Archives of “World oil market chronology from” tag

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Oil likes what it heard from OPEC, prices edge higher early

  
Analysis, Crude
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Crude starts the week higher

Crude starts the week higher
WTI crude rose as high as $39.90 shortly after the open. It’s since ticked a few cents lower to $39.83, which is up 25-cents on the day.
OPEC+ announced a one-month cut extension on the weekend but it wasn’t all good news as some Libyan production came back online.
Keep a close eye on the $40 with crude in the March gap. The bottom end of it is $41.05.

Trump says if oil price stays the way it is he would do very substantial tariffs

  
  Analysis
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Oil remarks from US President Trump.

The oil price has plunged at the opening to this week’s trade after weekend news and comments. Trump’s latest in that headline cutting a few cents out of it again.
  • if oil price stays the way it is he would do very substantial tariffs
  • does not think he will need to use tariffs in oil fight
(On that second remark, note that Trump has said a few times from late last week that expects Russia and Saudi to cut production, he’s mentioned by 10m barrels a day, perhaps 15m. Noter also though that the OPEC+ meeting scheduled for today has been put off to April 9. )

Oil rallies to the highs of the week

  
Analysis, Crude
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WTI crude at the best levels since Friday

WTI crude at the best levels since Friday
There was a huge build in US oil supplies in data released today but the market has shaken it off. That’s a great sign for the bulls and it comes — in part — due to draws in products.
I think this could lead to some short-term upside but WTI needs to get above $56 to really make any headway.

Oil hit by double-whammy as Bolton turfed and EIA cuts demand forecast

  
  Analysis
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Oil drops $1 fast

Oil drops $1 fast
WTI crude oil fell to $57.30 from $58.50 in a quick move after Trump announced he was firing national security advisor John Bolton. It’s since bounced back 40 cents.
Bolton has long favored military solutions everywhere, but particularly in the Middle East. The news diminishes the chances of bombs falling on Iran.
Minutes after that news, the EIA lowered its forecasts for world oil demand this year and next. They saw a rise of an 890,000 barrel per day rise compared to 1 million barrels previously for this year. For 2020, they trimmed the forecast by 30,000 bpd to a rise of 1.4mbpd.
Offsetting that somewhat is a lower forecast for US production next year at 13.23 mbpd compared to 13.26 mbpd.

WTI futures settle the day (and for the week) up $0.01 at $60.21

  
Analysis, Crude
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Up 0.02%

The price of WTI crude oil future are settling the day (and week) by the smallest of margins. The price is up 1 cent or 0.02% at $60.21.

The high for the day reached $60.74

The low extended to $59.93.
For the week, the pair is up $2.70 or 4.69% from the closing price of $57.51 last week. The gains were helped by a big drawdown of inventories on Wednesday of -9.499M barrels (expecting -3.0K).
Technically, the price moved above its 200 and 100 day MAs at $58.32 and $59.19 respectively. It will take a move back below those levels to hurt the bullish bias next week.
Up 0.02%

Global growth worries continue to weigh on oil

  
Analysis, Crude
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This selloff is getting ugly

This selloff is getting ugly
WTI crude is now down nearly 4% on the day as gloom about the global economy sets in.
The big news this week was OPEC but they did as much as could have been reasonably expected by extending cuts for 9 months. This may be a sell-the-fact trade but it looks more like the market is jittery about demand.
The US Treasury market is sending the same worrisome signals today, despite the China-US truce.
One worry is that Trump’s administration announced fresh European tariffs yesterday. The amount of goods overall is small but it’s moving in the wrong direction and a US-Europe trade war would sink growth expectations once again.
The chart doesn’t look great as we top out well-ahead of the previous highs.
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