{"id":5360,"date":"2015-02-07T08:27:41","date_gmt":"2015-02-07T13:27:41","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5360"},"modified":"2015-02-07T08:27:41","modified_gmt":"2015-02-07T13:27:41","slug":"oil-prices-most-volatile-since-2009","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5360","title":{"rendered":"Oil Prices Most Volatile Since 2009"},"content":{"rendered":"<h3><a href=\"http:\/\/oilprice.com\/Energy\/Oil-Prices\/Oil-Prices-Most-Volatile-Since-2009.html\" target=\"_blank\">Oil Prices Most Volatile Since 2009<\/a><\/h3>\n<p>The nearly 20 percent\u00a0<a href=\"http:\/\/www.reuters.com\/article\/2015\/02\/03\/us-markets-oil-idUSKBN0L704K20150203\">rally<\/a>\u00a0in oil prices over the past week raised hopes in the oil industry that the financial bloodshed might be over. But hopes were quickly dashed on February 4 when prices erased much of their gains \u2013 March deliveries of WTI\u00a0<a href=\"http:\/\/www.wsj.com\/articles\/why-cheaper-oil-doesnt-always-lead-to-economic-growth-1423083687\">dropped<\/a>\u00a0by a whopping 8 percent in a single day.<\/p>\n<p>Oil prices had risen over a three-day stretch on the back of major\u00a0<a href=\"http:\/\/oilprice.com\/Energy\/Oil-Prices\/Oil-Majors-Profits-Take-A-Beating.html\">capital expenditure cuts<\/a>\u00a0among the oil majors. BP, ExxonMobil, Chevron, ConocoPhillips, and Royal Dutch Shell have all promised multi-billion dollar reductions in their spending for the year, recognizing the bear market for crude. The realignment in spending encouraged oil markets as investors hoped that the production overhang was close to balancing out. On top of that,\u00a0<a href=\"http:\/\/phx.corporate-ir.net\/phoenix.zhtml?c=79687&amp;p=irol-rigcountsoverview\">rig counts dropped<\/a>\u00a0at the quickest rate on record the end of January.<\/p>\n<p>As such, many thought that the supply-side was quickly correcting to the new low-price environment. But the storm may not be over.<\/p>\n<p><a href=\"http:\/\/oilprice.com\/Energy\/Oil-Prices\/The-Cure-For-Low-Oil-Prices-Is-Low-Oil-Prices.html\"><strong>Related:\u00a0The Cure For Low Oil Prices Is Low Oil Prices<\/strong><\/a><\/p>\n<p>The Energy Information Administration (EIA) released its weekly status\u00a0<a href=\"http:\/\/www.eia.gov\/petroleum\/supply\/weekly\/pdf\/highlights.pdf\">update<\/a>on crude oil inventories across the country. The EIA reported that oil stockpiles (excluding the Strategic Petroleum Reserve) increased by 6.3 million barrels, way above\u00a0<a href=\"http:\/\/www.wsj.com\/articles\/oil-holds-on-to-bulk-of-recent-gains-1423031216\">analysts\u2019 estimates<\/a>\u00a0of about 3.7 million barrels. That has total oil inventories at 413 million barrels, the highest level in over 80 years.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil Prices Most Volatile Since 2009 The nearly 20 percent\u00a0rally\u00a0in oil prices over the past week raised hopes in the oil industry that the financial bloodshed might be over. But hopes were quickly dashed on February 4 when prices erased much of their gains \u2013 March deliveries of WTI\u00a0dropped\u00a0by a whopping 8 percent in a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[251,267,588,592,2773,1451,895],"class_list":["post-5360","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-eia","tag-energy-information-administration","tag-oil","tag-oil-price","tag-volatility","tag-west-texas-intermediate","tag-wti"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5360"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5360\/revisions"}],"predecessor-version":[{"id":5361,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5360\/revisions\/5361"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}