Author Archive: AEN Staff

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Oil prices dip on low US gasoline inventory draw

Oil prices dip on low US gasoline inventory draw

Oil prices, crude inventories down Oil prices fell slightly in trading on Wednesday following data from the US Energy Information Administration showing a smaller-than-expected drop in US gasoline stockpiles. Brent crude was down 39 cents to $53.76 by 11:56 a.m. EDT and US light crude dropped by 30 cents to $51.17. Both benchmarks have gained […]

Opinion: OPEC meets again but has it had an impact on oil prices?

Opinion: OPEC meets again but has it had an impact on oil prices?

Structural factors in oil market more important than OPEC cuts   By John Kemp LONDON, May 24 Ministers from OPEC and non-OPEC oil exporters are meeting in Vienna today and tomorrow to decide whether to extend production cuts that have been in effect since the start of the year. The formal conference comes after extensive […]

US crude stocks down 4.4 million barrels

US crude stocks down 4.4 million barrels

US crude stocks at lowest point since mid-February The Energy Information Administration reported on Wednesday that US crude stocks fell for the seventh straight week as refiners processed near record amounts of crude last week. Along with the 4.4 million barrel drop in crude inventories, the EIA reported gasoline and distillate inventories also fell. Crude […]

OPEC supply cuts expected to be expanded into 2018

OPEC supply cuts expected to be expanded into 2018

OPEC supply cuts extension pushed by Saudi Arabia Ministers and delegates attending the meeting of the Organization of Petroleum Exporting Countries in Vienna this week say the OPEC supply cuts agreement is likely to be extended and sources say the group will also discuss how¬†to tackle the stubborn global crude glut. Top producer Saudi Arabia […]

Oil prices edge up on possible OPEC extension, US drawdown

Oil prices edge up on possible OPEC extension, US drawdown

Oil prices up in seesaw trading Oil prices rose slightly in trading on Tuesday as investors considered an extension of OPEC supply cuts and another drop in US crude stocks against a proposal from the White House to sell half of America’s petroleum reserves. As of 11:49 a.m., Brent crude was up 9 cents to […]

Opinion: Hedge funds shuffle positions as OPEC decision nears

Opinion: Hedge funds shuffle positions as OPEC decision nears

Hedge funds rebuilding bullish long positions By John Kemp LONDON, May 22 (Reuters) – Hedge funds have started to rebuild bullish long positions in crude oil as OPEC prepares to extend its production cuts for an additional nine months. Hedge funds and other money managers increased their net long position in the three major futures […]

Is “backwardation” the answer to price war between OPEC, US shale producers?

Is “backwardation” the answer to price war between OPEC, US shale producers?

OPEC searching for strategy that raises oil prices without igniting another American shale boom By John Kemp “Backwardation is the solution” to OPEC’s problem of how to raise output and revenues without sparking another shale boom, according to the influential oil research team at Goldman Sachs. Backwardation would allow low-cost oil producers in OPEC to […]

OPEC supply cuts could be deepened, extended: sources

OPEC supply cuts could be deepened, extended: sources

Panel reviewing options for OPEC supply cuts An OPEC panel reviewing options available to cartel members looking for ways to drain global crude inventories is¬†considering deepening and extending the OPEC supply cuts agreement, according to Reuters sources. OPEC and 11 non-OPEC members participating in the production cut agreement will meet in Vienna next week to […]

US rig count rises for 18th week in a row: Baker Hughes

US rig count rises for 18th week in a row: Baker Hughes

US oil rig count up by 8 On Friday, the Baker Hughes rig count showed the number of oil rigs in the United States rose for the 18th straight week in a row, the second-longest streak of weekly additions on record. In the week ending May 19, drillers added eight oil rigs, bringing the total […]

Opinion: OPEC nears decision time: rollover or deepen cuts?

Opinion: OPEC nears decision time: rollover or deepen cuts?

OPEC ministers, Russia meet in Vienna next week By John Kemp LONDON, May 19 OPEC ministers head to Vienna next week where they are expected to ratify an extension of the current production cuts that has been agreed informally among the key participants. Saudi Arabia and Russia announced earlier this week that they have agreed […]