Oil rallies on actual inventory numbers after falling yesterday on projections
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 prices under pressure as OPEC meeting looms
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....
OPEC + Russia extend production cuts, oil prices tumble
A day after OPEC agreed on a deal to extend current production cuts until March 2020, Russia and nine other non-OPEC producers agree to a matching nine-month extension of supply cuts. In some oil markets, the news would have sparked a rally in oil prices. Less supply...
Special Report: 10 Best Picks for the Last Six Months of 2019
This isn't time for investing as usual. As whacky as the first half of 2019 has been--the Federal Reserve embraces interest rate cuts, the U.S. and China descend further into a trade war, the U.S. economy turns in better than 3% growth but fears for a slowdown in...
OPEC in disarray; oil slips
Oil markets today are asking reasonably if OPEC can't agree on a date for talks on extending production cuts, then what hope is there for an actual agreement to cut oil production? Iran has backed away from its insistence that OPEC meet in June as originally...
Oil falls to lowest level in five months; Brent breaks below $60 a barrel
Oil slumped to its lowest in almost five months and international benchmark Brent crude book below $60 a barrel today, June 12. U.S. benchmark West Texas Intermediate fell 4% today to $51.14 a barrel, threatening the $50 a barrel psychological benchmark. Brent fell...
Materials stocks up today even as U.S.-China trade fears linger
I think the strong move in commodities stocks today has more to do with continued weakness in the U.S. dollar than it does with any renewed faith in growth in the global economy. After all the U.S.-China trade war doesn't look any more settled today than it did last...
Crude rally pauses on higher than expected U.S. inventories, strong dollar, Nigeria production
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...
Still no sign of end to supply imbalance in oil
The oil markets keep waiting and waiting and waiting for oil inventories to show that the OPEC + Russia production cuts have balanced oil supply and demand. And they'll have to wait at least another week according to figures on U.S. oil inventories from the U.S....
Saudis target U.S. for export cuts–the point seems to be reducing market information on stockpiles
Saudi Arabia has told U.S. refiners to expect far lower oil shipments beginning in January. The reduction seems to be targeted not at reducing global stockpiles but at reducing the visibility of those stocks piles. The United States reports the size of oil stock piles...
Markets worry about everything this morning–especially bank and energy stocks
I dare you to find something global financial markets aren't worried about. And, moreover, many of the worries are re-enforcing each other today. So, for example, we've got U.S. Trade Representative Robert E. Lighthizer, saying on Sunday TV the the 90 day trade truce...Jim’s Stock Alerts
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