Pioneer Natural Resources signs deal to cut fracking sand costs by 50%
It's always important to see who has the leverage--customers or suppliers--when costs start to rise. On the recent agreement between Pioneer Natural Resources (PXD), perhaps the dominant oil shale producer in the Permian Basin, and fracking sand producer U.S. Silica...
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...
U.S. asks OPEC to increase oil production, Brent slides lower
Global crude fell today after reports that the the U.S. government has asked Saudi Arabia and some other OPEC producers to increase oil production by about 1 million barrels a day. That has sent the international benchmark Brent crude down 0.41% as of 1 p.m.New York...
Oil price decline resumes after informal OPEC meeting Saturday
Oil prices continued their decline ahead of a June 22 meeting of OPEC and other producers that will discuss raising production to avoid political action in consuming countries to lower oil prices. As of 1:15 p.m. in New York, U.S. benchmark West Texas Intermediate was down 1.55% to $64.79 a barrel
Saturday Night Quarterback (on Memorial Day) says, For the week ahead expect…
I expect the slide in oil prices to continue as speculation runs amok ahead of the June 22 OPEC meeting on production limits. This past week has seen oil give back just about all of its earlier recent gains. From May 21 through May 28 the futures contract for U.S. benchmark West Texas Intermediate for July delivery dropped 8.1% to $66.36 a barrel. From May 23 to May 28 the futures contract for international benchmark Brent crude for July delivery fell 5.7% to $75.22 a barrel.
No surprise: Oil moves higher on day after U.S. pulls out of Iran nuclear deal
Today crude oil is up, in a strong but orderly move. Two catalysts. First, yesterday President Donald Trump announced that the U.S. would pull out of the 2015 Iran nuclear deal. Second, U.S. crude inventories unexpectedly dropped last week, the U.S. Energy Information Administration reported. Inventories fell by 2.2 million barrels. Oil analysts were looking for an increase in inventories of 1 million barrels.
Ignore the short-term oil volatility and continue to hold Pioneer Natural Resources for the long-term story
So much near-term noise. Since Pioneer Natural Resources (PXD) reported earnings on May 2--the company beat Wall Street estimates on earnings by 16 cents a share and reported revenue in-line with projections and up 56.5% year over year--there's been so much noise in...
Oil pushes over $70 a barrel on Iran sanction fears
With the May 12 deadline fast approaching for President Donald Trump to decide whether he thinks Iran is living up to the 2015 deal limiting its nuclear program, oil has moved decidedly higher. As of noon New York time today, West Texas Intermediate is up 1.19% to break the $70 level at $70.55 a barrel. International benchmark Brent crude is up even more, gaining 1.63% to $76.09 a barrel.
Israel’s Prime Minister announces major statement Monday night on Iranian nuclear program
Israeli Prime Minister Benjamin Netanyahu has announced that he will make a statement at 8 p.m. Tel Aviv time tonight on a “significant development” regarding the Iranian nuclear pact. (8 p.m. in Tel Aviv is 1 p.m. in New York.) Israeli news sources are saying that the government has obtained documents that government sources say prove Iran has misled the world about its nuclear program.
Statoil drops after 33% jump in profit falls short of Wall Street hopes
There's no pleasing the market these days. Shares of Statoil (STO) fell 1.54% to $24.96 today after the company reported first quarter earnings of $4.4 billion, its highest quarterly profit in three years and 33% higher than in the first quarter of 2017. But the Wall...
Oil continues to move higher on Middle East fears
Oil futures in New York settled at their highest since December 2014. U.S. benchmark West Texas Intermediate climbed 0.35% to close at $68.88 a barrel. International benchmark Brent crude rose 0.88% to $74.71 a barrel. The gains were unusual in that the U.S. dollar strengthened today. But the markets had news of another missile attack on Saudi Arabia–again unsuccessful–by Houthi rebels in Yemen. The Houthis are backed by Iran and Yemen has become a proxy war for power in the Middle East between Iran and Saudi Arabia (and by extension, Russia and the United States.)
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