|Day's range||67.52 - 67.87|
OPEC will continue to supply a major share of the world’s oil for the foreseeable future according to Wood Mackenzie’s long-term outlook for global oil supply
Last week, President Trump criticized Germany’s reliance on Russian natural gas, but the United States is not without its own lack of independence, spending billions every year on oil from Russia and OPEC
On July 16, US crude oil August 2018 futures closed ~$6.1 above the August 2019 futures contract. On July 9, the futures spread was at a premium of ~$8.49. Between July 9 and July 16, US crude oil August futures fell 7.8%.
On July 16, US crude oil August futures fell 4.2% and settled at $68.06 per barrel—their lowest closing level since June 21. In the week that ended on July 13, the oil rig count was unchanged from the previous week and stood at 863.
The outlook for crude-oil prices has been clouded by a bevy of concerns on both the supply and the demand sides. All that news has weighed on oil prices, pushing the global benchmark Brent crude down to near $72 per barrel, the lowest point since early April. Goldman Sachs' analyst Damien Courvalin wrote in a report published Monday: "Ultimately, global inventories are low, oil demand remains robust and we still expect a deficit once U.S. secondary sanctions are reintroduced.
The NZD/USD has formed an inverted Head and Shoulders pattern, and we can see a breakout above the neckline (blue). 0.6790-0.6805 is the POC zone, and the price could bounce from the zone on another retest. However, a break above 0.6839 might initiate a new bullish move towards 0.6900. As long as the pair is above 0.6729, bulls should be safe.
Silver markets have done very little during the day on Monday, dancing around the $15.75 level. This market looks to be very choppy in this region, and I think that it makes a lot of sense because when you look at the longer-term charts, we are beginning to hit major support levels.
Domestic unrest in the form of demonstrations and strikes, is threatening OPEC’s second largest oil producer, and another major outage could have a devastating impact on oil markets
As we saw in the previous part of this series, Southwestern Energy’s (SWN) stock price had decreased ~2% from July 9 to July 13. Natural gas (BOIL) prices fell almost 4%. So SWN’s stock price outperformed natural gas prices last week. In this part of our series, we’ll look at the correlation between SWN’s stock and natural gas prices.
Papua New Guinea’s natural gas reserves were once the envy of the world, but now the small country faces more hardships than success stories
On July 6–13, the ETFs that track US crude oil futures reported lower performance metrics. The United States Oil ETF (USO) fell 3.3%, the United States 12-Month Oil ETF (USL) fell 1.4%, and the ProShares Ultra Bloomberg Crude Oil ETF (UCO) fell 5.5%.
Oil prices took a hit on Monday morning amid reports that Saudi Arabia is preparing to pump record amounts of crude, offering additional cargoes to customers in Asia
In Q2 2018, analysts expect Encana’s (ECA) operating cash flow to rise ~93% YoY (year-over-year) to ~$422 million from ~$218 million, and by ~11% sequentially from ~$381 million. The rise is expected due to its production being forecast to increase during the quarter and higher crude oil prices.
The trend is now down according to daily chart watchers. What this essentially means it that the sellers are in control and that they are likely to defend the trend by stopping rallies. It also means that they expected to continue to see bearish news that supports their position. Over the week-end, the talk centered on a possible sale of U.S. oil reserves. This would definitely increase supply and weigh on prices. Currently, the United States holds a reserve of about 660 million barrels, and the Trump administration is considering drawing on the country’s oil reserve, according to a Bloomberg report.
A new taxation regime and higher oil prices could slow down Chinese oil demand growth in the coming months as Chinese ‘teapot’ refineries see their margins shrink
The peak oil debate has been around for well over a decade, but as we come out of the most recent oil crisis and continue to expand our reliance on non-conventional oil extraction processes, it may be time to reevaluate what ‘peak oil’ means
Russian Energy Minister Alexander Novak assured market on Friday that Russia and its partners would act if oil markets are facing a supply deficit
Following in Germany’s footsteps, Bulgaria is looking to secure an agreement with Gazprom to secure Russian gas transit via an onshore and offshore branch of the TurkStream natural gas pipeline
Uzbekistan and Russia have struck a deal to jointly build a new nuclear power plan in a move to help Tashkent capitalize on its gas and coal reserves
Crude oil markets initially tried to rally during the week but found the area just above as massive resistance. With Libyan ports opening up, is very likely that we will continue to see more supply put into the marketplace.