News Forum

US stocks turn higher as the price of crude oil steadies

 
 



Go Back   News Forum > Top Stories > Breaking News
Breaking News Forum US stocks turn higher as the price of crude oil steadies at News Forum - NEW YORK The stock market turned higher Wednesday as the price of oil steadied near six-year lows and a ...

Reply
 
LinkBack Thread Tools Display Modes
Old 01-07-2015, 04:02 PM   #1
Senior Member
 
NF Reporter's Avatar
 
Join Date: Nov 2006
Posts: 67,413
Default US stocks turn higher as the price of crude oil steadies

NEW YORK The stock market turned higher Wednesday as the price of oil steadied near six-year lows and a report showed that U.S. businesses hired more workers. European markets climbed after weak inflation figures for the region raised speculation of further help from the European Central Bank.




US stocks turn higher as the price of crude oil steadies
NF Reporter is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Old 11-18-2015, 08:02 AM   #2
Senior Member
 
Join Date: Aug 2007
Location: Okolona, Ky.
Posts: 26,302
Cool

Good thing Uncle Ferd gassed up the pick-`em-up truck last night...

Falling U.S. inventories boost oil prices
Wed Nov 18, 2015 - Oil rose on Wednesday on reports of falling stockpiles and rising refinery activity in the United States, but analysts said a global supply glut would keep prices under pressure.
Quote:
Brent crude futures LCOc1 were up $1.06 at $44.63 per barrel by 0527 ET after settling 99 cents lower the day before. U.S. crude futures CLc1 were up 75 cents at $41.42 a barrel. The American Petroleum Institute (API), an industry group, said on Tuesday that U.S. crude stockpiles fell last week by 482,000 barrels due partly to higher refinery runs. Official inventory data is due at 1030 ET from the U.S. government's Energy Information Administration (EIA). A poll of eight analysts predicted a crude stock build of 1.9 million barrels on average in the week ended Nov. 13 <EIA/S>.

Despite the gains on Wednesday, most analysts expect prices to remain low for the rest of the year and into 2016 as production continues to outpace demand. "It's a bullish signal for macro traders," said Virendra Chauhan, analyst at Energy Aspects. "But if you look beyond the day-to-day, the fundamentals are bearish. There's talk of floating storage and if you look at differentials for physical oil in the North Sea, for Urals and for West Africa they are very low." Also adding to a picture of a well-supplied market, Saudi Arabia raised its oil exports in September by 113,000 barrels per day (bpd) to 7.111 million bpd from 6.998 million bpd in the previous month, official data showed on Wednesday. A trader said that investors who had sold heavily on the back of the growing glut were covering short positions ahead of the EIA data.

Onshore inventories across the world are on the brink of being full, while offshore tanker storage requires prices on the far end of the curve to be higher than prompt deliveries in order to warrant storage. "The market is actively seeking storage solutions," Jefferies said in a note, but with January 2017 prices around $6 a barrel above those for January 2016, the spread is too low to make floating storage attractive as freight costs still have to be included. An economic slowdown in Asia, and China in particular, is also hitting other commodities. Copper fell towards six-year lows on Wednesday as traders increased their bets on waning demand in top user China.

Falling U.S. inventories boost oil prices | Reuters
waltky is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Old 07-03-2017, 04:08 AM   #3
Senior Member
 
Join Date: Aug 2007
Location: Okolona, Ky.
Posts: 26,302
Angry

Looks like gas prices goin' up...

Oil prices rise on first drop in U.S. drilling in months
Mon Jul 3, 2017 | Oil markets edged up on Monday, lifted by the first fall in U.S. drilling activity in months, although price gains were capped by reports of rising OPEC output last month even as the group has pledged to cut supply.
Quote:
Brent crude futures had climbed 13 cents, or 0.3 percent, to $48.90 per barrel by 0643 GMT, after jumping 5.2 percent last week in their first weekly gain in six weeks. U.S. West Texas Intermediate (WTI) crude futures rose 17 cents, or 0.4 percent, to $46.21 per barrel, adding to last week's 7-percent gain. U.S. prices were lifted as drilling activity in the United States for new oil production fell for the first time since January, dropping by two rigs. Futures brokerage AxiTrader said on Monday that this was "the first crack in the resolve of U.S. shale oil to continue to ramp up production regardless of the big fall in price" earlier this year.


A wellhead is seen at an Occidental Petroleum Corp carbon dioxide enhanced oil recovery project in Hobbs, New Mexico

Despite the dip in U.S. drilling activity, the total rig count was still more than double the 341 rigs in the same week a year ago, according to energy services firm Baker Hughes Inc. However, traders said that WTI prices were also being supported by expectations of strong gasoline consumption on the July 4 holiday in the United States. Globally, oil markets remain oversupplied as output from within the Organization of the Petroleum Exporting Countries (OPEC) hit a 2017 high.

June OPEC production was up by 280,000 barrels per day (bpd) to 32.72 million bpd, according to a Reuters survey, despite the group's pledge to hold back output in an effort to tighten the market. "To put that in context, that is nearly a quarter of the 1.2 million barrels (per day) OPEC agreed to cut," said Greg McKenna, chief market strategist at AxiTrader, adding this increase was driven by higher output from Nigeria and Libya, which were exempted from the cuts.

Oil prices rise on first drop in U.S. drilling in months | Reuters
waltky is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Asia stocks rise as crude oil rebound brings relief NF Reporter Business 2 12-12-2016 06:12 PM
Stocks turn higher after housing report NF Reporter Breaking News 1 07-03-2012 02:03 PM
S&P 500, Dow turn higher after Fed statement NF Reporter Business 0 01-25-2012 01:19 PM
U.S. dollar steadies while Asia stocks inch up NF Reporter Business 0 10-19-2010 12:24 AM
Microsoft abandons Yahoo bid, rebuffing higher sale price NF Reporter Breaking News 0 05-03-2008 09:43 PM


All times are GMT -5. The time now is 06:14 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

SEO by vBSEO 3.2.0 ©2008, Crawlability, Inc.