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Crude higher on US oil inventories drawdown

July 19, 2017 12:58 PM
Until today, the price of oil had been little-changed during the week. Market participants were waiting for direction from the weekly US oil inventories report, which was published earlier today.

Crude stocks may have snapped six-week build streak

February 23, 2017 7:51 AM
Oil prices have bounced back after Wednesday’s decline and are thus back higher on the week after Monday’s rally. As before, I think oil prices are heading higher. The lack of a clear trend over the past several weeks has coincided with rising US crude oil inventories to new record levels. But after a six-week streak of rises, US oil stocks are like...

Crude steady as DoE oil stocks build lower than API estimate

February 15, 2017 10:56 AM
Crude oil prices have been on a roller-coaster ride to absolutely nowhere in recent weeks. It appears as though the buying and selling pressure in finely balanced. Bullish speculators are encouraged to remain in the game because of the OPEC’s efforts to reduce supply. Bearish traders are encouraged by signs of renewed rise in oil production in the U...

Crude oil at higher plateau ahead of US inventory data

December 20, 2016 4:31 PM
Crude oil prices have recently been lifted to year-to-date highs on a successful agreement to cut oil production and control supply among major OPEC and non-OPEC oil producers. Although it is still unclear as to how closely all parties to the deal will adhere to the specifics of this agreement, market optimism has pushed crude oil prices to a new, h...

Crude struggles despite surprise draw in US oil stocks

December 14, 2016 12:37 PM
Crude oil struggled to hold onto its initial gains made on the back of the official US oil inventories report. Both contracts initially bounced nicely after the EIA data showed a surprise drawdown of 2.6 million barrels in US oil stocks, rather than a large build as had been reported by API last night. However, it wasn’t all good news as the EIA als...