October 10, 2016 | Daily JAM, Morning Briefing |
Lots of talk with the potential to move oil markets on tap this week. Today, for example, Russian President Vladimir Putin said at the World Energy Congress in Istanbul, “Russia is ready to join in joint measures to limit output and calls on other oil exporters to do the same”
October 7, 2016 | Daily JAM |
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October 5, 2016 | Daily JAM, Mid Term |
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September 30, 2016 | Daily JAM, Short Term |
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September 28, 2016 | Daily JAM, Morning Briefing, Short Term |
Oil rallied big time today on news that OPEC countries have agreed to reimpose a production ceiling and to drop production to 32.5 to 33 million barrels a day. At the low end of the range that would amount to a decrease in production of 750,000 barrels a day from what OPEC says it pumped in August. West Texas Intermediate is up 4.48% to $46.67 a barrel today and the Brent benchmark is up 5.11% to $48.32 a barrel. But this is a typical OPEC “agreement.”
September 27, 2016 | Daily JAM, Morning Briefing, Short Term |
Ahead of tomorrow’s OPEC “consultations” in Algiers, Saudi Arabia put an offer on the table today to reduce oil production to January levels and Iran rejected it. Iran wants to increase its current production of 3.6 million barrels a day to 4 million barrels, the level before international sanctions devastated the country’s oil exports. The Saudi offer would have reduced Saudi Arabia’s production by 500,000 barrels a day, but only if other OPEC members agreed to freeze production at current levels.
September 23, 2016 | Daily JAM, Friday Trick or Trend, Short Term |
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September 23, 2016 | Daily JAM, Morning Briefing, Volatility |
Just enough bad news today to put an end to this week’s post-Fed meeting rally. As of 3:30 p.m. New York time, the Standard & Poor’s 500 was still up 1.3% for the week. But the index is down 0.48% today. Oil is off even more with West Texas Intermediate slinking 3.04%
September 22, 2016 | Daily JAM, Long Term |
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September 21, 2016 | Daily JAM |
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September 20, 2016 | Daily JAM, Morning Briefing, Short Term |
I’ve got one more item to add to your “to watch” list tomorrow: the weekly report on U.S. oil and gasoline inventories from the U.S. Information Administration. Analysts are expecting a jump in oil inventories in the United States of 2.8 million barrels for the week ended on September 16. On the other hand, they’re expecting that gasoline inventories will show a 500,000 barrel decline
September 5, 2016 | Daily JAM |
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