|Day's range||54.76 - 57.25|
The federal government's EIA report revealed that crude inventories rose by 1.4 million barrels, compared to the 1.6 million barrels increase that energy analysts had expected.
Focus on crude oil and gold as trade deal progress remains illusiveThe prospect for a “phase one” trade deal between the US and China received a major setback yesterday after the U.S. Senate passed the Hong Kong Human Rights and Democracy Act.
The oil industry today slammed Labour leader Jeremy Corbyn’s proposals for a one-off tax on UK oil companies.Under the plans announced by Corbyn in Birmingham, oil companies will face a windfall tax under Labour as his party pledged to make the UK carbon neutral by 2030.
It looks like President Trump is bowing to bipartisan pressure, where he is expected to sign the Hong Kong bill into law according to the latest headlines. Sentiment remains exceptionally cautious amid heightened trade uncertainty around this latest event, potentially complicating the US-China trade outlook.
Natural gas inventories are remarkably low just ahead of winter season, and despite some large storage injections at the end of summer, declining drilling and rising export volumes make for a tight market
Given its tremendous oil and gas reserves, Iraq could become a mayor petrochemicals player, but corruption and competition and geopolitical instability have proven to be major stumbling blocks
The S&P; 500 initially fell during trading on Wednesday but turned around just above the 3100 level to show signs of resiliency again. The 3100 level makes sense, it’s a large, round, psychologically significant figure.
Crude oil markets recovered during the day on Wednesday, bouncing back towards the 200 day EMA yet again. As the markets recover, it looks as if more of the same is ahead.
Based on the current price at $56.31, the direction of the January WTI crude oil market the rest of the session is likely to be determined by trader reaction to the support cluster at $56.17 to $56.08.
The US dollar initially pulled back against the Japanese yen but then turned around to show signs of support. At this point, the market then looks as if we are trying to continue the move higher, but obviously there is a lot of new slow out there that continues to throw risk appetite around.
equivalent to the EU’s entire capacity, as the world’s biggest energy consumer ignores global pressure to rein in carbon emissions in its bid to boost a slowing economy. Across the country, 148GW of coal-fired plants are either being built or are about to begin construction, according to a report from Global Energy Monitor, a non-profit group that monitors coal stations. While the rest of the world has been largely reducing coal-powered capacity over the past two years, China is building so much coal power that it more than offsets the decline elsewhere.
The time that OPEC rhetoric caused huge volatility in oil markets is long gone and in today’s well supplied market, it’s economic powerhouses like China that influence the price of oil
The silver markets rallied a bit during the trading session on Tuesday, breaking above the highs of the last couple of days in a sign of strength. However, we haven’t exactly exploded to the upside so there still are a lot of questions when it comes to silver.
China has clearly become the preferred partner to help develop Iran’s Namavaran field which could contain up to 53 billion barrels of crude oil
Anti-government protests in Iraq have spread from Baghdad to Basra as protesters block roads leading to five oil fields and the key export terminal in the country