Oil dips 11 cents, settling at $62.99, as US-China trade war offsets Middle East tension

Oil futures were little changed on Tuesday, supported by U.S.-Iran tensions and expectations of ongoing OPEC supply cuts but under pressure from concerns about a drawn-out trade war between Washington and Beijing. “The two powerful countervailing forces in the market right now are the Iran tensions versus the deteriorating U.S.-China trade war situation,” said John Kilduff, a partner at Again Capital in New York. The trade war “really hits the Asian economies and the demand outlook, and this sit


Oil futures were little changed on Tuesday, supported by U.S.-Iran tensions and expectations of ongoing OPEC supply cuts but under pressure from concerns about a drawn-out trade war between Washington and Beijing. “The two powerful countervailing forces in the market right now are the Iran tensions versus the deteriorating U.S.-China trade war situation,” said John Kilduff, a partner at Again Capital in New York. The trade war “really hits the Asian economies and the demand outlook, and this sit
Oil dips 11 cents, settling at $62.99, as US-China trade war offsets Middle East tension Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-21
Keywords: news, cnbc, companies, washington, settling, prices, iran, oil, uschina, trade, dips, futures, tension, crude, east, offsets, opec, middle, market, war


Oil dips 11 cents, settling at $62.99, as US-China trade war offsets Middle East tension

A truck used to carry sand for fracking is washed in a truck stop in Odessa, Texas.

Oil futures were little changed on Tuesday, supported by U.S.-Iran tensions and expectations of ongoing OPEC supply cuts but under pressure from concerns about a drawn-out trade war between Washington and Beijing.

“The two powerful countervailing forces in the market right now are the Iran tensions versus the deteriorating U.S.-China trade war situation,” said John Kilduff, a partner at Again Capital in New York.

The trade war “really hits the Asian economies and the demand outlook, and this situation with Iran has the market on tenterhooks at the same time,” Kilduff said.

Brent crude futures, the international benchmark for oil prices, rose 6 cents to $72.03 per barrel around 2:35 p.m. ET (1835 GMT). U.S. West Texas Intermediate crude futures settled 11 cents lower at $62.99 per barrel.

The prolonged tariff fight between the United States and China raised concerns about a global economic slowdown and dampened market sentiment.

Signs that Asian economies were already getting hit by the trade conflict helped to boost the U.S. dollar, making crude more expensive.

On Monday, U.S. President Donald Trump threatened Iran with “great force” if it attacked U.S. interests in the Middle East. Washington suspects that militia with ties to Iran organized a rocket attack in Iraq’s capital Baghdad.

On Tuesday, Iran said it would resist U.S. pressure, declining further talks under current circumstances.

Iraq’s oil minister said growing tension in the Middle East poses a challenge to the stability of global crude oil markets and said OPEC must pave the way for a “new agreement” to help stability and support prices. He did not elaborate.

Tensions have mounted during an already tight market as the OPEC, Russia and other producers have with held supply to support prices. Saudi Arabia has signaled its willingness to continue curbing output until the end of the year.


Company: cnbc, Activity: cnbc, Date: 2019-05-21
Keywords: news, cnbc, companies, washington, settling, prices, iran, oil, uschina, trade, dips, futures, tension, crude, east, offsets, opec, middle, market, war


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Iran appears to be restarting oil shipments to Syria as Trump turns up pressure

Tanker-tracking firms believe Iran is once again shipping crude oil to Syria, resuming the illicit trade as tensions with Washington rise and the Islamic Republic faces increasing international isolation. An Iranian delivery of approximately one million barrels of crude was made into the Syrian port of Baniyas during the first week of May, according to TankerTrackers.com and ClipperData, two groups that follows oil vessels. This would be the first Iranian oil delivery to Syria since the end of 2


