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
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.
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.
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
Russian oil production hits a new record high in March
Is this the death knell for the proposal to cap oil production at historical highs? On Friday, Saudi Arabia said that it would boost its own output if any other country, such as Iran, increased its production. The weekend brought data showing that Russia’s oil output in March rose to a new record high of 10.912 million barrels a day., according to the Energy Ministry
The oil production freeze won’t lead to actual production cuts, Saudis say
On September 23, the Saudi Oil Minister said a freeze on oil production between Saudi Arabia and Russia is not going to lead to actual cuts because there is “less than trust” that other countries will deliver
Sector Monday: Even more crude oil price volatility on tap for the fall
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...Late day retreat in oil on crude inventory drop negative for price trend
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...The Fed has to decide how much stimulus (and for how long) falling oil prices will provide to the U.S. economy
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