Oil Shoots Up On Huge Crude Inventory Draw

Oil Shoots Up On Huge Crude Inventory Draw

Crude oil prices moved further up today after the US Energy Information Administration reported a crude oil inventory decline of 12.6 million barrels for the week to November 25. At 419.1 million barrels, oil inventories are 8 percent below the five-year average for this time of the year. Last week’s inventory move compared with a … Read more

Oil Prices Extend Losses After EIA Inventory Data Release

Oil Prices Extend Losses After EIA Inventory Data Release

Crude oil prices fell today, even after the US Energy Information Administration reported inventories of oil had shed 3.7 million barrels over the week to November 18. This compared with a decline of 5.4 million barrels for the previous week and an estimated draw of 4.8 million barrels reported by the American petroleum Institute for … Read more

Oil Prices Plunge As OPEC+ Considers Production Hike

Oil Prices Plunge As OPEC+ Considers Production Hike

By Julianne Geiger – Nov 21, 2022, 10:39 AM CST Crude prices hit a 10-month low on Monday morning. Saudi Arabia and other OPEC+ members are reportedly discussing a production increase for January. The group is reportedly considering an increase of up to half a million barrels a day. OPEC’s de facto leader Saudi Arabia … Read more

Fitch: This Is The Biggest Downward Risk For Oil Markets In 2023

Fitch: This Is The Biggest Downward Risk For Oil Markets In 2023

Short-term oil price forecasts have been persistently bullish this year, with most forecasters expecting benchmarks to top $100 sometime next year. Over the longer term, however, things change. Goldman Sachs, for instance, this week said in a note that it expected oil could surge to $125 per barrel if China ended its Covid restrictions. Its … Read more

Oil Falls More Than 4% As Traders Ditch The China Reopening Play

Oil Falls More Than 4% As Traders Ditch The China Reopening Play

Oil prices plummeted on Thursday on a series of bearish market forces, led by thin liquidity and easing geopolitical tensions between Russia and the West when it became clear that the missile striking Poland earlier in the week did not come from Russia. WTI prices fell nearly 5% on the day, to $81.76 per barrel … Read more

OPEC Ready To Intervene “For The Benefit Of Oil Markets”

OPEC Ready To Intervene “For The Benefit Of Oil Markets”

OPEC Secretary General Haitham al-Ghais said on Wednesday that the organization is ready to “intervention for the benefit of oil markets”, Saudi-owned Al-Arabiya TV reports, citing Ghais as saying that OPEC is aware, cautious and monitoring economic developments worldwide. In early October, OPEC+ announced plans to reduce oil production by 2 mb/d in November 2022 … Read more

Bets On $200 Oil Surge As Traders Eye Extreme Volatility

Bets On 0 Oil Surge As Traders Eye Extreme Volatility

A week ago, the US Energy Information Administration cut its crude oil demand outlook for 2023 by 320,000 bpd, with supply also falling, by 300,000. This week, OPEC also revised down its oil demand forecast for next year by 100,000 bpd, citing economic challenges on the global oil scene. It also warned supply might become … Read more

The EU’s Embargo On Russian Oil Will Be A Boon For OPEC

The EU’s Embargo On Russian Oil Will Be A Boon For OPEC

While the world has slapped a wide variety of sanctions on Russia in the wake of Vladmir Putin’s illegal invasion and partial annexation of Ukraine, most of them have been relatively toothless. To hit Russia where it hurts, the world has to stop buying energy from the oil and gas titan. But slapping energy sanctions … Read more

Large Crude Build Weights On Oil Prices

Large Crude Build Weights On Oil Prices

The American Petroleum Institute (API) reported a large build this week for crude oil of 5.618 million barrels. US crude inventories have grown by roughly 31 million barrels so far this year, according to API data, while the US Strategic Petroleum Reserves fell by more than six times that figure, at 197 million barrels. The … Read more