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☆ U.S. crude oil trades near a three-week high after rally fueled by Israel-Iran tension
▼ + stars: | 2024-08-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil prices traded close to a three-week high Tuesday, after rallying on Monday in anticipation of an attack by Iran against Israel that could play havoc with Mideast production and transportation. Here are Tuesday's energy prices:"These risks remain low-probability events, which helps explain the modest increase in prices," Gloystein wrote. But prices eased slightly Tuesday as a strike by Iran had not yet materialized. Rob Ginsberg, managing director at Wolfe Research, said U.S. crude could rise above a resistance level of $84 per barrel. "Once out, mid to high $90s isn't crazy," Ginsberg said.

Persons: Henning Gloystein, Gloystein, Rob Ginsberg, Ginsberg Organizations: Eurasia Group, International Energy Agency, OPEC, U.S, Wolfe Research Locations: Iran, Israel, Hormuz, Brazil, Canada, Guyana, China

☆ Oil prices ease as markets refocus on demand worries
▼ + stars: | 2024-08-13 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China. Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China. Global benchmark Brent crude futures dipped 41 cents, or 0.5%, lower to $81.89 a barrel at 0005 GMT. U.S. West Texas Intermediate crude futures fell to $79.63 a barrel, down 43 cents, or 0.5%. Brent had gained more than 3% on Monday, while U.S. crude futures had risen more than 4%.

Persons: Brent, John Kirby, CME's Organizations: Brent, . West Texas, of, Petroleum, White House, Wednesday's, U.S Locations: China, Iran, United States

☆ 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

☆ Falling commodity prices are indicating there is trouble brewing with the economy
▼ + stars: | 2024-08-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Commodity prices have tumbled over the past month, signaling underlying weakness in the global economy despite the U.S. stock market bouncing back from recession fears. But commodity markets may be telling a different story about the global economy. The Invesco DB Base Metals Fund is down more than 7% over the past month, while crude oil futures dropped 14% from July 5 through Aug. 5. @HG.1 YTD mountain Copper futures, YTD Weakness in China, the world's second-largest economy, is weighing on copper and oil in particular, Melek said. OPEC on Monday lowered its global oil demand growth forecast this year by 135,000 barrels per day as expectations in China have softened.

Persons: Rob Ginsberg, Ginsberg, Bart Melek, DBB @HG, We've, Melek, I'm Organizations: U.S, Investors, Invesco DB Base Metals, Wolfe Research, TD Securities, DBB, Metals, Copper, CNBC, Global, Beijing, European Union, World Trade Organization, Federal Reserve, Securities Locations: U.S, China, Beijing, Jackson Hole , Wyoming

☆ OPEC+ must maintain supply discipline and keep voluntary cuts in place: Economist
▼ + stars: | 2024-08-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC+ must maintain supply discipline and keep voluntary cuts in place: EconomistVivek Dhar, director and mining and energy economist at CBA, says should happen "at least till the end of this year."

Persons: Vivek Dhar Organizations: CBA

☆ Oil prices surge as US rushes forces to the Middle East ahead of a possible attack by Iran
▼ + stars: | 2024-08-12 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +2 min

Oil prices spiked on Monday as tensions flared in the Middle East. WTI crude oil and Brent crude were up over 3.6% and 2.86%, respectively. AdvertisementUS and international oil prices are surging as tensions in the Middle East simmer ahead of a potential attack by Iran against Israel. The rise in oil prices comes as Israel prepares for potential attacks from Iran, sources told the Wall Street Journal. Even before the latest production record, the Energy Information Administration announced in March that the US produces more crude oil than any other country.

Persons: Brent, —, Israel, Ismail Haniyeh Organizations: Service, Israel . West Texas, Wall Street Journal, Pentagon, Energy Information Administration Locations: East, Israel, Tehran, Iran, Beirut, OPEC

☆ Crude oil futures fall for fourth day as recession fears outweigh rising Middle East tensions
▼ + stars: | 2024-08-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil futures fell for the fourth session in a row Tuesday, as recession fears continue to overshadow the risk of a major escalation in the Middle East. U.S. crude oil closed at a six-month low on Monday, after equity markets sold off on fears that the U.S. economy might tip into a recession. The fear of a U.S. recession has hit oil markets as traders were already worried already about lackluster demand in China, the world's second-largest economy. Here are Tuesday's energy prices:Oil markets have sold off despite the growing risk of major escalation in the Middle East. The oil market has largely looked past geopolitical tensions in the Middle East as crude supplies have not faced any major disruption.

