By Tom Whipple, Steve Andrews, The Energy Bulletin
Prices edged up to the highest since March last week on a larger-than-expected inventory draw, a slightly improved US jobs report, and hopes for a new stimulus package from Washington.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Oil posted a small gain in July, boosted by a steadily weakening dollar and OPEC’s restraint. Deep output curbs by OPEC+ have helped futures rebound from their plunge below zero in April, yet the unprecedented cuts will ease this month.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Oil edged higher last week with a weaker dollar overshadowing signs of a slowing global economic recovery. The dollar weakening to the lowest since January boosted the appeal of commodities priced in dollars.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Oil prices edged lower on Friday as concerns increased about the surge in coronavirus cases sapping fuel demand while major crude-producing nations report sharp increases in output.
By Tom Whipple, Steve Andrews, The Energy Bulletin
The resurgence of coronavirus cases in parts of the world is “casting a shadow” over the oil market’s nascent recovery, the International Energy Agency warned last week.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Crude hit four-month highs on Thursday, aided by a tightening market and a better-than-expected US jobs report. The caveat is that the jobs survey took place before the latest Covid-19 wave and the associated business closures.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Oil posted its second weekly loss for the month as a surge in US coronavirus cases casts doubts on the market’s prospects for recovery. New York futures closed at $38 and London at $41 on Friday.
By Tom Whipple, Steve Andrews, The Energy Bulletin
New York oil futures rose 2.3 percent on Friday to close at $39.75, the highest level since March 6th. The 9.6 percent increase for the week marks the seventh gain in the last eight weeks.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Oil futures fell by some 8 percent last Thursday, before closing out a quiet Friday at $36.26 in New York and $38.73 in London. Over the previous six weeks, prices have been climbing due to the OPEC+ and US shale production cuts, and the easing of pandemic lockdowns in China, Europe, and North America.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Oil prices posted a sixth weekly gain in London, more than doubling to $42.30 a barrel since April as demand recovers from the lockdowns. NY futures closed at 39.55 on Friday, up $2.14 for the day.
By Tom Whipple, Steve Andrews, The Energy Bulletin
Futures were volatile last week with prices bouncing between $31 and $35 a barrel in response to the latest news. Oil closed out May on Friday with a record monthly gain of 88 percent on hopes demand for oil would continue to rise as economies reopen and crude production continues to fall.
By Tom Whipple, Steve Andrews, The Energy Bulletin
The four-week run of climbing crude prices continued through Wednesday, but prices fell on Thursday and Friday as doubts arose over the prospects for China’s economy and rising tensions with the US over the virus, the trade deal, and Hong Kong.