CLU24.NYM - Crude Oil Sep 24
| Pre. Settlement | N/A |
| Settlement date | 2024-08-20 |
| Open | 0.00 |
| Bid | 0.00 |
| Last price | 56.37 |
| Day's range | 0.00 - 0.00 |
| Volume | 0 |
| Ask | 0.00 |
- Reuters
Oil prices fall on doubts over output cuts, surging U.S. diesel inventories
Oil prices dropped on Thursday, reversing gains in the previous session, on concern over whether major crude producers will be able to agree to extend record output cuts, heightened by worries over a huge build in U.S. distillate inventories. Brent crude futures fell 1.18%, or 47 cents, to $39.32 a barrel as of 0652 GMT, while U.S. West Texas Intermediate (WTI) crude futures slid 1.80%, or 67 cents, to $36.62 a barrel. Saudi Arabia and Russia, two of the world's biggest oil producers, have agreed to support extending into July the 9.7 million barrels per day (bpd) in supply cuts backed in April by the OPEC+ group, comprised of the Organization of the Petroleum Exporting Countries and other major producers.
- FX Empire
Crude Oil Price Update – Needs to Hold Major 50% Level at $36.07 to Sustain Upside Momentum
The short-term direction of July WTI crude oil on Thursday is likely to be determined by trader reaction to the main 50% level at $36.07.
- FX Empire
US Stock Market Overview – Stocks Rally Led by Cyclicals, ADP Private Payrolls Suprise
Private payrolls fall less than expected
- Reuters
Enbridge Line 3 oil pipeline replacement faces new delay over water concerns
A Minnesota pollution regulator said on Wednesday it will hold a public hearing this summer on Enbridge Inc's plan to replace its Line 3 oil pipeline, adding a potential three-month delay and pushing the bulk of construction to next year. The Minnesota Pollution Control Agency (MPCA) said the hearing will focus on how Enbridge <ENB.TO> intends to protect streams and wetlands that the pipeline crosses. Replacing Line 3, a 1960s-era branch of Enbridge's Mainline network, would allow the company to boost flow from a Canadian oil hub in Edmonton, Alberta, to Midwest refiners.
- Oilprice.com
The Biggest Question For Oil Markets As Brent Breaks $40
With Brent breaking the $40 mark for the first time in months, producers must be careful not to let oil prices go too high too soon
- FX Empire
Crude Oil Price Forecast – Crude Oil Markets Continue To Be Volatile
Crude oil markets continue to show a lot of volatility as Saudi Arabia is now talking about killing the idea of extended production cuts.
- FX Empire
Oil Mixed On Doubts About Early OPEC+ Meeting
Oil swings between gains and losses as recovery hopes are offset by worries about extension of current production cuts.
- Reuters
OPEC+ keen to keep U.S. shale in check as oil prices rally
When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in U.S. output. Now that crude has rallied on the back of those cuts from below $20 a barrel to $40 or more, the group known as OPEC+ faces a fresh challenge: stopping U.S. shale production delivering another surprise by recovering equally quickly. "The plan is to stick to prices of $40-$50 per barrel because as soon as they rise any further to say $70 per barrel it encourages too much oil production, including U.S. shale," said a Russian source familiar with OPEC+ talks on the issue.
- FX Empire
USD/JPY Price Forecast – US Dollar Running Into Resistance Against Yen
The US dollar has gone back and forth against the yen during the trading session on Wednesday, as we continue to see a lot of noise just above at the ¥109 level.
- FX Empire
Silver Price Daily Forecast – Silver Falls Below $18.00
Silver failed to settle above $18.00 and is pulling back towards the support level at $17.50.
- FX Empire
AUD/USD Price Forecast – The Australian Dollar Running Into Resistance
The Australian dollar has been going straight up in the air for quite some time, and as a result it is likely that we need to see a little bit of a pullback.
- FX Empire
Crude Oil’s Continued Recovery Challenged by Quota-Cheating
Brent crude oils return to a 40 dollar handle has so far proven to be short-lived. During the past week the oil market has moved higher in the belief that the OPEC Plus group of producers at their virtual meeting Thursday would extent a deal to curb production.
- FX Empire
Price of Gold Fundamental Daily Forecast – Traders Looking for Yield are Shunning Non-Interest Paying Gold
Now that traders are looking for yield again, gold has become an unattractive asset.
- FX Empire
Daily Gold News: Wednesday, June 3 – Gold Lower After Positive U.S. Data
Gold is 1.1% lower this morning following better-than-expected U.S. economic data releases. Financial markets remain in risk-on mode.
- Zacks
4 Key Factors That Could Kill the Upside Momentum for Oil
Oil prices have staged a remarkable comeback after falling into a deep abyss in April.
- FX Empire
Natural Gas Price Fundamental Daily Forecast – Change in Weather Forecast Fueling Light Short-Covering
The introduction of heat into the forecast is enough to attract some speculative buyers.
- Reuters
Saudi, Russia agree oil cuts extension, raise pressure for compliance
OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters. OPEC+ agreed to cut output by a record 9.7 million barrels per day, or about 10% of global output, in May and June to lift prices battered by plunging demand linked to lockdown measures aimed at stopping the spread of the coronavirus. Rather than easing output cuts in July, OPEC and its allies, a group known as OPEC+, were discussing keeping those cuts beyond June.
- FX Empire
Oil Price Fundamental Daily Forecast – Prices Dip Ahead of EIA Weekly Inventories Report
Encouraged by signs of recovery in the market, OPEC+ is considering extending the cut beyond June.
- Reuters
China drives global oil demand recovery out of coronavirus collapse
China's oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdowns. While China - the world's second-largest oil consumer - is the outlier for now, easing travel restrictions and stimulus packages aimed at resuscitating economies could accelerate global oil demand in the second half of 2020, industry executives said. "The brisk resumption of Chinese oil demand, 90% of pre-COVID levels by the end of April and moving higher, is a welcome signpost for the global economy," said Jim Burkhard, vice president and head of oil markets at IHS Markit.
- Investing.com
Stocks - U.S. Futures Higher Amid Signs of Economic Growth
U.S. crude prices fell 1.6% to $36.24 a barrel, while Brent Futures rose as high as $40.52 a barrel before falling back to trade at $39.02.
- Reuters
Oil moves higher, hovers below $40 as doubts emerge over next step on OPEC cuts
Oil ended slightly higher on Wednesday but remained below the session's early highs above $40 a barrel, the highest since March, retreating as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies. Oil prices were supported by a drawdown in U.S. crude inventories in the latest week, but came under pressure as U.S. refined product inventories surged on tepid demand. "As product demand remains subdued, gasoline inventories showed a solid build, while distillates showed a mammoth one - despite refinery runs being over 3.6 million barrels per day below year-ago levels," said Matt Smith, director of commodity research at ClipperData.
- Zacks
4 Top Stocks to Buy as $40 Oil is in Sight
Oil's uptick on output cuts and an economy gaining momentum could be a catalyst for stocks from the oil and energy industry in the near future.
- Investing.com
Watch Now: Here's What's Moving Markets - June 3 (Video)
Investing.com - Our senior markets analyst Jesse Cohen gives us his top five things to know in financial markets on Wednesday, June 3, including:
- FX Empire
Services Sector PMIs and the Bank of Canada in Focus as Optimism Reigns Supreme
It’s a busy day ahead. Service sector PMIs put the EUR and Greenback in focus, with the BoC and Brexit putting the GBP and Loonie in the spotlight.
