News Oil 

How Trump’s crackdown on Venezuela could start to bite at home

“More than half of US refinery capacity is “complex,” meaning it requires at least some heavy crude oil to operate properly” writes The Conversation for businessinsider.com. Even before the sanctions against Petróleos de Venezuela, the state-owned company known as PDVSA, its crude production was rapidly declining.They can compete, however, because they use crude from sources like Venezuela that costs less than most crude oil. Source: businessinsider.com

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News Oil 

Oil ends lower as U.S. crude supplies show 5th straight weekly rise

“Oil prices for both benchmarks on Wednesday had marked their highest settlements since November on signs of tighter global crude inventories” writes Markets Commodities Reporter for marketwatch.com. Read: Is there a ‘Saudi put’ on oil prices?. Here’s one analyst’s argument The Energy Information Administration on Thursday reported that domestic crude supplies rose a fifth straight week, up 3.7 million barrels for the week ended Feb. 15.Read: Here’s why the U.S. oil market has little to fear from Venezuela turmoil Providing critical information for the U.S. trading day.Taking a look at…

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News Oil 

U.S. oil benchmark under pressure as domestic crude show 5th straight weekly rise

“They also forecast supply declines of 1.1 million barrels for gasoline and 1.4 million barrels for distillates, which include heating oil” writes Rachel Koning Beals for marketwatch.com. Read: Is there a ‘Saudi put’ on oil prices?. March WTI crude oil US:CLH9  which expired Wednesday closed up 83 cents, or 1.5%, to settle at $56.92 a barrel.The American Petroleum Institute reported late Wednesday a 1.3 million barrel increase in U.S. crude supplies for last week. Source: marketwatch.com

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Crypto Futures Markets News Oil 

Major Cryptocurrencies See Green While US Crude Futures Hit New High for 2019

“Total market capitalization of all 2,074 cryptocurrencies on CoinMarketCap is currently around $134.8 billion, up from $121.3 billion a week ago” writes Ana Alexandre for cointelegraph.com. On its weekly chart, BTC saw its lowest price point of around $3,618 on Feb. 15.Wednesday, Feb. 20 —  cryptocurrency markets are turning around for the green after trading sideways at the beginning of the day. Source: cointelegraph.com

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News Oil 

U.S. oil climbs on tightening supplies; Brent oil edges lower

“Crude-oil futures on Tuesday saw mixed trade, with international benchmark Brent crude edging lower, while the U.S. benchmark rose amid reports of falling Saudi Arabian exports” writes Sarah Mcfarlane for marketwatch.com. The data confirmed comments from the Kingdom’s oil minister who said earlier this month that the country would further cut output.Trade talks between the U.S. and China were also being watched for further signs that could boost crude prices.West Texas Intermediate crude oil CLH9, +0.94%  gained 49 cents, or 0.9%, at $56.49 a barrel, while April Brent LCOJ9, -0.24%…

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Markets News Oil 

Oil Prices Near Three-Month High

“So far into 2019, oil prices have gained around 25 percent” reports etfdailynews.com. On Friday afternoon, oil prices reached their highest in three months and the highest so far this year, with Brent Crude exceeding $65 a barrel for the first time since November 2018.This bullish signal combined with renewed optimism coming from both the United States and China that they had made some progress in last week’s trade talks. Source: etfdailynews.com

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News Oil 

Americans value a free gas fill-up over a cash giveaway — but that’s no comfort to risk-averse investors

“Still, gas is subject to the whims of prices for crude oil, from which it is derived, and spikes in prices can become burdensome for consumers and investors” writes Markets Commodities Reporter for marketwatch.com. Regular unleaded gasoline prices on Friday morning averaged $2.302 a gallon at the pump — about 10% below the year-ago level, according to GasBuddy.MPC, +1.48% And, looking at the bigger picture for gasoline prices, they may end up being a bit cheaper at the retail level this year than last.Volatile prices make gasoline a particularly risky…

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Gasoline prices began to rise this week, the federal government reported Wednesday, as U.S. Gulf of Mexico refineries continued to be disproportionately affected by crude oil supplies from Venezuela lagging in response to U.S. sanctions.

“Oil prices went up on Tuesday by over a dollar on the heels of sanctions, even as EIA reported that oil inventories remained high” reports washingtonexaminer.com. Gasoline prices began to rise this week, the federal government reported Wednesday, as U.S. Gulf of Mexico refineries continued to be disproportionately affected by crude oil supplies from Venezuela lagging in response to U.S. sanctions.Still, the main driver of fuel costs is crude oil prices, she added.Hannah Breul, EIA’s lead petroleum analyst, told the Washington Examiner that fuel prices always rise a little in…

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Futures News Oil 

Oil Up Nearly 2% on Saudi and OPEC Cuts

“U.S. West Texas Intermediate (WTI) crude oil futures rose 69 cents, or 1.3 percent, to settle at $53.10 a barrel” writes Min Read for reuters.com. Oil prices edged up slightly post-settlement after data from the American Petroleum Institute (API), an industry group, showed U.S. crude oil stockpiles had unexpectedly fallen.Brent crude futures gained 91 cents, or 1.5 percent, to settle at $62.42 a barrel.OPEC said on Tuesday it had reduced oil production almost 800,000 bpd in January to 30.81 million bpd under its voluntary global supply pact. Source: reuters.com

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News Oil 

Oil prices hold gains after EIA reports a bigger-than-expected rise in U.S. crude supplies

“The Energy Information Administration reported Wednesday that domestic crude supplies rose by 3.6 million barrels for the week ended Feb. 8” writes Markets Commodities Reporter for marketwatch.com. March West Texas Intermediate crude CLH9, +1.96% was up $1.26, or 2.4%, at $54.36 a barrel on the New York Mercantile Exchange.Gasoline stockpiles edged up by 400,000 barrels last week, while distillate stockpiles were up 1.2 million barrels, according to the EIA. The S&P Global Platts survey had shown expectations for a supply rise of 800,000 barrels for gasoline, but distillates were expected…

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