|Day's range||71.83 - 72.20|
Investing.com - Brent oil prices rose to near four-year highs for a second day in a row on Tuesday as U.S. President Donald Trump vowed in a U.N. speech that there will be no reprieve for Iran from sanctions on its oil exports.
While OPEC decided not to increase output, one of its most important members, the UAE, has announced that it will increase its spare production capacity before the end of the year
LNG markets are rapidly evolving, and as supply has become abundant, a secondary market is adding another dimension to a market where the buyers have become sellers
Inaction from OPEC on the weekend and continued fears of supply disruptions from Iran and Venezuela have driven Brent above $80 – its highest level since the 2014 price crash
Yesterday, US crude oil November 2018 futures closed ~$3.48 above November 2019 futures, and between September 17 and yesterday, US crude oil November futures rose 5%. On September 17, the futures spread was at a premium of $2.41.
Last week, the oil rig count fell by one to 866, just three below its three-and-a-half-year high. The US oil rig count tends to follow US crude oil prices, with a three- to six-month lag. In February 2016, US crude oil prices fell to their lowest closing level in 12 years. Between February 11, 2016, and yesterday, US crude oil active futures rose 175%. The oil rig count reached a six-and-a-half-year low of 316 in May 2016. Between May 27, 2016, and September 21, 2018, the oil rig count rose ~174.1%, and between May 27, 2016, and September 14, 2018, US crude oil production rose ~24.8%.
Yesterday, US crude oil November futures rose 1.8% and settled at $72.08 per barrel—just $2.07 lower than the highest closing for US crude oil active futures since November 2014. On June 29, 2018, US crude oil active futures settled at $74.15 per barrel—their highest closing level since November 24, 2014.
Southwestern Energy (SWN), a natural gas–weighted exploration and production company focused in the Appalachian Basin, was the strongest upstream stock in the week ending September 21. Southwestern Energy rallied 15.7% last week. The rally could be attributed to the gains in natural gas prices. Overall, Southwestern Energy has gained 3.0% since the beginning of this year.
The Zacks Analyst Blog Highlights: Cabot Oil, Chesapeake, Comstock, Southwestern and SilverBow
U.S. President Donald Trump is expected to address the United Nations General Assembly today, with many expecting to hear his “America First” rhetoric. Iranian President Hassan Rouhani is also in New York for the assembly. U.S. trade representatives and Japan’s economy minister meet for a second round of trade talks that were postponed from Monday.
The OPEC+ meeting in Algiers ended with the cartel deciding not to intervene in markets, sending oil prices higher as Iran production continues to slide
Investing.com - OPEC’s dismissal of Donald Trump’s demand for higher oil supplies bolstered crude markets on Monday, with UK Brent hitting four-year highs and West Texas Intermediate a July peak as traders feared global inventories were inadequate to match demand.
OPEC estimates that tighter emission rules for shipping fuels will cause a temporary spike in demand as refineries are expected to increase their runs
Biofuels are an alternative to shippers who want to lower the sulfur levels in their fuels without installing a scrubber, but have many practical limitations
U.S. President Trump has repeatedly used the security argument as a reason for Middle East oil producers to keep prices in check, but what is the real price tag for energy security?
Saudi Arabia will boost its crude oil production in the coming months as it expects stronger demand in global oil markets according to its Oil Minister Khalid al-Falih
Oil prices continued to climb on Monday as an Iranian official said Saudi Arabia and Russia lack the capacity to add more oil to the market. West Texas Crude oil futures for November rose 1.96% to $72.17 a barrel as of 10:49 AM ET (14:49 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., increased 2.21% to an almost four-year-high of $79.97.
Last week’s OPEC meeting has set markets up for a price spike as the cartel ignores Iran’s threats and Trump’s tweets for a production hike
The terrorist attack in Iran had a more bullish effect on oil markets than yesterday’s OPEC meeting according to analysts at RBC Capital Markets
Investing.com – U.S. futures pointed to a lower opening bell on Friday as trade war tensions kept investors on edge.The S&P 500 futures fell 5 points or 0.18% to 2,928.50 as of 6:51 AM ET (10:51 GMT) while Dow futures lost 41 points, or 0.15%, to 26,713.0. Meanwhile tech heavy Nasdaq 100 futures decreased 28 points, or 0.37%, to 7,522.50.The U.S.-Sino trade war escalated on Monday, as U.S. duties on $200 billion of Chinese goods went into effect at 12:01 AM ET (4:01 GMT) and China accused the U.S. of bullying.China cancelled mid-level trade talks with the U.S. ...