Oil plummets on fears of global slowdown

Crude oil prices fell more than 4.3% Wednesday, to a seven-month low, extending recent heavy losses following a surprise build in U.S. crude stockpiles and fears demand will shrink due to Washington’s growing trade war with Beijing. Brent crude futures dropped 4.4%, to $56.35 a barrel, a seven-month low. Prices have lost more than 20%

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Crude oil falls as US-China trade tensions impact

Crude oil prices fell slightly Tuesday, with Brent crude remaining near seven-month lows just below $60 a barrel due to growing trade tensions between China and the U.S., Kallanish Energy reports President Trump is vowing to impose new tariffs on Chinese imports, and China is retaliating by making further moves against U.S. agricultural purchases. The

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Wti crude climbs $1/Bbl in 2020: Steo

West Texas Intermediate crude oil prices will average $62 a barrel in the second half of 2019, and $63/Bbl in 2020, the Energy Information Administration projects in the just-released Short-Term Energy Outlook (Steo), Kallanish Energy reports. EIA’s forecast WTI price of $63/Bbl for December 2019, should be considered in the context of Nymex WTI futures and options

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Crude oil settles down as US Fed holds rates steady

Crude oil prices were little changed Wednesday after the U.S. Federal Reserve said the central bank will hold interest rates steady, Kallanish Energy reports. Brent crude futures were down 29 cents, or 0.47%, to $61.85 a barrel. U.S. West Texas Intermediate crude settled down 14 cents, or 0.3%, to $53.76/Bbl. Government data showed U.S. crude inventories fell

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US, Brent crudes fall amid supply-cut uncertainty, US-China tariffs

Crude oil prices settled lower Monday after a choppy trading session, as Saudi Arabia and Russia have not yet agreed to extend the Opec+ output-cutting deal, and U.S.-China trade tensions continued to threaten crude demand, Kallanish Energy understands. U.S. West Texas Intermediate crude futures settled 73 cents lower, at $53.26 per barrel, falling 1.4% for the

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US line pipe prices sink again

U.S. line pipe prices sunk in May, Kallanish Energy’s sister publication, Kallanish, learns from analyst Pipe Logix. Average U.S. line pipe prices fell by 1.5% from April to May, reaching a combined $1,757/short ton at the distribution level. Domestic prices fell by 1.5%, to $1,930/st, while import prices fell by 1.4%, to $1,584/st. Pipe Logix

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Brent slips to 4-month low, as trade fears persist

Crude oil futures ended Monday’s trading session lower after unsettled trading, as Saudi comments indicated Opec+ would extend supply cuts supported prices, but concerns U.S. tariffs on China and Mexico would hurt demand weakened the market. Opec+, which includes most Opec members, along with a number of non-producers led by Russia, since Jan. 1, has

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Crude plunges nearly 4%

Crude oil prices plunged Thursday on a smaller-than-expected decline in U.S. crude inventories and fears of a global economic slowdown due to the U.S.-China trade war, Kallanish Energy understands. The U.S. Energy Information Administration reported crude stockpiles fell nearly 300,000 barrels last week, less than the 900,000 Bbl decline analysts forecast in a Reuters poll, and

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US crude prices settle up due Midwest flooding

U.S. crude oil futures gained nearly 1% Tuesday after flooding throughout the Midwest constricted crude flow from the storage hub in Cushing, Oklahoma, Kallanish Energy learns. U.S. West Texas Intermediate futures settled at $59.14 a barrel, up 51 cents, or 0.9%, from its close on Friday before the long Memorial Day holiday weekend. Flooded areas

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Crude prices slip Friday, post weekly gains

Crude oil prices slipped Friday, but West Texas Intermediate and Brent both posted a weekly gain on rising concerns over more Middle East supply disruptions due to U.S.-Iran political tension, Kallanish Energy reports. A deputy head of Iran’s Revolutionary Guards said Friday Iran could “easily” hit U.S. warships in the Persian Gulf, the latest rhetoric

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Oil rises as market shrugs off jump in US crude inventories

Crude oil futures rose slightly Wednesday as worries that rising tensions in the Middle East could impact global supplies overshadowed an unexpected rise in U.S. crude inventories, Kallanish Energy reports. U.S. West Texas Intermediate crude futures settled 24 cents higher, at $62.02 per barrel. Brent crude futures rose 53 cents, to $71.77/Bbl. U.S. crude stocks rose unexpectedly last

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Crude rises Friday, falls for the week

Crude oil prices inched up Friday, as strong U.S. economic data boosted demand feelings, and as production drops in sanctions-hit Iran and Venezuela tightened the market, Kallanish Energy reports. Oil futures posted weekly declines on a jump in U.S. crude inventories reported recently. U.S. West Texas Intermediate crude futures settled 13 cents higher, at $61.94 per

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Crude oil slips, as U.S. inventories jump

Crude oil prices slipped Wednesday after U.S. crude inventories soared to their highest point in 19 months, as production set a record, Kallanish Energy reports. The declines were somewhat tempered by the intensifying crisis in Venezuela and Washington’s stopping Iranian oil sanction waivers as of Wednesday, with the fall in the global Brent benchmark more

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Goldman not expecting oil to rally despite tightening sanctions

Goldman Sachs expects the U.S.’s decision to end exemptions from sanctions for eight countries still buying oil from Iran to have a limited impact on crude prices — even though the timing is likely to have caught energy market participants by surprise. “While we acknowledge the near-term upside price risks, we reiterate our fundamentally derived

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Crude rises on Saudi export cuts and lower U.S. inventories

Crude oil prices were slightly higher Thursday, as a drop in crude exports from Saudi Arabia and a drawdown in U.S. oil inventories supported prices, Kallanish Energy reports. U.S. West Texas Intermediate crude futures settled 24 cents higher at $64 per barrel. Brent crude futures rose 35 cents, or 0.5%, to $71.97/Bbl, near Wednesday’s five-month high of $72.27/Bbl.

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