Category: Oil
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Crude oil futures settle at $82.81
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West Texas Intermediate crude oil futures settled at $82.81, down $0.57 or -0.68%. The price fell after trading at a two-month high of $84.38 earlier today. This was just $0.08 below the April 26 high of $84.46 (see chart above). On the downside, it is the 61.8% retracement level of…
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Crude oil tallies Q2 loss but natural gas scores best quarter in two-and-a-half years
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Slavko Sereda/iStock via Getty Images Crude oil futures ended the week and month with gains as expectations for summer demand will continue to rise. Oil prices fell to multi-month lows in early June when OPEC+ said it would start easing production cuts after September, then Crude oil prices rose due…
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Chart Art: Is WTI Crude Oil (USOIL) Ready For Another Leg Higher?
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US crude oil prices look poised to break a technical consolidation level. Will this lead to another rally for the commodity? The 4-hour chart may give us more clues: Crude Oil WTI (USOIL) 4 hours Chart by TradingView WTI Crude Oil (US Crude Oil Prices) currently has candles above $82.00,…
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Pierre Andurand ditches oil in favor of copper and cocoa
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Pierre Andurand Famed oil trader Pierre Andurand is out of the oil market, at least for now. His main fund lost about 50% last year on bad bets on crude oil, and he is nervous about the sector and now has a “mixed” outlook. “We will re-engage in oil markets…
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Oil dips after hitting seven-week highs on demand hopes, war jitters By Reuters
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Written by Deep Kaushik Vakil and Nia Williams (Reuters) – Oil prices fell on Wednesday after hitting a seven-week high, as summer demand optimism and concerns about escalating conflicts outweighed an industry report that said inventories had risen unexpectedly. By 1803 GMT, futures fell six cents, or 0.1%, to $85.33…
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Chart Art: Is WTI Crude Oil (USOIL) in for a Long-Term Reversal?
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I see a chart formation indicating a reversal in the downtrend for WTI. How far can he go from here? West Texas Intermediate (USOIL) 4 hours Chart by TradingView This energy commodity has been on a sell-off since mid-April, with the market’s lack of focus on geopolitical tensions likely causing…
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Crude oil climbs to highest since April on rising geopolitical risks (NYSEARCA:USO)
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Slavko Sereda/iStock via Getty Images Crude oil futures posted back-to-back gains to settle at a seven-week high on Tuesday, with geopolitics returning to influence markets with renewed ship attacks in the Red Sea and Ukrainian drone attacks on Russian ships. Oil and energy infrastructure. Prices rose after a Ukrainian drone…
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Warren Buffett buys oil stock Occidental, signaling Berkshire Hathaway’s bigger strategy
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The Oracle of Omaha has its sights set on the oil industry. Berkshire Hathaway, the holding company run by investment titan Warren Buffett, has increased its stake in Houston-based Occidental Petroleum, purchasing shares over the past nine trading days to bring its holdings to nearly 29% of the company, according…
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Oil price bounce drives global commodity open interest value rebound – JPM
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JPM Commodities Research said the estimated value of open contracts in global commodity markets rose 1% during the week to $15 billion, with gains driven entirely by the energy sector, while it expects LME copper prices to trade at around $9,800 per metric ton. In the future. a fourth. Net…
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Crude Oil Technical Analysis – We are back at the key 80 resistance
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Basic overview Crude oil reversed all its losses from the last week of May, when the market fell, despite OPEC+ extending voluntary production cuts, with the price falling out of a full month’s range. It is possible that the decline was purely technical, as downward momentum increased after the breakout.…
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Commodity Roundup: Oil ticks lower as China’s factory output disappoints, gold down
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Energy markets fell on Monday at the start of a holiday-shortened week, following the biggest weekly gain for crude oil in nearly two months, as traders assessed the demand situation and factory production data in China, while the escalating crisis in the Red Sea was on the verge of collapse.…
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Oil prices fall on weaker US consumer demand, China data By Reuters
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Written by Colin Howe and Mohi Narayan NEW DELHI (Reuters) – Oil prices fell in Asian trading on Monday after a survey on Friday showed weak US consumer demand and with crude production rising in May in China, the world’s largest crude importer. Global futures for August delivery fell 29…
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Oil Prices Predicted to Plunge to $60 by 2025, Bringing Relief to Drivers
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Motorists are set to benefit from a significant drop in fuel prices over the next 18 months, with analysts predicting a significant drop in the cost of oil to $60 per barrel. The expectation of lower gasoline prices comes on the heels of expectations that the global supply of oil…
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OPEC rips ‘unrealistic’ and ‘dangerous’ peak oil demand prediction (NYSEARCA:USO)
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Slavko Sereda/iStock via Getty Images Crude oil futures rose on Thursday, finding support in data that pointed to a slowing pace of inflation in the United States, with the May Producer Price Index coming in lower than expected a day after a weak May CPI reading. OPEC President and Secretary…
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Crude Oil Technical Analysis – Strong comeback supported by the US NFP report
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Basic overview Despite OPEC+’s recent extension of voluntary production cuts, crude oil was sold off as the price broke support in the May range. However, the decline may only be technical as it gained bearish momentum on the breakout. The price eventually bottomed around the $73 area and erased all…
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Oil – private survey of inventory shows a larger headline crude oil draw than was expected
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Via Oilprice.com: — The expectations I saw focused on: Main crude -1.05 million barrels Distillates +1.6 million barrels Gasoline +0.9 million — This data point is from a special survey conducted by the American Petroleum Institute (API). It is a study of oil storage facilities and companies The official report…
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Chart Art: WTI Crude Oil (USOIL) Hanging Out at Area of Interest
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WTI is in correction mode as it tests the confluence of resistance levels on the 4-hour chart. Is the trend still our friend in this direction? Check out the inflection points I’m watching: West Texas Intermediate (USOIL) 4 hours Chart by TradingView Expectations of increased demand for crude oil in…
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OPEC+ plan turns hedge fund bullish bets on crude oil to 10-year lows (NYSEARCA:USO)
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Slavko Sereda/iStock via Getty Images Crude oil futures fell for a third straight week, which began with a sell-off sparked by OPEC+’s decision to reduce 2.2 million barrels per day in voluntary production cuts later this year, gradually leading to some barrels returning to the market later this year. In…
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Crude oil bounces as Fed rate cut hopes outrank demand worries (NYSEARCA:USO)
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Slavko Sereda/iStock via Getty Images Crude oil futures ended a five-session losing streak on Wednesday, as renewed hopes for a Federal Reserve interest rate cut in September outweighed concerns about demand after data showed a build in US crude oil and fuel inventories. US Treasuries rose on Wednesday afterward Private…
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Commodity Roundup: Crude oil down 2%, gold subdued as dollar firms (Commodity:CL1:COM)
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to imagine Gold prices (XAUUSD:CUR) fell on Tuesday as the US dollar held firm, with focus turning to jobs data, while oil extended its declines after hitting a four-month low, as investors continue to weigh OPEC+ production decision. Bullion rose on Monday The data also showed that manufacturing activity in…