OIL SLUMPS   Oil turned sharply lower Friday as concerns of a supply glut weighed in the wake of higher U.S. output. U.S. crude was off

Crude Oil Futures trading higher midday Wednesday August 23

Crude Oil Futures trading higher midday Wednesday August 23

Crude Oil Futures trading accelerated 0.thirteen USD/BBL or 0.27% to 47.73 on Wednesday August 23 from forty seven.64
Oil fees turned higher on Wednesday, after records from the U.S. power records management showed that domestic crude substances fell much less than predicted last week, but that gasoline shares declined a ways more than forecast. The U.S. West Texas Intermediate crude September contract became at $47.

Crude Oil Futures trading accelerated 0.thirteen USD/BBL or 0.27% to 47.73 on Wednesday August 23 from forty seven.64 in the preceding trading session. traditionally, Crude oil reached an all time high of one hundred forty five.31 in July of 2008 and a document low of 1.17 in February of 1946.

Oil fees turned higher on Wednesday, after records from the U.S. power records management showed that domestic crude substances fell much less than predicted last week, but that gasoline shares declined a ways more than forecast.
The U.S. West Texas Intermediate crude September contract became at $47.ninety nine a barrel by way of 10:35 am ET (14 :35GMT), up sixteen cents, or round 0.33%. fees had been at around $47.seventy eight prior to the release of the inventory information.



Crude Oil Futures trading

some other place, Brent oil for October delivery at the ICE Futures change in London tacked on 34 cents, or 0.sixty seven%, to $52.19 a barrel.
The U.S. electricity statistics management stated in its weekly document that crude oil inventories fell by way of three.33 million barrels in the week ended August 18.

market analysts’ expected a crude-inventory decline of round three.forty five million barrels, while the yank Petroleum Institute late Tuesday mentioned a supply-drop of three.6 million barrels.
however, the API record also confirmed a gain of 1.4 million barrels in fuel shares, even as distillate shares rose by means of 2.zero million barrels.




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OIL SLUMPS   Oil turned sharply lower Friday as concerns of a supply glut weighed in the wake of higher U.S. output. U.S. crude was off

Crude Oil Futures Prices Opened Higher Wednesday August 23

Crude Oil Futures Prices Opened Higher Wednesday August 23

Crude Oil Futures Prices increased 0.01 USD/BBL or 0.02% to 47.63 on Wednesday August 23 from 47.64
Crude oil is the world’s most actively traded commodity. Crude Oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so. This page provides

Crude Oil Futures Prices increased 0.01 USD/BBL or 0.02% to 47.63 on Wednesday August 23 from 47.64 in the previous trading session. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.

he gap between the two most critical oil benchmarks has widened currently, a symptom of the moving oil supply/demand dynamics between the U.S. and the relaxation of the sector.

For the past few years, Brent and WTI have traded very intently collectively, as both benchmarks replicate the crushing weight of oversupply. previous to the marketplace downturn in 2014, the spread among the two benchmarks became dictated a whole lot greater via geopolitical whims. Brent, which reflects marketplace conditions in Europe, the middle East, Africa and elements of Asia – in essence a extra the world over-orientated marker – rose and fell more sharply on geopolitical activities. WTI, on the other hand, intently tracked U.S. conditions.



Crude Oil Futures Prices

The dynamics had been maximum visible in the course of the Arab Spring returned in 2011, when oil costs round the world spiked. The oil marketplace changed into already tight, and fears of supply outages – and now not just fears, but actual outages, specially in Libya – driven costs over $100 per barrel. but Brent was specifically affected, at the same time as WTI expanded greater modestly. The end result become a blowout in the unfold – Brent quickly traded at a top class of nearly $30 in keeping with barrel over WTI.

however some other motive become that the U.S. had a crude oil export ban in vicinity at that time, proper up via the cease of 2015. Surging shale production changed into trapped in the U.S., which placed downward pressure on WTI. in the meantime, if international supply conditions tightened, Brent could sense the pinch lots more than WTI.