Persons: Ismail Haniyeh, Daniel Yergin Organizations: Dow Jones Industrial, NBC, P Global Locations: East, U.S, China, Israel, Iran, Tehran, Iraq

☆ Global market sell-off raises the prospect of an emergency OPEC meeting, analyst says
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal market sell-off raises the prospect of an emergency OPEC meeting, analyst saysAndy Critchlow, head of news in EMEA for S&P Global Platts, discusses the outlook for oil prices and says OPEC could be forced to hold an emergency meeting if stock market volatility persists.

Persons: Andy Critchlow, P Global Platts Organizations: Email Global, P Global

☆ Oil prices climb more than $1 on fear of spreading Middle East conflict
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: +2 min

Oil prices climbed more than $1 on Tuesday, paring the previous day's loss as concern that an escalating Middle East conflict could hit supplies outweighed fear of a possible U.S. recession that could hurt demand in the world's biggest oil consumer. Oil's slide was limited by worry that Iranian retaliation for the assassination of a Hamas leader in Tehran may lead to a wider war in the Middle East. "Increased fear of escalating Middle East conflict prompted fresh buying," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities . "The market has largely factored in a retaliatory attack by Iran so the focus is on its scale and Israel's counterattack," Kikukawa said. If the conflict escalates, oil prices will rise, but if it is contained in the short term - as it was in April amid similar escalation fear - gain will be limited, he said.

Persons: paring, Hiroyuki Kikukawa, Kikukawa, Antony Blinken, Masoud Pezeshkian, Vladimir Putin Organizations: Brent, U.S, West Texas, NS, Nissan Securities, State Department, Reuters, OPEC Locations: Fort Stockton , Texas, Tehran, Iran, Israel, U.S, Iraq, Russia, Venezuela

☆ Don't see OPEC increasing output into this market, says RBC's Helima Croft
▼ + stars: | 2024-08-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDon't see OPEC increasing output into this market, says RBC's Helima CroftHelima Croft, RBC Capital Markets global head of commodity strategy, joins 'Squawk Box' to discuss the state of the energy markets, oil production outlook, impact of Middle East tensions, and more.

Persons: RBC's Helima Croft Helima Croft Organizations: RBC Capital Markets

☆ Oil hovers at 8-month lows as U.S. recession fears offset Mideast tensions
▼ + stars: | 2024-08-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices hovered at eight-month lows on Monday as fears of a recession in the United States, the world's top oil consumer, offset concerns that escalating tensions in the Middle East may affect supplies from the largest producing region. The market had been expecting OPEC+ to delay the phase out of voluntary production cuts beyond the third quarter, ANZ analysts said. A Reuters survey showed on Friday that OPEC oil output rose in July despite production cuts by the group. Weak economic data across the globe weighed on oil prices, on concerns that a sluggish global economic recovery would dampen fuel consumption. Slumping diesel consumption in China, the world's biggest contributor to oil demand growth, is weighing on global oil prices.

Persons: Ismail Haniyeh, Fuad Shukr, WTI, Baker Hughes Organizations: New Harmony Oil, Brent, U.S, West Texas, Hezbollah, ANZ, Organization of, Petroleum, Reuters Locations: Grayville , Illinois, United States, Gaza, Cairo, Israel, Iran, Lebanese, East, Brent, U.S, Russia, China, Europe

☆ U.S. recognizes Maduro's opponent as winner in Venezuela election
▼ + stars: | 2024-08-02 | by ( ) www.cnbc.com time to read: +1 min

President of Venezuela Nicolas Maduro rises his hand during a mass gathering convene by supporters on July 18, 2024 in Caracas, Venezuela. The United States on Thursday recognized Venezuelan President Nicolas Maduro's opponent and opposition candidate Edmundo Gonzalez as the winner of Venezuela's disputed presidential election, rejecting Maduro's claim of victory. The announcement from Washington did not go beyond congratulating him for a "successful campaign," the closest the U.S. has come since Sunday's contested election to recognizing Gonzalez as the OPEC nation's new leader. The dispute over the presidential election results has sparked protests in Venezuela. Venezuela's electoral council proclaimed Maduro, who has been in power since 2013, the winner of the July 28 election with 51% of the vote.

