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 Price Lower Midday Wednesday August 16

Crude Oil Futures Price Lower Midday Wednesday August 16

Crude Oil Futures Price decreased 0.35 USD/BBL or 0.74% to 47.15 on Wednesday August 16 from 47.55
Oil headed lower Wednesday after the Energy Information Administration report revealed a seventh-straight weekly decline in U.S. crude supplies, along with a climb in domestic production to their highest weekly level in over two years. September West Texas Intermediate crude CLU7, -0.76% shed 29 cents, or 0.6%, to $47.26 a barrel on the New York Mercantile Exchange. It was trading at $47.77 before the supply data. October Brent crude LCOV7, -0.35% on London’s ICE Futures fell 2 cents to $50.78 a barrel. “A combination of record refinery runs for the time of year and strong exports have encouraged the largest draw to crude inventories in eleven months,” said Matt Smith, director of commodity research at ClipperData.

Crude Oil Futures Price decreased 0.35 USD/BBL or 0.74% to 47.15 on Wednesday August 16 from 47.55 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.

While the global oversupply of oil continues to weigh on crude prices and suppressed stock prices for oil companies, the sector offers attractive value to investors, experts argue.

“The sector has been underperforming, there’s great value, so you have to play the sector,” Beat Wittmann, partner at Swiss financial advisory Porta Advisors, told CNBC’s Squawk Box on Wednesday.



Crude Oil Futures Price

“The sector is so attractive right now and it’s a global demand-supply game.”

Crude oil prices are stuck in the range of $45 to $60 a barrel, according to Wittmann, but he thinks there is great value in the stocks of the super major oil companies.

“They’ve cut costs and exploration programs. They’ve digested and readjusted balance sheets and quite frankly that investment case does not so much depend on if the oil price is at $50 or $60. They just look through that,




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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 Price Opened Higher Wednesday August 16

Crude Oil Futures Price Opened Higher Wednesday August 16

Crude Oil Futures Price increased 0.09 USD/BBL or 0.20% to 47.70 on Wednesday August 16 from 47.59 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.

the yank Petroleum Institute (API) stated a primary draw of nine.2 million barrels in america crude oil inventories—the most important draw on account that September 2016.

The draw compares to analyst expectations of a draw of three.6 million barrels for the week finishing August 11.



Crude Oil Futures Price

gas inventories rose by means of 301,000 barrels for the week ending August 11, as compared to analyst expectancies that inventories for the gas could fall with the aid of 1.five million barrels.

Crude prices fell on Tuesday—no matter an export terminal closure in Libya on the again of worker protests—on weakening China call for. China’s oil refineries noticed their lowest daily throughput in July at 10.71 million barrels according to day consistent with China’s national Bureau of data on Monday.

OPEC’s noncompliance additionally keeps to weigh on buyers, with OPEC’s MMOR last week displaying a 172,six hundred-barrel-in keeping with-day growth in oil production in July for the cartel, based totally on secondary sources. total every day production for OPEC in July changed into 32.869 million bpd—up from 32.696 million bpd.




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Oil prices edged lower on Wednesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products.

Crude Oil Futures charges Lower Midday Tuesday August 15

Crude Oil Futures charges Lower Midday Tuesday August 15

The EIA (Energy Information Administration) estimates that monthly US dry natural gas production hit a ten-month high. High production has a negative impact on natural gas (FCG) (GASL) (UNG) prices. Lower natural gas prices have a negative impact on the profitability of natural gas producers like Southwestern Energy (SWN), WPX Energy (WPX), Gulfport Energy (GPOR), and Rice Energy (RICE).

Crude Oil Futures charges reduced zero.30 USD/BBL or 0.sixty three% to 47.37 on Tuesday August 15 from 47.59 in the preceding trading consultation. traditionally, Crude oil reached an all time excessive of one hundred forty five.31 in July of 2008 and a file low of 1.17 in February of 1946.

Oil costs persevered to fall on Tuesday morning, following a promote-off on Monday brought on with the aid of a more potent U.S. dollar, issues over developing deliver from non-OPEC manufacturers, and symptoms of ability slower oil call for growth in China.

At 09:18 am CST on Tuesday, WTI become down zero.88 percentage at US$47.17. For more crude oil prices, please head over to our Oil fee Charts page.



