By Tom Whipple, Steve Andrews, Peak-Oil.org
Prices climbed for the first three trading days last week on the perception that oil supplies were tightening due to the OPEC+ cuts, the US sanctions on Iran and Venezuela, and a 9.6-million-barrel decline in US crude stocks.
By Tom Whipple, Steve Andrews, Peak-Oil.org
The struggle between a weakening global economy and the shrinking availability of oil supplies seems to be tipping in favor of the latter as oil prices slowly make their way higher.
By Tom Whipple, Peak-Oil.org
The struggle between declining economic growth and falling oil supplies continued to affect oil prices last week. The failure of a significant portion of Venezuela’s electricity grid has already been a significant blow to the country’s roughly 1 million b/d of oil production, and the situation seems likely to get worse.
By Tom Therramus, oil-price.net
All was calm when I predicted in February 2018 at oil-price.net that mid-June 2018" would see an upsurge in oil price volatility. Four months later, on June 26 2018, a volatility spike in West Texas Intermediate crude oil spot price marked the beginning of the turbulent phase in the oil markets that we are now experiencing.
By Tom Whipple, Steve Andrews, Peak-Oil.org
The struggle between lower crude output and the prospects for a global economic setback that could reduce the demand for oil continued last week. Prices rose on bullish news early in the week and then fell to close only slightly higher for the week at $55.80 in New York and $65.07 in London.
By Tom Whipple, Peak-Oil.org
Brent crude futures briefly touched $67.73 a barrel on Friday, their 2019 high. The London contract then fell 5 cents to settle at $67.12 a barrel while US futures US gained 30 cents to settle at $57.26 per barrel, after hitting $57.81 earlier in the day.
By Tom Whipple, Peak-Oil.org
Prices moved higher last week as the markets perceived that production problems in Venezuela and elsewhere might outweigh any decline in demand that could take place if global economic growth slows.
By Tom Whipple, Steve Andrews, Peak-Oil.org
Oil prices have moved very little in the past month closing on Friday at $52.72 in NY and $62.10 in London or about where they were in the first week of January.
By Tom Whipple, Steve Andrews, Peak-Oil.org
Oil prices continue to hover in the low $50s in the US and low $60s in London – about where they have been since early January.
By Tom Whipple, Peak-Oil.org
Oil prices continue to climb steadily closing up about $3-4 a barrel by the end of last week. Behind the move are concerns that US shale oil production this year may not be as strong as forecast; lower OPEC production; and reports that the US and China are making progress towards ending their trade war.