|Day's Range||69.65 - 71.03|
According to new research from the Energy Information Administration, global energy companies have managed to cut debt for seven quarters consecutively
U.S. crude futures were up $1.08 at $70.93 a barrel by 11:15 a.m. [1515 GMT], after the U.S. Energy Information Administration said crude and gasoline stockpiles fell last week. Gasoline stocks fell 1.7 million barrels versus forecasts for a 100,000-barrel drop. "The summer-like demand from drivers is proving unrelenting." Gasoline consumption usually picks up in the summer and wanes in autumn, but demand remained strong in the latest week, estimated at 9.5 million barrels per day.
Investors need to pay close attention to Anadarko Petroleum (APC) stock based on the movements in the options market lately.
Investing.com - Oil prices were mixed on Wednesday morning in Asia as U.S. crude stocks climbed and markets shrugged off escalating trade tensions.
Crude oil markets rallied significantly during the early hours on Tuesday, breaking above the short term consolidation. However, as the Americans came on board we have gotten word that there is increased tariffs coming from the Chinese, so this has had a bit of a negative effect.
Natural gas markets rallied significantly during the day on Tuesday, gaining over 2% as we broke above the $2.87 level. At this point, it looks as if we are trying to fill the massive gap above at the $2.90 level again.
Investing.com - WTI crude oil prices settled higher Tuesday on expectations for tighter global output as Saudi Arabia said it was comfortable with higher oil prices, while major oil producers reportedly will not float any new plans to raise output at a key meeting next week.
In its latest move to secure Asian natural gas market share, Russia has just signed a huge deal with the world’s top LNG importer
Another escalation in the U.S.-China trade war has been overshadowed by bullish news from Saudi Arabia, with oil prices rising despite the trade war threat
In the week that ended on September 7, US crude oil inventories fell 3% below their five-year average. In the previous week, inventories were on par with their five-year average.
1:49 p.m. Brent crude oil – the global benchmark – jumped as much as 2.7% on Tuesday as Bloomberg reported that Saudi Arabia would be “comfortable” letting Brent oil prices rise above $80 a barrel. The U.S. sanctions on Iranian oil, accompanied by the economic crisis in Venezuela, had pushed Brent the brink of closing at $80 this year. OPEC countries have ramped up their oil production over the past months in an effort to fill in the inventory gap and rein the surging price.
Saudi Arabia’s crude oil inventories have been steadily declining for the past three years, but July saw the Kingdom’s stock fall the most it has in eight months
U.S. shale oil production is once again set to beat predictions, with drillers apparently unfazed by fears of pipeline bottlenecks and growing debt
Accenture (ACN) has extended its alliance with SAP to build a SAP S/4HANA Cloud solution, which could be extremely useful to oil and gas companies. Oil and gas companies can gain access to the new SAP S/4HANA Cloud solution through public and private cloud platforms. The new solution could help oil and gas companies reduce operational expenses through proper implementation of cloud technology.
If you’re interested in African Petroleum Corporation Limited (OB:APCL), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stockRead More...
This week, specific events could affect oil and natural gas prices. The EIA’s (U.S. Energy Information Administration) Drilling Productivity Report, set to be released early this week, could be an important roadmap for oil and natural gas prices. Oil prices may also be sensitive to the OPEC and non-OPEC meeting scheduled for this weekend. The EIA’s latest oil and natural gas inventory data, scheduled to be released on September 19 and 20, respectively, could be an important short-term driver for oil and natural gas prices.
Investing.com - WTI crude oil prices settled modestly lower Monday, as gains on expectations for steep losses of Iranian crude were offset by fears that rising U.S.-China tensions could dent global crude demand.
Brent crude futures dipped 4 cents to settle at $78.05 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 8 cents to settle at $68.91 a barrel. Top White House economic adviser Larry Kudlow said on Monday that he expected the United States would soon announce tariffs on an additional $200 billion worth of Chinese goods. Administration officials said on Saturday that President Donald Trump was likely to announce the new tariffs as early as Monday.
Russia and Saudi Arabia have confirmed their intentions of forming a long-term oil partnership with each other, granting the two oil giants more control over oil prices
Marathon Petroleum’s refining margin and earnings are impacted by the blended LLS 6-3-2-1 crack, the LLS-WTI spread, and the sweet-sour differential. According to Marathon Petroleum, a dollar per barrel rise in the blended LLS 6-3-2-1 crack expands its annual net income by $590 million. Besides, a dollar per barrel shift in the sweet-sour and LLS-WTI spreads alter its yearly income by $300 million and $90 million, respectively.