By Tom Whipple, Steve Andrews, Peak-Oil.org
US futures fluctuated between $56 and $57.50 last week as stockpiles rose, the rig count dropped, and hopes for a breakthrough in the US-China trade negotiations kept coming and going. Brent rose above $63 a barrel on Thursday after China hinted at progress towards a trade deal with the United States.
By Tom Whipple, Steve Andrews, Peak-Oil.org
On Wednesday, the price of oil came under pressure after the EIA reported a crude oil inventory build of 5.7 million barrels for the week to October 25. Analysts had expected a much smaller build of 729,000 barrels after a 1.7-million-barrel draw interrupted a string of five weekly inventory builds.
By Tom Whipple, Steve Andrews, Peak-Oil.org
Prices were up about $2 last week on an unexpected drawdown in US crude stocks and rumors that OPEC+ is considering another production cut. Forecasters see a supply glut continuing in 2020 due to slowing economies and growth in US shale oil production.
By Tom Whipple, Steve Andrews, Peak-Oil.org
Oil prices slipped last week with Brent down 1.8 percent to close at $59.42. WTI closed $53.82, down 1.7 percent. Concerns increased about China’s economy, which slowed to 6 percent year-over-year growth in the third quarter, the slowest growth in 27-1/2 years.
By Tom Whipple, Steve Andrews, Peak-Oil.org
Oil prices rose 2 percent on Friday after the US and China seemed to hammer out a trade deal that postponed tariffs. However, after studying the details – or lack thereof – investors lost much of their enthusiasm.
By Tom Whipple, Peak-Oil.org
The US oil and gas rig count fell by eight this week, according to Baker Hughes, adding to months of losses, as US oil production falls to its lowest level since October 2018.
By Tom Whipple, Peak-Oil.org
After six days of steady price drops that took prices down about $5 a barrel, oil rebounded about 1 percent on Friday. The rebound came on news that Iran had seized a British registered tanker while sailing in Omani waters through the Straits of Hormuz.
By Tom Whipple, Peak-Oil.org
The storm in the Gulf of Mexico and geopolitical tensions in the Middle East pushed New York oil futures above $60 a barrel last week, with NY closing at $60.31 and Brent at $66.86.
By Tom Whipple, Steve Andrews, Peak-Oil.org
Concerns about the weakening global economy and oil demand growth trumped Middle Eastern tensions and the OPEC+ rollover of the production cuts into 2020, sending oil prices lower for most of last week.
By Tom Whipple, Steve Andrews, Peak-Oil.org
After a week of rampant speculation about what could happen at the G20 summit that would affect oil prices, the announcement on Saturday that the US and China have agreed to keep the current tariffs in place for now and would resume trade negotiations left the situation about where it has been for months.