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☆ Crude oil prices fall about 2% as rally on Middle East war risk takes a pause
▼ + stars: | 2024-10-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures fell about 2% on Tuesday, as the rally on geopolitical risk took a pause while the market waits for Israel to strike back against Iran. "Oil can keep ascending only for so long purely based on perceptions and not actual supply disruption," Tamas Varga, an analyst at oil broker PVM, said in a Tuesday note. Oil prices have surged about 13% through Monday's close since Iran fired around 180 ballistic missiles at Israel last week, raising fears that Israel might retaliate by hitting Iran's crude industry. ET:The market was also disappointed that Chinese officials did not announce any new stimulus plans at a press briefing Tuesday. In early September, oil prices hit their lowest level since December 2021.

Persons: Tamas Varga, Israel, Phil Flynn Organizations: Iran, Price Futures Locations: Israel, Iran, China

☆ U.S. crude oil rises a fifth day, tops $77 per barrel, as Pentagon sends more forces to Middle East
▼ + stars: | 2024-08-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil topped $77 per barrel on Monday, rising for the fifth day as the Pentagon dispatched more forces to the Middle East in anticipation of an Iranian attack on Israel. Defense Secretary Lloyd Austin ordered a carrier strike group, including F-35 warplanes, to accelerate its deployment to the region. Austin also ordered a guided-missile submarine to the Middle East. Here are Monday's energy prices:Israel has been preparing for strikes by Iran and the Hezbollah militia for nearly two weeks, after the assassination of a Hamas leader in Tehran. U.S. crude oil is trading higher even as OPEC lowered its global demand growth forecast by 135,000 barrels per day, citing softening consumption in China.

Persons: Lloyd Austin, Austin, Phil Flynn Organizations: Pentagon, Israel . Defense, UBS, Price Futures Group, Bank of Japan Locations: Israel, Iran, Tehran, China

☆ U.S. oil falls below $83 as war fears ease after Israel refrains from immediate Iran counterattack
▼ + stars: | 2024-04-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures were mixed Thursday after a selloff earlier in the week as traders discounted fears of a war between Israel and Iran that could disrupt crude supplies. The West Texas Intermediate contract for May delivery added 4 cents, or 0.05%, to settle at $82.73 a barrel. U.S. crude oil had gained nearly 1% to a session high of $83.47 before pulling back. Oil sold off more than 3% Wednesday as Israel has refrained so far from striking back against Iran for the Islamic Republic's unprecedented weekend air assault, reducing fears of a major war in the Middle East. U.S. crude oil and the global benchmark have fallen below the prices reached after Israel's airstrike against Iran's diplomatic compound in Damascus, Syria at the start of the month, the event that triggered the current round of hostilities.

Persons: Brent, we've, Phil Flynn Organizations: The West Texas Intermediate, Oil, Price Futures Group, Israel's Locations: Israel, Iran, The, Damascus, Syria

☆ U.S. crude oil falls 4% as Saudi price cut heightens global demand worries
▼ + stars: | 2024-01-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

An employee in a branded helmet is pictured at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. U.S. crude oil declined 4% on Monday after Saudi Arabia slashed its prices, raising renewed worries that the market is oversupplied at the same time as demand is weakening. The Saudi price cut comes amid persistent market weakness due in large part to record U.S. crude production and softening demand in China. Maybe the landing might not be so soft," Phil Flynn of The Price Futures Group wrote on Monday. U.S. crude exports also rose by more than 1 million barrels per day to 5.2 million barrels per day in the same period.

Persons: Brent, Phil Flynn, Flynn, Antony Blinken, Bob Yawger, Yawger Organizations: West Texas Intermediate, Saudi Aramco, OPEC, The Price Futures, Mizuho, CNBC PRO Locations: Saudi Aramco, Abqaiq, Saudi Arabia, Saudi, China, ., Iran, Lebanon, Strait, Hormuz, U.S, Riyadh

☆ U.S. crude declines as skepticism mounts over OPEC+ cuts
▼ + stars: | 2023-11-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. crude declined Thursday, erasing early gains, as traders grew more convinced that OPEC+, a group composed of OPEC plus its oil-producing allies, will not deliver on promised output cuts. Riyadh agreed to extend its voluntary production cut of 1 million barrels per day, a source in the Energy Ministry told the Saudi Press Agency. Iraq is cutting by 223,000 bpd, the United Arab Emirates 163,000 bpd, Kuwait 135,000 bpd, Kazakhstan 82,000 bpd, Algeria 51,000 bpd and Oman 42,000 bpd. OPEC+ has a major problem when it comes to cohesion and compliance on output cuts, said John Kilduff of Again Capital. "They have their hands full and to me it's not going to prove to be a winning strategy for them," he said of the output cuts.

