|Day's range||67.83 - 68.13|
OPEC+ decided to cut oil production by one million barrels a day. Rebecca Babin, CIBC Private Wealth, US Senior Energy Trader, joins Yahoo Finance Live to discuss the economic impact of the decision, the EIA reporting that crude oil inventories fell 452,000 barrels, how this will impact the summer travel season, and the geopolitical impact.
Recent moves by Saudi Arabia, Russia and China have raised fears that the U.S. dollar could lose its preferred status for oil trading. And yet alternative national currencies aren’t that appealing. Could a Bitcoin-like currency do better?
Teck Resources (TECK) indicates that it has received indications of interest for deals for its coal assets.
Crude prices rose about 1% Wednesday after mixed data on U.S. fuels helped oil longs recoup losses from a day ago and reset trajectory in a market showing little regard thus far for deep production cuts announced by Saudi Arabia. New York-traded West Texas Intermediate, or WTI, crude settled up 79 cents, or 1.1%, at $72.53 per barrel, offsetting Tuesday’s decline of 0.6%. WTI and Brent rallied as much as 2% earlier in the session, with some traders attributing the run-up to belated enthusiasm over Saudi Arabia’s declaration after Sunday’s meeting of the OPEC+ alliance that it will cut an additional one million barrels per day in July to effectively take 2.5M barrels off its regular daily output.
Exploration and production companies like SM Energy (SM), Matador (MTDR) and Pioneer (PXD) are likely to witness big gains from a healthy crude price trajectory.
(Bloomberg) -- Saudi Arabia’s plan to slash oil production by around 10% may hit its finances hard.Most Read from BloombergThese Are the World’s 20 Most Expensive Cities for Expats in 2023George Santos Loses Bid to Shield the People Who Guaranteed His $500,000 BailDam Destroyed in the Dead of Night Upstages Ukraine’s CounteroffensiveFlights to LaGuardia Airport Grounded as Smoke Blankets NYCTech Stocks Sputter as Traders Consider July Hike: Markets WrapSunday’s decision, which will see the kingd
U.S. crude stockpiles fell last week bucking expectations for a build but inventories of fuel jumped way above forecasts, the government agency in charge of energy data said as it issued a mixed weekly report on supply-demand amid the start of peak travel for summer. The weekly draw in crude came despite a 1.9 million barrel release from the Strategic Petroleum Reserve, or SPR. The Biden administration has been tapping the SPR since late 2021 to prevent extraordinary tightness in U.S. crude supply that could lead to spikes in pump prices of fuel.
This article explores three key economic events that oil traders should monitor closely.
Wall Street stocks followed Europe, mainly slipping into the red on news that US mortgage approvals for home purchases fell to their lowest level in nearly 30 years in May.
(Bloomberg) -- China posted robust commodities imports in May, defying stutters in the wider economy, as buyers took advantage of weaker international prices and energy importers stocked up ahead of peak demand in the summer.Most Read from BloombergGeorge Santos Loses Bid to Shield the People Who Guaranteed His $500,000 BailPGA Tour Bows to Saudi Rival in Shock Combination With LIV GolfUkraine Dam Blast Blamed on Russia Tips War Into New PhaseDam Destroyed in the Dead of Night Upstages Ukraine’s
Investing.com -- Oil prices fell in Asian trade on Wednesday as weak Chinese trade data spurred more fears of slowing demand in the country, with prices having now reversed all gains made earlier this week on the back of supply cuts by the OPEC.
Significant underinvestment into oil and gas infrastructure over the last ten years has created a structural shortage in new supply
U.S. crude stockpiles likely rose last week, while inventories of fuel surged, petroleum industry group API indicated in a report Tuesday that delivered a mixed outcome for oil bulls betting on higher oil demand with the advent of summer travel. In the prior week to May 26, the petroleum industry group reported a crude build of 5.202M barrels. Notwithstanding the overall crude draw, the API cited an inventory growth of 1.535M barrels specifically at the Cushing, Oklahoma hub that takes delivery of U.S. crude.
(Bloomberg) -- Teck Resources Ltd. received several proposals for deals involving its coal operations, as the Canadian miner works to draw up a new plan for splitting off the business while rejecting a bid from Glencore Plc.Most Read from BloombergPGA Tour Bows to Saudi Rival in Shock Combination With LIV GolfGeorge Santos Loses Bid to Shield the People Who Guaranteed His $500,000 BailUkraine Dam Blast Blamed on Russia Tips War Into New PhaseRussia’s Dam-Busting Is Another War CrimeSEC’s Coinbas
New York-traded West Texas Intermediate, or WTI, crude settled at $71.74 a barrel after erasing all of the 41 cents, or 0.6%, gained on Monday. London-traded Brent crude settled at $76.29. Brent hit a session low of $74.73 on Tuesday.
Oil is back down again on Tuesday, despite Saudi Arabia's recent production cut announcement. The problem is demand, say strategists.
Investing.com -- Saudi Arabia’s 1-million-barrels-per-day oil cut that will reduce its output by 20% in total in July won’t by itself bring a barrel to between $80 and $90, Citigroup’s analysts said in an energy note issued Tuesday.
Saudi efforts to shock-and-awe the oil market with a big surprise supply cut over the weekend look more like shock-and-yawn a couple of days later. Crude prices held largely steady despite another Saudi pledge to slash output, with Brent settling on Monday at $76.71 a barrel, up less than 1 per cent. It is the third cut from the Saudis since October as they try to propel a crude price rally in the second half of this year.
Oil prices fell Tuesday as concerns over the global economic outlook overshadowed the impact of Saudi Arabia’s surprise announcement of additional production cuts. Both benchmarks soared as much as 3% on Monday after Saudi Arabia, the world's top exporter, said at the weekend its output would drop by one million barrels per day in July in an attempt to boost crude prices. Saudi Arabia followed up Tuesday by increasing its export prices for all regions for July, selling its Arab Light crude for buyers in the crucial Asian region at a $3 a barrel premium, an increase of around 45 cents a barrel compared with June.
A major dam at a hydro-electric power plant on the Dnipro river in the southern Kherson region of Ukraine has been blown up. Ukraine's military has accused Russian forces for the attack on the Nova Kakhovka.
Investing.com -- Oil prices crept lower in Asian trade on Tuesday as initial optimism over more supply cuts by Saudi Arabia and the OPEC was largely offset by persistent concerns over slowing economic growth and weakening demand.
Apple unveiling its Vision Pro mixed reality headset, the SEC suing crypto giant Binance, and Saudi Arabia pledging to cut production by one million barrels a day- these are just some of the top headlines the Yahoo Finance Live team is watching.
US stocks fell Monday as investors digested weaker-than-expected economic data ahead of next week's Federal Reserve meeting. Strong jobs numbers and passage of the US debt ceiling bill sent major indexes higher last week.
Libya is revamping its oil and gas sector through a new strategic plan to boost production, attract foreign investment, and meet international standards.
Analysts at Goldman Sachs itself said the output deal was "moderately bullish" for oil markets and could boost December 2023 Brent prices by between $1 and $6 a barrel depending on how long Saudi Arabia maintains output at 9M barrels daily.