Author: johnkilduff

Oil prices are plunging, once again, nearing the psychologically important $50 level. The sell-off has become a syndrome with daily doses of news that bring reports of increased production and shaky demand. Just this morning, attention is on a surge in output from Russia, where oil production has hit a post-Soviet era high.… Read more

Oil prices continue to reel from a seemingly concerted effort by OPEC to talk the price of oil down. It seems like every day, one or another OPEC member talks about waiting out the market and questioning the need to cut production.… Read more

WTI oil prices made a new low for the move, yesterday, trading below $63 for a time. It is more of the same story, with supply increases, shaky demand growth, and a piling on by Wall Street analysts with ever-lower price forecasts.… Read more

Oil prices continue to fluctuate as buyers and sellers battle it out, as the market seeks to stabilize. The losses in the aftermath of the OPEC were exaggerated by the low holiday volume, and several dollars of losses were quickly recovered.… Read more

Oil prices have experienced an epic collapse. The fallout from the OPEC meeting is still being felt, and WTI oil prices fell below $64 for a time overnight. Some of the overnight declines are associated with the lackluster China manufacturing data, but it remains a supply story overall.… Read more

Oil prices continue to firm, as the exhaustive selling of the past several weeks runs out of steam. There also market forces at work. The continuation of the Iran nuclear talks, until at least March of next year, staves off an assured wave of additional Iranian crude for now.… Read more

Brent crude oil and WTI oil prices remain below critical psychological levels of $80 and $75 respectively. Prices have risen slightly, this morning, on news of a car bomb in Erbil in Kurdistan, which serves as a reminder that a lot of the recent production gains from Iraq to Libya are in a dangerous neighborhood and are extremely vulnerable.… Read more

WTI oil prices have stabilized around the $75 mark. OPEC members are in a mad scramble to stabilize the market, engaging in shuttle diplomacy to formulate a plan ahead of the meeting next week. It is fairly clear that core OPEC members Saudi Arabia and Kuwait do not want to engage in a production cut, while a panicked Venezuela and Ecuador desperately want one.… Read more

There was, yet, another leg lower for oil prices, yesterday, as Brent crude oil prices broke below the $80 mark with conviction, and WTI prices fell below $74 for a time. OPEC members are running around all over the place meeting with each other, trying to figure out what to do.… Read more

Oil prices have taken another leg lower, with Brent crude oil prices falling below $80 per barrel and WTI prices falling below $76. It is more of the same story: the market is grinding lower due to OPEC’s failure to act to stem output.… Read more