December 5th, 2019, 3:31 PM
OPEC reached an agreement today to cut an additional 500,000 barrels a day from production. In reality that action is close to "no action" since OPEC has been informally making those supply reductions for most of the year thanks to voluntary cuts by Saudi Arabia that have offset over-production by some OPEC and OPEC+ countries. […]
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December 4th, 2019, 7:11 PM
Call it very, very cautious optimism. Maybe. Oil prices climbed ahead of the December 5 meeting of OPEC in Vienna. The oil market got a boost from a report today, December 4, from the U.S. Energy Information Administration that showed U.S. crude inventories fell by 4.9 million barrels last week. Absent other news on most […]
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November 20th, 2019, 4:55 PM
The Energy Information Administration reported today that U.S. oil inventories at the Cushing, Oklahoma hub fell by 2.3 million barrels. That was the biggest draw down in inventory at Cushing in three months. Supplies at the Cushing Hub reflect production in the U.S. oil shale basins. Total U.S. crude inventories rose by 1.4 million barrels […]
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November 19th, 2019, 1:58 PM
Oil prices are down significantly today, November 19, on speculation that data to be released tomorrow will show a fourth straight weekly increase in U.S. oil inventories and nervousness about a successful conclusion to U.S.-China Part 1 trade talks. As of 1:30 p.m. New York time U.S. benchmark West Texas Intermediate was down 2.89% to […]
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March 28th, 2019, 3:19 PM
Oil prices twitched lower on the weekly report from the U.S. Energy Information Administration showing crude stockpiles growing by 2.8 million barrels last week, well ahead of analyst estimates. Prices didn't slide very far, however, since the market ascribed much of the build to a temporary closure of the Houston Ship Channel and a resulting […]
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