 



 

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WANING CONFIDENCE The IEA Thursday noted “waning confidence” by oil market participants in the re-balancing of supply and demand. 

Crude Oil Futures price Rose Midday Tuesday August 22

Crude Oil Futures price Rose Midday Tuesday August 22

Crude Oil Futures price  multiplied zero.28 USD/BBL or zero.59% to forty seven.61 on Tuesday August 22 from forty seven.37 within the preceding buying and selling consultation. historically, Crude oil reached an all time excessive of 145.31 in July of 2008 and a document low of one.17 in February of 1946.

Oil prices headed better Tuesday, buoyed by using expectancies that data this week will show that U.S. elements of crude oil fell for an 8th-consecutive week.

The September agreement for West Texas Intermediate crude oil CLU7, +0.ninety nine% which expires at Tuesday’s agreement, rose 17 cents, or 0.four%, to $47.fifty four a barrel on the new york Mercantile alternate, after slumping 2.4% on Monday. The October agreement CLV7, +1.05%  superior 24 cents, or zero.5%, to $47.77 a barrel.



Crude Oil Futures price

October Brent LCOV7, +0.ninety nine%  rose 29 cents, or zero.5%, to $51.95 a barrel at the ICE Futures Europe alternate, attempting to recoup a part of its 2% stoop on Monday. That weakness came amid a lack of foremost news from a meeting between individuals of the agency of the Petroleum Exporting nations and non-cartel producers about compliance with the output-cut agreement.

Media reviews said, but, that sources near OPEC said compliance with the agreed production objectives has fallen to ninety four% in July, in comparison with ninety eight% in June.




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WANING CONFIDENCE The IEA Thursday noted “waning confidence” by oil market participants in the re-balancing of supply and demand. 

Crude Oil Futures Price Opened Higher Tuesday August 22

Crude Oil Futures Price Opened Higher Tuesday August 22

Crude Oil Futures Price increased 0.10 USD/BBL or 0.21% to 47.61 on Tuesday August 22 from 47

Crude Oil Futures Price increased 0.10 USD/BBL or 0.21% to 47.61 on Tuesday August 22 from 47.45 in the previous trading session. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.



Crude Oil Futures Price

Crude oil is the world’s most actively traded commodity. Crude Oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so. This page provides – Crude oil – actual values, historical data, forecast, chart, statistics, economic calendar and news. Crude oil – actual data, historical chart and calendar of releases – was last updated on August of 2017.




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WANING CONFIDENCE The IEA Thursday noted “waning confidence” by oil market participants in the re-balancing of supply and demand. 

Crude Oil FUTURE PRICE FELL MIDDAY Monday August 21

Crude Oil FUTURE PRICE FELL MIDDAY Monday August 21

Crude Oil FUTURE PRICE decreased 0.97 USD/BBL or 2.01% to 47.65 on Monday August 21 from 48.53
September WTI (West Texas Intermediate) crude oil (IEZ) (XES) (USL) futures contracts fell 0.1% and were trading at $48.48 per barrel in electronic trading at 2:00 AM EST on August 14, 2017. US crude oil prices are near a two-week high due to the fall in US crude oil inventories and the US refinery outage.

Crude Oil FUTURE PRICE decreased 0.97 USD/BBL or 2.01% to 47.65 on Monday August 21 from 48.53 in the previous trading session. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.

Oil prices fell around 1 percent on Monday as a rally at the end of last week prompted investors to close positions at a higher price, against a backdrop of signs the global market is starting to rebalance.

Benchmark Brent crude futures LCOc1 were down 56 cents at $52.16 a barrel at 1342 GMT, after surging more than 3 percent in the previous session.



Crude Oil FUTURE PRICE

U.S. West Texas Intermediate crude futures CLc1 traded at $48.19 a barrel, down 32 cents. The contract had also risen 3 percent in the previous session.

