Summary: Oil prices are expected to continue rising due to tightening in the physical market, with a projected deficit of 2MMbbls/d in the second half of 2023, and forecasts of Brent averaging $86/bbl over 3Q23 and $92/bbl over 4Q23, while the medium sour crude market tightens, and concerns remain over Russian oil supply risks and global demand.
Crude oil prices are expected to continue consolidating just above the 200-Day EMA, with the 50-Day EMA below it, leading to questions about the market; the possibility of breaking above the shooting star formed on Monday could allow for a move towards $85, while breaking below the moving averages could result in a drop to $75 due to noise from OPEC countries cutting production. The Brent markets also show signs of negativity but are supported by the 200-Day EMA and the 50-Day EMA, with potential to reach the $90 region; attention should also be given to the US dollar's influence on the market.
The price of Brent crude oil hitting triple digits this year is debatable, with some experts believing it is unlikely due to macro factors and demand concerns, while others predict it could reach $100 per barrel if certain conditions are met, such as consistent OECD crude and product stock draws and OPEC adherence to production cuts.
Oil prices edge higher in an uncertain market as US crude futures rise 0.1% to $78.94 a barrel, despite a 2% drop for the week, due to production cuts by major oil producers and a mixed US economy.
Oil prices rose over 1% as the dollar strengthened ahead of a speech by the head of the U.S. Federal Reserve for clues on interest rates, with Brent crude reaching $84.29 a barrel and U.S. West Texas Intermediate crude at $79.92, while a strong dollar and recent inventory draws affected demand and supply.
Crude oil prices are trying to recover and show signs of support, with a "buy on the dips" attitude prevailing due to Saudi Arabia holding 1 million barrels per day out of the market, although supply concerns may arise despite a global slowdown.
Crude oil prices rose after the U.S. Energy Information Administration reported a larger-than-expected inventory decline of 10.6 million barrels for the week ending August 25.
U.S. crude oil stocks have reached their lowest level this year and are expected to decrease further, leading to a tight crude oil market and a potential increase in global oil prices.
The price of WTI crude oil reached a new high for the year, hitting $85 per barrel, due to falling inventory levels and factors such as production cuts and a weakening dollar.
Oil prices jumped over 2.5% after OPEC+ members extended supply reductions, with Brent International topping $90 per barrel and West Texas Intermediate hovering above $87 per barrel, as Saudi Arabia announced an extension of its production cut and Russia reduced its exports. Despite slow recovery and increased production, crude futures have rallied more than 25% since late June, with experts predicting prices to continue rising unless a recession occurs. China's demand for petrochemicals has been dampened, but their mobility demand post-lockdowns has offset this.
Crude oil prices reached their highest level of the year after Saudi Arabia and Russia agreed to cut output, raising concerns about gasoline prices for American consumers.
Rising WTI crude oil prices are raising concerns about higher inflation, which the Federal Reserve is trying to avoid, according to Moody's Analytics Chief Economist Mark Zandi.
Gold and silver prices are lower due to technical selling and a lack of fresh fundamental news, while rising crude oil prices have potential economic and marketplace effects.
Crude oil prices in the US increased due to a 6.3 million barrel inventory draw, following a massive decline of 10.6 million barrels the previous week, bringing inventories to the lowest in eight months.
Oil prices ease in Asian trade due to economic concerns in China impacting fuel demand, but Brent remains above $90 a barrel supported by supply cuts from Saudi Arabia and Russia.
Oil prices are reaching their highest levels in 10 months, leading to gains for energy stocks like Pioneer Natural Resources and Coterra Energy, prompting Jim Cramer to suggest it's a good time to invest in these companies.
Oil prices continue to rise as OPEC+ supply cuts tighten the market, with Brent crude surpassing $94 a barrel and speculators increasing bullish wagers on Brent and West Texas Intermediate, leading to concerns about inflationary pressures.
Gasoline prices are rising due to oil supply cuts in Saudi Arabia and Russia, as well as flooding in Libya, but some experts believe that increasing oil prices will not have a significant impact on the US economy and do not expect them to rise much higher in the next year or two due to factors such as increased US oil production, slow global economic growth, and the green energy transition. However, high oil prices can lead to higher inflation, potential recession, and could influence the Federal Reserve to raise interest rates, but the impact may not be as severe as in the past, and some experts recommend investing in the energy transition and adopting a more defensive investment strategy.
Global oil prices continue to soar, with Brent crude nearing $95 per barrel and some crude grades surpassing $100, driven by tight supply, excess demand, and production cut extensions by Saudi Arabia and Russia.
Crude oil prices reach new highs despite concerns about China's economy and tightened monetary policies, with the oil market structure indicating strong demand and potential support for higher prices.
The increased exports of oil from the United States into Europe and Asia have allowed U.S. crude to regain its dominance in setting international oil prices, reducing volatility and potential market distortion, while also shifting power to U.S. companies and traders in the market.
