October 4, 2022 | Daily JAM, Morning Briefing |
Should be an interesting day in the oil markets tomorrow, Wednesday, October 5. After a rally in oil stocks and oil prices themselves on Monday on an informed rumor that OPEC+ was considering a cut in production of 1 million barrels a day at its Wednesday meeting, today the rally kept going as speculation extended to the possibility of a cut in production of as much as 2 million barrels a day. U.S. benchmark West Texas Intermediate ended up 3.46% to $86.52 a barrel. International benchmark Brent rose 3.18% to $91.69 a barrel.
April 13, 2020 | Daily JAM, Morning Briefing |
This take from Goldman Sachs pretty much sums up the oil market's reaction to Sunday's agreement among OPEC+, the United States, Canada, Brazil, and various and sundry G20 oil producers to cut what could be generously calculated as 14.7 million barrels a day from the...
January 11, 2019 | Daily JAM |
U.S. benchmark West Texas Intermediate is still off 30% from its October high, but the commodity is up more than 20% form its December 24 low. In other words, oil is in a bull market. At yesterday's close (January 10), West Texas Intermediate was up 23.7% from that...
December 26, 2018 | Daily JAM, Morning Briefing |
Traders seem determined to use the traditionally low-volume days between Christmas and New Year's to stage the traditional Santa Claus rally--bear market or no bear market. But today's substantial rally seems stitched out of very thin cloth. We had a recommendation...
December 7, 2018 | Daily JAM, Morning Briefing, You Might Have Missed |
To the surprise of many, OPEC & Friends--what's known as OPEC+--agreed to cut production by 1.2 million barrels a day beginning in 2019. This was a bigger cut than the 1 million barrels a day that commodity markets had expected. Oil prices and oil stocks initially...
December 6, 2018 | Daily JAM, Short Term |
Even in the current context where countries announce major agreements but no one knows what the details might be, OPEC's decision to announce a cut in production without any agreement on the size of the cut or who will cut production by how much stands out. There is...
December 5, 2018 | Daily JAM |
Saudi Arabia, Russia and other members of what is known as OPEC+ recommended a cut in oil production today. The group's meeting ended without an agreement on the size of the proposed cut. But Russia did agree to participate in the production curbs for six months...
December 3, 2018 | Daily JAM, EQNR, FANG, PXD, Short Term |
As of 2:30 p.m. New York time U.S. benchmark West Texas Intermediate was up 3.04% to $52.48 a barrel. International benchmark Brent crude gained 2.84% to break back above $60 a barrel at $61.15. Part of the reason for the gain is a general sigh of relief that the...
November 30, 2018 | Daily JAM, Morning Briefing |
It's only an advisory group with no decision-making power, but the recommendation from the Organization of Petroleum Exporting Countries Economic Commission Board is the first step in changing production policy at OPEC & Friends. Today the group told OPEC oil...
November 13, 2018 | Daily JAM, Short Term, Volatility |
Oil prices went into free fall today, continuing the bear market in the commodity. U.S. benchmark West Texas Intermediate fell 7.73% on the day to $55.30 a barrel. International benchmark Brent dropped 7.05% to $65.18 a barrel. Yesterday oil had rallied on news out of...
November 11, 2018 | Daily JAM |
... oil, now in a bear market, to rally on news that at this weekend's OPEC meeting Saudi Arabia announced that in December it will export (and produce) 500,000 fewer barrels of oil a day than in November. Expect the market response to be relatively modest, though, as...
November 8, 2018 | Daily JAM, Morning Briefing |
The U.S. Energy Information Administration yesterday reported that U.S. crude oil production climbed to a record 11.6 million barrels a day in the week ended November 2 and inventories at the Cushing, Oklahoma hub rose by 5.78 million barrels on the week. U.S....
