OPEC may extend production cuts as U.S. production rollover adds to inventory WTI crude oil prices were down again Monday even as news that OPEC was considering extending production cuts reached markets. For a change, prices didn’t reflect the news of possible cuts, and it’s mostly the fault of U.S. shale producers. The U.S. crude oil benchmark is down from
Oil prices move higher as markets expect high levels of compliance among OPEC and non-OPEC members Oil prices were up over $1 per barrel Friday as markets felt hopeful that OPEC and non-OPEC members taking part in production cuts were complying with their agreement. A committee designed to monitor oil-producer compliance with the cuts is scheduled to meet this weekend.
Crude oil inventories rose 2.35 MMBO last week Crude oil inventories grew by 2.35 million barrels in the week ended January 13, 2017, according to the EIA. Economists were expecting a build of approximately 0.13 MMBO, according to information compiled by Bloomberg, but the effects of the larger than anticipated gains were offset some by a draw in Cushing, Oklahoma.
Crude oil stocks increase as products draw down Crude oil inventories rose for the week ended December 23, 2016, according to the Energy Information Administration. Analysts expected a draw of approximately 1.3 MMBO, but the government agency reported 0.6 MMBO were added to stockpiles last week. Typically, an increase in crude oil stockpiles puts downward pressure on prices as more
EIA reports a crude oil draw of 2.4 MMBO Crude oil inventories fell 2.4 MMBO for the week ended December 2, 2016, according to the Energy Information Administration. The decline in crude stocks was more than 1.0 MMBOPD more than analysts anticipated ahead of the report Wednesday. Despite the larger-than-expected draw from crude oil inventories, the report was still bearish,
Crude oil inventories fall 1.3 MMBO Crude oil inventories saw a modest draw today, falling 1.3 MMBO in the week ended November 18, 2016, according to data released by the Energy Information Administration. Economist anticipated a build of 290 MMBO for last week. Total U.S. crude oil in storage now stands at 489.0 MMBO, the end of the five-year range
The EIA reported a 14.4 MMBO build to U.S. inventories in the week ended October 28 Just when the industry was feeling a little better about its prospects for the balance of 2016, the U.S. Energy Information Administration (EIA) reported the largest build in crude oil inventories ever recorded this week after surprise draws in eight of the last nine
Crude oil inventories fell roughly 3.0 MMBO, sending WTI prices higher U.S. crude oil futures were up over 2% today, extending gains from earlier this week, as the Department of Energy announced a surprise draw in crude oil inventories. The average estimate for this week’s crude oil data indicated that stockpiles would build 1.06 MMBO, but the data released by
Crude oil stocks fall 6.2 million barrels Oil prices shot up more than 3% today as U.S. crude stockpiles record the third straight inventory draw for the week ended September 16, 2016. WTI was trading above $45.50 in the afternoon, after opening at $44.50. U.S. stockpiles fell by 6.2 million barrels to 504.6 MMBO, the lowest level since February 12,
Just because it’s cyclical, doesn’t mean every cycle is the same They say history repeats itself, and given the cyclical nature of the oil and gas business, many look to the past when trying to guess what is coming next, but past experience doesn’t always offer an exact model for the present. Much has changed between the 2008 oil and
U.S. crude oil stocks fell 4.1 million barrels Crude oil prices continued to rally today after taking a dive following the Brexit vote last week. Investors fleeing the pound sterling strengthened the dollar and yen substantially, creating downward pressure on oil prices earlier this week, but data from the EIA today showed a larger than expected crude oil inventory draw,
Oil surplus about 40% smaller than thought a month ago The global glut of oil is shrinking, and the oil surplus is smaller than it was believed to be a month ago, according to the IEA’s June Oil Market Report. The oil surplus in the first half of 2016 is 800 MBOPD, about 40% smaller than estimated in May, and
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