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Postmortem of the Infamous Day WTI Crude Oil Futures Went to Heck in a Straight Line
Postmortem of the Infamous Day WTI Crude Oil Futures Went to Heck in a Straight Line The US Energy Information Agency (EIA) dissects the historic event. “It’s not often that we’re served up a WTF moment like this,” I wrote on April 20, when the May contract for crude-oil benchmark-grade West Texas Intermediate (WTI) plunged to […]
Futures Plunge As WTI Crashes By Most On Record, Tumbling To $11 Per Barrel
Futures Plunge As WTI Crashes By Most On Record, Tumbling To $11 Per Barrel Oil prices crashed the most on record with the May WTI futures contract hitting its lowest level since 1999, plunging as low as $11 or down 38%, as nobody wants to take actual physical storage amid widespread fears crude storage will soon be […]
WTI Extends Losses Below $20 After Record Surge In Crude Inventories
WTI Extends Losses Below $20 After Record Surge In Crude Inventories WTI crashed below $20 (tagging $19.20) overnight after API reported huge inventory builds and was not helped by comments from the International Energy Agency that a historic production cut deal won’t be enough to counter a record demand slump this year. This appears to confirm a key […]
Oil Crashes To One Year Low, Brent Below $60 As Saudis Pump Record Crude
Oil Crashes To One Year Low, Brent Below $60 As Saudis Pump Record Crude Update: U.S. CRUDE EXTENDS LOSSES, TRADES DOWN MORE THAN $4 A BARREL TO SESSION LOW OF $50.63 A BARREL BRENT FALLS BELOW $60/BBL FOR FIRST TIME SINCE OCT. 2017 * * * The first time oil tumbled two weeks ago when […]
WTI Tumbles On Biggest Crude Build In 19 Months
WTI Tumbles On Biggest Crude Build In 19 Months Modest overnight gains following API’s data have been erased as DOE reports a massive surprise (biggest since March 2017) crude build… “We’re right in the middle of refinery maintenance season and you’ll probably see a lot of demand coming offline,” says Michael Loewen, a commodities strategist at […]
Oil Is Surging… And So Are Gas Prices At The Pump
Oil Is Surging… And So Are Gas Prices At The Pump Brent Crude nears $85 as WTI tops $75 – at four year highs – as the tight oil markets continue to send gas prices at the pump to the highest in four years… WTI is up over 2.5% today – spiking from $73 to […]
WTI Tumbles To $62 Handle After IEA Predicts “Explosive” US Shale Production As Oil Prices Surge
WTI Tumbles To $62 Handle After IEA Predicts “Explosive” US Shale Production As Oil Prices Surge Update: The IEA report has impact prices – as would be expected – sending WTI back below the crucial support level of $63 once again… With WTI Futures net long positioning at extreme longs, one wonders if $63 can […]
Expert Analysis: Oil Prices Have Risen Too Far Too Fast
Expert Analysis: Oil Prices Have Risen Too Far Too Fast Last Friday we argued that the rally in WTI and Brent looked overstretched from technical and positioning viewpoints. This week obviously didn’t serve our viewpoint as geopolitical tensions in Iraq alongside bullish long-term calls from Citi and the trading group community- particularly Trafigura- at APPEC […]
U.S. Oil Rig Count Continues To Collapse
U.S. Oil Rig Count Continues To Collapse The number of active oil and gas rigs in the United States fell this week by 8 rigs. The total oil and gas rig count in the United States now stands at 936 rigs, up 430 rigs from the year prior, with the number of oil rigs in […]
WTI/RBOB Sink After Big Crude Build, Production Jump Offsets Greatest Gasoline Inventory Draw In History
WTI/RBOB Sink After Big Crude Build, Production Jump Offsets Greatest Gasoline Inventory Draw In History WTI and RBOB prices are higher this morning following API’s reported the biggest gasoline draw in history (compared to EIA data). Of course, disruptions (Florida demand and Texas supply) remain dominant but DOE reports a massive 8.4mm draw in Gasoline […]
WTI Jumps After Harvey Prompts US Crude Production Collapse, Biggest Inventory Build In 6 Months
WTI Jumps After Harvey Prompts US Crude Production Collapse, Biggest Inventory Build In 6 Months Last night’s first glimpse of Harvey’s impact on energy confirmed a sizable crude build but only modest gasoline draw. WTI/RBOB prices slid into the DOE print and extended losses after a bigger than expected crude build (+4.58mm vs +4mm exp). […]
Oil Plunges To $28 Cycle Lows As Iran Supply Looms, Stocks Slide
Oil Plunges To $28 Cycle Lows As Iran Supply Looms, Stocks Slide February WTI Crude futures have plunged to new cycle lows at $28.60 (down 2.7%) as Iran supply looms over an already over-glutted global crude market. Brent is down even more (-3.7%). Dow futures are down 60 points at the open. *WTI OIL FALLS AS MUCH AS […]
(Re-)Covering Oil and War
(Re-)Covering Oil and War The first thing that popped into our minds on Tuesday when WTI oil briefly broached $30 for its first $20 handle in many years, was that this should be triggering a Gawdawful amount of bets, $30 being such an obvious number. Which in turn would of necessity lead to a -brief- […]
WTI Extends Crash To 10% After API Inventories Surge Most In 5 Months
WTI Extends Crash To 10% After API Inventories Surge Most In 5 Months After the worst day since last November’s OPEC meeting, WTI crude is falling further tonight as API reported a huge 7.6 million barrel inventory build. This is the biggest build (compared to DOE data) since early April! WTI Crude is now down 9.85% on the […]
Why the $20 Oil Predictions are Wrong
Why the $20 Oil Predictions are Wrong Deja Vu As the price of West Texas Intermediate (WTI) retests the $40 per barrel (bbl) mark, some pundits are again calling for WTI to fall to $15 or $20/bbl. The same thing happened earlier in the year when crude prices tested $40. Lots of people predicted $20, […]
