Oil and oil stocks take double hit today
The combination of a big build in U.S. crude inventories this week and fears that the escalating U.S.-China trade war will slow global economic growth (and global oil demand) took a big whack out of oil prices and oil stocks today. The U.S. Energy Information...
Another attack on Middle East oil infrastructure today, Tuesday
This time it's not an attack on oil tankers in the Persian Gulf but a reported drone attack on two pumping stations in Saudi Arabia that push oil through the East-West pipeline to the Red Sea port of Yanbu. The attack set off a fire that caused limited damage to one...
What if they started a war in the Middle East and nobody noticed? (For a while anyway)
What if they started a war and nobody noticed? That's not a random "If a tree falls in a forest...) philosophical question. We moved closer to a shooting war in the Persian Gulf today and with all eyes trained on the U.S.-China trade war, the conflict where somebody...
Trump administration ends Iran oil waivers scrambling oil markets
The Trump administration has announced that it will not renew waivers that have let some countries buy Iranian oil without facing U.S. sanctions. The waivers are set to expire on May 2. In March the countries that loaded the most oil from Iran were China (613,000...
U.S. oil rig count falls again, leading to slight gain for oil prices
Today the weekly Baker Hughes report on the number of working oil and natural gas rigs in the United States showed a total drop of 10 rigs to 1012 with 8 fewer oil rigs in operation and 2 fewer natural gas rigs.This is the seventh weekly decline in working rigs in the last nine weeks.Â
Crude rally pauses on higher than expected U.S. inventories, strong dollar, Nigeria production
Oil prices twitched lower on the weekly report from the U.S. Energy Information Administration showing crude stockpiles growing by 2.8 million barrels last week, well ahead of analyst estimates. Prices didn't slide very far, however, since the market ascribed much of...
Still no sign of end to supply imbalance in oil
The oil markets keep waiting and waiting and waiting for oil inventories to show that the OPEC + Russia production cuts have balanced oil supply and demand. And they'll have to wait at least another week according to figures on U.S. oil inventories from the U.S....
“Show me” oil market still getting no evidence of rebalance of supply/demand
Yesterday the American Petroleum Institute reported a surprise increase in U.S. crude oil inventories with a build of 6.55 million barrels for the week ending January 18. Oil analysts had expected a small draw down in crude oil inventories of 42,000 barrels. Today the...
They’re back! Fears of a slowdown in growth in 2019, that is
Remember last week? Markets were running over with optimism that growth in the U.S. and global economies continue strong in 2019, that the U.S.-China trade war was headed to a resolution, that earnings growth in reports for the fourth quarter would be above...
China data nudge to global growth fears
Overnight, China reported as larger than expected December trade surplus ($57.06 billion against an expected $51.53 billion) but a December year over year 7.6% drop in imports that argued for a slowdown in China's domestic economy. Economists had expected a 5%...
Surprise! Did you know oil is in a bull market now?
U.S. benchmark West Texas Intermediate is still off 30% from its October high, but the commodity is up more than 20% form its December 24 low. In other words, oil is in a bull market. At yesterday's close (January 10), West Texas Intermediate was up 23.7% from that...Jim’s Stock Alerts
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