Crude Oil Futures charges

On Monday, oil expenses dropped through 2.five percent to their lowest close in three weeks, with WTI Crude settling at US$47.fifty nine, the bottom stage considering July 24.

At 10.71 million bpd, China’s crude refineries noticed in July their lowest every day throughput rate on account that September final yr amid oversupply of fuels on the home market.

Now, the bottom refinery runs in 10 months, at a peak call for season, is creating a few situation about chinese oil call for increase.

earlier on Monday, oil expenses inched up at the information that the Zueitina oil terminal in Libya had ceased loading cargos as port workers protest, disturbing higher operating conditions.

additionally on the supply facet, but, Shell’s Nigerian unit on Monday lifted  the force majeure on Bonny light crude oil exports that have been in region since the center of July. This brought to the worldwide oversupply concerns.

within the U.S., shale output is anticipated to further grow in September, through 117,000 bpd compared to August, with the Permian production leaping by sixty four,000 bpd and accounting for more than half of the predicted increase.




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BUZ INVESTORS Oil slips below $52 The commodity is trading at $49.12 per barrel at 09:40 GMT this morning, 0.14% lower from the New York close.

CRUDE OIL SLUMPS 2.5% TO SETTLE AT 3-WEEK LOW

CRUDE OIL SLUMPS 2.5% TO SETTLE AT 3-WEEK LOW

CRUDE OIL SLUMPS Crude futures settled lower on Monday, as data showed Chinese demand

CRUDE OIL SLUMPS Crude futures settled lower on Monday, as data showed Chinese demand for oil eased in July while concerns over a rise in Opec output continued to weigh on sentiment.

On the New York Mercantile Exchange crude futures for September delivery fell 2.5% to settle at $47.59 a barrel, while on London’s Intercontinental Exchange, Brent lost 2.76% to trade at $50.67 a barrel.

Chinese refineries processed 10.71 million barrels per day (bpd) in July, National Bureau of Statistics (NBS) data showed, down around 500,000 bpd from June and the lowest rate since September 2016.



CRUDE OIL SLUMPS

 

The nearly twelve-month low for Chinese refinery activity comes against concerns that a glut of refined fuel products could lessen demand for oil, reducing the prospect of oil inventories falling below the five-year average, adding further pressure on oil prices.

Meanwhile, investors continued to mull over data released last week, from Opec and the International Energy Agency, showing an uptick in oil production from the cartel in July to 33 million barrels a day.

In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November last year.

Meanwhile, oilfield services firm Baker Hughes reported on Friday, its weekly count of oil rigs operating in the United States ticked up by three rigs to a total of 768, suggesting that U.S. production may start to taper.

“The slowing rig count will mean that U.S. production will start to level off and drop,” said Phil Flynn, senior market analyst at Price Futures Group, in a daily email.




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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 Future Price Fell Midday Monday August 14

Crude oil  | Data | Chart | Calendar | Forecast | News

COMMODITY TRADERS


source: tradingeconomics.com
Crude Oil Future Price Fell Midday 0.42 USD/BBL or 0.86% to 48.38 on Monday August 14 from 48.71 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 Future Price

Crude oil

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.

 

Actual Previous Highest Lowest Dates Unit Frequency
48.38 48.73 145.31 1.17 1946 – 2017 USD/BBL Daily

 




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CRUDE OIL PRICES EASE in Asia on Wednesday after industry estimates showed US crude supplies gained at the end of last week, though official data is awaited for confirmation.

Hall cites deteriorating oil price outlook, algos in farewell letter

Hall cites deteriorating oil price outlook, algos in farewell letter

 deteriorating oil price outlook In his farewell letter to investors, renowned oil bull Andy Hall says he is closing his hedge fund amid a deteriorating outlook

deteriorating oil price outlook In his farewell letter to investors, renowned oil bull Andy Hall says he is closing his hedge fund amid a deteriorating outlook for prices next year and a “frustrating” dominance of algorithmic traders.

“The fact that OPEC has had to talk about further extending its production cuts is ultimately a sign of weakness, not of strength,” Hall writes. “The medium-term outlook for oil still looks challenging with, if anything, balances for 2018 having deteriorated in recent weeks.”

