New York Empire State factory gauge plunges in August deep into contraction territory

New York Empire State factory gauge plunges in August deep into contraction territory

The numbers: The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, plummeted 42.4 points to negative 31.3 in August, the regional Fed bank said Monday. This is the second largest monthly decline on record and among the lowest levels in the survey’s history, the regional Fed bank … Read more

It’s Time For An Oil And Gas Boom In Africa

It’s Time For An Oil And Gas Boom In Africa

Several African countries have been gradually boosting their oil and gas output over the last year, as demand for fossil fuels continues to rise. While many countries in the West are curbing their fossil fuel operations, the African region is offering major oil firms the opportunity to develop new, low-carbon oil operations in largely untapped … Read more

Recession Fears Take Hold Of Oil Markets

Recession Fears Take Hold Of Oil Markets

Oil prices are back around the levels they were at before Russia invaded Ukraine, highlighting that a global recession and demand destruction are now the central focus of traders. Oilprice Alert: This month’s Intelligent Investor column, now available for Global Energy Alert members, compares two of the most promising Canadian oil stocks on the market. … Read more

The Downside Risk Of Tomorrow’s OPEC+ Meeting

The Downside Risk Of Tomorrow’s OPEC+ Meeting

Reader Update: Whether you are new to the oil and gas industry or an energy market veteran, you will regret not signing up for Global Energy Alert. Oilprice.com’s premium newsletter provides everything from geopolitical analysis to trading analysis, all for less than a cup of coffee per week. Chart of the Week – After more … Read more

API Reports Large Inventory Build As Oil Falls Back Below $100

API Reports Large Inventory Build As Oil Falls Back Below 0

The American Petroleum Institute (API) reported a large build this week for crude oil of 4.762 million barrels, while analysts predicted a draw of 1.933 million barrels. The build comes as the Department of Energy released 6.9 million barrels from the Strategic Petroleum Reserves in Week Ending July 8, to 485.1 million barrels. US crude … Read more

OPEC+ Is Still 2.5 Million Bpd Below Its Production Target

OPEC+ Is Still 2.5 Million Bpd Below Its Production Target

OPEC+ pumped more than 2.5 million barrels per day (bpd) below its target in June, despite a rebound in Russia’s oil production that helped the group’s output rise by 730,000 bpd from May, according to the Argus survey published on Friday. Saudi Arabia and Iraq, OPEC’s largest and second-largest producers, raised their output as domestic … Read more

Supply Disruptions Drive Bullish Sentiment In Oil Markets

Supply Disruptions Drive Bullish Sentiment In Oil Markets

Bullish sentiment is once again building in oil markets as supply disruptions mount and global oil demand growth continues unabated. Friday, July 1st, 2022 As uncertainty builds around the supply capacity of OPEC+ and oil demand rages on despite expectations of demand destruction, bullish sentiment is building in oil markets. Now, to add to that … Read more

Has OPEC+ Reached Peak Production Capacity?

Has OPEC+ Reached Peak Production Capacity?

The production pact OPEC+ struck in April 2020 is set to end a month earlier than initially planned, in August 2022. The oil-producing group, however, is already facing its next dilemma—it has been facing it since the alliance’s key member, Russia , invaded Ukraine in February, sending oil prices above $100 a barrel. The war … Read more

Oil Markets Could Face A Doomsday Scenario This Week

Oil Markets Could Face A Doomsday Scenario This Week

Global oil markets are going to be very volatile in the coming months if news emerging from OPEC’s main producers about production capacity constraints turns out to be true. OPEC will be meeting again in the coming days to discuss its export agreements, while today the oil group is presenting its Annual Statistical Bulletin (ASB) … Read more