A sagging crude oil market got another big hit of bearish news today with the weekly EIA statistics showing a big build in crude stocks. You can read our analysis here.
Archive for the ‘oil fundamentals’ Category
By Stuart Elliott | October 14, 2014 10:30 AM Comments (1)
With crude prices at near four-year lows, the last thing the world’s key oil producers want to hear is that demand growth is set to weaken yet further.
But that was the message from the International Energy Agency in its latest monthly oil market report published today.
By John Kingston | October 13, 2014 10:24 AM Comments (3)
Phil Verleger has a long memory.
Phil is a veteran energy economist, and he and I have been emailing each other over the course of the last week, recalling the oil price collapse of the mid 1980’s. As he noted, there are a dwindling number of of people still in the industry who remember that. But I had just joined Platts when the great collapse of 1985-1986 took place. On April 1, 1986, WTI plunged to less than $10 and no, it wasn’t an April Fool’s joke. (It remains the only day in the history of the WTI contract, launched in 1983, that the price ever “printed” a number less than double digits. It has never settled at less than $10.)
In his latest weekly report, Phil recalls that fall, as well as the collapse of 1998-1999. While WTI prices didn’t drop below the $10 level in the late 90’s, the levels of that period, after adjusting for inflation, were the lowest in history.
By Robert Perkins | October 13, 2014 04:45 AM Comments (0)
By News Desk | October 1, 2014 05:36 PM Comments (0)
US crude oil, gasoline and distillate inventories fell across the board last week. Run rates last week fell to lows not seen since the beginning of the summer.
By Matt Kohlman | September 30, 2014 11:37 AM Comments (1)
New York jet fuel prices spiked from mid-July through August, and new data gives more insight why. Blame Canada.
Canada may be sending everything from comedians and crude into the US. But in July, it took in a good bit of US jet fuel, mostly out of New York.
By News Desk | September 24, 2014 02:27 PM Comments (0)
By Jeffrey Bair | September 19, 2014 09:21 AM Comments (6)
Over at ESPN, there’s a podcast called “Numbers Never Lie.”
The name’s something sports types like to throw around when making a point.
Like this: Detroit Tigers slugger Miguel Cabrera is one of only four players with 300 total bases in 11 straight seasons. It would be hard for even a Kansas City Royals fan to punch a hole in that.
By Margaret McQuaile | September 19, 2014 04:32 AM Comments (0)
Oil prices have found some support from the potential for lower production from OPEC next year, as suggested by the group’s secretary general, Abdalla el-Badri.
Speaking to Platts by telephone from Vienna earlier this week, Badri was at pains to stress that he was not predicting the outcome of OPEC’s next scheduled meeting on November 27. Nor was he talking about a 500,000 b/d reduction in the group’s current 30 million b/d ceiling. He was, he said, talking about an outlook that pegged the call on OPEC crude at 29.5 million b/d. He was not talking about a decision by OPEC.
By News Desk | September 17, 2014 06:09 PM Comments (0)
The US West Coast was the main driver of the crude oil stock increase this week, partly due to a decrease in refinery runs, which fell 82,000 barrels per day to 2.37 million b/d.