Tanker-tracking firms believe Iran is once again shipping crude oil to Syria, resuming the illicit trade as tensions with Washington rise and the Islamic Republic faces increasing international isolation. An Iranian delivery of approximately one million barrels of crude was made into the Syrian port of Baniyas during the first week of May, according to TankerTrackers.com and ClipperData, two groups that follows oil vessels. This would be the first Iranian oil delivery to Syria since the end of 2
Iran appears to be restarting oil shipments to Syria as Trump turns up pressure Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: leila gharagozlou, tom dichristopher, ali mohammadi, bloomberg, getty images
Keywords: news, cnbc, companies, week, pressure, appears, crude, restarting, trump, international, oil, iranian, follows, iran, shipments, syria, turns, according, delivery


Iran appears to be restarting oil shipments to Syria as Trump turns up pressure

Tanker-tracking firms believe Iran is once again shipping crude oil to Syria, resuming the illicit trade as tensions with Washington rise and the Islamic Republic faces increasing international isolation.

An Iranian delivery of approximately one million barrels of crude was made into the Syrian port of Baniyas during the first week of May, according to TankerTrackers.com and ClipperData, two groups that follows oil vessels.

This would be the first Iranian oil delivery to Syria since the end of 2018, according to Samir Madani, founder of TankerTrackers.

The suspected delivery comes one year after the U.S. unilaterally pulled out of an international nuclear agreement with Iran and just one week after the Trump administration tightened energy sanctions in an effort to push Iranian crude exports to zero. It also follows the deployment of a U.S. carrier strike group and bomber task force to the Middle East earlier this week.


Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: leila gharagozlou, tom dichristopher, ali mohammadi, bloomberg, getty images
Keywords: news, cnbc, companies, week, pressure, appears, crude, restarting, trump, international, oil, iranian, follows, iran, shipments, syria, turns, according, delivery


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Oil prices steady as strong Chinese crude imports offset US-China trade dispute

Oil prices steadied on Wednesday as concerns about a deepening trade spat between the United States and China offset record Chinese imports and tighter global supplies. Brent crude oil futures were down 9 cents at $69.79 per barrel around 8:20 a.m. ET (1220 GMT) U.S. West Texas Intermediate crude futures rose 15 cents to $61.55 per barrel. Oil prices had rallied about 40 percent since the beginning of the year but the move higher has for now been put on the back burner,” said Stephen Brennock, a


Oil prices steadied on Wednesday as concerns about a deepening trade spat between the United States and China offset record Chinese imports and tighter global supplies. Brent crude oil futures were down 9 cents at $69.79 per barrel around 8:20 a.m. ET (1220 GMT) U.S. West Texas Intermediate crude futures rose 15 cents to $61.55 per barrel. Oil prices had rallied about 40 percent since the beginning of the year but the move higher has for now been put on the back burner,” said Stephen Brennock, a
Oil prices steady as strong Chinese crude imports offset US-China trade dispute Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-08
Keywords: news, cnbc, companies, trade, texas, china, futures, steady, imports, prices, crude, energy, strong, oil, offset, chinese, uschina, dispute, states, united


Oil prices steady as strong Chinese crude imports offset US-China trade dispute

A worker walks through an oil production facility owned by Parsley Energy in the Permian Basin near Midland, Texas, August 23, 2018.

Oil prices steadied on Wednesday as concerns about a deepening trade spat between the United States and China offset record Chinese imports and tighter global supplies.

Brent crude oil futures were down 9 cents at $69.79 per barrel around 8:20 a.m. ET (1220 GMT) U.S. West Texas Intermediate crude futures rose 15 cents to $61.55 per barrel.

“It has been a less than auspicious start to the month for the energy complex. Oil prices had rallied about 40 percent since the beginning of the year but the move higher has for now been put on the back burner,” said Stephen Brennock, analyst at London-based oil brokerage PVM.

