CL=F - Crude Oil Jul 23
| Pre. Settlement | N/A |
| Settlement Date | 2023-06-20 |
| Open | 71.56 |
| Bid | 72.53 |
| Last Price | 71.74 |
| Day's Range | 71.01 - 73.19 |
| Volume | |
| Ask | 72.54 |
Yahoo Finance VideoOil prices steady as economic fears offset Saudi output cut
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.
CoinDeskThe Petrodollar and Its Discontents Point to Bitcoin's Role in the Financial Future
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?
ZacksTeck Resources (TECK) in Talks With Parties for Coal Business
Teck Resources (TECK) indicates that it has received indications of interest for deals for its coal assets.
- Reuters
UPDATE 1-US crude inventories notch surprise drawdown on refinery runs -EIA
U.S. crude oil stockpiles fell unexpectedly last week as refiners cranked out fuel to the highest level since 2019 during the Memorial Day holiday, the Energy Information Administration (EIA) said on Wednesday. "Refiners have to have some sense that demand is pretty good moving forward from here, so that's going to draw down on crude oil storage," said Bob Yawger, director of energy futures at Mizuho.
ZacksKeep an Eye on 3 Oil Explorers as Crude Price Rises Again
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.
BloombergSaudi Arabia’s Oil Cut Risks Leaving Bitter Taste for Budget
(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
- Investing.com
U.S. crude stocks slide, fuel inventories jump in run up to Memorial Day - EIA
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.
FX EmpireThe Biggest Economic Events Oil Traders Need to Keep an Eye On
This article explores three key economic events that oil traders should monitor closely.
Yahoo Finance UKFTSE and Wall Street fall as US mortgage approvals hit lowest since 1995
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.
BloombergChina Posts Robust Commodities Imports Despite Stuttering Growth
(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
ReutersOil prices rise as Saudi output cuts outweigh weak demand signals
HOUSTON (Reuters) -Oil prices climbed about 1% on Wednesday as Saudi Arabia's plans for deep output cuts more than offset demand woes stemming from rising U.S. fuel stocks and weak Chinese export data. Brent crude futures settled 66 cents, or 0.9%, higher at $76.95 a barrel, while U.S. West Texas Intermediate crude futures gained 79 cents, or 1.1%, to $72.53. Both benchmarks jumped more than $1 on Monday after Saudi Arabia's decision over the weekend to reduce output by 1 million barrels per day (bpd) to 9 million bpd in July.
- Investing.com
Oil pulled lower by weak Chinese data, wipes out OPEC-driven gains
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.
ZacksOil Prices May Have Found a Floor: 3 Top-Ranked Oil and Gas Stocks for the Next Rally
Significant underinvestment into oil and gas infrastructure over the last ten years has created a structural shortage in new supply
- Investing.com
U.S. crude stocks down, fuel inventories surge in Memorial Day run - API
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.
GOBankingRatesGas Prices Could ‘Dip Further’ Over the Summer, Says AAA
The unofficial start of the summer has kicked in, and despite an increase in Americans hitting the road, the price of gas didn't budge. And while the trend might continue, AAA has pointed out that...
BloombergTeck Receives Interest in Coal Business as Glencore Circles
(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
- Investing.com
Oil steadies as EIA calls Brent at just under $80
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.
Financial PostTeck in talks with multiple parties regarding its coal business, company says
'Our focus on separation is to unlock the full potential of our unparalleled copper growth business'
Yahoo Finance'Talk of $100 oil is pie in the sky,' says strategist
Oil is back down again on Tuesday, despite Saudi Arabia's recent production cut announcement. The problem is demand, say strategists.
ReutersTeck receives several proposals for coal unit amid Glencore takeover bid
TORONTO (Reuters) -Teck Resources said on Tuesday it has received several proposals for its steelmaking coal business, without revealing if one included a revised offer from Swiss trading and mining firm Glencore which launched its takeover bid for the Canadian miner over two months ago. Vancouver-based Teck said in a statement its board will evaluate all "actionable, value-accretive proposals" before making a decision, noting that a transaction is not guaranteed. It did not reveal the names of interested parties, or whether it includes an offer from Glencore.
- Reuters
UPDATE 3-Teck receives several proposals for coal unit amid Glencore takeover bid
Teck Resources said on Tuesday it has received several proposals for its steelmaking coal business, without revealing if one included a revised offer from Swiss trading and mining firm Glencore which launched its takeover bid for the Canadian miner over two months ago. Vancouver-based Teck said in a statement its board will evaluate all "actionable, value-accretive proposals" before making a decision, noting that a transaction is not guaranteed. It did not reveal the names of interested parties, or whether it includes an offer from Glencore.
- Investing.com
Oil: Saudi maneuver itself won’t bring $80-$90 a barrel - Citi
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.
- Investing.com
Crude oil lower; global growth concerns outweigh Saudi news
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.
Yahoo Finance UKWall Street and FTSE stocks down on interest rate uncertainty
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.
ReutersOil prices ease as economic fears overshadow Saudi output cut
NEW YORK (Reuters) -Oil prices eased about 1% on Tuesday as worries that sluggish global economic growth could reduce energy demand outweighed Saudi Arabia's pledge to deepen output cuts. Brent futures fell 42 cents, or 0.6%, to settle at $76.29 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 41 cents, or 0.6%, to settle at $71.74. Prices rose on Monday after Saudi Arabia said over the weekend it would cut output to around 9 million barrels per day (bpd) in July from about 10 million bpd in May.
