Tag: markets
Rising US output keeps a lid on oil prices gains
Oil prices mixed with Brent down slightly, WTI up Oil prices were mixed on Friday and sat below two-year highs as rising US output overshadowed the outage of a North Sea crude pipeline and the OPEC supply cut deal. By 1:00 p.m. EST, Brent crude futures were down 4 cents to $63.27/barrel and US WTI […]
Forties pipeline shutdown, drop in US crude stocks bump up oil prices
Oil prices up slightly on Thursday Oil prices rose slightly on Thursday due to the continued outage of the Forties pipeline, the network that moves about 450,000 barrels of crude per day from North Sea platforms to refineries in Scotland. By 1:25 p.m. EST, US WTI rose by 18 cents to $56.78/barrel and Brent crude […]
Oil prices dip on higher gasoline inventories, US output
Oil prices down despite significant decline in US crude stocks Oil prices fell on Wednesday despite data from the US Energy Information Administration showing a significant decline in US crude stocks. Prices dipped due to a larger-than-expected increase in US gasoline inventories and ballooning crude output from US producers. By 2:57 p.m. EST, US WTI […]
Oil prices dip after early session surge due to pipeline shutdown
Oil prices rise to two-year high before losing gains On Tuesday, oil prices surged to a two-year high after cracks found in the Forties pipeline shut down the United Kingdom’s largest North Sea crude pipeline, cutting into the supply of Brent crude. The 406,000 barrels per day (b/d) pipeline was shutdown on Monday, the first […]
Column: Hedge funds start to take profits after oil rally
Hedge funds managers cut combined net long position in five major futures By John Kemp LONDON, Dec 11 (Reuters) – Hedge fund managers have started to take profits from the big rise in crude oil and refined products prices since June now the rally has lost momentum and inventories are showing signs of stabilizing. Portfolio […]
Oil prices rise on North Sea pipeline shutdown, New York blast
Oil prices up as investors shift to hard-asset commodity markets following NY explosion Oil prices reversed early declines on Monday after reports of a shutdown at a North Sea pipeline and an explosion rocked the New York Port Authority Bus Terminal. By 1:32 p.m. EST, Brent had risen by $1.23 to $64.63/barrel and US WTI […]
Oil prices boosted by Chinese demand, but US rig count rises
Oil prices on track for weekly loss Oil prices rose by over 1 per cent on Friday on solid Chinese demand and threats of a strike by workers in the Nigerian oil industry. But, Reuters reports US oil prices were on track for weekly losses of up to 1.7 per cent on concerns that rising […]
Column: Crude oil rally stalls as fuel prices soften
Oil rally falters as as record refinery runs, distillate production catch up with demand By John Kemp LONDON, Dec 7 (Reuters) – Surging prices for refined products, especially distillate fuel oil, led crude prices higher between June and November, but now fuels are slipping and putting crude under pressure. Gross refining margins for producing distillate fuel […]
Oil prices up on Nigerian strike threat, short covering
Oil prices rebound after sharp losses on Wednesday Oil prices rose over one per cent on Thursday after Nigerian oil workers threatened to strike and as traders cover shorts after tough losses on Wednesday caused by larger-than-expected rises in US refined fuels stocks. By 1:37 a.m., EST, benchmark Brent had risen 94 cents to $63.16/barrel […]
Oil prices up on expected drop in US crude stocks
Oil prices up on strong demand Oil prices rose slightly on Tuesday on strong demand for crude, an expected drop in US crude stocks and the extension of OPEC’s supply cut agreement. By 1:41 p.m. EST, Benchmark Brent had risen 46 cents $62.91/barrel and US WTI was up 24 cents to $57.71/barrel. The Canadian Crude […]
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