|Day's range||64.34 - 65.80|
Oil prices headed lower on Thursday, after media reports said Iran might accept a modest increase in production at this week’s OPEC summit. Delegates from the Organization of the Petroleum Exporting Countries and a group of non-OPEC countries led by Russia are gathering in Vienna to discuss the future of their output target, which has been in place since January 2017.
The current disunity in OPEC could make the upcoming Ministerial meeting one of the most difficult in recent history, with the reunion potentially concluding without any resolution
Saudi Arabia and Russia are looking to increase production, but technical factors could cap the amount of crude they can bring on the markets within the next 6 months
While Venezuela is grabbing a majority of the headlines, oil producing states across Latin America are all facing political upheavals that could have a major impact on oil supply in the region
Iran has hinted that it may be open to a compromise with Russia and Saudi Arabia after previously rejecting the oil producers’ plan to boost oil production
The new BP Statistical Review shows that a lot of energy production and consumption records were broken in 2017, and as a result, the world also emitted a record amount of carbon dioxide
Prices for U.S. benchmark oil futures settled with a gain Wednesday, at a nearly one-week high, after U.S. government data revealed the biggest weekly decline in U.S. crude supplies since January. Global benchmark Brent crude prices, however, finished lower as traders monitored comments from major oil producers gathering for the much-anticipated Organization of the Petroleum Exporting Countries meeting at the end of the week. July West Texas Intermediate crude (CLN18.NYM), which expired at the end of the trading session, added $1.15, or 1.8%, to settle at $66.22 a barrel on the New York Mercantile Exchange, the highest finish for the contract since June 14.
Hess Corp. shares rose 1.6% Wednesday, after the company announced an eighth oil discovery offshore Guyana. The company said its Longtail-1 exploration well found about 256 feet of high-quality, oil-bearing sandstone reservoir. Cowen analysts said the news was positive for the oil company.
Marathon Petroleum (MPC) needs investors to pay close attention to the stock based on moves in the options market lately.
In the previous article, we reviewed Marathon Petroleum’s (MPC) dividend yield trend, which has plunged to 2.5%. Now, let’s look at which institutions bought or sold MPC in the first quarter based on the latest filings.
Although overlooked by the investors, Occidental Petroleum (OXY) looks well-positioned for a solid gain, supported by a favorable Zacks rank and positive estimate revisions.
Earlier, we examined the rise in Marathon Petroleum’s (MPC) stock price followed by its moving average trends. We also estimated Marathon Petroleum’s stock price forecast range based on its current implied volatility. Now, let’s look at MPC’s dividend yield trend. Before that, let’s look at MPC’s dividend payment in the current quarter.
On June 15, Oasis Petroleum’s (OAS) short interest as a percentage of float, or its short interest ratio, was ~12.9%. In June last year, Oasis Petroleum’s short interest ratio was 15.8%.
Greece’s withering economy could use the extra income from oil & gas production, but so far, the country has only seen a few exploration successes
The American Petroleum Institute reported Tuesday that U.S. crude supplies fell by 3 million barrels for the week ended June 15, according to sources. The API data, however, showed a climb of 2.1 million barrels in gasoline stockpiles, while inventories of distillates rose by 750,000 barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning.
The potential of the U.S. Gulf of Mexico is only beginning to be realized, and oil and gas heavyweights are finally becoming more comfortable dedicating significant time and resources on the region
The OPEC technical panel has found that the oil market can comfortably absorb a production increase as global crude demand seems robust
Halliburton’s (HAL) stock price correlation coefficient with crude oil between June 8 and June 15 was 0.95. So Halliburton and crude oil prices had a strong correlation in the past week. A strong positive correlation implies that the stock closely tracked crude oil’s moves.
Oil prices fell on Tuesday morning after China responded to U.S. tariffs, with oil markets bracing for a trade war and a difficult OPEC meeting
Russia’s crude oil output averaged 10.97 MMbpd (million barrels per day) in May. The production has been steady at this level for the last three months. However, Russia’s crude oil production averaged 11.1 MMbpd in early June.
Saudi Arabia is OPEC’s largest oil producer. Saudi Arabia’s crude oil production increased by 60,000 bpd (barrels per day) to 10,120,000 bpd in May—compared to the previous month. The production was near a five-month high. The production also increased by 70,000 bpd or 0.7% from a year ago.
The S&P 500 fell ~0.21% to 2,773.75 on June 18. Trade wars between the US and China pressured the S&P 500 on the same day. However, increased crude oil prices and energy stocks helped the S&P 500 rebound from the day’s low. Seven out of the ten key sectors in the S&P 500 declined on June 18.