Monday, July 13, 2020

Gene Mcgillian News

When Oil Became Waste

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A week of turmoil for crude, and more pain to comeThe magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel.In just a few months, the coronavirus pandemic has destroyed so much fuel demand as billions of people curtail travel that it has done what financial crashes, recessions…

Oil Posts Biggest One-day Gain After Trump Touts Saudi-Russia Deal

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Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.Trump said he had spoken to Saudi Crown Prince Mohammed bin Salman, and expects Saudi Arabia and Russia to cut oil output by as much as 10 million to 15 million barrels, as the two countries signaled willingness to make a deal.Trump did not specify barrels per day (bpd)…

Oil Prices Mixed Ahead of US Crude Sstock Data

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Oil prices were mixed on Tuesday ahead of data expected to show U.S. crude stocks declining, outweighing investors' concerns that U.S.-China trade tensions could dampen fuel demand.Benchmark Brent crude futures settled up 19 cents, or 0.3%, at $65.05 a barrel.U.S. crude futures fell 7 cents, or about 0.1%, at $57.83 a barrel.Investors shrugged off U.S. President Donald Trump's comments on Tuesday that the United States would obliterate parts of Iran if it attacked "anything…

Oil Rises 2 Percent

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Oil rose nearly 2 percent on Tuesday as attention centered on geopolitical factors tightening supplies that are leading to falling exports from Venezuela and declining U.S. inventories.Despite concerns about weaker demand due to an economic slowdown, oil prices have risen more than 25 percent this year, supported by supply curbs by the Organization of the Petroleum Exporting Countries plus allies, and losses due to U.S. sanctions on Iran and Venezuela.Venezuela's main…

Oil Drops 3 pct, U.S. Supply Surges

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Oil prices fell about 3 percent on Friday and were set for a second straight week of declines after disappointing U.S. job growth revived concerns about a slowing global economy and weaker demand for oil.With surging U.S. oil supply also unsettling markets, Brent crude futures fell $1.85, or 2.8 percent, to $64.45 a barrel by 10:42 a.m. EST (1542 GMT). The international benchmark was on track to fall about 1 percent for the week.U.S. West Texas Intermediate (WTI) crude futures dropped $1.75, or 3.1 percent, to $54.91 a barrel. WTI was set to fall 1.5 percent for the week.U.S.

U.S. Crude Stockpiles Build for 10th Straight Week - EIA

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U.S. crude oil stockpiles rose for a 10th week in a row last week even as refineries boosted output and exports increased, the Energy Information Administration said on Wednesday.Crude inventories rose 3.6 million barrels in the week to Nov. 23, compared with analysts' expectations for an increase of 769,000 barrels.After falling to two-and-a-half-year lows in September, crude stocks have risen 14 percent with 10 straight weeks of increases. That is the longest run of builds since autumn 2015…

Oil Higher as Stocks Rebound, Saudi Signals Intervention

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Crude stockpiles rising at U.S. futures delivery point; Saudi Arabia says oil market could shift to oversupply in Q4.Oil prices rose 1 percent on Thursday, following the U.S. stock market higher a day after Wall Street's biggest drop since 2011 and as Saudi Arabia's energy minister signaled major producers may have to intervene in crude markets to support prices.Brent crude futures rose 72 cents to settle at $76.89 per barrel as U.S. equities rose amid strong corporate earnings. The global benchmark has lost almost $10 a barrel since hitting a high of $86.74 on Oct. 3.U.S.

Oil Prices Surge After OPEC Rebuffs Trump

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Oil prices jumped more than 2 percent to a four-year high on Monday after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.The Organization of the Petroleum Exporting Countries and non-OPEC states, including top producer Russia, gathered in Algiers on Sunday for a meeting that ended with no formal recommendation for any additional supply boost to counter falling supply from Iran."The market's still being driven by concerns about Iranian and Venezuelan supply…

Oil Stabilizes, Supported by Bullish U.S. Inventory Data

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Oil prices steadied on Thursday, supported by a bullish U.S. inventory report from the previous session even as an escalating trade dispute between the United States and China weighed on demand expectations.Brent crude oil was up 2 cents a barrel at $74.80 by 11:13 a.m. EDT [1513 GMT]. U.S. light crude was 2 cents lower at $67.84 a barrel."The market is trying to balance the worries about decreased global demand growth and how much extra oil the Saudis and Russians are going to put on…

Oil Rises on U.S.-Iran Tension

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Oil prices rose on Monday on worries over supply after tensions worsened between Iran and the United States, while some offshore workers began a 24-hour strike on three oil and gas platforms in the British North Sea.Iranian Supreme Leader Ayatollah Ali Khamenei on Saturday backed a suggestion by President Hassan Rouhani that Iran could block Gulf oil shipments if its exports were stopped.The Iranian leadership was responding to the threat of U.S. sanctions after President…

Oil Prices Retreat from 3-1/2 Year High

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Crude prices fell on Tuesday in volatile trading after early gains lifted the U.S. benchmark past $75 a barrel for the first time in more than three years, which prompted traders to book some profits ahead of the U.S. July Fourth holiday. Crude rallied early on supply concerns, then slid as traders booked profits. U.S. light crude was down 25 cents to $73.69 a barrel by 12:43 p.m. EDT, rebounding from a session low of $72.73 a barrel. In early trade, the contract rose as high as $75.27, a 3-1/2 year high. Benchmark Brent crude was down 10 cents at $77.20 a barrel.

