Oil prices rollercoaster as JCPOA deal days away, Russia-Ukraine situation in standstill
Oil prices slipped by more than 2% early Thursday (17 February) morning due to comments regarding the JCPOA deal. West Texas Intermediate (WTI) fell more than 2% after closing above $93 a barrel on Wednesday, while Brent crude was trading down 2.6%. Iran’s top negotiator Ali Bagheri Kani tweeted that efforts to restore the […]
Oil prices are falling today on a bearish cocktail of crude storage builds in the US, pressure on OPEC+ to increase production further, a new Covid-19 breakout in China, and the possibility of tighter monetary policies ahead
Oil prices have taken a bearish pivot as the market appreciates a brewing standoff between oil-consumers and OPEC+, a forecasted build in US crude storage, and the resurgence of Covid-19 cases in China. The bearish cocktail of storage builds and pressure on OPEC+ to raise production has slashed value from both Brent and WTI barrels, […]
Oil prices started the week with gains, as the market expects OPEC+ to maintain its supply policy and not relieve the extreme supply tightness
The oil market is expected to see bullish momentum this week, at least until OPEC+ meets, as traders expect no change of supply policy by the group, despite the extreme market tightness. Oil prices are already rising today, despite the OPEC+ meeting being scheduled for Thursday, ignoring bearish developments such as China deciding to release oil […]
Oil prices continue to gain this week as global fuel supply tightness seems to fail to meet the needs of the growing energy demand, with more upside anticipated going forward
The global energy supply crunch continues to show its teeth, as oil prices extend their upward march this week, a result of traders pricing in the ongoing rise in fuel demand – which amid limited supply response is depleting global stockpiles.  The relative calamity of Covid-19 and return to normalized mobility amid an energy […]
Oil prices declined today as traders are pricing in an expected build in US crude oil stocks and China’s intent to lower coal prices
Traders are today pricing in the first bearish developments for the oil market in a while, the expected build in US crude stocks and China’s intent to normalize coal prices – which in turn will limit coal to oil switch for power generation. Prices are declining today and the depth of the dive will very […]
Oil prices continue their ascent as the global energy supply crunch intensifies and cold weather starts to add weight on the market
The global energy supply crunch and cold weather in the Northern Hemisphere are helping oil prices continue their stunning rally for yet another week. The crunch is not only limited to main fuels for electricity production such as gas and coal, but also extends to oil supply. While it is still unsure just how transitory […]
Oil prices continued to rise on Tuesday, a day after the OPEC+ meeting kept its supply comeback plan unchanged, with traders pricing in further the tight market conditions.
The confirmation that OPEC+ would keep a cap on supply, instead of feeding the market with even more product and bringing it towards a closer equilibrium, drove traders into a buying frenzy for front-month Brent contracts, as the decision guarantees a tight supply picture in November and December. Is the growing oil price becoming an […]
Oil prices declined today as a result of an unexpected build in US stocks last week, but a bullish environment persists amid the winter energy crisis that boosts oil demand even for power needs
The oil price rally is taking a breather today as US crude stocks unexpectedly rose last week, a development the market was not expecting as weeks of continuous draws have been fueling the price rise. Despite the build, the overall trend of massive draws over the past weeks has still left US storage levels low […]
Oil prices rose again today, with Brent exceeding $80 per barrel, as tight global supply faces growing demand, with some gas to oil switching expected in Asia
Brent prices climbing above $80 per barrel for the first time since the pandemic started is a significant market event and highlights how the balance has changed dramatically, from global demand destruction and negative prices to supply tightness as demand returns. It is only now that the market is feeling the supply damage the Covid-19 […]
Oil prices continue to rise, with Brent approaching $80 per barrel, as global supply tightness keeps fueling the bullish rally
The rise of oil prices is continuing beyond what even most bullish traders would dream just months ago, and Brent hurtling towards the threshold of $80 per barrel is reflective of the extraordinarily tight crude market. However, upward space for price maneuvering could just as easily be extinguished, either as investors opt for profit taking […]
