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Category: Brent

MARKET WATCH: NYMEX, Brent crude oil prices surge

April 08, 2015 Posted by Chris Wysong

Paula Dittrick of OGJ reports on encouraging market signs from the past week including crude price spikes and a supply drawdown. MARKET WATCH: NYMEX, Brent crude oil prices surge By: Paula Dittrick (OGJ) Crude oil prices for May delivery spiked to close $3/bbl higher on the New York market Apr. 6, marking the biggest one-day gain since Feb. 3. Analysts said the $52.14/bbl Apr. 6 settlement for light, sweet crude was the highest since Feb. 17. Brent prices for May delivery were up $3.17/bbl on the London market. The rally followed the long Easter holiday weekend in which Saudi Arabia raised its crude price for delivery to Asian buyers while the dollar fell in value, making dollar-based crude oil less expensive to buyers using foreign currencies. US and European futures markets were closed Apr. 3 in observance of Good Friday. Genscape Inc. told the Wall Street Journal that supplies in Cushing, Okla., fell by nearly 300,000 bbl during Mar. 31 to Apr. 3, marking the first draw in supplies

Posted in Crude, Brent, Oil, OilPrice, Energy

WTI Falls Below $50 a Barrel First Time in 5 1/2 Years

January 05, 2015 Posted by Chris Wysong

West Texas Intermediate and Brent both fell to prices not seen since 2009, while Russia and Iraq plan on producing record exports this month. WTI Falls Below $50 a Barrel First Time in 5 1/2 Years By: Mark Shenk (Bloomberg) West Texas Intermediate oil dropped below $50 a barrel for the first time since April 2009 as surging supply signaled that the global glut that drove crude into a bear market will persist. WTI slid as much as 5.2 percent in New York. Brent fell below $55 in London for the first time since May 2009. Russias output rose to a post-Soviet high while Iraq, the second-largest producer in OPEC, plans to boost crude exports to a record this month. The price drop accelerated as the dollar climbed against the euro amid investor concern Greece might leave the currency union The market is continuing to price in weak fundamentals in the first half of this year, Mike Wittner, head of oil research at Societe Generale SA in New York, said by phone. Theres also been a return to

Posted in Oil, WTI, Brent

Brent Steady, US Crude Up On Supportive Economic Data

September 29, 2014 Posted by Chris Wysong

Robert Gibbons of Reuters examines the latest movement with Brent and US Crude, including their effects on economies around the world. Brent Steady, US Crude Up On Supportive Economic Data By: Robert Gibbons HOUSTON, Sept 26 (Reuters) - Brent crude futures ended flat on Friday as improving supply and concerns about tepid demand for oil in Europe and China offset concerns about the Middle East conflicts, while U.S. crude rose on supportive economic data from the United States. Brents premium to U.S. crude CL-LCO1=R fell to $3.54 based on settlements and the spread narrowed to $3.21 intraday, its narrowest since it hit $2.91 on Sept. 20, 2013. Slowing economic activity in Europe and Asia has dampened demand for oil, while supply is on the rise. Libyas output has reached 925,000 barrels per day (bpd), the highest since militias turned on each other after the overthrow of Muammar Gaddafi. At the moment, supplies are abundant and demand is weaker, said Andrey Kryuchenkov, an analyst

Posted in Brent, Crude, Economy

U.S. Crude Falls on Worries About Glut, Brent Gains

September 22, 2014 Posted by Chris Wysong

With talk of OPEC cutting back production, U.S. crude prices were down Friday while Brent saw rallies throughout the day causing the widest price gap between the two since September 8. U.S. Crude Falls on Worries About Glut, Brent Gains By: Catherine Ngai U.S. crude oil and Brent traded in opposite directions on Friday as a sell-off ahead of Mondays expiration kept U.S. prices down, while discussions of OPEC cutting output put strength into the market overseas. With the two crudes trading lower in the morning, analysts and traders said much of the sell off in the WTI contract was a result of liquidation of long positions before the expiration on Monday. However, Brent saw a number of rallies through the day, pushing the arbitrage between the two grades to $6.74, the widest since Sept. 8. U.S. crude fell 66 cents to settle at $92.41 a barrel while Brent rose 69 cents to settle at $98.39 a barrel. I think overall talk about OPEC cutting back production is giving some strength

Posted in Crude, Brent, OPEC

US Crude Rises on Supportive Data, Brent Slips

August 27, 2014 Posted by Chris Wysong

In this article from Reuters, the latest numbers for US Crude and Brent Crude are examined. Although durable goods orders jumped to their biggest monthly gain on record, Brent and US crude are on pace for a second straight monthly decline in August. US Crude Rises On Supportive Data, Brent Slips By: Anna Louie Sussman NEW YORK, Aug 26 (Reuters) - U.S. crude rose on Tuesday as supportive U.S. economic data overshadowed concerns about slowed growth in other oil consuming economies and ample global oil supplies. Brent crude futures settled lower and both U.S. and Brent finished off session peaks. U.S. crude drew support from government data showing durable goods orders jumped 22.6 percent in July, the biggest monthly gain on record. Also, the Conference Board, an industry group, reported that consumer confidence rose more than expected in August to its highest level since October 2007. Brent crude fell 15 cents to settle at $102.50 a barrel, after reaching $103.40 during the session. U.S.

Posted in Crude, US, Brent
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