Category: OPEC
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Oil rises on tighter OPEC supply, US jobs data
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Written by Ghislaine Lehr SINGAPORE (Reuters) – Oil prices rose on Wednesday as supplies from Russia and members of the Organization of the Petroleum Exporting Countries (OPEC) tightened, while data showing an unexpected increase in the number of job vacancies in the United States pointed to expanding economic activity and…
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OPEC report, Fed’s Waller speech highlight Monday’s economic calendar By Investing.com
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As traders approach another pivotal day for the financial markets on Monday, October 14, 2024, attention will be focused on key reports and speeches that could influence market dynamics. OPEC’s monthly report and Federal Reserve Governor Christopher Waller’s speech are expected to provide valuable insights into the global oil market…
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Newsquawk Week Ahead: US NFP, ISMs, EZ CPI, Japan Tankan & OPEC+ JMMC
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Monday: China NBS and Composite PMI (September), Caixin PMIs (September), Japanese Retail Sales (August), German Retail Sales (June), UK GDP (Q2), Swiss KOF (September), German CPI (September), UK Mortgage/Lending Approvals (August), US Dallas Fed (September), New Zealand NZIER (Q3); Canada vacation. Tuesday: Riksbank Minutes, Final EU/UK/US Manufacturing PMI (September), EZ…
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Brent crude lowest since June; Citi sees $60/bbl in 2025 without deeper OPEC cuts
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SlavkoSereda/iStock via Getty Images Crude oil futures extended sharp losses from the previous session, with benchmark U.S. crude falling below $70 a barrel for the first time this year, giving up early gains after delegates’ comments that OPEC+ was thinking about delay In plans to start easing production cuts. Instead,…
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Oil finishes the week sharply lower as the OPEC rumour mill begins
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WTI Weekly West Texas Intermediate crude had a poor end to the week, falling $2.33 to $73.57 on Friday. Oil prices rose sharply at the start of the week and remained in positive territory early today, but retreated when Reuters reported, citing sources, that OPEC still plans to start gradually…
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Oil finishes the week sharply lower as the OPEC rumour mill begins
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WTI Weekly West Texas Intermediate crude had a poor end to the week, falling $2.33 to $73.57 on Friday. Oil prices rose sharply at the start of the week and remained in positive territory early today, but retreated when Reuters reported, citing sources, that OPEC still plans to start gradually…
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Oil prices dip as OPEC cuts demand forecast, economic cues awaited By Investing.com
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Oil prices fell in Asian trading on Tuesday, reversing last week’s rally, as a series of economic signals this week raised caution, while OPEC also cut its forecast for demand growth in 2024. Prices rose sharply from their lowest levels in more than seven months as fears of an escalating…
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OPEC is set to release its latest, August, monthly report later today (Monday)
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OPEC is due to release its latest monthly report on Monday, August 12. OPEC’s monthly Oil Market Report addresses the key issues affecting the global oil market and provides an outlook on crude oil market developments for the coming year. The report provides a detailed analysis of key developments affecting…
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Newsquawk Week Ahead: Highlights include FOMC, BoJ, NFP, BoE, ISM Mfg. PMI and OPEC+ JMMC
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Mon: Chinese Industrial Profit (Jun) Tue: Japanese Unemployment Rate (Jun), Australian Building Approvals (Jun), Spanish Flash CPI (Jul), Swiss KoF (Jul), German GDP (Q2), Prelim. CPI (Jul), EZ Consumer Confidence Final (Jul), US JOLTS (Jun) Wed: FOMC Announcement, BoJ Announcement and Outlook Report, BCB Announcement; Chinese NBS PMI (Jul), Australian…
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U.S. FTC probes Hess, Occidental execs over OPEC communication, Bloomberg reports By Reuters
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(Reuters) – The U.S. Federal Trade Commission is investigating executives from major oil companies, including Hess Company U.S. energy companies Occidental Petroleum Corp. (NYSE:O) and Diamondback Energy Inc. (NASDAQ:D) will be investigated over their contacts with OPEC officials, Bloomberg News reported on Friday, citing people familiar with the matter. The…
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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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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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RBC on oil and OPEC+, ‘data dependent’
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Regarding the OPC+ meeting and announcement, previous information: Goldman Sachs says the outcome of the OPEC+ meeting is bearish for oil More from OPEC+: Saudi Energy Minister says waiting for interest rates to fall HSBC kept its Brent crude price assumptions steady after the OPEC+ meeting In brief, OPEC’s announcement…
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Goldman Sachs says the OPEC+ meeting outcome is bearish for oil
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The summary of the OPEC+ meeting on Sunday is: The organization agreed to extend cuts of 3.66 million barrels per day for one year until the end of 2025 (they were scheduled to end at the end of 2024). Agreement to extend cuts of 2.2 million barrels per day for…
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OPEC+ likely to extend production cuts in June, Goldman Sachs says (NYSEARCA:USO)
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Slavko Sereda/iStock via Getty Images Crude oil futures added modestly to gains from the previous session on Thursday that followed an unexpected decline in US inventories. A 1.4 million barrel drop in US crude inventories in the week ending May 3Supported the market After a month Joseph Dahria, Director of…
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Iraq and Kazakhstan pledge to make up for OPEC quota overproduction before year end
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High risk warning: Foreign exchange trading involves a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before deciding to trade foreign exchange, carefully consider your investment objectives, level of experience and risk tolerance. You may lose some or all…
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Oil adds to week’s sharp loss as rollover of OPEC output cuts may meet resistance
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Slavko Sereda/iStock via Getty Images Oil prices recorded their biggest weekly loss in three months, as the market, already concerned about weak demand, dealt with growing speculation that an OPEC meeting in June could expose cracks in the alliance, with the United Arab Emirates saying it would… Increasing production capacity.…