Oil Falls as OPEC Output Rises

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Brent crude fell Monday as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid escalating trade disputes with the United States. At the same time, U.S. crude strengthened mid-session, buoyed by concerns about supply levels at the Cushing, Oklahoma delivery hub. Brent crude fell $1.42 to $77.81 a barrel by 12:37 p.m. EDT after touching a session low of $77.59. U.S. light crude rose from 7 cents to $74.23 a barrel. The premium for U.S.

Oil Gains After Larger than Expected U.S. Stock Draws

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U.S. crude stocks fall by 1.4 million barrels. Global oil demand likely to moderate this year. Oil prices gained on Wednesday, shaking off the effects of a strengthening dollar, after an inventory report showed U.S. crude and gasoline stocks fell more than expected. Brent crude futures gained 85 cents to settle at $79.28 a barrel, while U.S. crude futures gained 18 cents to settle at $71.49 a barrel. "We rallied as the day went on," said Gene McGillian, manager of market research at Tradition in Stamford.

Oil Falls From 2015 Highs as Rally Fizzles

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Oil prices dipped on Wednesday after hitting a near two-and-a-half year high in the previous session as a rally fuelled by supply outages in Libya and the North Sea ran out of momentum. Brent crude futures dropped to $66.38 a barrel, down 0.9 percent, or 64 cents, at 1933 GMT after breaking through $67 for the first time since May 2015 the previous day. U.S. West Texas Intermediate (WTI) crude futures were at $59.64 a barrel, down 34 cents from their last settlement. WTI broke through $60 a barrel for the first time since June 2015 in the previous session.

Brent Oil Stays Above $60

Brent oil held above $60 a barrel on Monday, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond March although rising Iraqi exports put a lid on prices. Brent crude futures were up 10 cents or 0.2 percent to $60.54 per barrel at 1:39 p.m. EDT (1739 GMT), close to its highest level since July 2015. U.S. West Texas Intermediate (WTI) crude futures were 14 cents or 0.26 percent higher at $54.04 a barrel. "The market has rallied…

Oil Jumps as Dollar Dips

U.S. crude still headed for weekly loss. Oil prices rose on Friday as the stock market strengthened and the U.S. dollar weakened, but U.S. crude futures remained on track to close the week down as investors remained worried about the global oil glut. The week's trading was defined by bearish data about Chinese oil demand and rising crude production in the United States. WTI crude futures for September delivery rose $1.18 to $48.27 a barrel, a 2.5 percent gain. Brent crude futures for October delivery rose $1.40 to $52.43 a barrel, a 2.7 percent gain.

Oil Dives 4 pct on Stubborn Glut

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Lowest prices since Nov. 30; OPEC downplays chance of bigger output cuts. Oil slid more than 4 percent on Thursday, to its lowest since late November as investor worries about a growing global glut of crude erased most of the gains that followed last year's OPEC's output cut. The slide worsened after OPEC delegates said their group and other producing countries were downplayed the chance of a bigger output when the producers meet on May 25, even though they said the output cuts were likely to be extended. U.S. crude fell $2.05 or 4.3 percent to $45.77, by 12:08 p.m.

Oil Hits Highest Benchmark Since mid-2015

OPEC, non-OPEC producers agree broad output cut from 2017. Oil rose to an 18-month high on Monday after OPEC and some of its rivals reached their first deal since 2001 to jointly reduce output to tackle global oversupply. On Saturday, producers from outside the Organization of the Petroleum Exporting Countries, led by Russia, agreed to reduce output by 558,000 barrels per day, short of the target of 600,000 bpd but still the largest non-OPEC contribution ever. That followed OPEC's Nov. 30 deal to cut output by 1.2 million bpd for six months from Jan.

Oil Up for Third Day on Production Cut Talks

Russian comments send crude surging about 8 pct. Oil prices rose for the third straight day on Thursday on hopes of the first global deal in over a decade between among oil-producing countries to help clear a glut that has depressed prices for over a year and a half. Crude had jumped as much as 8 percent after Russian Energy Minister Alexander Novak said Saudi Arabia had proposed that oil-producing countries cut production by up to 5 percent, which for non-OPEC member Russia - the world's top producer - would represent around 500,000 barrels per day.

U.S. Crude Edges up from 6-1/2-yr Low


U.S. crude oil edged higher after falling to a fresh 6-1/2-year low on Friday, posting a seventh weekly loss amid concerns over global oversupply, while Brent futures slipped as the front-month September contract approached expiration. Data showing North Dakota crude oil production rose a second straight month in June helped pull U.S. crude off its session high, along with the stronger dollar and weaker-than-expected consumer sentiment. "Producers don't seem to want to blink…