Crude Oil

Crude Oil , Trade , International

Biden Focused on Controlling US Oil Prices after OPEC+ Output Increase

“That is so little as to be meaningless. From a physical standpoint it is a marginal blip. As a political gesture it is almost insulting,” Eurasia Group’s Raad Alkadiri said of OPEC’s decision on Aug. 3 to raise oil output by 100,000 bbl/d.

August 4, 2022

Crude Oil

Oil Prices Stabilize After Drop to Near 6-month Low

OPEC+ decided at its meeting on Aug. 3 to raise its oil output target by 100,000 bbl/d, only a 0.1% raise as oil prices begin to stabilize.

August 4, 2022

Petrochemicals , Crude Oil , Storage

US Crude, Gasoline Stockpiles Rise Unexpectedly: EIA

“There’s nothing good in this report for anybody unless you’re waiting for things to fall apart and to be a buyer on the downside,” Bob Yawger, director of energy futures at Mizuho, said of the EIA report.

August 3, 2022

Crude Oil , Trade , International

OPEC+ Agrees Tiny Output Rise in Setback for Biden

The increase of 100,000 bbl/d announced by the producer group on Aug. 3 will be one of the smallest since OPEC quotas were introduced in 1982, OPEC data shows.

August 3, 2022

Crude Oil , Trade , International

Current Oil Prices Are Above Preferable Levels, OPEC+ Member Kazakhstan Says

“The work is ongoing to make [oil] prices more realistic,” said Bolat Akchulakov, energy minister of OPEC+ member Kazakhstan. “We have always said that the corridor of $60-$80 per barrel is a normal one... And today the price is $100.”

August 3, 2022

Crude Oil , Trade , Storage

US Emergency Crude Stockpile Falls to Lowest in 37 Years

The U.S. Strategic Petroleum Reserve (SPR) held about 618 million barrels last September and its stocks have declined due to sales from congressional mandates and Biden’s price initiative.

August 2, 2022

Crude Oil , International

Oil Edges Up OPEC+ Meeting Eyed, Global Demand Concerns Weigh

OPEC+'s annual meeting will further discuss a potential hike in crude supply later this week.

August 2, 2022

Crude Oil

What’s Affecting Oil Prices This Week? (Aug. 1, 2022)

Stratas Advisors expects oil prices will be under pressure for the upcoming week from the weakening economic outlook as the latest GDP numbers for the U.S. confirm the firm’s view that the U.S. economy has been slowing down.

August 1, 2022

Crude Oil

US Oil Output Slips in May to Lowest since February: EIA

New Mexico output fell 0.7% to 1.5 million bbl/d in May, lowest since March. Output in Texas fell 1% to 5 million bbl/d in May, lowest since February.

July 29, 2022

Crude Oil

Oil Rally to Stall as Recession Risks Counter Tight Supplies

"The focus is slightly shifting away from supply disruptions towards crude demand destruction due to global recessionary fears," OANDA's Edward Moya said in a survey of analysts and economists on the forecast of crude oil.

July 29, 2022