Tag Archives: OPEC

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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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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Oil trader who predicted slump sees bull run starting

LONDON (Bloomberg) — Pierre Andurand, a hedge fund manager who predicted the oil collapse, said crude is starting a “multi-year bull run” because low prices have curbed supply. Crude futures, currently trading near $40/bbl, will rebound to $60 to $70 this year and $80 in 2017, the chief investment officer of London-based hedge fund Andurand […]

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Black Monday: Oil Price Route

Black Monday: Oil Price Route

Oh, to have only taken a great big crude short Thursday afternoon before the long holiday. Oil prices tanked Monday as overly nervous traders trampled the exits. After the smoke cleared, three primary factors stood to blame. Greece: Boosted the dollar, which always drags on oil prices. China: Weak stock market leaves viable concerns for […]

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Oil Rises Most in a Week as U.S. Crude Surplus Seen Easing

(Bloomberg) — Oil advanced the most in a week as a drop in U.S. crude stockpiles bolstered speculation that the country’s surplus is easing. Futures climbed as much as 2.4 percent in New York to the highest in four days. Crude inventories shrank by 2.9 million barrels in the week ended June 12, the industry-funded […]

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