Tag Archives: Crude Oil

Oil Jumps Most This Year as Buildup Slows in U.S. Storage Tanks

Crude climbed the most since December as a recent buildup in U.S. storage tanks and terminals appears to be slowing down. Futures gained 2.4 percent in New York on Wednesday after a government report showed American oil inventories rose by 1.84 million barrels last week. That was lower than all but two of 11 estimates in a […]

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Oil Rises 1.8% To $65.61, Setting New 3-Year Closing High After 10th Straight Drop In US Crude Stockpiles

U.S. crude prices topped $65 a barrel for the first time since December 2014. Oil prices turned higher after the U.S. government reported the tenth straight weekly drop in U.S. crude stockpiles. U.S. crude prices topped $65 a barrel for the first time in more than three years on Wednesday after government data showed the […]

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U.S. Oil Prices May Climb to $80 This Year

WTI prices haven’t settled at $80 since Halloween 2014 Tightening global supplies and rising demand for crude oil helped prices for the commodity start the year with a bang—hitting their highest levels in more than three years—and many analysts believe the market has the fuel it needs to continue the rally to as high as […]

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US shale recovery will leave OPEC with a difficult 2018, IEA says

The IEA said that there were signs that the rise in U.S. crude oil supply was likely to continue into 2018 and upset rivals who are cutting back. U.S. oil producers are staging a dramatic comeback amid a recovering oil price that has allowed many of them to restart operations. Preliminary weekly data suggests that […]

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Oil Price Commentary: A Positive Week Ahead for Oil Price

Last Week Oil Market Data: Crude Oil Price Movement: Oil prices moved higher last week on support from OPEC production cut extension, decline in U.S. crude oil production and draw-down in U.S. crude oil and gasoline stockpiles. Brent crude and WTI closed the week up by more than 5 percent to around $53.80/bbl and $50.85/bbl […]

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Oil Rises 2% After Saudi and Russia Back Longer Supply Cut

  Oil jumped more than 2 percent to its highest in more than three weeks on Monday, topping $52 a barrel after Saudi Arabia and Russia said that supply cuts need to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than first agreed. Energy ministers from the world’s […]

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OPEC Risks Lower for Longer – Bloomberg

  Oil is set for its first weekly gain in a month after EIA data showed U.S. inventories dropping the most this year. But it’s an unexpected surge in U.S. production that’s set to derail OPEC’s plans of phasing out its output cutting regime by June. Bloomberg’s Will Kennedy reports on “Bloomberg Daybreak: Europe.” (Source: […]

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First Quarter 2017 Texas Petro Index: Oil And Gas Economy In Texas Enters Expansion Cycle

        First Quarter 2017 Texas Petro Index: Oil And Gas Economy In Texas Enters Expansion Cycle WICHITA FALLS—Crude oil and natural gas drilling and development in Texas has embarked upon a new cycle of expansion, according to the latest Texas Petro Index (TPI), which improved to 160.4 in March to post its […]

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Analysis: Crude Likely To Hit $60 In Second Quarter

Crude’s latest decline has thrown the market into a mild panic. Higher than expected inventories combined with bearish commentary from the Saudi oil minister last week have cost crude prices roughly 10% since March 8. If nothing else, recent trading days have reflected a psychologically fragile oil market. With all of the current geopolitical unknowns, […]

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US Oil Rig Count Rises for 7th Straight Week, Baker Hughes Says

The US oil-rig count rose by seven to 609 this week, according to oilfield-services giant Baker Hughes. The gas rig count fell by five to 146. With miscellaneous rigs unchanged at one, the total rig count rose by two to 756. Last week the tally of oil rigs rose by six. West Texas Intermediate crude oil futures […]

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Rig Count Hops Up 12; Permian Basin Again Drives Rise

The number of oil and gas rigs in U.S. fields rose again this week, up 12 or about 170 over the past three months. This week’s count marks the fourth increase in a row, and a boom of more than 335 rigs since the count fell to its recent low, last spring. U.S. oil drillers […]

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Oil Prices Tank After API Reports 2nd Biggest Crude Build In U.S. History

U.S. crude oil inventories increased by a whopping 14.227 million barrels, according to this week’s American Petroleum Institute (API) inventory report published on Tuesday afternoon, pressing down further on already falling prices. The build is the second largest build in U.S. history, according to Zerohedge. Analysts were anticipating a much more conservative crude oil inventory […]

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