Oil prices have now broken below many Wall Street targets and look set to test the year's lows and beyond, before finding a bottom.» Read More
By all accounts — OPEC’s Monthly Report being one of them — the cartel called OPEC is producing around 29 MMbbl/d. OPEC calculates 2011 demand for its oil to average 29.9 MMbbl/d. Thus, in the simplest of terms, the Group needs to raise production by upwards of 1.0 MMbbl/d to balance demand.
The Organization of the Petroleum Exporting Countries plans to raise its oil production quota for the first time in several years, OPEC sources tell CNBC ahead of the cartel's meeting in Vienna on Wednesday.
With OPEC expected to increase production for the first time in years, the "Fast Money" traders reveal how they're trading the news.
Does OPEC have the power to reduce gas prices at the pump? Insight with Stephen Schork, The Schork Report; John Kilduff, Again Capital, and CNBC's Melissa Francis.
BP is to restart stalled talks with Russian state oil company Rosneft to sell part of its stake in TNK-BP, the Wall Street Journal reported citing people familiar with the situation.
Saudi Arabia has been quietly increasing its crude oil production ahead of Wednesday’s meeting of the Opec oil cartel, in a sign that Riyadh is trying to bring oil prices down to more comfortable levels for consumers in the US, Europe and China. The FT reports.
With oil-producing countries in turmoil and crude gushing to triple digits, OPEC finds itself after 50 years at a critical crossroads. The group produces 40% of the world’s oil, but unrest and revolution in member countries has compromised output.
The string of poor economic headlines in the U.S. continued unabated last week. The S&P/CaseShiller Housing Indices and the May jobs report bookended another grim week; a week that issued daily telltales that the pace of the U.S.’ economic recovery is in serious doubt. Home values (the largest single investment for most consumers) are down and job creation is stagnant.
Commodities will weaken in the short term as the Chinese economy starts to slow, but prices could once again move higher from this fall boosted by power constraints in China, Jim Lennon, head of commodities research at Macquarie Bank told CNBC on Monday.
If you aren't following the oil story, maybe you should be, writes CNBC's Louisa Bojesen.
"There's a big debate about whether what we're seeing right now is the beginning of a sustained slowdown or just (the effect of) short-term factors," says one chief economist.
This marks the eleventh time in the last 12 reports that initial jobless claims have come in at or above analyst expectations. In fact, we would not be surprised to see this week’s number revised higher in the next report due to the inability to file claims on Memorial Day.
On the final weekly DOE report ahead of the Memorial Day holiday (the start of the U.S. summer driving season), supplies of gasoline jumped by 1.8% to 209.7 MMbbls. At this point in the season we would want to see inventories at-or-above the 201 MMbbl threshold.
The price at the gas pump will fall from the current $3.80 per gallon national average to $3.50 or lower by July 4, Gulf Oil Chief Executive Joe Petrowski told CNBC Thursday.
Last week the Bureau of Economic Analysis released its personal income and outlays report for April 2011. From a big picture perspective, personal income rose by 0.4%, as expected by analysts, while spending rose by 0.4%, just below the 0.5% expected by the crowd.
As such, the strength and sustainability of the U.S. recovery is in question. This brings to mind all of that… second derivative gibberish that was de rigueur two years ago. Maybe, less bad, was really bad after all? But here is the Catch-22...
T. Boone Pickens sees companies exporting natural gas and importing oil from OPEC, saying, "We’re gonna go down as the dumbest crowd in history that’s ever come to town."
Calling yesterday’s (Thursday's) GDP data discouraging would be an understatement. After the UK matched analyst expectations of GDP growth on Wednesday, it was especially troubling yesterday to see domestic GDP rise by 1.8% as compared to analyst expectations of 2.2%.
Yesterday (Wednesday), the heating oil contract led the Nymex liquids complex after a large draw in distillate inventories from the DOE. The heating oil crack hit an intra-day high of $24.814, the highest since April 20. But traders may have overlooked a report that was far less bullish for distillate demand.
CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks at where gold, oil and precious metals are likely headed tomorrow.