Futures on the Euro Stoxx 50 rose 0.7%, while in the United States, futures remained relatively static, with futures listed on the S&P 500 and Nasdaq 100 remaining unchanged. Nikkei futures rose by 0.3%, while Hong Kong’s Hang Seng slumped by 1.6%. The Shanghai Composite edged 0.2% higher.

Gold rose by 0.7% to hit a record value of $2,389.34 an ounce. As supply uncertainty rises due to Middle East tensions, with West Texas Intermediate crude rising by 0.8% to $85.69 per barrel. In cryptocurrencies, Bitcoin rose 0.6% to $70,940.49 while Ether was up 0.5% to $3,543.65.

The post European Stocks Rises as Gold Hits Fresh Record appeared first on theprimarymarket.com.

Brent crude prices declined by 0.93%, or 73 cents, to $78.03 per barrel, while U.S. West Texas Intermediate crude futures slumped by 1.04%, or 77 cents, to $73.04 a barrel. This is a sharp turn after both contracts rose by over 2% during the first week of the new year.

“If we were just to focus on the fundamentals including, higher inventories, higher OPEC/non-OPEC production, and a lower-than-expected Saudi OSP, it would be impossible to be anything other than bearish crude oil,” IG analyst Tony Sycamore observed, suggesting that prices should continue to fall. Vandana Hari, founder of oil market analysis provider Vanda Insights, observed that rising output and market competition threaten to exceed demand, placing downward pressure on prices.

The post Oil Prices Slump By Over 1% Amid Rise in Output 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.

Previously scheduled for Sunday 26 November, members of OPEC+ delayed their meeting until Thursday, November 30, with the cartel giving no reason for the decision. At the meeting, Saudi Arabian and Russia, along with its fellow OPEC+ allies, were set to discuss changes to a deal that limits supply going into 2024.

“The upcoming meeting has been the key central focus for oil prices for now, with sentiment shrugging off the sharp build in U.S. crude inventories,” Jun Rong Yeap, a market strategist at IG observed. While oil broker PVM explained that oil cuts must be extended and deepened, the International Energy Agency’s (IEA) oil markets and industry division confirmed that the global oil market will see a slight surplus heading into 2024.

The post Oil Slumps 4% as OPEC+ Meeting Delayed 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.

Futures on the Euro Stoxx 50 rose 0.7%, while in the United States, futures remained relatively static, with futures listed on the S&P 500 and Nasdaq 100 remaining unchanged. Nikkei futures rose by 0.3%, while Hong Kong’s Hang Seng slumped by 1.6%. The Shanghai Composite edged 0.2% higher.

Gold rose by 0.7% to hit a record value of $2,389.34 an ounce. As supply uncertainty rises due to Middle East tensions, with West Texas Intermediate crude rising by 0.8% to $85.69 per barrel. In cryptocurrencies, Bitcoin rose 0.6% to $70,940.49 while Ether was up 0.5% to $3,543.65.

The post European Stocks Rises as Gold Hits Fresh Record appeared first on theprimarymarket.com.

Brent crude prices declined by 0.93%, or 73 cents, to $78.03 per barrel, while U.S. West Texas Intermediate crude futures slumped by 1.04%, or 77 cents, to $73.04 a barrel. This is a sharp turn after both contracts rose by over 2% during the first week of the new year.

“If we were just to focus on the fundamentals including, higher inventories, higher OPEC/non-OPEC production, and a lower-than-expected Saudi OSP, it would be impossible to be anything other than bearish crude oil,” IG analyst Tony Sycamore observed, suggesting that prices should continue to fall. Vandana Hari, founder of oil market analysis provider Vanda Insights, observed that rising output and market competition threaten to exceed demand, placing downward pressure on prices.

The post Oil Prices Slump By Over 1% Amid Rise in Output 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.

Previously scheduled for Sunday 26 November, members of OPEC+ delayed their meeting until Thursday, November 30, with the cartel giving no reason for the decision. At the meeting, Saudi Arabian and Russia, along with its fellow OPEC+ allies, were set to discuss changes to a deal that limits supply going into 2024.

“The upcoming meeting has been the key central focus for oil prices for now, with sentiment shrugging off the sharp build in U.S. crude inventories,” Jun Rong Yeap, a market strategist at IG observed. While oil broker PVM explained that oil cuts must be extended and deepened, the International Energy Agency’s (IEA) oil markets and industry division confirmed that the global oil market will see a slight surplus heading into 2024.

The post Oil Slumps 4% as OPEC+ Meeting Delayed 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.