Crude oil prices rose as inventories declined and demand from Asia and Europe decreased, threatening higher gas prices in the US and potentially impacting the Federal Reserve's interest rate decisions.
Higher oil prices, boosted by supply cuts from Saudi Arabia and Russia, may benefit Russia's oil revenues by allowing them to sell crude over the $60-a-barrel price cap imposed by sanctions.
Crude prices are expected to receive a boost as stockpiles at the key US storage hub in Cushing, Oklahoma, are at risk of reaching the lowest level in nearly a decade, potentially leading to a return of $100 oil by year-end.
Oil traders have been heavily buying crude and fuel futures over the past four weeks, leading to a ratio of bullish to bearish bets on oil and fuels of almost 8:1, indicating that oil prices may be due for a correction.
Oil majors ExxonMobil, Chevron, and BP are near buy points as U.S. crude oil prices continue to rise above $90 per barrel.
Oil prices reached their highest level in over a year as crude stocks at a key storage hub in Oklahoma fell to their lowest level since July 2022, signaling a potential "rough" period for crude oil supplies into the market and a sustained high level of oil prices for the rest of the year.
A spike in crude oil prices to the highest level of the year adds to the challenges faced by world markets, leaving investors turning to the Federal Reserve chair for reassurance amidst concerns over inflation, a potential government shutdown, unresolved autoworker strikes, and the Chinese property sector bust.
Oil prices hit their highest levels in over a year as ongoing production cuts raise concerns about the global economy, while the specter of $100 oil looms and supply tightness becomes apparent with reduced stockpiles and increased refining. Higher interest rates may dampen crude demand, but for now, the focus remains on supply.
Oil industry analysts have raised their price forecasts for 2023, with most expecting Brent Crude to average $84.09 per barrel, but few foresee sustained $100 oil due to an artificially tightened market and uncertain global economic outlook.
Crude oil prices are poised to experience their largest weekly drop since March due to concerns about weak demand, a bond market selloff, and economic worries, despite OPEC+'s decision to maintain supply constraints.
Oil prices crashed this week as fuel inventories climbed and demand concerns took center stage, with WTI falling to $82.50 and Brent trading at $84.23.
The recent Israel-Palestine conflict may cause a temporary spike in crude oil prices, but the overall impact on global oil supply is expected to be limited unless the conflict escalates further.
WTI crude oil has experienced increased volatility, leading to discussions about whether the market is broken, but from a structural perspective, both the noncommercial and commercial sides of the market remain bullish and the market is working as it should.
Oil prices fell on Tuesday as concerns about potential supply disruptions from the conflict between Israel and Hamas eased, although traders remained watchful. Both Brent crude and U.S. West Texas Intermediate (WTI) crude experienced significant drops, with Brent down 47 cents at $87.68 a barrel and WTI falling 42 cents to $85.92 a barrel.
Crude oil prices extended losses for the second day but geopolitical tensions in the Middle East provide a positive backdrop for energy markets.
Crude oil prices dipped slightly following a significant increase in gasoline inventories, raising concerns about demand, despite the war premium added by events in the Middle East.
Oil prices are expected to see a modest gain this week despite the surge caused by the Hamas attack on Israel as inventories built up and efforts to contain the conflict lowered the geopolitical risk premium.
Summary: December West Texas Intermediate (WTI) crude oil futures experienced volatility due to geopolitical tensions and conflicting reports on supply and demand, influenced by the Israel-Hamas conflict and the actions of Saudi Arabia, OPEC, and Russia.
Escalating tensions in the Middle East, particularly the threat of a ground invasion of Gaza by Israel, have raised concerns about disruptions to oil supplies and driven up oil prices, with West Texas Intermediate crude climbing 3.6% to $85.93 a barrel and Brent crude jumping 4% to $89.41 a barrel.
Oil prices surged on Friday due to speculation of Israeli ground offensive in Gaza, the possibility of further sanctions on Iranian oil, and concerns about a blockage in the Strait of Hormuz. Brent crude oil rose towards $90 a barrel, and WTI oil headed higher, despite a large EIA storage build.
Oil prices saw a significant increase after Iran called for an embargo against Israel and a decrease in US stockpiles indicated higher crude demand, with Brent crude rising almost 2% and West Texas Intermediate also experiencing a nearly 2% increase.
Crude oil prices could rise to $140 per barrel, potentially triggering a global recession, due to tensions in the Middle East and the possibility of a broader conflict between Israel and Hamas, according to Allianz Trade.
Q3 results season begins for oil majors, with discussions likely to focus on Middle East turmoil and rising oil prices, while the IEA's World Energy Outlook and European gas market concerns are also notable topics.
WTI crude oil prices rise due to tensions in the Middle East, US steel mills increase prices for flat-rolled steel products, and mild Southeast weather may push natural gas prices down.
Oil prices remain stable as the market assesses tensions in the Middle East and higher U.S. crude stockpiles, with concerns about weak demand and macroeconomic factors limiting price gains.