Oil prices have fallen this week due to announcements from Washington that the United States would further raise tariffs on Chinese goods on Friday. The move came after China backtracked on a wide range of core U.S. demands, Reuters reported on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2019-05-08
Keywords: news, cnbc, companies, trade, texas, china, futures, steady, imports, prices, crude, energy, strong, oil, offset, chinese, uschina, dispute, states, united


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Oil drops 1.4% to 5-week low, settling at $61.40, as US-China trade war intensifies

Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq, October 14, 2016. Oil prices tumbled on Tuesday as renewed doubts over U.S.-China trade talks stoked concerns over global growth, but U.S. sanctions on Iran and Venezuela tightened supply and helped to stem losses. U.S. President Donald Trump on Sunday said he would raise tariffs on $200 billion worth of Chinese goods from 10-25% by Friday. U.S. West Texas Intermediate crude futures settled 85 cents lower at $6


Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq, October 14, 2016. Oil prices tumbled on Tuesday as renewed doubts over U.S.-China trade talks stoked concerns over global growth, but U.S. sanctions on Iran and Venezuela tightened supply and helped to stem losses. U.S. President Donald Trump on Sunday said he would raise tariffs on $200 billion worth of Chinese goods from 10-25% by Friday. U.S. West Texas Intermediate crude futures settled 85 cents lower at $6
Oil drops 1.4% to 5-week low, settling at $61.40, as US-China trade war intensifies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-07
Keywords: news, cnbc, companies, 14, trade, 6140, low, worth, weakest, futures, west, settling, barrel, venezuela, crude, oil, 5week, war, uschina, intensifies, drops


Oil drops 1.4% to 5-week low, settling at $61.40, as US-China trade war intensifies

Flames emerge from a pipeline at the oil fields in Basra, southeast of Baghdad, Iraq, October 14, 2016.

Oil prices tumbled on Tuesday as renewed doubts over U.S.-China trade talks stoked concerns over global growth, but U.S. sanctions on Iran and Venezuela tightened supply and helped to stem losses.

U.S. President Donald Trump on Sunday said he would raise tariffs on $200 billion worth of Chinese goods from 10-25% by Friday. The comments dragged on both Asian and U.S. stock markets.

U.S. West Texas Intermediate crude futures settled 85 cents lower at $61.40 per barrel, dropping 1.4% to the weakest closing price since March 29.

Brent crude oil futures fell $1.31, or 1.8%, $69.93 per barrel around 2:30 p.m. ET (1830 GMT), on pace for the lowest settle since April 4.


Company: cnbc, Activity: cnbc, Date: 2019-05-07
Keywords: news, cnbc, companies, 14, trade, 6140, low, worth, weakest, futures, west, settling, barrel, venezuela, crude, oil, 5week, war, uschina, intensifies, drops


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

US launches plan to choke off Iran’s energy exports, casting uncertainty over oil prices

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf. The United States sharply tightened energy sanctions against Iran on Thursday, seeking to cut the Islamic Republic’s exports to zero and ushering in a new era of uncertainty for the oil market. President Donald Trump restored Obama-era sanctions against Iran last year but granted waivers to eight nations, allowing them to import limited quantities of Iranian crude. That is raising c


A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf. The United States sharply tightened energy sanctions against Iran on Thursday, seeking to cut the Islamic Republic’s exports to zero and ushering in a new era of uncertainty for the oil market. President Donald Trump restored Obama-era sanctions against Iran last year but granted waivers to eight nations, allowing them to import limited quantities of Iranian crude. That is raising c
US launches plan to choke off Iran’s energy exports, casting uncertainty over oil prices Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: tom dichristopher
Keywords: news, cnbc, companies, zero, iranian, global, exports, oil, trump, irans, supply, uncertainty, prices, plan, choke, launches, crude, casting, waivers, strategy, energy


US launches plan to choke off Iran's energy exports, casting uncertainty over oil prices

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf.

The United States sharply tightened energy sanctions against Iran on Thursday, seeking to cut the Islamic Republic’s exports to zero and ushering in a new era of uncertainty for the oil market.

