|Day's range||69.98 - 71.80|
A new report predicts that peak oil demand won’t occur until the 2030s, but the oil industry will remain a vital part of the economy through 2050
Russia’s risk-averse energy sector is receiving a nudge from Novatek, which is aiming to significantly boost Russian LNG production and shipping capacity
The Australian dollar has rallied over the last several days but did see a lot of negativity heading into the US session on Friday. With the dip, we tested the 0.7250 region, before finding a little bit of buying pressure.
Investing.com - WTI crude oil prices settled higher Friday, as traders cheered signs of tightening U.S. output, though sentiment was soured by a report suggesting major oil producers were ready to discuss plans to ramp up output.
The Organization of the Petroleum Exporting Countries (OPEC) and Russia and its allies are scheduled to gather in Algeria on Sunday to discuss how to allocate higher supply to offset the shortage of Iranian supplies. The sanctions, which are expected to go into effect on Nov. 4, have already caused Iran’s crude exports to fall.
Marathon Oil (MRO) has seen a strong rally in the past month. The company has risen ~15% from its lows of $19 in August. The recent rally in Marathon Oil could be due to the gains in crude oil prices and a slight improvement in the price differentials. Global supply concerns including Iran sanctions and a decline in US inventories continue to drive the positive momentum in crude oil prices. US crude oil went past $71 per barrel on September 19. Overall, WTI has risen ~10.0% from its August lows.
Amid rising tensions in the region, Iran’s air force started fighter jet drills on Friday near the Strait of Hormuz, one of the world’s most crucial oil chokepoints
On September 13–20, major energy ETFs had the following correlations with US crude oil November futures: the SPDR S&P Oil & Gas Exploration & Production ETF (XOP): 95.2% the VanEck Vectors Oil Services ETF (OIH): 71.6% the Energy Select Sector SPDR ETF (XLE): 69.3% the Alerian MLP ETF (AMLP): -44.4%
On September 20, US crude oil November futures fell 0.6% and settled at $70.32 per barrel ahead of OPEC and non-OPEC members’ meeting. On the same day, the Energy Select Sector SPDR ETF (XLE) was unchanged. The S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA) rose 0.8% and 1% on September 20. Mute energy stocks might have helped these indexes rise. In Part 3 of this series, we’ll analyze US crude oil’s relationship with these equity indexes.
Investors were also looking ahead to weekly data on the oil rig count, which comes out later in the session.
Sanctions on Iran and woes in Venezuela will reduce supplies of oil, but U.S. tariffs on No. 1 energy consumer China could shrink demand.
Investing.com - Oil prices edged down on Friday in Asia after U.S. President Donald Trump called for OPEC to lower crude prices ahead of their upcoming meeting in Algeria on Sunday.
As oil prices continue to rise and Trump once again attacks OPEC, all eyes are on the Algiers meeting this weekend, but Iran is set to veto any moves by Russia or Saudi Arabia to boost production
After a few weeks of trending upwards, Brent crude is now looking likely to break the $80 mark as investors and traders grow increasingly bullish
Investing.com - WTI crude oil prices settled lower Thursday after President Donald Trump demanded OPEC find a way slash oil prices.
On September 12–19, our list of natural gas–weighted stocks rose 7.4%, while natural gas October futures rose 2.8%. On average, natural gas–weighted stocks outperformed natural gas futures during this period.
After removing almost all obstacles, the consortium behind the $30 billion LNG Canada project is about to make a final investment decision
Despite all the buzz around electric vehicles and lithium-ion energy storage, hydrogen is seeing support grow in Asia and Europe as the automotive industry and policy makers are growing more enthusiastic about the fuel
The natural gas–weighted stocks under review that are sensitive to US crude oil November futures’ movements based on their correlations in the last five trading sessions are: Southwestern Energy (SWN) at 96.2% Chesapeake Energy (CHK) at 75% Range Resources (RRC) at 31.6%
On September 19, natural gas October futures fell 0.9% and settled at $2.908 per MMBtu (million British thermal units). Concerns surrounding natural gas’s demand might have dragged active natural gas futures from the highest closing level since August 23.
On September 19, US crude oil November futures rose 1.7% and closed at $70.77 per barrel—the highest closing level for active US crude oil futures since July 13. In the last trading session, the S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA) rose 0.1% and 0.6%, respectively.
Oil prices fell on Thursday morning after U.S. President Donald Trump took to twitter again and lashed out at OPEC for pushing oil prices higher
Investing.com - Crude prices turned lower on Thursday, after U.S. President Donald Trump took another swipe at global oil producers.