“We are currently seeing some profit-taking after Friday’s strong rally ahead of this week’s inventory data,” said Hans van Cleef, senior energy economist at ABN Amro.

“Fresh uncertainty about inventories and OPEC compliance (with agreed production cuts) could be enough reason to sell some of the long positions.”




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WANING CONFIDENCE The IEA Thursday noted “waning confidence” by oil market participants in the re-balancing of supply and demand. 

Crude Oil FUTURES PRICE OPENED HIGHER Monday August 21

Crude Oil FUTURES PRICE OPENED HIGHER Monday August 21

Despite Friday’s rally, New York-traded oil prices ended the week down 31 cents, or nearly 0.6%, its third such loss in a row, thanks to heavy losses suffered mid-week. Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery soared $1.69, or about 3.3%, to settle at $52.72 a barrel by close of trade. For the week, the global benchmark rose 62 cents, or roughly 1.2%. London-traded Brent futures have been buoyed by recent signs that global supplies are tightening.

Crude Oil FUTURES increased 0.01 USD/BBL or 0.01% to 48.57 on Monday August 21 from 48.53 in the previous trading session. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.

Oil prices settled sharply higher on Friday, jumping about 3% in a surprise rally amid reports of a unit shutdown at one of the largest oil refineries in the U.S., as well as data showing a weekly fall in the number of active domestic oil rigs.

 

Traders piled into crude contracts after reports surfaced that a unit at Exxon (NYSE:XOM) Mobil’s Baytown, Texas refinery shut down. The 584,000 barrel-a-day plant is the second-largest refinery in the U.S.



Crude Oil FUTURES

The report surfaced ahead of an update from oilfield services firm Baker Hughes Friday morning, showing its weekly count of oil rigs operating in the U.S. last week fell by five rigs to a total of 763.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.

Aside from supply and demand, investors also bought up oil contracts amid a broader market rally sparked by Steve Bannon’s departure from the White House.




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CRUDE OIL FUTURES Oil prices settled sharply higher on Friday, jumping about 3% in a surprise rally amid reports

CRUDE OIL FUTURES – WEEKLY OUTLOOK: AUGUST 21 – 25

CRUDE OIL FUTURES – WEEKLY OUTLOOK: AUGUST 21 – 25

CRUDE OIL FUTURES Oil prices settled sharply higher on Friday, jumping about 3% in a surprise rally amid reports

CRUDE OIL FUTURES Oil prices settled sharply higher on Friday, jumping about 3% in a surprise rally amid reports of a unit shutdown at one of the largest oil refineries in the U.S., as well as data showing a weekly fall in the number of active domestic oil rigs.

Traders piled into crude contracts after reports surfaced that a unit at Exxon (NYSE:(XOM) Mobil’s Baytown, Texas refinery shut down. The 584,000 barrel-a-day plant is the second-largest refinery in the U.S.

The report surfaced ahead of an update from oilfield services firm Baker Hughes Friday morning, showing its weekly count of oil rigs operating in the U.S. last week fell by five rigs to a total of 763.



CRUDE OIL FUTURES

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.

Aside from supply and demand, investors also bought up oil contracts amid a broader market rally sparked by Steve Bannon’s departure from the White House.

The U.S. West Texas Intermediate crude September contract surged $1.42, or around 3%, to end at $48.51 a barrel. It slumped to its lowest since July 25 at $46.46 a day earlier.

Despite Friday’s rally, New York-traded oil prices ended the week down 31 cents, or nearly 0.6%, its third such loss in a row, thanks to heavy losses suffered mid-week.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery soared $1.69, or about 3.3%, to settle at $52.72 a barrel by close of trade. For the week, the global benchmark rose 62 cents, or roughly 1.2%.

London-traded Brent futures have been buoyed by recent signs that global supplies are tightening.

OPEC and 10 producers outside the cartel, including Russia, agreed since the start of the year to slash 1.8 million barrels per day in supply until March 2018 in order to reduce a global supply glut and rebalance the market.