President Donald Trump restored Obama-era sanctions against Iran last year but granted waivers to eight nations, allowing them to import limited quantities of Iranian crude. Last week, his administration surprised the market by announcing it would not extend the waivers.

Investors and analysts expected Trump to tighten the waivers every six months, allowing China, India, Turkey and other importers to gradually wind down purchases of Iranian crude.

The sudden move to cut off Iran’s exports threatens to wipe out much of the shipments, which have recently totaled more than 1 million barrels per day, or roughly 1% of global consumption. To fill that gap and prevent fuel costs from spiking, Trump has turned to his allies in Saudi Arabia, the world’s top oil exporter.

Iran’s oil buyers, source: S&P Global Platts

But the Saudis have not made firm commitments and continue to consider extending a six-month deal to limit output with OPEC and other producers. That is raising concerns about a period of tighter supply and higher oil prices.

“President Trump’s decision to zero out waivers for importers of Iranian oil on May 2 represents an audacious act of oil brinkmanship as the strategy of keeping prices contained now rests almost exclusively on Saudi Arabia’s willingness to open the taps amid accelerating global supply outages,” Helima Croft, global head of commodity strategy at RBC Capital Markets, said in a recent research note.

Oil prices initially jumped to six-month highs after Trump announced the waivers would be revoked, with international benchmark Brent crude hitting $75.60 and U.S. crude rising to $66.60. Prices were trading around $71 and $62, respectively, on Thursday.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: tom dichristopher
Keywords: news, cnbc, companies, zero, iranian, global, exports, oil, trump, irans, supply, uncertainty, prices, plan, choke, launches, crude, casting, waivers, strategy, energy


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Oil slips 31 cents, settling at $63.60, as US crude stocks climb to highest since Sept 2017

Crude futures bounced slightly along with the stock market after the Federal Reserve left interest rates unchanged, citing a lack of inflation pressure, but struggled to hold gains. U.S. crude futures settled 31 cents lower at $63.60 per barrel. Brent crude oil futures were down 2 cents at $72.04 per barrel around 2:10 p.m. “There have been wild cards aplenty for the oil markets. Oil markets have already tightened this year due to supply cuts led by OPEC as well as the sanctions on Venezuela and


Crude futures bounced slightly along with the stock market after the Federal Reserve left interest rates unchanged, citing a lack of inflation pressure, but struggled to hold gains. U.S. crude futures settled 31 cents lower at $63.60 per barrel. Brent crude oil futures were down 2 cents at $72.04 per barrel around 2:10 p.m. “There have been wild cards aplenty for the oil markets. Oil markets have already tightened this year due to supply cuts led by OPEC as well as the sanctions on Venezuela and
Oil slips 31 cents, settling at $63.60, as US crude stocks climb to highest since Sept 2017 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01
Keywords: news, cnbc, companies, supply, venezuela, sept, markets, settling, 6360, slips, futures, stocks, far, million, inventories, climb, imports, oil, crude, highest, cents


Oil slips 31 cents, settling at $63.60, as US crude stocks climb to highest since Sept 2017

Oil operations in the Permian Basin near Midland, Texas Nick Oxford | Reuters

Oil prices fell on Wednesday after U.S. crude inventories in the United States soared more than expected to their highest since September 2017 as production hit a record high. The declines were somewhat tempered by the intensifying crisis in Venezuela and Washington’s stopping Iranian oil sanction waivers as of May 1, with the fall in the global Brent benchmark more muted. Crude futures bounced slightly along with the stock market after the Federal Reserve left interest rates unchanged, citing a lack of inflation pressure, but struggled to hold gains.

