Brent crude prices rose 0.1%, or 13 cents, to $79.80 per barrel. West Texas Intermediate, the US benchmark, was up by 4 cents to $74.26. This is both benchmarks’ third consecutive daily price rise, pushed higher as observers worried about trade disruption as suppliers look to divert shipments away from the Red Sea, thereby incurring additional transport costs.

The U.S. Energy Information Administration (EIA) announced on Wednesday that U.S. crude inventories rose to 443.7 million barrels; a 2.9 million barrel increase from December 15. This figure significantly outpaced analysts’ expectations of a 2.3 million barrel drop. U.S. crude output rose to a record 13.3 million barrels per day (bpd) last week, exceeding the previous record daily output of 13.2 million bpd.

The post Oil Rises as U.S. Output Nears Record Numbers appeared first on theprimarymarket.com.

Contrasting the OPEC+ alliance’s decision, production in the US is being ramped up with the nation announcing plans to refill the Strategic Petroleum Reserve. The U.S. is also expected to face its busiest year-end travel season since 2000 which is also expected to drive a surge in demand.

This output rise has rendered attempts to drive prices upwards unsuccessful, with Russia and Saudi Arabia’s decision to prolong their output cuts have little effect on prices. “There is little doubt that the oil complex remains in a state of vulnerability,” John Evans, an analyst at brokers PVM Oil Associates Ltd. in London reflected on the current market climate.

The post Oil Steadies After Longest Losing Streak in Five Years appeared first on theprimarymarket.com.

Oil prices ended the week lower as West Texas Intermediate remained little changed on Friday morning. This comes as the commodity enters a bear market amid supply shortages.

Investors have turned their focus to the euro zone’s inbound consumer prices later in the day. European Central Bank President Christine Lagarde is also slated to speak, as are US counterparts Chicago Fed President Austan Goolsbee, Boston Fed President Susan Collins, and San Francisco Fed President Mary Daly.

The post European Futures Rise, Oil Down as Markets Wrap appeared first on theprimarymarket.com.

A source at Saudi Arabia’s energy ministry revealed that the nation would maintain a cut of 1 million barrels per day (bpd) in December, bringing daily output down to around 9 million barrels. Russia is maintaining a cut of 300,000 bpd.

ING analysts believed that such cuts could continue next year. The analysts wrote in a note that the oil market will be in surplus during the first quarter of next year, “which may be enough to convince the Saudis and Russians to continue with cuts.” Observers are now looking to China, where refineries have eased their crude oil throughputs.

The post Oil Prices Rise as Saudi Arabia and Russia Stick to Output Cuts appeared first on theprimarymarket.com.

Global benchmark Brent slipped below $90 after surging 2.3% on Wednesday. This comes after Energy Information Administration data revealed that US stockpiles rose by 1.37 million barrels last week, with those at the Cushing, Oklahoma, storage hub alone growing by 213,000 barrels.

Investors’ fears have been building with anticipation of an Israeli ground offensive in Gaza in retaliation for the October 7 terrorist attacks. Still, experts feel that an oil rally built on concerns about the Mideast conflict will not last. “Any rally built on geopolitical risk premium is built on sand,” Keshav Lohiya, founder of consultant Oilytics explained. “The macro headwinds continue to get worse and are putting increasing pressure on oil markets.”

The post Oil Prices Declined From Heights Amid Mideast Tensions appeared first on theprimarymarket.com.

Global benchmark Brent rose above $93 per barrel, with JPMorgan Chase & Co. analysts including Natasha Kaneva explaining in a report that geopolitical tensions are at the core of price rises. Kaneva claimed that prices are $7 higher than what they would be if the Middle East conflict was not ongoing. “Underlying fundamentals are playing second fiddle to the tragic events in Israel and Gaza,” said Tamas Varga, an analyst at brokerage PVM Oil Associates Ltd, thus agreeing with Kaneva’s sentiment.

Despite this pressure, Kaneva explained that any further escalation in the conflict may not have much of an upward push on prices seeing as this pressure has already been applied. As the conflict rages on,  the US Energy Department revealed its plan to buy as many as  6 million barrels for the Strategic Petroleum Reserve in an effort to replenish its stockpile.

The post Oil Continues Rise Amid Middle East Conflict appeared first on theprimarymarket.com.

Oil prices jumped by 3% after an explosion in a hospital in Gaza escalated tensions. Crude oil rose to $89.22 a barrel while Brent crude hit $92.39 per barrel. This price rise has convinced investors to refocus on the Federal Reserve’s potential next moves regarding its fiscal policy.

