|Day's Range||55.89 - 57.96|
The bearish bets jumped 14 percent in the week ended Nov. 13 and have tripled since the end of September, according to data from the U.S. Commodity Futures Trade Commission and ICE Futures Europe on Friday. With oil prices slipping into a bear market, OPEC has promised to do what it takes to cut output.
Saudi Arabia has slashed oil exports to the U.S. in a bid to support oil prices and reverse the build-up in U.S. crude inventories
In an interview with CNBC on November 14, Mark Fisher, a famous energy trader, said that the “worst is over” for crude oil. On November 15, US crude oil prices were 25.8% below their four-year high closing of $76.41 per barrel on October 3.
Subdued USD price action does little to lend any support or stall the ongoing corrective slide.
With economic data on the lighter side, we can expect geo-politics to continue to take center stage, the Pound in desperate need of good news.
The price of West Texas Intermediate benchmark oil has dropped nearly 25% since the beginning of October. Gasoline prices have already begun falling and will probably continue to do so if oil prices remain subdued. Significantly lower energy prices would affect the composition and distribution of U.S. economic activity although they wouldn’t do much to the overall level of spending and output.
Investing.com - U.S. crude oil inventories rose more than expected last week, the Energy Information Administration said in its weekly report on Thursday.
Both OPEC and non-OPEC supply has increased rapidly in the last couple of months, causing oil prices to slide, but as rumors of new cuts hit the wires, what will the cartel do next?
The Middle East remains crucial in growing conventional oil production, with countries like Iraq, Iran, the UAE and the neutral zone between Kuwait and Saudi Arabia leading the charge
As the options become increasingly valuable, banks have to sell more and more futures contracts to try and contain their losses. Its impact on Tuesday, when West Texas Intermediate crude slumped $4.24 to $55.69 a barrel, was exacerbated by the large number of options involved.
Amid concerns of weakening global oil demand, the EIA reported a major build in crude inventories and small draws in both gasoline and distillate stocks
"The Saudis are very angry at Trump. Washington has said the waivers are a temporary concession to allies that imported Iranian crude and might have struggled to find other supplies quickly when U.S. sanctions were imposed on Nov. 4.
Investing.com - Oil prices continued to fall on Thursday as data revealed crude inventories have been rising more than expected.
The State Department’s zigzag on Iran sanctions, President Donald Trump’s tweets about OPEC supply, the demand-sapping trade war with China and the explosion of shale oil production are all key factors leading to the collapse in crude prices since early October, Ed Morse, head of commodities research at Citigroup Inc., said in a phone interview. “The oversupply in the market is a made-in-America phenomenon,” Morse said Wednesday.
The talks are preliminary, however, and the size of the final production cut will largely depend on the starting point the Organization of Petroleum Exporting Countries and its partners use, said one of the people, asking not to be identified because the discussions are private. OPEC’s biggest producer, Saudi Arabia, said on Monday that oil producers need to cut 1 million barrels a day, reversing a June decision to boost supply to contain a price rally.
Crude oil prices bounced back slightly on Wednesday after 12 consecutive losing sessions. It didn’t help the stock market. Despite all the concerns, Torsten Slok ofDeutsche Bank thinks lower oil prices can be good news for the U.S. economy.
Oil prices rallied Wednesday amid reports OPEC is weighing a steep production cut, but a key U.S. supply report Thursday could dampen hopes for a rebound.
Norfolk Southern, Emerson Electric and LyondellBasell are among the non-energy companies with relatively high correlations to the price of oil.
Oil prices recovered some lost ground on Wednesday as OPEC and allies are discussing a potential output cut of 1.4 million bpd
As of November 12, US crude oil prices have fallen 27.1% from the multiyear closing high of $76.41 per barrel on October 3. Oversupply concerns have led the decline in oil prices. Based on a Reuters report, OPEC members and non-OPEC oil producers might develop a plan to reduce their oil output by up to 1.4 MMbpd (million barrels per day) in 2019. In the oil market report on November 14, the International Energy Agency expects global oil demand growth to rise by 1.3 MMbpd and 1.4 MMbpd in 2018 and 2019, respectively. A production cut of that magnitude might limit oil’s fall.