WTI – Oil & Gas 360

WTI breaks below $70 as demand concerns drive bearish sentiment

November 11, 2024

(Oil Price) – West Texas Intermediate broke below $70 per barrel on Monday as Hurricane Rafael weakened to a storm that is unlikely to cause any damage to U.S. oil production in the Gulf of Mexico. Separately, oil benchmarks got depressed by trader pessimism about Chinese oil demand after the country’s ruling party announced its latest stimulus package, which underwhelmed, according to Reuters. At

Oil rises as investors take stock of Trump victory, US crude stocks rise

November 6, 2024

(Investing) – HOUSTON – Oil prices turned positive on Wednesday after falling by more than $2, despite U.S. crude stocks rising by more than expected, according to the Energy Information Administration (EIA). Brent crude oil futures were up 38 cents, or 0.5%, at $75.91 per barrel by 11:07 a.m. EDT. U.S. West Texas Intermediate (WTI) crude rose by 57 cents or 0.79%, to

Oil rises on stronger US fuel demand, delay to OPEC+ supply hike

October 31, 2024

(Investing) – HOUSTON – Oil prices rose on Thursday as investors priced in stronger U.S. fuel demand and the potential for OPEC+ to delay a planned output increase in December, five days ahead of the U.S. election. Brent futures rose by 54 cents, or 0.74%, to $73.09 a barrel by 1:09 p.m. EDT. WTI futures were up 51 cents, or 0.74%, at

Oil slides 5% after limited Israeli retaliatory attack on Iran

October 28, 2024

(CNBC) – U.S. crude oil sold off steeply Monday, putting the benchmark on pace for its worst day in more than two years after Iranian energy facilities were not damaged during an Israeli attack over the weekend. Futures for global crude benchmark Brent slid 5.94% to $71.53 per barrel at 9:26 am ET, while U.S. West Texas Intermediate futures dropped 6.26% to $67.29 per barrel. U.S.

Oil prices regain some ground after 7% loss last week

October 21, 2024

(Investing) – LONDON – Oil prices rose on Monday, recouping some of last week’s more than 7% decline on worries about demand in China, the world’s top oil importer, and easing concerns about potential supply disruptions in the Middle East. Brent crude futures were up $1.10, or 1.51%, at $74.16 a barrel at 1308 GMT. U.S. West Texas Intermediate crude futures were

Picking peak oil – Place your bets!

October 14, 2024

(Oil & Gas 360) – Since it’s the season for handicapping everything from fantasy football to electoral outcomes, Oil & Gas 360 offers some picks and perspectives if you’re in a peak oil prediction pool. Earlier fossil fuel forecasters were humbled (one would think so, anyway) for utterly underestimating the resource size, ingenuity, and appetite for risk that proved them

Oil prices climb 2% on US storm and Israel-Iran fears

October 10, 2024

(Yahoo Finance) – NEW YORK – Oil prices climbed about 2% on Thursday on a spike in U.S. fuel use before Hurricane Milton barrelled across Florida, Middle East supply risks and signs that demand for energy could grow in the U.S. and China. Brent futures rose $1.62, or 2.1%, to $78.20 a barrel by 11:26 a.m. EDT (1526 GMT), while U.S.

Exxon gets rare sell rating on oversupply concerns

October 9, 2024

(Oil Price) – Exxon Mobil Corp. (NYSE:XOM) was up slightly in Thursday’s trading session after analysts at BNP Paribas Exane downgraded its shares to Underperform from Neutral with a $105 price target, good for 14% downside from the current price. The downgrade marks the first Sell equivalent rating XOM has received in more than a year, with analysts predicting a further decline in crude

Oil prices tumble 4% as demand fears override Middle East risk

October 8, 2024

(Oil Price) – Oil prices slumped by more than 4% early on Tuesday as traders have yet to see an actual supply disruption in the Middle East while focusing on China’s underwhelming demand again. Both benchmarks, WTI Crude and Brent Crude, were down by about 3% as of 9:30 a.m. EDT on Tuesday. The U.S. benchmark fell below $75 per barrel, and the Brent

Brent crude passes $80 on expected Israeli attack on Iran

October 7, 2024

(Oil Price) – Brent crude on Monday was up nearly 3%, breaking past the $80 threshold as markets attempted to cautiously price in a potential supply disruption should Israel attack Iran’s oil and gas facilities. On Monday at 11:43 a.m. ET, Brent crude was trading up 2.86% at $80.28, for a gain of $2.23 on the day, while the U.S. benchmark,

Analysts cut oil price forecasts for fifth month in a row

September 30, 2024

(Oil Price) – Despite the geopolitical risk premium, oil prices are set to remain under pressure, weighed down by slower-than-expected demand and uncertainty about OPEC+’s unwinding of the production cuts, according to the analysts in the monthly Reuters poll who cut their price forecasts for a fifth consecutive month. In last month’s poll, weaker Chinese oil demand and high inventories globally prompted economists

Analysis-US Gulf Coast oil prices to take center stage as exports dominate

September 27, 2024

HOUSTON (Reuters) – Rising U.S. crude oil exports are boosting the prominence of Gulf Coast price benchmarks and buoying trading volumes on Houston contracts, eroding the significance of the Cushing, Oklahoma, storage hub. Since U.S. WTI Midland crude oil transactions joined the dated Brent price assessment a year ago, U.S. oil exports have overshadowed the role of Cushing as a

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