U.S. crude futures settled 31 cents lower at $63.60 per barrel. Brent crude oil futures were down 2 cents at $72.04 per barrel around 2:10 p.m. ET (1810 GMT). U.S. crude inventories climbed last week 9.9 million barrels to 470.6 million barrels as imports grew to their highest since January and refining rates dropped below 90 percent of total capacity, the Energy Information Administration said. The build far outstripped analysts’ expectations of an increase of just 1.5 million barrels. “A drop in refining activity and a rise in imports has helped propel crude inventories to another large build,” said Matt Smith, director of commodity research at ClipperData. “The vast majority of the build was on the U.S. Gulf Coast – with refinery runs ticking lower and waterborne imports on the rise.” Markets also watched for developments in Venezuela, where opposition leader Juan Guaido called for a May 1 uprising against President Nicolas Maduro. Many observers feared the rallying cry could lead to escalating violence and further disruptions to crude supply, though the OPEC-member nation’s oil-producing regions are far afield of the capital of Caracas. The unrest adds to a range of fluid geopolitical factors which have roiled the oil market in recent months. Oil prices have risen over 30% so far this year, and in April, Brent increased about 6.5% and WTI rose 6.3%, their fourth consecutive month of gains. “There have been wild cards aplenty for the oil markets. The seemingly perennial U.S.-China trade spat, the extent of Venezuela’s supply woes and the Iran factor are just some,” PVM Oil Associates strategist Stephen Brennock said. Oil markets have already tightened this year due to supply cuts led by OPEC as well as the sanctions on Venezuela and Iran. Washington is set to revoke waivers for select countries to import Iranian oil on Wednesday and says it aims to drive down Iran’s crude exports to zero.


Company: cnbc, Activity: cnbc, Date: 2019-05-01
Keywords: news, cnbc, companies, supply, venezuela, sept, markets, settling, 6360, slips, futures, stocks, far, million, inventories, climb, imports, oil, crude, highest, cents


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Oil traders eye Saudi Arabia’s response in a critical juncture for crude

A gas flame is seen in the desert near the Khurais oilfield, near Riyadh, Saudi Arabia. Global oil markets sit at a critical juncture, with risks to supply being balanced against rising prices and questions over whether major producers will now turn on the taps. “This is definitely something we have to monitor,” UBS APAC Chief Investment Officer Adrian Zuercher told CNBC’s “Squawk Box Asia.” The decision to end the waivers could remove 1.3 million barrels per day of Iranian exports, according to


A gas flame is seen in the desert near the Khurais oilfield, near Riyadh, Saudi Arabia. Global oil markets sit at a critical juncture, with risks to supply being balanced against rising prices and questions over whether major producers will now turn on the taps. “This is definitely something we have to monitor,” UBS APAC Chief Investment Officer Adrian Zuercher told CNBC’s “Squawk Box Asia.” The decision to end the waivers could remove 1.3 million barrels per day of Iranian exports, according to
Oil traders eye Saudi Arabia’s response in a critical juncture for crude Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: dan murphy
Keywords: news, cnbc, companies, oil, week, arabias, opec, million, near, major, crude, barrel, day, critical, saudi, juncture, response, iranian, traders, barrels, eye


Oil traders eye Saudi Arabia's response in a critical juncture for crude

A gas flame is seen in the desert near the Khurais oilfield, near Riyadh, Saudi Arabia.

Global oil markets sit at a critical juncture, with risks to supply being balanced against rising prices and questions over whether major producers will now turn on the taps.

Brent crude touched $75 per barrel last week for the first time this year, helping the benchmark to log a fifth positive week in a row and add to the year’s near 40% gain.

“This is definitely something we have to monitor,” UBS APAC Chief Investment Officer Adrian Zuercher told CNBC’s “Squawk Box Asia.”

“It will remain volatile,” he added. “We expect Brent to remain between 70 and 80 U.S. dollars at this point.”

WTI also moved above $65 a barrel, even as rising U.S stockpiles and surging U.S production slowed some of the recent price momentum.

