Alastair Newton, Senior Political Analyst at Nomura, says there's no clear direct threat to oil supply so markets should be taking a more measured view on the issue.» Read More
Bahrain began its highly-anticipated National Dialogue this week in an effort to restore confidence both domestically and internationally that the Kingdom is committed to working through issues that sparked unrest within its borders in mid-February.
Venezuelan President Hugo Chavez's appearance at independence day celebrations on July 5 has calmed speculation that a change of government is imminent in the country, but it has highlighted the extent of his personal control in the world's eighth-largest oil exporter, analysts told CNBC.com.
The EUR/USD cross has failed to hold support, but crude oil has yet to respond. The euro currency is down 1½% thus far this week against the U.S. dollar. Given the strong correlation between the EUR/USD and oil (Brent) prices, 0.8249 as of last week, it would not have been unreasonable to expect knock-on weakness to crude oil values.
The latest EIA data does nothing to change our mind.
Spot Nymex crude oil for August delivery settled last night at 95.42, 1 penny above the settle for Wednesday, June 22nd, the day prior to the IEA’s thinly veiled attempt to control price. Brent oil futures closed last night at 112.48. That is still 1.73 or 1½% below the close for June 22nd, but it is 7.36 (!) or 7.0% (!) above last Friday’s settle.
Greece is disintegrating right in front of our eyes, Egyptian protestors are still hurling stones in Tahrir Square, Muammar is hanging in there and the AFP reports that Iran has been “…carrying out covert ballistic missile tests and rocket launches, including testing missiles capable of delivering a nuclear payload in contravention of UN resolution 1929."
Herve Ghesquiere and Stephane Taponier, the two French journalists that had been held hostage in Afghanistan for 547 days, landed on French soil on Thursday morning. Sources talk about the unusual path taken by the ransom.
High oil prices and concerns over the safety of nuclear power following the Fukushima crisis in Japan are reigniting interest in renewable energy, with wind power likely to be a major beneficiary, Tulsi Tanti, chairman of Suzlon Group, told CNBC.
With half the world's known reserves of oil and gas sitting in the fields of Saudi Arabia, Abu Dhabi, Qatar and the rest of the region, not many people think of the Middle East as having problems with energy.
In the wake of last Thursday’s surprise announcement from the IEA, the forward curve of the Brent crude oil market has been turned on its head, literally. At the same time, sweet/sour diffs have collapsed.
Many traders and hedge funds are nursing losses after a whiplash reversal in one of the biggest commodity trading trends of the year – a bet on a widening spread between different types of crude oil. The FT reports.
A recent article in The New York Times regarding growth prospects for North American shale gas was the talk of the town yesterday. The article in question, called into question, the prospects of shale gas development.
A decision last week by the International Energy Agency (IEA) to release an additional 60 million barrels of oil into the market should be considered quantitative “teasing” than easing, because the move is short-lived, says one analyst.
In our book, Saddam’s annexation of Kuwait and devastation to the U.S. refinery epicenter are emergencies.
After a volatile session on Thursday as the International Energy Agency unveiled plans to release strategic reserves in a bid to push oil prices lower, stocks look set for a strong end to the week.
The release of an emergency supply of oil to the market has received a mixed response from experts, with some arguing that the high oil prices seen in recent months have held back economic recovery while others say it reflects a political struggle.
Kevin Book: SPR Decision Is a Message to OPEC and Speculators
Gasoline prices should drop more quickly now that governments are stepping in to pump up world oil supplies, but drivers are still unlikely to see last summer's levels below $3 a gallon.
Gasoline supplies in the U.S. ticked down last week. According to yesterday's weekly update from the DOE, total supplies of gasoline fell by 0.46 MMbbls or -0.2%. Current supplies of 214.6 MMbbls stand comfortably atop the seasonal range.
The news that 60 million barrels of oil will be released into the global energy markets is really about the White House finally recognizing what millions of American families already know: the economy is still too weak, the recovery too slow, and they need to try something new.