTI prices mostly holding under $50 since late May” writes Markets Commodities Reporter for marketwatch.com. When it comes to major oil producers’ market-share struggle against their U.S. shale rivals, there has been no clear winner—and that could keep prices stuck between $40 and $50 a barrel for the rest of the year.Every time the Organization of Petroleum Exporting Countries “knocks U.S. shale back, and prices start to rise, U.S. shale oil comes out again,” says Omar Al-Ubaydli, a program director…

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