Oil Finally Bounces A Bit, As U.S. Crude Inventories Show Temporary Pullback

Image of an oil derrick with blue sky
From Julianne Geiger: The American Petroleum Institute (API) reported a surprise draw of 531,000 barrels in United States crude oil inventories against expert predictions that domestic supplies would see a small 3-million-barrel build, instilling hopes in the minds of weary oil traders that OPEC’s production cuts are not being entirely undone by U.S. shale drillers.
NYSE:USO March 15, 2017 10:55am

Oil Prices Tumble Again, As Saudi Production Ramps Up

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From Tyler Durden: Just as WTI was trying to record its first increase in 6 days, the latest, March, OPEC monthly report was released which revealed something surprising: while secondary sources claimed that Saudi Arabia production declined by 68kbpd to 9.797mmbpd, according to Saudi's own numbers, the kingdom ramped up production in February by a whopping 263kpb, back over 10 million barrels per day.
NYSE:UCO March 14, 2017 9:32am

Oil Prices At Risk Of Continued Downside As Price War Looms

From Nick Cunningham: Last November, OPEC orchestrated an impressive feat: corralling all (or nearly all) of its members to sign on to relatively aggressive production cut deal, and then actually convincing everyone to follow through on those reductions beginning in January.

These Charts Illustrate The Huge Commodity Crash In Gold, Silver, Oil, And Base Metals

From Taki Tsaklanos: By far the most important market last week was crude oil. With a mini-crash of 12 percent, it could spell the start of a new trend, and potentially the start of turmoil in markets, as we explained previously.
NYSE:GLD March 13, 2017 7:27am

Plunging Oil Prices Could Derail The OPEC Production Cut Deal

From Gregory Brew: A bearish report from the EIA, particularly the inventory data and an output forecast which predicts U.S. production rising to a level not seen since 1970, sent WTI prices plunging this week: between Wednesday and Friday, the price of oil fell 8 percent and dipped below $50 for the first time since December.

OPEC Back In Focus Amid Oil’s Latest Collapse

From Michael McDonald: OPEC and the U.S. continue to fight for dominance in the global oil market. The battle has been recently been defined by OPEC’s production cuts, but new U.S. shale production has been countering strongly as of late.
NYSE:USO March 12, 2017 7:00am

After An 8% Drop This Week, How Much Further Can Oil Fall?

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From Tom Kool: Oil prices awoke from their slumber this week, breaking out of a narrow trading range and plunging by more than 8 percent.
NYSE:USO March 11, 2017 6:25am

Energy-Related ETFs Slammed Amid Oil Price Meltdown

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Crude Oil has been pummeled this week, with the largest ETP in the space USO (U.S. Oil, Expense Ratio 0.45%) plunging more than 7% in the past three trading sessions on price compression there on high supply levels.
NYSE:USO March 10, 2017 11:56am

Oil Prices Will Never Recover Until Global Inventories Correct

Image of an oil derrick with blue sky
From Art Berman: WTI futures fell $2.86 from $53.14 to $50.28 per barrel, and Brent futures dropped $3.81 from $55.92 to $52.11 per barrel. WTI is trading below $49 and Brent below $52 per barrel at the time of writing.

Oil Is Testing The Critical $50 Level, With Major Downside Risk In Play

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From Taki Tsaklanos: Crude oil fell more than five percent on Wednesday, and closed the trading session right above the highly important $50 per barrel level.
NYSE:USO March 9, 2017 7:20am

Oil’s Price Crash May Only Just Be Getting Started

From Corey Rosenbloom: I’ll be honest -- I stopped caring about Crude Oil for most of 2017 because it’s been in a flat, sideways trading range.

Commodity Assets Surge, As China Growth, Trump Worries Dominate Markets

After finishing 2016 up 25 percent, commodities are getting another boost from bullish investors.
NYSE:DBC March 8, 2017 2:41pm

IEA Calls For Huge Oil Price Spike In Coming Years As Supply Wanes

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From Nick Cunningham: Three years of drastic cuts to upstream spending because of the meltdown in oil prices could result in a shortage of oil supply in a few years, according to a new report from the International Energy Agency.

Gasoline Prices Continue To Edge Higher As We Head Toward Spring

From Jill Mislinski: It's time again for our weekly gasoline update based on data from the Energy Information Administration (EIA). The price of Regular and Premium are up three and two cents, respectively, from last week.

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