Posts Tagged ‘crude’

WTI Fades Despite Biggest Crude Draw Since 2019

Oil prices extended gains overnight after API reported a surprisingly large crude inventory draw (the biggest in 2020) and bounced back above $40 this morning after the vaccine headlines. “The market’s main concern is demand and how Covid-19 affects it,” said Louise Dickson, an analyst at consultant Rystad Energy AS. This follows Dr. Fauci’s warning yesterday […]

WTI Tumbles Below $39 On Crude Build, Rebound In Production

WTI prices fell back below $40 this morning following a surprisingly large crude build reported by API overnight., as fears of a second-wave of COVID-19 (and perhaps lockdowns) stymie hopes for a rebound in demand amid record inventories. While the “focus lies on the inventory data,” there’s also persistent anxiety around the growth of the […]

WTI Spikes After Surprise Crude Draw, Production Plunge

Oil prices have roundtripped from last night’s API print, as overnight gains were erased after OPEC presented a bleaker assessment of global oil markets for the second quarter as the COVID-19 crisis continues to drain demand. Notably, just as OPEC members begin to cut production, the cartel cut estimates for the amount of crude it […]

WTI Rebounds On Smaller-Than-Expected Crude Build, Production Cuts

Oil prices suddenly tumbled this morning after a five-day surge as it appears the surge in ADP unemployment data (completely expected) seemed to remind the machines of the persistent concern that the global glut will take a long time to eliminate as demand remains crushed by the coronavirus. Most analysts don’t see demand rebounding to […]

Crude Storms Above $20 On Report Of Far Smaller Cushing Build

Hot on the heels of Goldman’s bullish reversal on the oil sector, in which the bank’s commodity strategist Damien Courvalin said on Friday that “it now appears likely that the market is passing its test on storage capacity” and projected that the recent rally can extend further in May, back to cash-cost levels ($25/bbl for […]

WTI Holds Impressive Gains After Smaller-Than-Expected Crude Build, Production Plunge

Oil prices extended their hope-filled gains on the heels of a smaller than expected crude build reported by API last night and ongoings headlines dropped with interesting timing about further output cuts to counter the unprecedented global glut. “You have a correlation to equities, which are ripping,” Bob Yawger, director of the futures division at Mizuho […]

Crude Oil Futures Contract Drops Below $0 (Companies Paying People to Take the Oil)

Here’s an indication of where the global economy is at. CNBC: A futures contract for U.S. crude prices dropped more than 100% and turned negative for the first time in history on Monday, showing just how much demand has collapsed due to the coronavirus pandemic. But traders cautioned that this collapse into negative territory was […]

WTI Extends Losses Below $20 After Record Surge In Crude Inventories

WTI crashed below $20 (tagging $19.20) overnight after API reported huge inventory builds and was not helped by comments from the International Energy Agency that a historic production cut deal won’t be enough to counter a record demand slump this year. This appears to confirm a key gauge of the oil market’s health which is […]

Canadian Crude Selling for “Roughly the Same Price as a Big Mac”

Trying to predict anything amongst the Coronavirus pandemic is a fool’s game. But amongst the chaos, one thing is certain. The oil industry is in deep, deep trouble. For the foreseeable future, the only certainty on the oil price is that it is going down into a place where bankruptcy beckons for many companies. The […]

Putin’s Crude Revenge

LAST WEEK, OPEC called on Russian oil companies to lower production in response to reduced demand from China and a Eurozone bound for recession. They said no.  Just like that, oil took a nosedive, losing 25% of its value on Monday. The price of a barrel of oil closed at $33, compared to $45 late […]

Saudi Flood of Crude About to Crash Into Demand Destroyed by Coronavirus Containment Measures

Oil just broke down under $30. Via: Reuters: Saudi Arabia’s move to flood the crude oil market is on a collision course with global demand that is about to be pummelled by the coronavirus pandemic, especially in North America and Europe. As the outbreak intensifies and spreads across Europe and the […]

‘Crude Truth’ Protest At National Portrait Gallery BP Awards Exhibition.

The final day of the BP Portrait Awards exhibition at London’s National Portrait Gallery was interrupted by protesters from various campaign groups working together to highlight BP’s part in the exploitation and repression of frontline communities, especially in the Global South, as well as its role in the climate and ecological crisis. The National Portrait […]

WTI Tumbles After Bigger Than Expected Crude Build

Oil prices have erased the immediate gains following last night’s surprise crude draw reported by API as global growth scares accelerate and weigh on energy demand forecasts. “Demand fears are overriding supply fears,” Phil Flynn, senior market analyst at Price Futures Group Inc., said by telephone. API Crude -5.92mm (+2.25mm exp) Cushing +373k Gasoline +2.133mm Distillates […]

WTI Extends Losses After Big Build In Crude, Cushing Stocks Soar Most Since Feb

WTI has accelerated its losses overnight following API’s surprise crude build and Saudi Arabia’s claims that it has now restored production at the Abqaiq and Khurais oil processing facilities to the levels they were operating at before recent attacks. “With the oil market reassured that no material disruption to Saudi supply to its customers has […]

Iran says it will adopt maximum crude output policy if US lifts sanctions

India Today – Iran will adopt a policy of maximum crude production if the United States lifts sanctions on the country’s oil industry, Iranian Oil Minister Bijan Zanganeh said on Saturday. “Maximum production would be the Iranian Ministry of Petroleum’s policy in case (US) sanctions are eased on Iran’s oil industry,” the ministry’s official news […]

WTI Extends Gains Above $57 After Bigger Than Expected Crude Draw

WTI rebounded dramatically this morning (on headlines about talks resuming between China and US) from overnight weakness driven by a surprise crude inventory build reported by API. “Oil coat-tailed the overnight dialing down of global political tensions and the rotation out of defensive macro positioning,” Jeffrey Halley, a senior market strategist at Oanda Corp., said in […]

DOE Confirms Major Crude Draw, Oil Algos Confused As Production Hits Record High

Oil prices have extended yesterday’s gains, following last night’s surprisingly huge crude draw (reported by API) and OPEC+ saying they expect a “significant” decrease in global crude stockpiles in the second half of this year after they trimmed output more than planned. “Oil markets are broadly balanced at the moment, benefiting from the typical seasonal acceleration in […]

WTI Slides After Crude Inventories Drawdown Less Than Hoped

Oil prices held on to gains overnight after a surprisingly large crude draw reported by API (though crude is down about 18% from its late April highs as the trade war between the U.S. and China, the world’s biggest economies, weighs on demand.). “The drawdown will certainly help support sentiment,” said Daniel Hynes, a senior commodity […]

WTI Erases Tariff-Delay Gains, Crude Inventories Show Surprise Build

Oil prices have plunged overnight, erasing the spike gains from yesterday’s trade-tariff-delay headlines thanks to API reporting a surprise crude (and gasoline) build as well as ugly German GDP data. “Yesterday was an eye opener on how much global growth fear hides in oil prices,” said Norbert Ruecker, head of economics at Julius Baer Group Ltd. […]

Oil Prices Plunge After Surprise Crude, Gasoline Build

Oil prices have plunged overnight (back near 7-month lows) as global growth fears accelerate (despite a bigger than expected crude draw from API) as traders wait to see if official DOE data confirms the API print. “The bearish and deteriorating global macro situation seems to have the upper hand, pushing oil lower and lower,” said Bjarne […]

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