May 17, 2018 | Daily JAM, Morning Briefing, Short Term |
International benchmark Brent crude hit a high of $80.50 a barrel today before closing at $79.41, up 0.16%. U.S. benchmark West Texas Intermediate rose 0.1% to $71.56 a barrel. Today is the first time that Brent has closed above $80 a barrel since late 2014. The driver here is falling global and U.S. inventories.
January 4, 2018 | Daily JAM, Morning Briefing |
U.S. oil production rose to 9.782 million barrels a day last week from 9.754 million barrels per day in the prior week, according to the U.S. Energy Information Administration. Production had dropped in the prior week–the first week to week decline in two months. U.S. production has now climbed in 10 of the last 11 weeks. Better yet, rising production came along with declines in crude inventories.
September 22, 2017 | Daily JAM, Morning Briefing |
The meeting of OPEC and its allies in Vienna today, September 22, ended without an extension of  production cuts (scheduled to expire in March 2018) and without an agreement to make those cuts in output deeper. The after-meeting talk was full of declarations of progress toward reducing the glut in global oil inventories. And there was nary a sign of worry that higher oil prices could bring an increased supply from U.S. oil shale producers back into the market
June 20, 2017 | Daily JAM, Morning Briefing, PXD, Short Term, Volatility, You Might Have Missed, YPF |
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?
March 8, 2017 | Daily JAM, Short Term |
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March 7, 2017 | Uncategorized |
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December 21, 2016 | Daily JAM, Short Term |
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December 13, 2016 | Daily JAM, Morning Briefing, Short Term |
Global oil stockpiles will fall by about 600,000 barrels a day in the next six months, the IEA forecasts. That’s six months earlier than the agency had forecast for supply to move to a deficit. But the forecast came with a big “if.”
November 30, 2016 | Daily JAM, Morning Briefing |
Yesterday I wrote that the financial markets’ reaction to whatever came out of OPEC’s meeting today would depend on how weak or strong the agreement to cut production was. Well, the actual agreement announced today to cut oil production was far stronger than expected. That surprise sent oil markets soaring today with U.S. benchmark West Texas Intermediate up 8.34% to $49.00 a barrel. The Brent benchmark rose 8.82% to $50.47 a barrel.
November 22, 2016 | Daily JAM, Morning Briefing, Short Term |
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November 16, 2016 | Daily JAM, Morning Briefing, Volatility |
Oil prices were all over the chart on Wednesday, November 17, as negative data battled optimistic words. Look out for more days of this war as we get closer to the November 30 meeting of OPEC that is supposed to result (but might not) in an agreement to significantly reduce oil production in order to support oil prices
September 5, 2016 | Daily JAM |
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