Category: Oil
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Oil survey of inventory shows huge headline crude oil draw, much greater than expected
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Via oil price dot com on Twitter: — The predictions I saw focused on: Main crude oil -1.4 million barrels Distillates -1.1 million barrels Gasoline -0.02 million — This data point is taken from a special survey conducted by the American Petroleum Institute (API). It is a survey of oil…
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Oil firms evacuating US Gulf of Mexico staff as major hurricane looms By Reuters
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HOUSTON (Reuters) – U.S. oil producers scrambled on Monday to evacuate employees from oil platforms in the Gulf of Mexico as the second major hurricane in two weeks was expected to hit offshore oil fields. A potential tropical cyclone in the Caribbean is expected to rapidly strengthen over the warm…
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Oil firms evacuating US Gulf of Mexico staff as major hurricane looms By Reuters
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HOUSTON (Reuters) – U.S. oil producers scrambled on Monday to evacuate employees from oil platforms in the Gulf of Mexico as the second major hurricane in two weeks was expected to hit offshore oil fields. A potential tropical cyclone in the Caribbean is expected to rapidly strengthen over the warm…
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Crude Oil Technical Analysis – Testing a key resistance
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Basic Overview Crude oil remains supported as buyers may be looking at the implications of the Fed’s easing cycle on economic activity. As a reminder, crude oil positions are at all-time lows and sentiment is very bearish. These factors can generally provide great opportunities for reversal. The main reason that…
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Crude Oil Technical Analysis – Testing a key resistance
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Basic Overview Crude oil remains supported as buyers may be looking at the implications of the Fed’s easing cycle on economic activity. As a reminder, crude oil positions are at all-time lows and sentiment is very bearish. These factors can generally provide great opportunities for reversal. The main reason that…
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Chart Art: Is WTI Crude Oil (USOIL) Ready To Extend Its Downtrend?
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US Crude Oil Prices Just Showed A Red Candle Around A Major Turning Point! Are we witnessing the possibility of Black Crack extending its long-term downtrend? The 4-hour chart may give us more clues: Crude Oil WTI (USOIL) 4 hours Chart by TradingView In case you missed it, rising geopolitical…
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Oil squeezes higher as specs bet heavy against crude
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Oil daily We have seen this pattern several times recently: positioning data released late Friday shows a very negative situation in oil, and on Monday there will be bullish pressure. But unfortunately, the gains didn’t last, at least not recently. There are already signs of that with WTI crude rising…
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Crude oil trades into negative territory
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Crude oil is now trading in negative territory at $69.08, down from its high of $70.32. Looking at the hourly chart, the price of gold has moved above its 200-hour moving average (currently at $68.93) this week on its way to its highest level today. Today’s bullish move also broke…
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Grangemouth oil refinery to close in 2024, risking 400 jobs and increasing UK fuel imports
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Scotland’s last oil refinery at Grangemouth is due to close between April and June next year, costing 400 jobs and leaving the UK with just a handful of refineries. The closure, announced by Petronews – a joint venture between Sir Jim Ratcliffe’s Ineos and PetroChina – comes as domestic demand…
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Grangemouth oil refinery to close in 2024, risking 400 jobs and increasing UK fuel imports
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Scotland’s last oil refinery at Grangemouth is due to close between April and June next year, costing 400 jobs and leaving the UK with just a handful of refineries. The closure, announced by Petronews – a joint venture between Sir Jim Ratcliffe’s Ineos and PetroChina – comes as domestic demand…
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Warren Buffett’s $13 billion bet on Occidental Petroleum turns sour as oil prices hit a 3-year low
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Occidental Petroleum shares have fallen 29% since mid-April, weighing on Warren Buffett’s stake in the company. This decline is in line with a 23% drop in crude oil prices due to concerns about demand and excess supply. Berkshire Hathaway’s $13 billion stake in Occidental Petroleum may be underwater, according to…
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Over 40% of U.S. Gulf of Mexico oil output shut-in by Francine but little damage seen
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SlavkoSereda/iStock via Getty Images Crude oil prices rose for a second straight session on Thursday as Hurricane Francine forced several offshore wells to shut in production, but gains were capped by lingering concerns about the outlook for crude demand. More than 730 thousand barrels per day, or 42% of Crude…
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Oil – private survey of inventory shows a headline crude oil draw vs. build expected
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Figures via oilprice.com on Twitter: — The predictions I saw focused on: Crude oil rises by 1.0 million barrels Distillates +0.3 million barrels Gasoline -0.1 million — This data point is taken from a special survey conducted by the American Petroleum Institute (API). It is a survey of oil storage…
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Oil smoked in a 4% decline. On track for the lowest close since 2021
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WTI Daily Crude The price of a barrel of WTI crude oil is now at $65. It fell 4% on the day, or $2.75, to $65.96, its worst level since May 2023. It has traded as low here on a handful of days in 2023, but if it finishes at…
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Oil smoked in a 4% decline. On track for the lowest close since 2021
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WTI Daily Crude The price of a barrel of WTI crude oil is now at $65. It fell 4% on the day, or $2.75, to $65.96, its worst level since May 2023. It has traded as low here on a handful of days in 2023, but if it finishes at…
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Oil prices up since opening for the week – potential hurricane getting narrative love
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High Risk Warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage also creates additional risks and exposure to loss. Before deciding to trade foreign exchange, carefully consider your investment objectives, level of experience, and risk tolerance. You may lose some…
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Oil prices up since opening for the week – potential hurricane getting narrative love
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High Risk Warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage also creates additional risks and exposure to loss. Before deciding to trade foreign exchange, carefully consider your investment objectives, level of experience, and risk tolerance. You may lose some…
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Singapore’s Oil Party Spoiled by Falling Prices and China Gloom
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Breadcrumbs Path Links PMN Business The oil party isn’t over yet – but for the top traders and executives gathering for talks and cocktails on rooftops in Singapore this week, the euphoria that came with the huge profits of recent years is fast fading. Article author: Bloomberg News Serene Cheung…
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Gulf of Mexico oil drilling faces threat from court ruling on endangered species
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Pera1 U.S. regulators are seeking to rewrite guidelines on how to protect endangered species in the Gulf of Mexico before a December deadline, which could lead to Threat to oil and gas production In an area that supplies 2 million barrels of oil per day, or about 15% of U.S.…
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Oil falls to the lowest in a year
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Crude oil WTI daily The oil market didn’t spend much time below $70 in the post-pandemic period, but after five days of heavy selling, it’s now at $67.29, the lowest since June 2023. Last year, we saw several dips to this range, all of them buys, including two intraday dips…