Renewed U.S. efforts to curb Iranian output, escalating tensions in Libya, supply outages in Nigeria and the ongoing crisis in Venezuela have created a complex and uncertain outlook for crude.

The week ahead will be another major test, with Iranian sanction waivers officially expiring in early May, and the U.S decision to cancel all concessions raising new questions about how Saudi Arabia and other major producers will respond.

“We now know that OPEC has that spare capacity,” Goldman Sachs’ Head of Commodities Research Jeff Currie told CNBCs “Power Lunch,” reiterating his Brent forecast of $70-75 barrel for the second quarter of 2019.

“They ramped it up, they took it back down, and we think the (Iran) shock is roughly 900,000 barrels per day, and we just saw OPEC, at least core OPEC, taking 1.8 million barrels per day off the market,” Currie added.

The decision to end the waivers could remove 1.3 million barrels per day of Iranian exports, according to S&P Global Platts. OPEC has about 3.3 million barrels per day of spare production capacity, according to the International Energy Agency, of which about 2.2 million barrels per day is held by Saudi Arabia.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: dan murphy
Keywords: news, cnbc, companies, oil, week, arabias, opec, million, near, major, crude, barrel, day, critical, saudi, juncture, response, iranian, traders, barrels, eye


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Oil rises 41 cents, settling at $63.91, on Venezuela turmoil, Saudi support for OPEC cuts

Operations of Venezuela’s PDVSA were “normal” on Tuesday, the country’s oil minister Manuel Quevado said in a tweet. Brent crude futures hit a session high of $73.27 per barrel and settled 76 cents higher at $72.80. U.S. West Texas Intermediate crude rose 41 cents to $63.91 per barrel on Tuesday. U.S. crude production fell to 11.68 million barrels per day (bpd) in February, down from 11.87 million (bpd) January, the U.S. Energy Information Administration said on Tuesday. Earlier, crude prices dr


Operations of Venezuela’s PDVSA were “normal” on Tuesday, the country’s oil minister Manuel Quevado said in a tweet. Brent crude futures hit a session high of $73.27 per barrel and settled 76 cents higher at $72.80. U.S. West Texas Intermediate crude rose 41 cents to $63.91 per barrel on Tuesday. U.S. crude production fell to 11.68 million barrels per day (bpd) in February, down from 11.87 million (bpd) January, the U.S. Energy Information Administration said on Tuesday. Earlier, crude prices dr
Oil rises 41 cents, settling at $63.91, on Venezuela turmoil, Saudi support for OPEC cuts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30
Keywords: news, cnbc, companies, cuts, venezuela, settling, rose, high, opec, turmoil, saudi, operations, rises, minister, hit, oil, energy, crude, production, prices, support, cents


Oil rises 41 cents, settling at $63.91, on Venezuela turmoil, Saudi support for OPEC cuts

Brent crude oil rose on Tuesday above $73 a barrel but then eased off the session high as the market grew less worried that a rebellion against Venezuelan President Nicolas Maduro would hit the country’s crude exports.

Prices rose after opposition leader Juan Guaido called for military backing to end Maduro’s rule, but pared gains after the government said state-run oil company PDVSA’s operations were not disrupted and top military leaders remained loyal.

Violence had broken out at a protest outside a Caracas air base, but Reuters witnesses said the incident fizzled out.

“Acts of violence” by some members of the armed forces had been “partly defeated,” defense minister Vladimir Padrino said. Operations of Venezuela’s PDVSA were “normal” on Tuesday, the country’s oil minister Manuel Quevado said in a tweet.

“The possibility that Guaido will take control of the situation isn’t as strong as perceived this morning,” said Bob Yawger, director of energy futures at Mizuho in New York. “If Maduro hangs on, you’ll see the market stay lower.”

Brent crude futures hit a session high of $73.27 per barrel and settled 76 cents higher at $72.80. U.S. West Texas Intermediate crude rose 41 cents to $63.91 per barrel on Tuesday.