Persons: Venezuela Nicolas Maduro, Nicolas Maduro's, Edmundo Gonzalez, Venezuela's, Edmundo Gonzalez Urrutia, Antony Blinken, Sunday's, Gonzalez, Maduro Organizations: OPEC Locations: Venezuela, Caracas, United States, Venezuela's, Washington, U.S

☆ OPEC+ unlikely to increase oil production: S&P Global
▼ + stars: | 2024-08-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC+ unlikely to increase oil production: S&P GlobalHerman Wang, managing editor of OPEC and Middle East news at S&P Global, discusses the outlook for the upcoming OPEC+ meeting.

Persons: Herman Wang Organizations: P, Middle, P Global

☆ U.S. crude oil breaks $78 per barrel as fears of war between Iran and Israel grow
▼ + stars: | 2024-08-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil futures broke above $78 per barrel Thursday on fears that Israel and Iran are heading to a direct conflict after the assassination of a Hamas leader in Tehran. Iran Supreme Ayatollah Ali Khamenei has ordered a direct strike on Israel in response to the assassination of Hamas political leader Ismail Haniyeh, three Iranian officials told the New York Times. Khamenei ordered the direct strike at an emergency meeting of Iran's national security council Wednesday morning after Haniyeh was killed, the officials told The Times. Iran and Israel traded direct strikes in April, pushing oil prices to the highest point of the year, but they enemies ultimately pulled back from a full-scale war. The rising tensions come as an OPEC+ committee is meeting Thursday to review members' production quotas.

Persons: Ali Khamenei, Ismail Haniyeh, Haniyeh, Khamenei, Yemen's, Helima Croft, Croft Organizations: New York Times . West Texas, Times, Reuters, RBC Capital Markets Locations: Israel, Iran, Tehran, Iraq, Gaza

☆ Oil claws back some losses after Israel retaliates against Hezbollah
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: +2 min

Oil futures clawed back some losses on Wednesday, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by Hezbollah, although prices remained under pressure from concerns about demand in China. Oil futures clawed back some losses on Wednesday, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by Hezbollah, although prices remained under pressure from concerns about demand in China. U.S. West Texas Intermediate crude futures rose 52 cents, or 0.7%, to $75.25 a barrel. "While (WTI) crude oil remains below the 200-day moving average at $78.66, downside risks remain towards trendline support in the $74.20/00 area," Sycamore said, adding that a sustained break below $74 would open up a move towards $70. Slowing fuel demand in China, the world's largest crude oil importer and the biggest contributor to global demand growth, is also weighing on oil markets.

Persons: Israel, Brent, WTI, Hezbollah's, Tony Sycamore, Sycamore Organizations: Brent, . West Texas, Saturday's, U.S, UN, Organization of, Petroleum, Reuters Locations: China, Beirut, Israel, Gaza, OPEC, Russia

☆ Oil prices fall as trader unfazed by Israel-Hezbollah escalation
▼ + stars: | 2024-07-29 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Smoke billows following an Israeli airstrike in the southern Lebanese border village of Chihine on July 28, 2024. Crude oil futures fell on Monday as traders appeared unfazed by the risk of widening war between Israel and the Iran-backed militia Hezbollah. Here are today's energy prices:Middle East tensions pushed oil prices higher in the spring, but the market's reaction to events in the region have been muted since then in the absence of an actual risk to oil supplies. Analysts have warned that a war between Israel and Hezbollah could lead to a direct confrontation with OPEC member Iran, which backs the militia group. Oil prices have pulled back recently on worries about the health of China's economy.