Looking forward, investors are awaiting the quarterly results of Procter & Gamble and Morgan Stanley, both of whom are expected to release their reports before the opening bell on Wednesday. Tesla and Netflix are among the tech giants set to release their earnings later in the day.

The post Futures Decline and Oil Jumps Amid Rising Mideast Fears appeared first on theprimarymarket.com.

As Israel prepares to ramp up its retaliation against terror organization Hamas for Saturday’s deadly attack, analysts from Bloomberg Economics believe that oil could surge to $150 per barrel while cutting $1 trillion off world economic output.

Speaking on Treasury yields, Christophe Barraud, chief economist and strategist at Market Securities LLP, offered the following observation: “Bonds are rallying ahead of the weekend as traders likely want to hedge geopolitical risk.” Futures on the New York Stock Exchange declined, with those on the S&P 500 slipping by 0.3% and futures on the Nasdaq 100 falling by 0.6%. Contracts listed on the Dow Jones Industrial Average remained little changed.

The post Oil and Treasury Yields Surge as Israel-Hamas Conflict Intensifies appeared first on theprimarymarket.com.

Ed Morse, global head of commodity strategy at Citi, has assured that the rising Middle East tension will not force oil prices above $100. “The good news for the market is that with the cuts that have been taken, we have a good 4.5 to 5 million barrels a day of capacity in the world,” Morse remarked. He added that if oil prices should soar significantly higher, then spare capacity from Saudi Arabia, the UAE, and Kuwait may be released into the market to bring oil prices back down.

Still, Morse insists that there is little chance of price rises in the first place due to a slowing or zero growth in regions including China, Europe, and the United States.

The post Oil Prices Unlikely to Hit $100 Despite Mideast Conflict appeared first on theprimarymarket.com.

This fall erased the price gains made after the announcement of the extension of Saudi Arabia’s and Russia’s output cuts. Since the start of the months-long campaign by the OPEC+ members to raise prices, oil prices have indeed surged by over 30%.

Barclays analyst Amarpreet Singh disagreed with the approach taken by Saudi Arabia and Russia to influence prices. “The recent correction in oil prices has been too rapid and was largely unwarranted in our view,” Singh contended, adding, “The narrative of price-driven demand destruction does not stand in the face of the fact that very little of the recent run-up in oil prices has been passed on to the consumers.”

The post Oil Slumps to Heaviest Weekly Loss Since March appeared first on theprimarymarket.com.

Brent crude prices rose 0.1%, or 13 cents, to $79.80 per barrel. West Texas Intermediate, the US benchmark, was up by 4 cents to $74.26. This is both benchmarks’ third consecutive daily price rise, pushed higher as observers worried about trade disruption as suppliers look to divert shipments away from the Red Sea, thereby incurring additional transport costs.

The U.S. Energy Information Administration (EIA) announced on Wednesday that U.S. crude inventories rose to 443.7 million barrels; a 2.9 million barrel increase from December 15. This figure significantly outpaced analysts’ expectations of a 2.3 million barrel drop. U.S. crude output rose to a record 13.3 million barrels per day (bpd) last week, exceeding the previous record daily output of 13.2 million bpd.

The post Oil Rises as U.S. Output Nears Record Numbers appeared first on theprimarymarket.com.

Contrasting the OPEC+ alliance’s decision, production in the US is being ramped up with the nation announcing plans to refill the Strategic Petroleum Reserve. The U.S. is also expected to face its busiest year-end travel season since 2000 which is also expected to drive a surge in demand.

This output rise has rendered attempts to drive prices upwards unsuccessful, with Russia and Saudi Arabia’s decision to prolong their output cuts have little effect on prices. “There is little doubt that the oil complex remains in a state of vulnerability,” John Evans, an analyst at brokers PVM Oil Associates Ltd. in London reflected on the current market climate.

The post Oil Steadies After Longest Losing Streak in Five Years appeared first on theprimarymarket.com.

Oil prices ended the week lower as West Texas Intermediate remained little changed on Friday morning. This comes as the commodity enters a bear market amid supply shortages.

Investors have turned their focus to the euro zone’s inbound consumer prices later in the day. European Central Bank President Christine Lagarde is also slated to speak, as are US counterparts Chicago Fed President Austan Goolsbee, Boston Fed President Susan Collins, and San Francisco Fed President Mary Daly.

The post European Futures Rise, Oil Down as Markets Wrap appeared first on theprimarymarket.com.

A source at Saudi Arabia’s energy ministry revealed that the nation would maintain a cut of 1 million barrels per day (bpd) in December, bringing daily output down to around 9 million barrels. Russia is maintaining a cut of 300,000 bpd.