Last week, Brent hit a six-month high above $75.

OPEC member Venezuela’s oil exports have been hit by U.S. sanctions on PDVSA and an economic crisis, helping bring OPEC’s production to a four-year low, according to a Reuters survey.

U.S. crude production fell to 11.68 million barrels per day (bpd) in February, down from 11.87 million (bpd) January, the U.S. Energy Information Administration said on Tuesday.

“That’s modestly supportive of prices,” said John Kilduff, a partner at Again Capital in New York. “We saw a pullback in operations in reaction to lower prices from last year. It shows the march forward to ever-higher production isn’t limitless.”

Earlier, crude prices drew support when Saudi Arabia Energy Minister Khalid al-Falih said a deal between producers to cut output could be extended to the end of 2019.


Company: cnbc, Activity: cnbc, Date: 2019-04-30
Keywords: news, cnbc, companies, cuts, venezuela, settling, rose, high, opec, turmoil, saudi, operations, rises, minister, hit, oil, energy, crude, production, prices, support, cents


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

US crude rises 20 cents, settling at $63.50, as market shakes off Trump’s OPEC remarks

Getty Images”No representative of OPEC or the Saudi government has come forward to acknowledge any discussion in this regard,” said Jim Ritterbusch, president of Ritterbusch and Associates. Trump’s remarks initially triggered a sell-off, putting a temporary ceiling on a 40 percent price rally since the start of the year. The slide was exacerbated by technical factors including an excessive speculative long position in U.S. crude, analysts said. The rally in oil prices had gained momentum in Apri


Getty Images”No representative of OPEC or the Saudi government has come forward to acknowledge any discussion in this regard,” said Jim Ritterbusch, president of Ritterbusch and Associates. Trump’s remarks initially triggered a sell-off, putting a temporary ceiling on a 40 percent price rally since the start of the year. The slide was exacerbated by technical factors including an excessive speculative long position in U.S. crude, analysts said. The rally in oil prices had gained momentum in Apri
US crude rises 20 cents, settling at $63.50, as market shakes off Trump’s OPEC remarks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-29
Keywords: news, cnbc, companies, supply, short, settling, remarks, previously, opec, price, sanctions, shakes, rises, trump, oil, ritterbusch, rally, prices, trumps, crude, 6350, market, cents


US crude rises 20 cents, settling at $63.50, as market shakes off Trump's OPEC remarks

A Petrobras oil platform floats in the Atlantic Ocean near Guanabara Bay in Rio de Janeiro. Getty Images

“No representative of OPEC or the Saudi government has come forward to acknowledge any discussion in this regard,” said Jim Ritterbusch, president of Ritterbusch and Associates. “This obvious effort to push gasoline prices down has been attempted previously by Trump and while forcing an initial price decline, such pullbacks have been followed by fresh price highs, sometimes within a matter of days.” Trump’s remarks initially triggered a sell-off, putting a temporary ceiling on a 40 percent price rally since the start of the year. The slide was exacerbated by technical factors including an excessive speculative long position in U.S. crude, analysts said. Speculators raised their combined futures and options net long positions in New York and London by 24,078 contracts to 326,818 during the week to April 23, the highest level since early October. That was the ninth consecutive increase. The rally in oil prices had gained momentum in April after Trump tightened sanctions against Iran by ending all exemptions previously granted to that major buyers. U.S. sanctions on Venezuela are also working to tighten global supply as fighting in Libya threatens to curb output there as well. Oil output in OPEC member Libya has been repeatedly disrupted by factional conflict and blockades since the 2011 uprising that toppled veteran dictator Muammar Gaddafi. “We are dealing with a market that’s not actually short of supply but is short due to politically-motivated action, and we know how quickly that can be turned around if necessary,” Saxo Bank analyst Ole Hansen told Reuters.


