Despite weak oil prices, OPEC still pockets more dollars
With world oil inventories swelling despite a global pact on cutting output and crude prices falling by a fifth in the past month, OPEC appears to be losing its battle Continue Reading
Chinese CNPC Halts Fuel Sales To North Korea
China National Petroleum Corp (CNPC), the main supplier of diesel and gasoline to North Korea, has suspended fuel sales to North Korea because it is worried that it may not Continue Reading
Oil up for fourth day on short-covering, supply glut caps gains
Crude oil futures rose for a fourth consecutive session on Tuesday as investors covered short positions, though worries over a festering supply glut kept a lid on prices. U.S. West Continue Reading
Oil climbs on weaker dollar, but rise in U.S. drilling drags
Oil prices rose early on Monday on a weaker dollar, but increased U.S. drilling activity stoked worries that a global supply glut would persist despite efforts by some producers to Continue Reading
Gloomy Outlook Sees Hedge Funds Turns Bearish On Oil
Hedge funds slashed their bets on the three main long oil futures contracts by 109 million barrels in the week that ended on June 20th, according to a new report Continue Reading
Has the oil market reached ‘peak bear’?
Investor bets against the oil price are piling up at breakneck speed, the market is still buckling under the weight of excess supply for a third year in a row, Continue Reading
Oil Prices Inch Higher As Saudi Crude Oil Loadings Drop
We discussed back in early May how Saudi Arabian crude export loadings in April had dropped materially. Given the journey time to US shores (hark, seven-ish weeks), the expectation was Continue Reading
Statoil Economist Predicts $60 Oil “Relatively Soon”
According to Waerness , $60 barrel is unlikely to happen as soon as tomorrow, but the goal will be met sooner, rather than later, on a 2050 timeline. A series Continue Reading
Oil climbs on weaker dollar, but rise in U.S. drilling drags
Oil prices rose early on Monday on a weaker dollar, but increased U.S. drilling activity stoked worries that a global supply glut would persist despite efforts by some producers to Continue Reading
Goldman Sachs: Oil Crash Unlikely To Continue
The current selloff in energy stocks is but an opportunity for buyers, according to a Thursday note from Goldman Sachs’ European energy team, who added that current prices are likely Continue Reading