Persons: Israel, Benjamin Netanyahu's, John Evans Organizations: Hezbollah Locations: Lebanese, Chihine, Israel, Iran, Lebanon, Golan

☆ The US will be an oil production powerhouse through at least 2026, Goldman Sachs says
▼ + stars: | 2024-07-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

US oil production will be "robust" for at least the next 18 months, Goldman Sachs said. AdvertisementAmerica's oil production boom will last for at least the next 18 months, according to Goldman Sachs. Analysts said they expect oil production in the Permian Basin to remain strong through the end of 2026, despite crude oil production slowing slightly from its rapid pace in 2023. Oil production will keep growing, just at a slower clip in the coming years, the bank said. Oil prices have risen this year as markets took in supply cuts from OPEC+ and escalating geopolitical tension in the Middle East.

Persons: Goldman Sachs, —, Yulia Grigsby Organizations: Service, Analysts, US, US Energy Information Administration, West Texas, Goldman Sachs Research, International Energy Agency Locations: —, East

☆ Abu Dhabi is an oil powerhouse, but it also wants to be a climate tech hub
▼ + stars: | 2024-07-25 | by ( Amy Gunia | ) edition.cnn.com time to read: +6 min

Hub71 plans to announce a new cohort later this year, and it says that applications from sustainability and climate tech startups have doubled since the last intake. “Abu Dhabi is starting to forge ahead as a leading tech cluster for climate in the region,” she said. That Abu Dhabi has thrown its weight and oil wealth behind climate tech is a key attraction for Graphmatech. “To scale up climate tech you need financial support,” Dr Mamoun Taher, its founder and CEO, told CNN. His company has engaged in discussions with key stakeholders in Abu Dhabi, including oil and gas companies.

Persons: Abu, ” Ahmad Ali Alwan, Abu Dhabi, Abu Dhabi’s, Patricia Keating, Karim Sahib, Dr Mamoun Taher, “, “ Abu Dhabi, Taher, ” Organizations: CNN, Mubadala Investment Company, United, Organization of, Petroleum, OPEC, P, PwC, Companies, Sweden’s Uppsala University, Getty, UAE, Emirates Steel, Adnoc, Siemens Energy, Abu, Abu Dhabi National Energy Company Locations: Abu Dhabi, wean, UAE, United Arab Emirates, Dubai, Abu, AFP, “ Abu, United States, Australia, Masdar

☆ Russian oil exports drop to lowest in 7 months amid OPEC cuts and sanctions
▼ + stars: | 2024-07-23 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +2 min

Oil exports from Russia dropped to their lowest level in seven months. Crude oil exports peaked in April and have fallen 620,000 barrels a day since. AdvertisementRussian oil exports have dropped to the lowest levels since December. The drop in exports of Russian crude oil also comes amid recent sanctions from Ukraine against Russian oil supplier Lukoil, which has diverted some oil flows to European countries like Hungary and Slovakia. Those sanctions are driving refiners in some countries, like those in India, to refuse deliveries of Russian oil.

Persons: —, Vladimir Putin, Pipes Organizations: Service, Bloomberg, Lukoil Locations: Russia, Ukraine, Primorsk, Ust, OPEC, Hungary, Slovakia, India

☆ Oil drops on weak sentiment, set for weekly decline
▼ + stars: | 2024-07-19 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked higher on Thursday, buoyed by a bigger-than-expected weekly decline in U.S. crude stocks. Oil prices fell on Friday, setting up for a second weekly decline, as mixed economic signals weighed on investor sentiment and boosted the dollar. Brent crude prices fell by 51 cents, or 0.6%, to $84.50 a barrel by 0035 GMT. "Crude oil was under pressure amid a broader risk-off tone across markets," Hynes said. Oil prices found some support in the prior two sessions after the U.S. government reported a bigger-than-expected weekly decline in oil stockpiles.

