Today it’s all about oil–again
Today’s moves take oil to a 7-month low. And oil is now in an official bear market for 2017 with West Texas Intermediate down 20% from its February 23, 2017 high at $54.45 a barrel. Why the tumble?
Oil markets disappointed as OPEC does the expected
OPEC and allied non-OPEC producers have agreed to extend oil production cuts at current levels for nine more months through March 2018. Oil markets, which had been expecting exactly this result for days now, fell on disappointment that OPEC didn’t go further and increase the size of production cuts.
Oil climbs as Saudis, Russians agree on continued production cuts
It still has to be ratified by the end of May meeting of all OPEC members, but it looks like Saudi Arabia and Russia have agree to extend current production cuts past their June expiration. U.S. benchmark West Texas Intermediate moved up 2.01% to $48.80 a barrel. The positive surprise in this news, as far as oil markets are concerned, is that the two want to extend the agreement not for another six months but through the first quarter of 2018.
Oil pushes higher on inventory report and global markets (except for China) follow
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Notes You Need for May 9: U.S. oil production, AMZN, WMT, Turkey, China inflation
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Oil back down this morning as “hedgies” reposition
So much for Monday’s oil rally. This morning, a day after Russia and Saudi Arabia succeeded in talking up oil prices with promises that OPEC and allied non-OPEC producers would extend the current production cuts past their June expiration until the end of 2017, U.S. benchmark West Texas Intermediate is down 0.8% to $46.06 a barrel and international benchmark Brent crude is off 0.81% to $48.94 a barrel as of noon in New York
Notes You Need for April 21: French election, Emerging market inflows, Subway cuts stores, Rig count, Oil drops on Russia fears, Italy downgraded
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Oil up today after plunge yesterday: What’s this volatility telling us?
Oil prices have bounced back today from yesterday’s tumble with West Texas Intermediate climbing 1.63% and the Brent international benchmark advancing 1.49% as of 11:45 a.m. New York time. The gain still leaves West Texas Intermediate below $50 a barrel at $48.50. The ostensible reason for today’s climb is a surprise drop in U.S. crude inventories of 237,000 barrels last week,
Most U.S. oil producers have hedged against a drop in oil prices
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Saudis reverse 1/3 of production cuts; oil market trembles
Saudi Arabia has told OPEC that it will not play sucker to countries that won’t meet OPEC’s targets for production cuts. Russia, Iraq, and the United Arab Emirates have not yet delivered the production cuts they agreed to. Saudi Arabia has said that it raised production back above 10 million barrels a day in February.
Notes You Need for March 10: SBUX, MSFT, ARMH, oil options, CMG, rig count, LUV, JBLU, airlines, Incyte
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Oil falls below $50; market rethinks Trump reflation trades
West Texas Intermediate was down 2.74% to $48.90 a barrel today as of noon New York time. International benchmark Brent crude was lower by 2.60% to $51.73 a barrel. The drop in West Texas Intermediate brought the price per barrel below the psychologically important $50 level. Oil had already tumbled 5.7% in the last three trading sessions.
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