Tag Archives: Oil

(Bloomberg) — Most Read from Bloomberg Trying to catch a bus at the Maliya station in Kuwait City can be unbearable in the summer.About two-thirds of the city’s buses pass through the hub, and schedules are unreliable. Fumes from bumper-to-bumper traffic fill the air. Small shelters offer refuge to a handful of people, if they squeeze. Dozens end up standing in the sun, sometimes using umbrellas to shield themselves. Global warming is smashing temperature records all over the world, but… Source link

The renewed vigor in oil prices of late is only just the beginning, contends veteran industry analyst Phillip Streible of Blue Line Futures.  Streible thinks oil prices are at risk of hitting $60 in the near-term due to an Omicron-related demand slowdown. But that will likely prove to be a buying opportunity in front of a “long-term” rally in 2022.  “We are going to see the demand picture continue to pick up going into the [summer] driving season. Hopefully we can get this pandemic behind… Source link

One month ago, gas prices—up 50% during the last year—were looking like the bane of Joe Biden’s presidency. Then three things happened: Combined, these developments have shaved oil prices by more than 20% since late October. Gas prices haven’t yet fallen by the same amount, but they most likely will. Gas prices lag oil prices whether going up or down, but only by a few weeks, as the following chart shows. So gas prices should be dropping by the end of the year. There’s already been a… Source link

Oil prices dropped more than 4% before rebounding on Thursday after OPEC+ announced it would continue its supply hike of 400,000 barrels per day per month, despite the threat of Omicron variant cases. Oil analysts had been split on whether the cartel would hold steady with its output hike or pause it amid uncertainty about demand given the threat of the new variant.  West Texas Intermediate (WTI) crude (CL=F) touched $63 a barrel shortly after 9 a.m. ET. By 2 p.m. in the afternoon, future… Source link

Oil prices have come down way too fast on Omicron variant concerns, says Goldman Sachs oil strategist Damien Courvalin. In fact, the price correction is borderline comical, per Courvalin’s calculations.  “The lack of discretionary buying activity in the face of an uncertain new COVID variant has therefore left prices in free-fall and pricing in a dire demand outlook. We estimate based on our pricing model, that the market has now priced in a mammoth c.7 mb/d [millions of barrels per day]… Source link

President Biden’s threat to oil producers that he would force prices down has already backfired. Oil markets were unimpressed by the U.S. administration’s plan to coordinate a strategic petroleum reserve release from major importers in an effort to increase supply. While some observers believe an SPR release could push oil prices down, most analysts have warned that it will only have a temporary effect and could eventually trigger a price spike. OPEC+ members have not even engaged with… Source link

(Bloomberg) — Oil slid by the most since August, falling from overbought territory amid concerns around global economic growth. Most Read from Bloomberg Futures in New York declined as much as 3.2% on Thursday after holding at the highest since 2014 this week. Technical indicators have signaled oil has been due for a pullback since earlier this month. Meanwhile, the resurgence of lockdowns in Eastern Europe and Russia due to rising coronavirus cases are threatening the global economic… Source link

Stocks rose Monday as investors mulled ongoing signs of inflation and supply-related challenges and awaited more data on corporate earnings.  The S&P 500, Dow and Nasdaq each pushed into positive territory to shake off overnight losses. Treasury yields gained across the curve, and the benchmark 10-year yield hovered around 1.61%, or its highest level since June.  U.S. West Texas intermediate crude oil futures extended gains after logging a seventh straight weekly advance, jumping by another… Source link

(Bloomberg) — U.S. futures dropped with European stocks as the highest oil prices since 2014 stirred fears that a spreading energy crunch will derail the global pandemic recovery. Most Read from Bloomberg West Texas Intermediate crude rose past $80 a barrel and China’s coal futures reached a record as flooding shuttered mines. European equities were modestly lower, with declines led by travel companies. U.S. contracts also slipped, with those on the tech-heavy Nasdaq 100 underperforming the… Source link

(Bloomberg) — Oil surged past $80 a barrel as the global power crunch rattled a market in which OPEC+ has only been restoring output at a modest pace. Most Read from Bloomberg West Texas Intermediate futures climbed around 2% in Asian trading after topping the psychological price threshold on Friday for the first time since November 2014. The prices of fuels such as coal and natural gas are soaring in Europe and Asia as stockpiles run low ahead of the Northern Hemisphere winter, prompting a… Source link