There’s currently no consensus on a long-term price anchor due to the disruptive nature of U.S. shale oil, according to Hall, who said earlier this month that he was closing his Astenbeck hedge fund following big H1 losses.



deteriorating oil price outlook

Hall also says it has become nearly impossible to trade oil based on fundamental trends in supply and demand, leaving the market at the mercy of computer-based trading systems.

ETFs: (USO), (OIL), (UWT), (UCO), (DWT), (SCO), (BNO), (DBO), (UGA), (DTO), (USL), (DNO), (OLO), (SZO), (UHN), (OLEM), (OILK), (WTIU),( OILX), (WTID\), (USOI)




 

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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 Future Price Open Higher Monday August 14

Crude oil | Data | Chart | Calendar | Forecast | News


source: tradingeconomics.com
Crude Oil Future Price Open increased 0.01 USD/BBL or 0.02% to 48.73 on Tuesday August 15 from 48.82 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 Future Price Open

Crude oil

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.

 

Actual Previous Highest Lowest Dates Unit Frequency
48.73 48.82 145.31 1.17 1946 – 2017 USD/BBL Daily

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CRUDE OIL FUTURES Oil prices settled higher on Friday, but still ended the week with a loss amid lingering concerns over a global supply glut.

CRUDE OIL FUTURES – WEEKLY OUTLOOK: AUGUST 14 – 18

CRUDE OIL FUTURES – WEEKLY OUTLOOK: AUGUST 14 – 18


CRUDE OIL FUTURES Oil prices settled higher on Friday, but still ended the week with a loss amid lingering concerns over a global supply glut.

CRUDE OIL FUTURES Oil prices settled higher on Friday, but still ended the week with a loss amid lingering concerns over a global supply glut.

Aside from supply and demand, investors also closely followed developments in the U.S.-North Korea standoff.

The U.S. West Texas Intermediate crude September contract tacked on 23 cents, or around 0.5%, to end at $48.82 a barrel. It slumped to its lowest in around two-and-a-half weeks at $47.98 earlier in the session.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery inched up 20 cents, or about 0.4%, to settle at $52.10 a barrel by close of trade.



CRUDE OIL FUTURES

For the week, WTI lost 76 cents, or about 1.5%, while Brent dipped 32 cents, or roughly 0.6%, amid indications that OPEC members boosted production in July, despite the current pact to reduce output.

The International Energy Agency said OPEC’s compliance with the cuts had fallen to 75% last month, the lowest since the deal began in January.

The bearish compliance data comes a day after OPEC released its monthly report, showing production from the group rose further in July, led by gains in Libya and Nigeria, two members exempt from the cuts, and top exporter Saudi Arabia.

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.

However, so far, the deal has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, as well as a relentless increase in U.S. shale output.

Oilfield services firm Baker Hughes reported Friday that its weekly count of oil rigs operating in the U.S. ticked up by three rigs to a total of 768 last week.

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

Elsewhere on Nymex, gasoline futures for September rose 1.0 cent, or about 0.6%, to end at $1.613 on Friday. It closed around 2% lower for the week.

September heating oil finished up 0.3 cents, or 0.2%, at $1.634 a gallon, ending roughly 0.9% lower for the week.

Natural gas futures for September delivery shed 0.2 cents, or 0.1%, to settle at $2.983 per million British thermal units. It saw a weekly gain of nearly 7.5%, the biggest weekly price rally of the year.

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 15

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

Wednesday, August 16

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

Thursday, August 17

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

Friday, August 18

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


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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

Oil prices Futures Price Closed Down Friday August 11

Crude oil  | Data | Chart | Calendar | Forecast | News

COMMODITY TRADERS 


source: tradingeconomics.com
Oil prices Futures Price fell further on Friday after the International Energy Agency raised doubts about OPEC countries’ commitment to the production reduction agreement started in January to re-balance markets. OPEC’s rate of compliance with the cutbacks slipped to 75% in July, the lowest in seven months. Crude oil fell 0.8% to $48.1 and Brent declined 0.7% to $51.6 around 10:00 AM London time. 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 Futures Price 

Crude oil

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.

 

Actual Previous Highest Lowest Dates Unit Frequency
48.82 48.60 145.31 1.17 1946 – 2017 USD/BBL Daily

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