December 5th, 2019, 3:31 PM
OPEC reached an agreement today to cut an additional 500,000 barrels a day from production. In reality that action is close to "no action" since OPEC has been informally making those supply reductions for most of the year thanks to voluntary cuts by Saudi Arabia that have offset over-production by some OPEC and OPEC+ countries. […]
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December 4th, 2019, 7:11 PM
Call it very, very cautious optimism. Maybe. Oil prices climbed ahead of the December 5 meeting of OPEC in Vienna. The oil market got a boost from a report today, December 4, from the U.S. Energy Information Administration that showed U.S. crude inventories fell by 4.9 million barrels last week. Absent other news on most […]
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November 26th, 2019, 4:57 PM
The second quarter of the year is, historically, the weakest quarter for global demand for natural gas. That's not a good forecast since the global glut of natural gas has already gotten so large that U.S. exporters of liquified natural gas have no place to send it. LNG demand from China has slumped thanks to […]
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November 20th, 2019, 4:55 PM
The Energy Information Administration reported today that U.S. oil inventories at the Cushing, Oklahoma hub fell by 2.3 million barrels. That was the biggest draw down in inventory at Cushing in three months. Supplies at the Cushing Hub reflect production in the U.S. oil shale basins. Total U.S. crude inventories rose by 1.4 million barrels […]
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November 19th, 2019, 1:58 PM
Oil prices are down significantly today, November 19, on speculation that data to be released tomorrow will show a fourth straight weekly increase in U.S. oil inventories and nervousness about a successful conclusion to U.S.-China Part 1 trade talks. As of 1:30 p.m. New York time U.S. benchmark West Texas Intermediate was down 2.89% to […]
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November 18th, 2019, 3:06 PM
The oil markets aren't amused today, November 18, at news that even at a reduced price investors are balking at buying shares of Saudi Aramco's initial public offering. Crown Prince Mohammed bin Salman had initially set a goal for the sale of reaching a valuation $2 trillion. Now, after cutting back the size of the […]
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October 15th, 2019, 3:36 PM
Good earnings news from big U.S. banks drove U.S. stocks higher today. As of 3 p.m. New York time, the Standard & Poor's 500 was up 1.10% and the Dow Jones Industrial Average was ahead 1.03%. The NASDAQ Composite had climbed .28% and the Russell 2000 small cap index had gained 1.17%. The iShares MSCI […]
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October 11th, 2019, 11:03 PM
Our regular (or occasional or perhaps occasionally regular) Friday series (actually running on Friday this week) Trick or Trend looks at what might (or might not) be emerging investible trends. Exclusively on JAM. This post won't run anywhere else. Ever. The news on a potential U.S.-China mini-trade overshadowed everything else today in the financial markets. […]
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September 17th, 2019, 11:00 PM
Yesterday, Monday September 16, oil prices moved massively higher after drones knocked out half of Saudi Arabia's oil production capacity over the weekend. Today, Tuesday September 17, oil prices gave back about half that spike with U.S. benchmark West Texas Intermediate falling 4.05% to $60.35 a barrel at 12:30 p.m. New York time and with […]
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September 16th, 2019, 2:02 PM
Oil prices are higher--much higher--today after a drone attack on Saudi Arabia's Abqaiq processing center knocked out 50% of the country's oil production. As of 1 p.m. New York time U.S. benchmark West Texas Intermediate was up 13.58% to $62.30 a barrel. International benchmark Brent crude was up 13.67% to $68.45 a barrel. Where do […]
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