Oil prices slid on Thursday as record U.S. crude inventories and worries about a global economic slowdown weighed on markets.» Read More
Brean Capital Head of Energy Trading Roberto Friedlander looks at history to explain why oil prices could return to $45 a barrel in 2016.
*Q3 GDP growth at 2 percent. Dec 22- U.S. stock indexes held on to small gains in early afternoon trading on Tuesday as crude oil prices recovered slightly and data showed that the U.S. economy grew at a fairly healthy clip in the third quarter. Chevron shares were up 1.1 percent at $90.27, while Exxon was up 0.7 percent at $77.74.
*Market to rebalance in fourth quarter 2016- Goldman Sachs. Brent crude for January delivery touched $36.05 a barrel earlier in the day, a penny above a July 2004 low that will be its next resistance level, before rebounding to $36.46 a barrel at 11:38 a.m. EST. "It's somewhat of a defensive posture and a reasonable posture before the beginning of the year," said John...
As Texas braces for another oil bust, there are early signs the latest oil price crash may not be as bad as past downturns.
CRUDE TRADES AT A 5 CENT- A-BARREL PREMIUM TO BENCHMARK BRENT CRUDE BEFORE RETREATING TO A DISCOUNT.
The recent leg lower in oil prices is no surprise, and the oil rout will get worse before it gets better, John Hofmeister says.
NEW YORK, Dec 22- Wall Street rose on Tuesday, buoyed by energy shares as oil prices rebounded off multi-year lows, as investors digested mixed U.S. data about home resales and economic growth. U.S. crude prices rose 1.1 percent to $36.21 a barrel, while Brent added 0.3 percent to $36.44 a barrel. Wall Street has been closely correlated with energy prices in recent...
*Q3 GDP growth at 2 percent. Dec 22- Wall Street was higher on Tuesday morning as crude oil prices recovered from multi-year lows and data showed that the U.S. economy grew at a healthy clip in the third quarter. Chevron shares were up 1.7 percent at $90.74 and gave the biggest boost to the S&P.
Former Shell Oil President John Hofmeister, expects more pain in the oil and gas industry ahead.
Saudi air defense systems intercepted a ballistic missile fired from Yemen.
David Kelly, J.P. Morgan Funds, and David Blitzer, S&P Dow Jones Indices, share their economic outlook for next year.
*Market to rebalance in fourth quarter 2016- Goldman Sachs. *Nigeria and Iran detail 2016 budgets. West Texas Intermediate crude futures were 26 cents higher at $36.07 a barrel by 1316 GMT, having touched their lowest since 2009 at $33.98 in the previous session.
Saudi air defense systems shot down a missile fired from Yemen, which the Yemeni army said it had aimed at oil installations in the south.
This winter’s warm weather is a threat to commodity prices – but some more than others, Goldman Sachs said in a report on Tuesday.
National Australia Bank believes oil and iron ore could both fall further in 2016.
*Saudi Arabia said shot down missile heading for oil town. Brent futures traded up 29 cents $36.64 a barrel at 0917 GMT, recovering from an 11- year low of $36.04 hit on Monday. West Texas Intermediate crude futures were 34 cents higher at $36.15 a barrel, up from 2009 lows of $33.98 hit in the prior session.
Amrita Sen, chief oil analyst at Energy Aspects Ltd, says Light Crude needs to trade $4 lower for exports to happen.
Amrita Sen, chief oil analyst at Energy Aspects Ltd, says oil demand in the past year has been phenomenal, with year-on-year demand growing by 1.8 million barrels per day, but this won't be repeated in 2016.
Oil and iron ore have had a shocker of a year and National Australia Bank says the two commodities may fall further in 2016.
*March 2016 WTI flips to premium over Brent. SINGAPORE, Dec 22- Oil prices edged away from multi-year lows on Tuesday as the northern hemisphere moves into the peak-demand winter season, but mild weather and ballooning supplies mean that prices are expected to remain generally low well into 2016.. Brent futures were at $36.58 per barrel at 0548 GMT, off an 11- year...