Persons: Daniel Hynes, Hynes, Brent, WTI, FGE Organizations: Brent, . West Texas, U.S, ANZ, Reuters

☆ U.S. oil holds to gains after three weeks of crude inventory declines
▼ + stars: | 2024-07-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. oil futures edged slightly lower on Thursday after jumping 2.6% in the previous session as crude inventories fell for the third week in a row. U.S. commercial crude inventories fell by 4.9 million barrels last week, though gasoline stocks rose by 3.3 million barrels and motor fuel demand weakened by 615,000 barrels per day. Here are today's energy prices:Falling oil inventories, geopolitical tensions in the Middle East, seasonal demand and expectations of lower interest rates have all coincided to push oil prices higher in recent weeks, Bart Melek, head of commodity strategy at TD Securities, told clients in a note late Wednesday. "However, we don't expect the current rally to be sustained," Melek said. But the market will be volatile as hurricanes, uncertainty in the Middle East, policy in China, and statements from OPEC all have the to potential to move prices, according to Melek.

Persons: Bart Melek, Melek, Brent Organizations: TD Securities, West Texas Intermediate Locations: China

☆ Oil prices tick down on worries about Chinese demand
▼ + stars: | 2024-07-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged lower on Tuesday on worries about a slowing Chinese economy crimping demand, though a growing consensus that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September limited declines. Brent futures fell 9 cents, or 0.1%, to $84.76 a barrel by 12:21 GMT, while U.S. West Texas Intermediate crude dropped 13 cents, or 0.2%, to $81.78. China's economy grew much slower than expected in the second quarter, hamstrung by a protracted property downturn and job insecurity. Lower interest rates decrease the cost of borrowing, which can boost economic activity and oil demand. While crisis in the Middle East has not impacted supply, attacks on ships in the Red Sea has forced vessels to take longer routes, meaning oil remains on the water for longer.

Persons: Brent, Jerome Powell, Alexander Novak Organizations: U.S . Federal Reserve, U.S, West Texas, Organization of, Petroleum Locations: Yemen, Gaza, Russian, OPEC

☆ Oil extends losses as dollar strengthens following Trump attack
▼ + stars: | 2024-07-15 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell for a second day on Monday as the dollar gained ground amid political uncertainty in the U.S. following an attack on U.S. presidential candidate Donald Trump while investors eyed the progress of talks for a Gaza ceasefire. Brent crude futures fell 55 cents, or 0.7%, to $84.48 a barrel by 0109 GMT after settling down 37 cents on Friday. The dollar firmed on Monday while U.S. bond futures slipped as investors wagered the attack on Trump made his victory in the upcoming presidential election more likely. A stronger dollar tends to lower oil prices as buyers using other currencies have to pay more for their dollar-denominated crude. Still, oil markets are broadly underpinned by supply cuts from OPEC+ with Iraq's oil ministry saying it will compensate for any oil overproduction since the beginning of 2024.

Persons: Donald Trump, Trump, Tony Sycamore, Brent, Baker Hughes Organizations: Brent, . West Texas, ., Hamas Locations: Stanton , Texas, U.S, Gaza, China, Beijing, Israel

☆ U.S. crude oil rises for third day, tops $83 per barrel after inflation eases, inventories fall
▼ + stars: | 2024-07-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. crude oil rose 1 % on Friday, topping $83 per barrel as consumer prices eased and inventories fall. The recent oil rally has stalled out with West Texas Intermediate largely flat this week, ahead 0.38%, after booking four-straight weeks of gains. U.S. crude oil and gasoline inventories also fell for the week ended July 5, in a sign that summer fuel demand may be finding some life. OPEC and the International Energy Agency once again sent conflicting demand signals. JPMorgan sees a global oil demand gain of 1.4 million bpd this year.

Persons: John Evans, Brent, Natasha Kaneva, Kaneva Organizations: West Texas, Reserve, JPMorgan, International Energy Agency, Colorado State University Locations: China, Gulf, Hurricane

☆ Energy Aspects: OPEC 'protecting' the floor as oil prices hold above $80 into the summer
▼ + stars: | 2024-07-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy Aspects: OPEC 'protecting' the floor as oil prices hold above $80 into the summerAmrita Sen, founder of Energy Aspects, discusses the outlook for the oil market.

Persons: Amrita Sen Organizations: Energy

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