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Search resuls for: "Robert Yawger"


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☆ Oil slumps $5/bbl to lowest in more than a year as banking fears mount
  + stars: | 2023-03-15 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +3 min
"Nobody wants to go home with a big position on anything today ... you have nowhere to hide really." Both crude benchmarks hit their lowest since December 2021 and have fallen for three straight days. U.S. West Texas Intermediate crude (WTI) was down $4.51, or 6.3%, at $66.84, breaking through technical levels of $70 and $68 and extending the sell off. Wednesday's monthly report from the International Energy Agency provided support by flagging an expected boost to oil demand from China, a day after OPEC increased its Chinese demand forecast for 2023. "We definitely have seen the oil market separate themselves from oil inventories and we’re more focused on a larger meltdown of the global economy," said Phil Flynn, an analyst at Price Futures Group.
☆ Tighter market to push oil prices above $90 in second half of the year: Reuters poll
  + stars: | 2023-02-28 | by ( Deep Kaushik Vakil | ) www.reuters.com   time to read: +3 min
West Texas Intermediate (WTI) U.S. crude was projected to average $83.94 per barrel in 2023, below previous month's $85.40 forecast. Gruenberger expects a 600,000 barrel-per-day (bpd) year-on-year hit to Russian supply from lower domestic intake, weaker demand and slightly lower exports. "China will continue to scoop up Russian product at a discount," said Robert Yawger, energy futures strategist for Mizuho Bank. Reuters GraphicsThe International Energy Agency sees China accounting for almost half of this year's 2 million bpd growth in global oil demand, which could overtake supply after the first half and push producers to reconsider their output policies. Reporting by Deep Vakil in Bengaluru; Editing by Noah Browning and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.
☆ Oil rises 1% in choppy trade on China demand hopes
  + stars: | 2023-02-06 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +2 min
The International Energy Agency (IEA) expects half of this year's global oil demand growth to come from China, the agency's chief said on Sunday, adding that jet fuel demand was surging. A stronger dollar typically reduces demand for dollar-denominated oil from buyers paying with other currencies. Supply concerns continued to affect markets as operations at Turkey's oil terminal in Ceyhan halted after a major earthquake hit the region. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8 while operators assess earthquake damage, a Turkish shipping agent said. However, a preliminary Reuters poll showed that U.S. crude oil stockpiles likely rose by about 2.2 million last week.
☆ Oil prices settle steady on higher U.S. demand, weaker dollar
  + stars: | 2023-01-31 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices closed steady on Tuesday after recovering from a near three-week low, drawing support from a weakening dollar and on data showing that demand for U.S. crude and petroleum products rose in November. The more active second-month Brent contract settled at $85.46 a barrel, up 96 cents or 1%, while the U.S. West Texas Intermediate crude futures settled at $78.87 a barrel, up 97 cents or 1.3%. Crude benchmarks were also supported by a weaker U.S. dollar, UBS analyst Giovanni Staunovo said. However, Tuesday's weakness in front-month Brent prices may cause concern in the group, Yawger said. This widened the contango in the market, which occurs when futures prices show a commodity's price is expected to be much higher in the future.
☆ Oil prices steady after smaller-than-expected U.S. crude build
  + stars: | 2023-01-25 | by ( Shariq Khan | ) www.reuters.com   time to read: +2 min
SummarySummary Companies Smaller-than-expected build in U.S. crude stocksBroader markets weighed by economic slowdown concernsU.S. business activity contracts in JanuaryOPEC+ unlikely to tweak oil policy at Feb. 1 meetingBENGALURU, Jan 25 (Reuters) - Oil prices were largely unchanged on Wednesday, after government data showed a smaller-than-anticipated build in U.S. crude inventories, countering weak economic data from Tuesday. Brent crude was up 25 cents, or 0.3%, to $86.38 a barrel by 1:41 p.m. EST (1841 GMT) after declining 2.3% in the previous session. U.S. West Texas Intermediate crude futures were up 49 cents, or 0.6%, to $80.62 a barrel, after a 1.8% drop on Tuesday. "If we look at crude, the increase in stocks was much smaller-than-anticipated, and that is raising concerns about tightness in supply. On Wednesday, oil prices and broader financial markets were weighed down by data published on Tuesday showing U.S. business activity contracted in January for the seventh-straight month, raising concerns about an economic slowdown.
