Crude Headlines

  • Crude rises

    Crude oil futures prices ended higher on the New York Mercantile Exchange. The near-month contract for the benchmark grade rose 74 cents, closing at $70.25 a barrel.

  • Venezuela’s Crude Socialism

    At the root of its woes is a nationalized oil company and the havoc and corruption that it wrought.

    The American Conservative
  • WTI Drops After Surprise Crude Build

    WTI prices rebounded back above $69 today after Saudi headlines and inched higher still into the API print. However, prices slipped lower after crude inventories saw a surprise build of 1.25mm barrels (vs expectations of a 2.5mm draw). API Crude +1.25mm (-2.5mm exp) Cushing -1.57mm (-800k exp) Gasoline -1.485mm Distillates +1.536mm After four straight weeks of crude draws, API reported a surprise build... WTI futs was trading up into the print but faded on the data...

    Zero Hedge
  • WTI Drops After Surprise Crude, Gasoline Build

    WTI extended gains today after OPEC signaled it may not replace Iranian oil that’s disappearing from global markets as U.S. sanctions loom, but slumped off its highs of the day after Trump slammed OPEC for "ripping off the world." As Bloomberg noted, OPEC shrugged off the threat to Iranian supplies over the weekend, spurring some of the world’s most-sophisticated traders to forecast a return to $100-a-barrel oil. At such prices, crude demand “will be annihilated,” Petromatrix GmbH’s Olivier...

    Zero Hedge
  • WTI Surges Above $70 After Crude, Gasoline Draw

    WTI traders shrugged off API's surprise crude build overnight, breaking back above $70 ahead of DoE data, and extending gains as crude and gasoline inventories drewdown and Cushing stocks dropped again. Despite expectations for a draw, a crude build is more seasonally normal as we enter refinery maintenance season, yet we are still seeing high utilization rates, according to James Williams, president of energy researcher WTRG Economics. Bloomberg Intelligence Senior Energy Analyst Vince Piazza...

    Zero Hedge
  • WTI Spikes Above $70 After Huge Crude Draw

    Amid east coast disruptions and Iran-related headlines, WTI spiked above $69 ahead of tonight's inventory data, before extending gains when API reported a much bigger than expected crude draw (-8.4mm vs -1.75mm exp). API Crude -8.636mm (-1.75mm exp) - biggest draw since July 2018 Cushing +2.122mm (+900k exp) - biggest build since March 2018 Gasoline +5.821mm - biggest build since Dec 2017 Distillates -1.165mm This is the 4th weekly crude draw in a row (and the biggest...

    Zero Hedge