Elsewhere on Nymex, gasoline futures for September rose 3.7 cents, or about 2.3%, to end at $1.634 on Friday. It closed around 0.7% higher for the week.

September heating oil finished up 3.8 cents, or 2.4%, at $1.620 a gallon, ending roughly 0.9% lower for the week.

Natural gas futures for September delivery shed 3.6 cents, or 1.2%, to settle at $2.893 per million British thermal units. It saw a weekly loss of nearly 3%.

In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer.

Meanwhile, traders will also continue to pay close attention to comments from global oil producers for evidence that they are complying with their agreement to reduce output this year.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Tuesday, August 22

The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.

Wednesday, August 23

The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.

Thursday, August 24

The U.S. government is set to produce a weekly report on natural gas supplies in storage.

Friday, August 25

Baker Hughes will release weekly data on the U.S. oil rig count.




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WANING CONFIDENCE The IEA Thursday noted “waning confidence” by oil market participants in the re-balancing of supply and demand. 

Crude Oil FUTURE PRICES FELL MIDDAY Friday August 18

Crude Oil FUTURE PRICES FELL MIDDAY Friday August 18

Crude Oil FUTURE PRICES decreased 0.16 USD/BBL or 0.34% to 46.96 on Friday August 18 from 47.09
Please use the sharing tools found via the email icon at the top of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour. https://www.ft.com/content/608fb1ce-83fa-11e7-94e2-c5b903247afd Prices at about $50 a barrel are less than half their average between 2010 and 2014, but strong Chinese buying has helped them recover from below $30 early last year. The oil industry, however, is worried that one of the few bright spots in the global crude market may not last, as China’s oil imports do more than feed its fast-growing network of refineries.

Crude Oil FUTURE PRICES decreased 0.16 USD/BBL or 0.34% to 46.96 on Friday August 18 from 47.09 in the previous trading session. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.

Oil prices edged higher on Friday, with investors offered some encouragement from data hinting that oversupply was easing steadily and a weaker dollar.

But prices were still on track to close the week 2 to 3 percent lower after concerns about weaker Chinese oil demand weighed earlier in the week.

Crude Oil FUTURE PRICES



At 1152 GMT, benchmark Brent crude futures LCOc1 were up 6 cents at $51.09 a barrel on the day but still about 2 percent lower on the week.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 11 cents at $47.20 a barrel, although they were also set to end the week more than 3 percent lower.




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WANING CONFIDENCE The IEA Thursday noted “waning confidence” by oil market participants in the re-balancing of supply and demand. 

Crude Oil FUTURE PRICES OPENED LOWER Friday August 18

Crude Oil FUTURE PRICES OPENED LOWER Friday August 18

Crude Oil FUTURE PRICES decreased 0.06 USD/BBL or 0.13% to 47.02 on Friday August 18 from 47.09 in
Crude oil is making a descending wedge, which could have completed. However, the correction is just short to hit 50% retracement makes the long side skeptical. The price action is going to be binary near term, bullish near- mid term. Stay cautious and don’t get chopped up!.

Crude Oil FUTURE PRICES decreased 0.06 USD/BBL or 0.13% to 47.02 on Friday August 18 from 47.09 in the previous trading session. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.

Oil prices fell early on Friday as part of a broad-based selloff across markets and despite signs that crude markets are gradually tightening.

Brent crude futures, LCOc1 the international benchmark for oil prices, were at $50.93 per barrel at 0031 GMT, down 10 cents, or 0.2 percent, from their last close.

Crude Oil FUTURE PRICES



U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.02 a barrel, down 7 cents, or 0.2 percent.

Oil traders said the crude falls came amid a selloff across many other markets, including U.S. and Asian stocks, where investors voted with their feet amid growing skepticism U.S. President Donald Trump, embroiled in controversy, would achieve his economic agenda.




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