The oil bulls remain in control with WTI up more than $5.0 on the day in the $114.00 area. WTI has now recovered more than 50% of its pullback from multi-year highs near $130 to $93 earlier this month. Traders have cited a major Russian pipeline outage, a bullish US …
Read More »Oil rises in turbulent trading after Caspian Sea pipeline disruption
Oil prices rose in volatile trading on Wednesday due to disruptions in crude exports from Russia and Kazakhstan via the Caspian Sea pipeline. The price of Brent crude futures rose $3.13, or 2.7 percent, to record $118.61 a barrel. The price had fallen earlier to 114.45 dollars a barrel. The …
Read More »Oil prices drop below $114 as EU split over Russian oil embargo
Oil prices fell below $114 a barrel on Tuesday, giving up part of their 7 percent gains on Monday, as European Union member states split over a possible ban on Russian oil, but persistent supply risks limited prices. The bloc’s foreign ministers were divided over whether to join the United …
Read More »WTI Rallies To $110 As EU Ponders Russia Oil Embargo
The bulls are firmly back in control of global oil markets following a series of bullish catalysts over the weekend which has sent the front-month WTI future as nearly $5.0 higher on the session to test the $110 per barrel area. As the Russian invasion of Ukraine rumbles on and …
Read More »Weekly Recap 14-18 March 2022
There have been a lot of moving events during the past week, most notably the monetary policy decisions of the Fed and the Bank of England. Those decisions, which reflected a clear shift in the direction of monetary policy, led to a change in the price movement. The US Federal …
Read More »Baker Hughes: US oil rigs down despite $100 prices
US energy firms this week reduced the number of oil rigs active in the United States even as crude prices continued to trade over $100 a barrel after Russia’s invasion of Ukraine stoked global energy supply concerns.That was the second decline for the oil rig count in three weeks after …
Read More »WTI Beats USD 100.00 As IEA Restirs Supply Shortage Concerns
WTI crude has climbed near USD 102.00 as IEA renewed fears of supply shortage. The expectation of supply shortage from Russia has already been discounted by investors. The OPEC’s positive response to the urge of US President Joe Biden will fix the demand-supply gap.West Texas Intermediate (WTI), futures on NYMEX, …
Read More »WTI Surges Above USD 100 Amid Concerns On Supply Shortage
Oil prices strongly rebounded on Thursday, with front-month WTI futures surging nearly USD 8.0 to the USD 102s. While prices are still USD 27 below last week’s highs, Thursday’s rally may signal an end to the recent bear run.Oil prices have seen a strong rebound on Thursday, with front-month WTI …
Read More »Market Drivers – US Session – 16 March
The American dollar ended the day lower after the US Federal Reserve monetary policy decision. The US central bank hiked rates by 25 bps, as expected, with Bullard being the only dissenter voting for a 50 bps hike. Economic Data Canadian inflation hit 5.7% YoY in February, according to Statistics …
Read More »WTI Oil Attempting To Bounce Up From $93.40 Lows
WTI futures pick up to $98.00 from three-week lows at $93.40. Oil prices plunge on easing supply concerns and COVID-19 cases in China. From a wider perspective, US oil futures remain biased lower.The US benchmark crude oil futures are attempting a mild correction on Tuesday’s US trading session. Front-month West …
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