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Posts Tagged ‘oil prices’

Oil inventories prove stubbornly high

Inventories of gasoline and distillates fell last week, as they should even in a coronavirus-impacted summer driving season, the U.S. Energy Information Administration reported today. But crude inventories remained stubbornly high, an indication that the rise in demand for end products resulted in a drawn down of crude. And without a drop in crude inventories […]

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Oil rig count falls again

Baker Hughes reported today that the number of rigs drilling for oil in the United States fell by another 15 to 222 this week. This is the 11th straight weekly decline. The total active rig count, which includes oil and natural gas drilling rigs, dropped by 17 to 301. U.S. benchmark West Texas Intermediate gained […]

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Oil keeps on rallying–and takes market with it

Remember how back on April 20 West Texas Intermediate traded at a negative $40.32 a barrel on the futures market? Then the fears were that anyone who owned a forward future and who was forced to accept delivery of that oil would not be able to find a place to store it. Today the U.S. […]

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Two negative views of the oil market–and one’s from OPEC

It will take more than a year, and perhaps several years, for oil demand to recover to what it was before the coronavirus pandemic, said Fatih Birol, executive director of the International Energy Agency ahead of Thursday's update on energy markets. Crude demand of about 100 million barrels a day prior to the pandemic plunged […]

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Oil plunges on futures market on panic over expiring May futures contract

Warning: This is going to be a little "insider baseball. As of 1:30 p.m. the quoted price on Bloomberg of U.S. benchmark West Texas Intermediate was 80.02% to $3.65 a barrel. On the other hand, international benchmark Brent crude was down"just" 5.80% to $26.45 a barrel. What? Remember that we're talking the price not of […]

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U.S. benchmark oil falls below $20 a barrel on largest increase ever in U.S. inventories

U.S. benchmark West Texas Intermediate fell below $20 a barrel, the lowest price since 2002, after the U.S. Energy Information Administration reported a huge jump of almost 20 million barrels in U.S. crude inventories. At 1:00 P.m. New York time West Texas Intermediate traded at $19.91 a barrel. International benchmark Brent crude fell 5.41% to $28.00 a […]

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Oil deal gets a shrug from the oil markets

This take from Goldman Sachs pretty much sums up the oil market's reaction to Sunday's agreement among OPEC+, the United States, Canada, Brazil, and various and sundry G20 oil producers to cut what could be generously calculated as 14.7 million barrels a day from the world's oil production: The agreement, Goldman said was "historic but […]

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Trick or Trend: Is Sunday’s oil deal enough? Probably not

Our regular (or occasional or perhaps occasionally regular) Friday series (actually running on Sunday 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. Do this simple math. In normal times world oil demand is around 100 million barrels […]

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Watch out for a wild Thursday (and maybe even Wednesday)

The U.S. stock markets are closed on Friday, April 10, for Good Friday. That sets up a short week and a long weekend--which would be likely to produce higher than normal volume and volatility on Thursday anyway as traders and investors bought and sold to position themselves for the uncertainty of three days without being […]

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Trick or trend: Not so fast on an end to the Saudi-Russian oil price war

Our regular (or occasional or perhaps occasionally regular) Friday series (actually running on Saturday 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. A meeting of OPEC+, that is of OPEC and some major non-OPEC oil producers, scheduled […]

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