|Day's range||67.49 - 68.66|
Oil prices have rallied so far this year, as OPEC-led efforts have helped erase a big global surplus, but the market may soon suffer from a new dilemma: a shortage of crude supplies that would support further price gains. Stockpiles of the commodity among the industrialized nations that make up the Organization for Economic Cooperation and Development (OECD) stood at 2.84 billion barrels at the end of February, only 30 million barrels above the five-year average, according to a monthly report from the International Energy Agency (IEA). “The global market has tightened considerably in recent months,” says Matthew Parry, head of long-term research at research consultancy Energy Aspects.
The crude oil markets went sideways initially during the day on Friday, but then pulled back to show signs of weakness. However, we turned around to show signs of strength, and therefore it looks as if we are forming a bit of a hammer for the day. I think that the market should continue to go to higher levels.
Gold market participants sold during the Friday session, reaching down towards the $1335 level. I think that there is plenty of support below though, so it’s only a matter of time before we turn around and rally again. I believe that the $1350 level above is of course massive resistance.
According to the North Dakota Department of Mineral Resources, the state produced 1,174,769 barrels of oil per day and 2,102,266 thousand cubic feet per day of associated gas in February.
Alberta’s outgoing auditor general has said that the state needs to introduce long-term fiscal planning to protect itself from oil price swings
Oil States International’s (OIS) correlation with crude oil’s price on January 1–April 18, 2018, was 0.53. The correlation shows a strong positive relationship between Oil States International stock and crude oil prices. Check out all the data we have added to our quote pages. Now you can get a valuation snapshot, earnings and revenue estimates, and historical data as well as dividend info. Take a look!
Following a remarkably bullish week in oil markets, a string of bearish news sent oil prices crashing on Friday morning before a strong rebound
Trump added further downward pressure to oil prices on Friday with a tweet that accused OPEC of artificially inflating the price of oil
OPEC and Non-OPEC oil producers may reconsider the size of their oil production cuts, with Russia vocalizing concerns regarding exports and market share
The largest exchange-traded fund to track the energy sector declined in early trading on Friday, after President Donald Trump tweeted that crude-oil prices were "artificially high." The Energy ...
WASHINGTON (AP) — President Donald Trump says oil-producing cartel OPEC "is at it again," and that efforts to maintain high prices "will not be accepted!"
French oil giant Schlumberger Ltd. said Friday it had net income of $525 million, or 38 cents a share, in the first quarter, after a loss of $2.255 billion, or $1.63 a share, in the year-earlier period. "Our results in the first quarter of 2018 largely reflected transitory factors, with seasonal reductions in activity in the Northern Hemisphere and planned project startup costs including the equipment mobilization, reactivation, and redeployment associated with recent contract wins," Chief Executive Paal Kibsgaard said in a statement. The company's international businesses started the year with the Middle East, North Sea and Russia all in line with expectations, while strength in Asia was offset by weakness in Latin America and Africa.
Russia and Saudi Arabia have further strengthened the energy ties between them, with Aramco and Gazprom agreeing to boost cooperation in the gas sector
While Saudi Arabia has reportedly been talking about $100 oil, the man who may be responsible for oil’s next jump is out of the oil kingdom’s control
A meeting between OPEC and non-OPEC members on Thursday found that oil inventories in developed economies are just 12 million barrels above the groups’ target
The EIA estimates that US distillate inventories decreased by 3.1 MMbbls (million barrels) to 125.3 MMbbls on April 6–13, 2018. US distillate inventories dropped for the ninth time in the last ten weeks. The inventories also dropped by 22.9 MMbbls or 15.5% YoY (year-over-year).
On April 11–18, 2018, our list of natural gas–weighted stocks fell 2%. However, natural gas May futures rose 2.4% during this period. In the seven calendar days to April 18, the natural gas–weighted stocks that outperformed were: Cabot Oil & Gas (COG) rose 2.3%. Southwestern Energy (SWN) rose 0.4%. Chesapeake Energy (CHK) fell 1.9%.
The EIA released the weekly US crude oil output data on April 18, 2018. The EIA reported that the US crude oil output rose by 15,000 bpd (barrels per day) to a record high of 10,540,000 bpd on April 6–13, 2018. The production also rose by 1,288,000 bpd or ~14% YoY (year-over-year).
Oil prices are soaring and they are poised to go even higher, but could a push to $100 per barrel actually hurt the leader of the oil price rally?
On April 11–18, 2018, US crude oil June futures rose 2.6%. The following natural gas–weighted stocks could follow oil’s rise based on the past five trading sessions’ correlations with US crude oil June futures: Southwestern Energy (SWN) at 79.3% Chesapeake Energy (CHK) at 74.1% Range Resources (RRC) at 68.6%