Author: johnkilduff

WTI oil prices fell below 76.50 for a time, in overnight trading, as the downward price pressure on OPEC increases. Iraq is the latest country to demur on the topic of cutting back on oil output. Taking a page from Saudi Arabia’s playbook, the Iraqi’s have lowered their oil price to the US.… Read more

WTI oil prices took out $80 support with conviction yesterday and in overnight trading. The drop is being chalked up to actions by Saudi Arabia, again. While they announced a price increase for oil headed to Asia, they cut US bound oil prices, which sparked a flurry of speculation that the battle for market share has shifted to the US.… Read more

WTI oil prices are taking another run at the $80 support this morning, coming under pressure from a renewed rally in the dollar. Prices fluctuated, yesterday, on dollar pressures and strong US economic data. The dollar pulled back after the strong Treasury market auction at 1:00PM, causing losses to be trimmed.… Read more

WTI oil prices appear to have held support at $80, and they are building on gains from yesterday’s session, despite another massive inventory build reported by the API last night. Crude oil inventories rose 3.2 million barrels, according to the report, but a decline of over 3.0 million barrels in both gasoline and distillate (diesel) fuels offset the bearishness of the crude oil element.… Read more

WTI oil prices are struggling to maintain the $80 level, as selling pressure continues to mount in response to supply trends that are undeniable. Last week’s report the Saudis had supplied less oil to the market seemed to miss the point that overall production increased.… Read more

Oil prices were under pressure overnight, but they have since stabilized, for now, with WTI prices back above $90 and Brent crude oil prices back above $92. The poor German industrial production data weighed on the energy complex, along with the equity market.… Read more

Oil prices plummeted overnight, after reversing early gains in yesterday’s session, ending lower on the day. The weekly inventory report was supportive with drawdowns on of crude oil and gasoline inventories that impressed, but it was a bit of the arcane that moved the markets lower.… Read more

We have not seen a day like yesterday, in a while. It was an absolute rout in the energy complex. The expiring RBOB futures contract saw a crash in prices, falling upwards of 13 cents per gallon, and both WTI and Brent crude oil prices fell over $3.00 per barrel.… Read more

Brent and WTI oil prices are lower to start the week, buffeted by further gains in the US dollar versus other major currencies; the Dollar Index hit a multi-year, nearing 86. Long bets by speculators in Brent futures have fallen 80% since June, and have flipped into a record short position.… Read more

WTI oil prices are mostly holding onto their recent gains, churning in the face of competing pressures from increased supplies, a rising dollar, and strong domestic demand. RBOB futures had a volatile day, on news of several refinery snags that sent cash prices surging higher.… Read more