Oil does indeed disappoint today
Today oil prices are down further on the EIA’s oil inventory report: Crude inventories climbed by 2.28 million barrels to 525.9 million barrels for the week that ended on August 26. That’s the highest seasonal level for crude stockpiles in more than two decades. Analysts surveyed by Bloomberg before the release of the report were looking for an increase in inventories of 1.3 million barrels
Oil continues to pull back in anticipation of increase in oil inventories in tomorrow’s data
Two down days in a row–a big trend given the volatility in oil price trends recently. As of noon New York time on Tuesday, August 30, October futures for West Texas Intermediate, the U.S. benchmark, were down 1.28% to $46.38 a barrel. The selling comes as a Bloomberg survey showed that traders expect a climb in crude inventories of 1.5 million barrels in the U.S. EIA report due tomorrow.
Weekly crude inventory levels confirm that the oil glut is shrinking more slowly than anticipated
Oil industry analysts had forecast a 1.5 million barrel drop in U.S. crude inventories. BUT the actual numbers announced by the U.S. Energy Information Administration today, Wednesday, August 10, showed an increase in inventories of 1.06 million barrels. Yesterday the EIA reduced its forecast of the decline in U.S. production in 2016.
Oil markets hold their breath waiting for Wednesday data on U.S. inventories
Tomorrow, August 10, brings a new weekly report on the state of crude oil inventories in the United States with oil markets looking to calculate a timetable for the restoration of supply/demand balance. Uncertainty over those inventory numbers was enough to bring the recent recovery from the bear market in oil to a halt. U.S. benchmark West Texas Intermediate slipped 0.07% to $42.74 a barrel.
Saturday Night Quarterback (on a Monday) says, For the week ahead expect…
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Oil and gasoline supply numbers may be just an artifact of earlier than usual seasonal shifts in refinery operations
Oil traders have decided that this morning’s news on oil and gasoline inventories indicates a drop in supply and is therefore good for higher oil prices. U.S. benchmark West Texas Intermediate settled ump 3.3% today to $40.83 a barrel. I’m not convinced that the numbers show anything significant about the supply trend.
Saturday Night Quarterback says, For the week ahead expect…
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Oil drops again on fears of increasing supply
Oil prices are down again today, June 16. As of 1:15 p.m. New York time West Texas Intermediate was off 3.15% to $46.50 a barrel and the Brent benchmark was down by 2.98% to $47.50. $50 a barrel remains a critical barrier with traders unwilling to buy much above that price
Rally stalls near top of trading range–any reason for concern?
Yesterday, May 25, U.S. stocks looked set to bust right on through the top of the recent trading range at 2100. Today, May 26, not so much. The index stalled at 2090–and closed at 2089.25.
Saturday Night Quarterback says, For the week ahead expect…
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Pioneer Natural Resources puts fracklog worry back in play
Last night’s first quarter earnings report and guidance from shale oil producer Pioneer Natural Resources has set off a new round of speculation about how high oil prices have to go before U.S. shale producers decide to put some of the drilled but uncompleted wells that they’ve put on hold into production.
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