|Day's Range||71.01 - 73.19|
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.
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.
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.
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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.
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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 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.
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...
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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.
'Our focus on separation is to unlock the full potential of our unparalleled copper growth business'
Oil is back down again on Tuesday, despite Saudi Arabia's recent production cut announcement. The problem is demand, say strategists.
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.
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 -- 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.
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.
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.