Oil rig counts in the U.S. rose for the first time since December 2014 last week, which could impact year-end price targets.» Read More
It’s been a news-heavy week for oil markets, with the International Energy Agency publishing its monthly oil market report following OPEC’s forecasts and comments by senior oil officials earlier in the week.
CNBC's Bertha Coombs discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow.
The recent fall in the price of oil has been partly caused by speculation in the oil market, Abdalla Salem El-Badri, Secretary-General of the Organization of the Petroleum-Exporting Countries (Opec), told CNBC Tuesday.
WTI lagged behind the rest of the complex last week but made up for it with gusto yesterday. October contract prices surged to their highest point in almost two weeks to settle 2.23% higher at 87.27.
Not to marginalize the loss of life and property in the wake of Hurricane Irene, but, based as a function of media hype, this weekend’s storm along the eastern seaboard was a dud.
Post-Gaddafi Libya could begin pumping oil in the next few months, as rebels secured oil infrastructure around Tripoli and edged closer to taking complete control of the country. However, oil markets are shifting their attention to concerns that the US might undertake further fiscal stimulus.
Concerns about a double dip have always been on the backburner, but rarely have pundits been so vocal with concerns regarding QE3, domestic unemployment, the housing market, and debt concerns out of Spain.
Oil companies are understood to be preparing to move back into the North African country, which used to pump 1.6 million barrels per day before the uprising against Muammar Gaddafi's government began six months ago.
According to various newswire reports, Venezuelan President Hugo Chavez plans to nationalize his country’s gold mining industry and repatriate 211 tons in gold reserves from North American and European banks.
The White House confirmed that President Obama is preparing a “jobs proposal‟ which he intends to introduce to the public as soon as gets back from his vacation on Martha’s Vineyard (he’s waited 31 months, what’s another couple of weeks?).
Gold futures surged to a record close yesterday. Open interest in the contract for December delivery stood at 360,671 contracts as of last night and the market settled at a record $1,785 an ounce.
Will a flattening of the yield curve on U.S. Treasurys give a boost to oil prices? In some respects, it already has.
Welcome Back, Carter. Confidence amongst consumers in the U.S. plunged in August to the lowest level since the dying days of the Carter Administration. The University of Michigan’s preliminary index of consumer sentiment dropped by nearly 9 points, or 14% to 54.9.
We are now halfway through the second phase, i.e., the dog days phase, of the summer natural gas refill-season in the U.S. As noted last month in The Schork Report, this phase of the season produces the lowest injections of the cycle as peak a/c demand siphons off molecules through July and August.