Company: cnbc, Activity: cnbc, Date: 2019-04-29
Keywords: news, cnbc, companies, supply, short, settling, remarks, previously, opec, price, sanctions, shakes, rises, trump, oil, ritterbusch, rally, prices, trumps, crude, 6350, market, cents


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Crude oil breaks longest win streak in 4 years, but charts suggest more gains

Crude oil has snapped its best weekly win streak in four years. Losses accelerated on Friday after President Trump said he called on the Organization of Petroleum Exporting Countries to act to bring global oil prices lower. Gina Sanchez, CEO of Chantico Global, is more cautious on crude oil prices as the economy faces a slowdown. “If you take a step back and look at the broader trend, in fact a lot of the big trends were pointing towards lower oil prices. If you look at demand, demand has been f


Crude oil has snapped its best weekly win streak in four years. Losses accelerated on Friday after President Trump said he called on the Organization of Petroleum Exporting Countries to act to bring global oil prices lower. Gina Sanchez, CEO of Chantico Global, is more cautious on crude oil prices as the economy faces a slowdown. “If you take a step back and look at the broader trend, in fact a lot of the big trends were pointing towards lower oil prices. If you look at demand, demand has been f
Crude oil breaks longest win streak in 4 years, but charts suggest more gains Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-27  Authors: keris lahiff
Keywords: news, cnbc, companies, breaks, trendline, right, lower, oil, streak, baruch, crude, going, energy, demand, suggest, charts, gains, falling, prices, win, longest


Crude oil breaks longest win streak in 4 years, but charts suggest more gains

Crude oil has snapped its best weekly win streak in four years.

The commodity has plummeted 5% since Monday, its first negative week in eight. Losses accelerated on Friday after President Trump said he called on the Organization of Petroleum Exporting Countries to act to bring global oil prices lower.

Bill Baruch, president of Blue Line Futures, says the sell-off in oil won’t last long.

“I’ve been very upbeat on crude oil since February. This hasn’t changed,” said Baruch on CNBC’s “Trading Nation” on Friday. “The uptrend is still intact. There’s a trendline from December that is right at $63 [and it closed below it]. But that doesn’t mean it’s over.”

Crude oil for June delivery fell below that trendline to settle at $62.87 a barrel.

“There’s another trendline from February that comes in right around $61,” said Baruch. “As long as it stays above $61 on a technical basis, you can get the golden cross and then another overall tailwind.”

Baruch adds that $60 is also important as a psychological area. So long as oil holds above that level, there will be buyers, he says.

Gina Sanchez, CEO of Chantico Global, is more cautious on crude oil prices as the economy faces a slowdown.

“If you take a step back and look at the broader trend, in fact a lot of the big trends were pointing towards lower oil prices. If you look at demand, demand has been falling, exports have been falling, trade has been falling. They’re very slow moving but they are actually going in the wrong direction,” said Sanchez on “Trading Nation” on Friday.

A move lower would actually help the oil market right now, says Sanchez.

“Right now it’s cyclically tight on the demand side and on the supply side so anything to alleviate the pain while the driving season gets going is probably a good thing because in fact, in the longer run, if you hurt demand today with really high oil prices, you could actually end up with a lower expectation going forward,” she said.

While Baruch is bullish on the commodity, he says the energy stocks are stuck in a rut.

“There’s a nice ascending channel but it hasn’t been able to break out above that… Now we’re on the bottom side of that channel,” said Baruch. “My fear is the [XLE energy ETF] does go below that channel trendline support and then it can go lower. ”

Energy is the only S&P sector still in a correction. It has fallen 15% from its 52-week highs, though has bounced 23% off its December lows.


Company: cnbc, Activity: cnbc, Date: 2019-04-27  Authors: keris lahiff
Keywords: news, cnbc, companies, breaks, trendline, right, lower, oil, streak, baruch, crude, going, energy, demand, suggest, charts, gains, falling, prices, win, longest


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post