☆ Oil drops by over $2 per barrel, bogged down by recession fears
  + stars: | 2022-12-16 | by ( ) www.cnbc.com   time to read: +2 min
Brent crude futures fell by $2.17, or 2.7% to $79.04 a barrel. U.S. West Texas Intermediate crude futures slipped $1.82, or 2.4%, to $74.29 a barrel. The U.S. Federal Reserve indicated it will raise interest rates further next year, even as the economy slips toward a possible recession. On Thursday, the Bank of England and the European Central Bank raised interest rates to fight inflation. However, while the Keystone outage is supportive for prices of heavier crude oil grades, it is "doing nothing" for lighter global benchmarks, such as WTI and Brent, said Matt Smith, lead oil analyst at Kpler.
☆ Premarket stocks: Why we think we're in a recession when the data says otherwise
  + stars: | 2022-12-08 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +8 min
New York CNN Business —It seems like you can’t go anywhere these days without colliding headfirst into another ominous prediction of imminent recession. But hidden behind those “CEO PREDICTS RECESSION” headlines lies a lot of uncertainty. “If I didn’t watch CNBC in the morning, the word ‘recession’ wouldn’t be in my vocabulary,” he said. “You just can’t see it in our data.”It’s almost as though Kirby predicted recession was imminent because other prominent voices predicted that recession was imminent. More than 10,000 ambulance workers represented by the GMB Union will strike again on December 28.
☆ US oil plunges below $75 for first time since just before Christmas
  + stars: | 2022-12-06 | by ( Matt Egan | ) edition.cnn.com   time to read: +3 min
The sharp drop in oil prices the past two days is mostly good news for consumers, signaling prices at the gas pump should continue their recent plunge. The European Union imposed a ban on seaborne oil imports from Russia on Monday, while the West placed a $60 cap on Russian oil. “Russia oil is still on the market. The oil cartel on Sunday announced plans to stick to its oil production cuts rather than taking steps to take more supply offline. Recession fears continue to rattle financial markets, including not just oil markets but the stock market.
☆ U.S. oil and gas rig count edges up in Oct as drilling steadies - Baker Hughes
  + stars: | 2022-10-28 | by ( Scott Disavino | Thomson Reuters | Covers The North American Power | ) www.reuters.com   time to read: +2 min
The oil and gas rig count, an early indicator of future output, fell three to 768 in the week to Oct. 28, energy services firm Baker Hughes Co said in its closely followed report on Friday. , ,Despite this week's rig decline, Baker Hughes said the total count was still up 224, or 41%, over this time last year. U.S. oil rigs fell two to 610 this week, while gas rigs decreased one to 156, their lowest since July. For the month, drillers added three rigs, after activating six oil rigs and cutting three gas rigs. That was the first monthly decrease in gas rigs since August 2021.
☆ U.S. oil refinery run-rates could top 90% for 3rd quarter in a row
  + stars: | 2022-09-28 | by ( Erwin Seba | ) www.reuters.com   time to read: +4 min
This year's final quarter, however, could see operators hold production rates high to grab strong diesel margins, they said. The forecast excludes the potential impact of a major hurricane striking the U.S. Gulf Coast, home of nearly half the nation's oil refining. U.S. crude oil capacity is down nearly 1 million barrels per day since early 2020, to 17.9 million barrels per day (bpd). At the same time, inventories fell to 117.3 million barrels, down 12 million barrels from the same week a year ago. “They’re trying to make more distillate.”Holding runs above 90% runs the risk of further eroding gasoline margins.
☆ Oil plunges below $80 to eight-month low as recession fears mount
  + stars: | 2022-09-23 | by ( Matt Egan | ) edition.cnn.com   time to read: 1 min
New York (CNN) Recession fears are slamming the oil market, with crude tumbling on Friday below $80 a barrel for the first time since January. Oil tumbled as much as 5.7% to $78.73 a barrel on Friday -- the lowest intraday level since January 11. Investors are concerned about the Federal Reserve's campaign to get inflation under control by delivering punishing interest rate hikes designed to slow down the US economy. "They're purposely sending this economy towards recession," said Robert Yawger, vice president of energy futures at Mizuho Securities.
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