Oil prices had risen on hopes of a US debt deal….but have dipped again since a deal was reached. “U.S. futures slid to their lowest since early July, as stockpiles in the Cushing, Oklahoma oil hub reversed a months-long decline and as signs of progress in talks over Iran’s nuclear program pressured prices.” [Reuters] Petrobras workers are striking to protest foreign… Keep reading →
Search results for: "oil prices"
Sign up and get Breaking Energy news in your inbox.
We will never sell or share your information without your consent. See our privacy policy.By: Katie Holliday Uncertainty over rising tensions in Syria has driven oil prices to fresh highs in recent weeks, but analysts say the bullish sentiment is expected to stay regardless of whether or not the scenario escalates into a full blown war. “Even if there is a war in Syria or no war in Syria… Keep reading →
Of all the coverage linking Syria to oil prices, BBC seems to have used to most appropriate word for how the conflict is affecting markets: they’re “jittery”. It conveys that price movements will be both reactive and unpredictable as events unfold. The possibility of conflict has almost certainly pushed oil prices higher, but uncertainty over the… Keep reading →
By: Katy Barnato Oil prices have rebounded since the overthrow of Egypt’s President Morsi last month, but analysts dispute whether Middle Eastern turmoil is the real factor behind the rally, and how much further the commodity will rise — if at all. (Read more: Scenes from the turmoil in Egypt) Unrest in the country has rattled investors’ nerves and raised… Keep reading →
The price of West Texas Intermediate crude had risen for five consecutive days as of yesterday afternoon – “the longest stretch of gains since April” – on news of escalating unrest in Egypt, as Brent hit a four-month high. A police crackdown on protests in Egypt has left more than 500 dead. [Bloomberg] Iran has… Keep reading →
The Wall Street Journal’s Justin Scheck and Jenny Gross have done a nice job laying out how oil traders can manipulate prices. The EU has has been investigating the trading arms of some large oil companies, including Norway’s Statoil, in an effort to determine whether energy traders are doing just that. [Wall Street Journal] On… Keep reading →
A reversal of fortunes is underway between major energy commodity markets, with global oil prices trending downward while US natural gas has been showing signs of life breaking above $4 per million Btu. In its latest Monthly Oil Market Report, the International Energy Agency discussed their view of why the recent weakening in global oil benchmark Brent futures prices might be “relatively short-lived.”
“By early April, frontâ€Âmonth Brent futures had tumbled to just shy of $104/bbl for the first time since midâ€ÂJune, and the backwardation on the Brent curve has eased,” the report said, but oil supply and refining capacity have been growing faster than demand. Backwardation is when prices in the distant future are lower than prompt month prices. Keep reading →
US oil prices could sink to $50 a barrel at some point over the next two years, according to analysts at Bank of America Merrill Lynch.
But don’t expect a corresponding drop in gas prices.
Merrill analysts expect US oil prices to still average about $90 a barrel over the same time period. Global oil prices meanwhile, which more closely dictate the price of gasoline in the United States, are expected to remain high as growth in global oil supplies lags population growth and economic output.
Keep reading →
Where are Oil Prices Headed on Syria News?
By Jared AndersonGlobal benchmark oil prices crept up to two-year highs over the past week or so as tensions in the Middle East and North Africa flare. US intervention in Syria currently awaits a congressional vote, so what will that decision likely mean for near-term price trajectory? It appears the geopolitical risk premium is mostly factored in… Keep reading →