So much for the oil rally–crude falls on supply AND demand worries
U.S. benchmark West Texas Intermediate closed down 1.35% today (to $67.83 a barrel) and international benchmark Brent crude tumbled 2.32% to $72.49 on bad news from the supply side and worries about the demand side. On the supply side a report from the U.S Energy...
Ho hum, another drop in U.S. oil inventories
Remember last week when oil prices didn't move much even after the U.S. Energy Information Administration reported a surprise 5.8 million barrel build in U.S. oil inventories--when oil analysts were expecting a drop in inventories? At the time I suggested it was...
Washington-Iran tweet storm fails to move oil markets
Oil markets have apparently become immune to threats and counter threats from the Trump administration and the regime in Iran. In a Twitter post late Sunday, President Donald Trump wrote, “To Iranian President Rouhani: NEVER, EVER THREATEN THE UNITED STATES AGAIN OR...
The oil price that didn’t bark in the night
Sometimes it's how the market doesn't react that's important. Today the U.S. Energy Information Administration reported a surprising build in U.S. crude oil inventories of 5.8 million barrels for the week ended on July 13. This comes after a big drawdown of 12.6...
Government via Twitter: What did the Saudi’s actually say about increasing oil production?
On Saturday President Donald Trump wrote on Twitter that in a phone call with King Salman Saudi Arabia had agreed to increase oil production “maybe up to 2,000,000 barrels” in response to turmoil in Iran and Venezuela. The Saudi government has acknowledged that the...Notes You Need for June 29: Inflation, consumer spending, oil prices, tariffs, EuroZone inflation, U.S. deficit, rig count, GM warns on tariff effect on jobs
In my daily trawling through the market I come upon lots of tidbits of knowledge that I think are important to investors but that don't justify a full post. I've decided to start compiling these notes here each day in a kind of running mini blog that I'm calling Notes...
Aggressive November 4 U.S. deadline on ending Iran oil exports threatens more oil market turmoil
Want to know how high oil can go? So do the oil markets, frankly. West Texas Intermediate closed today at $72.32 a barrel, up another 2.54%. The U.S. crude benchmark stood at $64.19 on June 15. That's a gain of 12.7%. Lurking in the wings is a demand by the Trump...
Oil soars on U.S. inventory report, supply fears
As of noon New York time today, U.S. benchmark West Texas Intermediate is up 3.30%. International benchmark Brent is ahead 2.41%. The climb follows on data from the Energy Information Administration showing a huge draw of 9.9 millions barrels in U.S. crude stockpiles...
Shutdown at Canada’s Syncrude upends U.S. oil prices
The accident last week at the giant Syncrude plant in Alberta wasn't the biggest event for global oil markets last week. That honor still goes to the OPEC decision to expand production by a net 700,000 barrels a day. But for U.S. and Canadian oil markets the accident,...
To me it looks like the market has moved to over-estimating OPEC production increase at June 22 meeting
Oil prices moved lower, I mean LOWER, last week. Brent, the international crude benchmark, closed Friday at a six-week low, down 3.3% to $73.44 a barrel for August delivery. Brent finished down 4% for the week. West Texas Intermediate, the U.S. benchmark, closed at...
Markets today “seem” to say North Korea summit more important than G7 explosion
At 2 p.m. New York time the Standard & Poor's 500 stock index was up 0.3%. The Dow Jones Industrial Average was ahead 0.22%. And the NASDAQ Composite index had inched higher by 0.27%. Which is surprising given that the Group of 7 meeting ended Saturday with the...Jim’s Stock Alerts
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