|Day's range||67.50 - 68.62|
Following a remarkably bullish week in oil markets, a string of bearish news sent oil prices crashing on Friday morning before a strong rebound
Oil prices slumped on Friday after U.S. President Donald Trump criticized Organization of the Petroleum Exporting Countries’ and Russia for contributing to the rise in oil prices. Crude oil futures fell 0.79% to $67.75 a barrel by 10:12 AM ET (14:12 GMT). Brent crude futures, the benchmark for oil prices outside the U.S., was down 0.89 to $73.12 a barrel.
Trump added further downward pressure to oil prices on Friday with a tweet that accused OPEC of artificially inflating the price of oil
OPEC and Non-OPEC oil producers may reconsider the size of their oil production cuts, with Russia vocalizing concerns regarding exports and market share
The largest exchange-traded fund to track the energy sector declined in early trading on Friday, after President Donald Trump tweeted that crude-oil prices were "artificially high." The Energy ...
Investors in Oasis Petroleum (OAS) need to pay close attention to the stock based on moves in the options market lately.
WASHINGTON (AP) — President Donald Trump says oil-producing cartel OPEC "is at it again," and that efforts to maintain high prices "will not be accepted!"
French oil giant Schlumberger Ltd. said Friday it had net income of $525 million, or 38 cents a share, in the first quarter, after a loss of $2.255 billion, or $1.63 a share, in the year-earlier period. "Our results in the first quarter of 2018 largely reflected transitory factors, with seasonal reductions in activity in the Northern Hemisphere and planned project startup costs including the equipment mobilization, reactivation, and redeployment associated with recent contract wins," Chief Executive Paal Kibsgaard said in a statement. The company's international businesses started the year with the Middle East, North Sea and Russia all in line with expectations, while strength in Asia was offset by weakness in Latin America and Africa.
Investing.com - Oil prices on Friday morning in Asia stayed close to three-year highs reached earlier this week as ongoing OPEC-led supply cuts gradually shrink excess supplies.
Russia and Saudi Arabia have further strengthened the energy ties between them, with Aramco and Gazprom agreeing to boost cooperation in the gas sector
While Saudi Arabia has reportedly been talking about $100 oil, the man who may be responsible for oil’s next jump is out of the oil kingdom’s control
Investing.com - Crude oil prices retreated from above three-year highs but sentiment remained upbeat amid expectations that major oil producers will confirm continued compliance with OEPC-led production curbs in a meeting slated for Friday.
A meeting between OPEC and non-OPEC members on Thursday found that oil inventories in developed economies are just 12 million barrels above the groups’ target
The EIA estimates that US distillate inventories decreased by 3.1 MMbbls (million barrels) to 125.3 MMbbls on April 6–13, 2018. US distillate inventories dropped for the ninth time in the last ten weeks. The inventories also dropped by 22.9 MMbbls or 15.5% YoY (year-over-year).
On April 11–18, 2018, our list of natural gas–weighted stocks fell 2%. However, natural gas May futures rose 2.4% during this period. In the seven calendar days to April 18, the natural gas–weighted stocks that outperformed were: Cabot Oil & Gas (COG) rose 2.3%. Southwestern Energy (SWN) rose 0.4%. Chesapeake Energy (CHK) fell 1.9%.
The EIA released the weekly US crude oil output data on April 18, 2018. The EIA reported that the US crude oil output rose by 15,000 bpd (barrels per day) to a record high of 10,540,000 bpd on April 6–13, 2018. The production also rose by 1,288,000 bpd or ~14% YoY (year-over-year).
Oil prices are soaring and they are poised to go even higher, but could a push to $100 per barrel actually hurt the leader of the oil price rally?
On April 11–18, 2018, US crude oil June futures rose 2.6%. The following natural gas–weighted stocks could follow oil’s rise based on the past five trading sessions’ correlations with US crude oil June futures: Southwestern Energy (SWN) at 79.3% Chesapeake Energy (CHK) at 74.1% Range Resources (RRC) at 68.6%
The EIA released its weekly crude oil inventory report on April 18, 2018. The EIA reported that US crude oil inventories decreased by 1 MMbbls (million barrels) to 427.5 MMbbls on April 6–13, 2018. The inventories dropped by 104.7 MMbbls or ~20% YoY (year-over-year).
The correlation coefficient between Halliburton’s (HAL) stock price and the crude oil price from April 16, 2017, to April 16, 2018, was 0.56, which indicates a healthy positive relationship between Halliburton stock and crude oil prices.
On April 18, 2018, natural gas May futures were unchanged and closed at $2.739 per MMBtu (million British thermal units). On April 19, 2018, the EIA’s natural gas inventory report will likely be important for natural gas prices.
On April 11–18, 2018, our list of oil-weighted stocks rose 8.8%. US crude oil June futures rose 2.6% during this period. In the seven calendar days to April 18, the oil-weighted stocks with the largest gains were: Oasis Petroleum (OAS) rose 17.6%. WPX Energy (WPX) rose 13.6%. California Resources (CRC) rose 13.1%.
On April 18, 2018, US crude oil June futures rose 2.9% and closed at $68.47 per barrel—the highest closing level for US crude oil active futures since December 2014.