ING analysts believed that such cuts could continue next year. The analysts wrote in a note that the oil market will be in surplus during the first quarter of next year, “which may be enough to convince the Saudis and Russians to continue with cuts.” Observers are now looking to China, where refineries have eased their crude oil throughputs.

The post Oil Prices Rise as Saudi Arabia and Russia Stick to Output Cuts appeared first on theprimarymarket.com.

Global benchmark Brent slipped below $90 after surging 2.3% on Wednesday. This comes after Energy Information Administration data revealed that US stockpiles rose by 1.37 million barrels last week, with those at the Cushing, Oklahoma, storage hub alone growing by 213,000 barrels.

Investors’ fears have been building with anticipation of an Israeli ground offensive in Gaza in retaliation for the October 7 terrorist attacks. Still, experts feel that an oil rally built on concerns about the Mideast conflict will not last. “Any rally built on geopolitical risk premium is built on sand,” Keshav Lohiya, founder of consultant Oilytics explained. “The macro headwinds continue to get worse and are putting increasing pressure on oil markets.”

The post Oil Prices Declined From Heights Amid Mideast Tensions appeared first on theprimarymarket.com.

Global benchmark Brent rose above $93 per barrel, with JPMorgan Chase & Co. analysts including Natasha Kaneva explaining in a report that geopolitical tensions are at the core of price rises. Kaneva claimed that prices are $7 higher than what they would be if the Middle East conflict was not ongoing. “Underlying fundamentals are playing second fiddle to the tragic events in Israel and Gaza,” said Tamas Varga, an analyst at brokerage PVM Oil Associates Ltd, thus agreeing with Kaneva’s sentiment.

Despite this pressure, Kaneva explained that any further escalation in the conflict may not have much of an upward push on prices seeing as this pressure has already been applied. As the conflict rages on,  the US Energy Department revealed its plan to buy as many as  6 million barrels for the Strategic Petroleum Reserve in an effort to replenish its stockpile.

The post Oil Continues Rise Amid Middle East Conflict appeared first on theprimarymarket.com.

Oil prices jumped by 3% after an explosion in a hospital in Gaza escalated tensions. Crude oil rose to $89.22 a barrel while Brent crude hit $92.39 per barrel. This price rise has convinced investors to refocus on the Federal Reserve’s potential next moves regarding its fiscal policy.

Looking forward, investors are awaiting the quarterly results of Procter & Gamble and Morgan Stanley, both of whom are expected to release their reports before the opening bell on Wednesday. Tesla and Netflix are among the tech giants set to release their earnings later in the day.

The post Futures Decline and Oil Jumps Amid Rising Mideast Fears appeared first on theprimarymarket.com.

As Israel prepares to ramp up its retaliation against terror organization Hamas for Saturday’s deadly attack, analysts from Bloomberg Economics believe that oil could surge to $150 per barrel while cutting $1 trillion off world economic output.

Speaking on Treasury yields, Christophe Barraud, chief economist and strategist at Market Securities LLP, offered the following observation: “Bonds are rallying ahead of the weekend as traders likely want to hedge geopolitical risk.” Futures on the New York Stock Exchange declined, with those on the S&P 500 slipping by 0.3% and futures on the Nasdaq 100 falling by 0.6%. Contracts listed on the Dow Jones Industrial Average remained little changed.

The post Oil and Treasury Yields Surge as Israel-Hamas Conflict Intensifies appeared first on theprimarymarket.com.

Ed Morse, global head of commodity strategy at Citi, has assured that the rising Middle East tension will not force oil prices above $100. “The good news for the market is that with the cuts that have been taken, we have a good 4.5 to 5 million barrels a day of capacity in the world,” Morse remarked. He added that if oil prices should soar significantly higher, then spare capacity from Saudi Arabia, the UAE, and Kuwait may be released into the market to bring oil prices back down.

Still, Morse insists that there is little chance of price rises in the first place due to a slowing or zero growth in regions including China, Europe, and the United States.

The post Oil Prices Unlikely to Hit $100 Despite Mideast Conflict appeared first on theprimarymarket.com.

This fall erased the price gains made after the announcement of the extension of Saudi Arabia’s and Russia’s output cuts. Since the start of the months-long campaign by the OPEC+ members to raise prices, oil prices have indeed surged by over 30%.

Barclays analyst Amarpreet Singh disagreed with the approach taken by Saudi Arabia and Russia to influence prices. “The recent correction in oil prices has been too rapid and was largely unwarranted in our view,” Singh contended, adding, “The narrative of price-driven demand destruction does not stand in the face of the fact that very little of the recent run-up in oil prices has been passed on to the consumers.”

The post Oil Slumps to Heaviest Weekly Loss Since March appeared first on theprimarymarket.com.