Persons: Brent, Alexander Novak, Phil Flynn, Flynn, John Kilduff, Kilduff, CNBC's, it's Organizations: West Texas Intermediate, Energy Ministry, Saudi Press Agency, United Arab Emirates, Traders, Price Futures, U.S, OPEC, CNBC PRO Locations: OPEC, Saudi Arabia, Riyadh, Iraq, Kuwait, Kazakhstan, Algeria, Oman, Russia, Asia, China

☆ U.S. crude oil fell into a bear market this week and could head lower as China 'haunts the market'
▼ + stars: | 2023-11-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

U.S. crude oil prices entered a bear market this week, down 22% from September highs as traders wrangle over whether the spiral is driven by market fundamentals or just speculation. Phil Flynn, an oil market analyst with the Price Futures Group, said hedge funds have piled into short positions. There is still some "grind lower" in prices in store unless more positive data comes out of China, he said. If prices keep falling, the U.S. will slip from record production because shale producers will have trouble making money and stop investing, he said. The group has blamed speculators for the recent selloff and insisted market fundamentals are strong with China demand healthy.

Persons: Leo Mariani, Roth MKM, Phil Flynn, John Kilduff, Flynn, Kilduff, Matt Maley, Miller, Daniel Yergin, Yergin, Brent, — CNBC's Pippa Stevens Organizations: West Texas, Brent, Price Futures, Energy Information Agency, Again, Traders, P Global, Organization of, Petroleum, UBS, OPEC Locations: China, U.S, Canada, Brazil, Guyana, East, Israel, Persian, Hormuz

☆ U.S. crude prices fall nearly 4% as inventories rise amid demand worries
▼ + stars: | 2023-11-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. U.S. crude prices fell nearly 4% on Thursday as inventories rose while industrial production fell. U.S. crude inventories rose by 3.6 million barrels last week while production held steady at a record 13.2 million barrels per day, according to data released by the Energy Information Agency Wednesday. Phil Flynn, an oil expert with the Price Futures Group, said slower industrial production combined with increased supply are playing into the slowing demand theory. OPEC said China's crude imports remain healthy, rising by 11.4 million barrels per day in October.

Persons: Phil Flynn, Flynn Organizations: Cushing , Oklahoma ., West Texas Intermediate, Brent, Energy Information Agency, United Auto Workers, Federal Reserve, Price Futures, National Bureau of Statistics, of Petroleum, International Monetary Fund, OPEC Locations: Cushing , Oklahoma, Cushing , Oklahoma . U.S, China

☆ Oil is struggling this week but could be primed for a near-term bounce, analysts say
▼ + stars: | 2023-11-10 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices may be due for a pop after their recent struggles, according to two analysts. International benchmark Brent is down 3.7% this week, while U.S. West Texas Intermediate futures have lost nearly 4%. Flynn said virtually everyone in the market right now is short oil futures. "You could easily mount a recovery here because we're probably the most oversold in a year in the market," said Flynn. OPEC+ will meet in two weeks and could take action to defend prices while there's still a low risk of regional war.

Persons: Phil Flynn, Flynn, we're, Hossein Amir, Abdollahian, Qatar's Sheikh Mohammed bin Abdulrahman, Maximilian Layton, there's, Layton Organizations: Brent, U.S, West Texas, Price Futures, Iranian, Iran's Press, Citi Locations: Europe, China, Qatar's Sheikh Mohammed bin Abdulrahman Al Thani, Gaza, OPEC, Israel, Iran

☆ Why orange juice futures are spiking
▼ + stars: | 2023-08-09 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

New York CNN —Orange juice futures are hitting record highs because of bad weather and a nasty citrus disease. “Record-high orange juice prices in 2023 are a consequence of a very tight market, with smaller-than-expected production and low inventories,” he added. Spiking futures prices could mean higher prices at the grocery store, he said. On Walmart’s website, a 52-ounce bottle of Tropicana Original orange juice currently goes for about $4. Shoppers may not tolerate prices getting any higher, especially when they don’t see orange juice as a staple.

Persons: ”, Billy Roberts, Hurricanes Ian, Nicole, Chandan Khanna, Citrus, Mathew Joyner, Roberts, “, Andrés Padilla, Jack Scoville Organizations: New, New York CNN, OJ, Hurricanes, Getty, US Department of Agriculture, Citrus Mutual, Rabobank, Price Futures Group, Bureau of Labor Statistics Locations: New York, Florida, America, Brazil, Mexico, United States

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