Markets News Oil 

The rally to $60 in WTI crude has happened under the radar

“There is a growing belief that shale growth isn’t going to meet expectations” reports forexlive.com. Another notable observation in the oil market is how narrow the range has been. Everyone has written off crude but global demand is still rising and if we see a pickup in global growth the market could quickly become undersupplied.In addition, the debt market is turning on shale — especially outside of the Permian basin.There has been a persistent bid in oil since the OPEC decision that’s flown under the radar because of so much…

Read More
Futures News Oil 

Oil ends at 3-month high as the U.S. and China reach a preliminary phase one trade deal

“Oil futures ended higher on Friday, with U.S. and global benchmark prices at their highest levels since mid-September, after the U.S. and China said they have reached a preliminary agreement on a phase one trade agreement” writes Markets Commodities Reporter for marketwatch.com. On top of trade, a decisive victory for Boris Johnson’s U.K. Conservative Party in Thursday’s elections may remove another element of concern for assets considered risky like oil and stocks.February Brent crude BRNG20, -0.21% gained $1.02, or 1.6%, to finish at $65.22 a barrel on ICE Futures Europe,…

Read More
News Oil 

Oil prices climb as China confirms a deal on the text of a phase one trade deal with the U.S.

“For the week, prices trade around 1.3% higher” writes Markets Commodities Reporter for marketwatch.com. Oil futures climbed on Friday, with U.S. prices touching their highest levels since mid-September, after China said it has reached an agreement on the text of a phase one trade agreement with the United States.China confirmed Friday that it reached a deal on the text of a phase one pact, according to a translation reported by CNBC. The agreement hasn’t been signed.Before the press conference in China Friday, The Wall Street Journal reported that Trump agreed…

Read More
News Oil 

Oil prices decline after unexpected climb in weekly U.S. crude inventory data

“The EIA data also showed supply increases of 5.4 million barrels for gasoline and 4.1 million barrels for distillates” writes Markets Commodities Reporter for marketwatch.com. Oil futures fell Wednesday after U.S. government data showed an unexpected climb in domestic supplies of crude oil, as well as sizable gains in gasoline and distillate stockpiles.The report also forecast non-OPEC oil supply growth at 1.82 million barrels per day, also unchanged from last month’s report.The EIA on Wednesday reported that U.S. crude supplies edged up by 800,000 barrels for the week ended Dec.…

Read More
News Oil 

Oil prices slip on surprise US crude inventory build

“Oil prices fell on Wednesday after industry data showed a surprise build in crude oil inventory in the United States and as investors waited for news on whether a fresh round of U.S. tariffs on Chinese goods would take effect on Sunday” reports cnbc.com. A photo taken on August 19, 2013 shows a worker checking oil tanks at an oil well near Tioga, North Dakota.Also adding to global supply, U.S. producers Exxon Mobil and Hess plan to export the first-ever shipments of crude oil from Guyana between January and February,…

Read More
Markets News Oil 

Oil gains on report of upbeat China trade talks, forecasts for a weekly decline in U.S. supplies

“The analysts, however, expect to see supply increases of 3.3 million barrels for gasoline and 2 million barrels for distillates, which include heating oil” writes Markets Commodities Reporter for marketwatch.com. February Brent crude BRNG20, +0.03%  added 9 cents, or 0.1%, to settle at $64.34 a barrel on ICE Futures Europe, after skidding 0.2% a day ago.Prices also got a boost from expectations that a U.S. government report Wednesday will reveal a second straight weekly decline in domestic crude inventories.The EIA is expected to report a second straight weekly decline in…

Read More
News Oil 

Oil prices fall to $64.19 barrel due to US-China trade war

“Experts at Goldman Sachs predicted that crude oil prices will stabilise at current levels next year, where Brent is expected to stabilise at levels of $60 a barrel in 2020” writes Mohamed Adel for dailynewssegypt.com. Accordingly, Youssef predicted that the price of a barrel of oil would continue to decline.The export data raised a state of concern in a market already worried about the damage caused by the Sino-American trade war and its impact on global demand.He pointed out that the continuing trade war between the United States and China,…

Read More
News Oil 

Oil prices slip as OPEC aims to approve deeper cuts to output-reduction plan

“The oil giant priced its IPO Thursday at 32 riyals per share, valuing the company at $1.7 trillion” writes Mark Decambre for marketwatch.com. The reductions would come on top of the current agreement between OPEC and its allies, collectively known as OPEC+, which calls for cuts of 1.2 million barrels a day from late 2018 levels through March 2020.Oil futures headed lower Friday as OPEC and other major producers of crude aim to ratify a deeper reduction of output that has been agreed upon in principle but must be unanimously…

Read More
News Oil 

OPEC+ looks to reduce crude oil output by an extra 500,000 barrels a day

“A committee of oil producers led by Saudi Arabia and Russia recommended on Thursday that the group deepen their current oil production cuts by 500,000 barrels a day, The Wall Street Journal reported, citing officials from the Organization of the Petroleum Exporting Countries” writes Markets Commodities Reporter for marketwatch.com. Prices on Thursday saw little reaction to the expectation of deeper cuts, as traders likely “bought the rumor” earlier in the week, said Tyler Richey, co-editor at Sevens Report Research.The Organization of the Petroleum Exporting Countries and their allies are expected…

Read More
News Oil 

Saudi Aramco prices its IPO at 32 riyals, valuing the oil giant at $1.7 trillion: report

“Saudi Arabian Oil Company announced Thursday that it’s setting the final offer price for its IPO at 32 riyals per share, valuing the company at $1.7 trillion” writes Markets Commodities Reporter for marketwatch.com. The offering size is 3 billion shares, setting the offer amount at 96 billion riyals, or $25.6 billion, assuming no exercise of the purchase option, according to a company release tweeted by a Bloomberg reporter. On ICE Futures Europe, February Brent crude BRNG20, +0.16% traded at $63.39 a barrel, up 38 cents, or 0.6%, with major oil…

Read More