As of December 28, 2017, WTI Crude gained 11% for the year versus 17% for Brent; both oil contracts are trading at 2 1/2-year highs of late. Later today, Baker Hughes will give an update on the number of active oil rigs in the U.S. with last week’s data showing the number unchanged at 747. WTI is at $60.04; Brent is at $66.28 this morning (via MarketWatch).
Oil prices kicked back up after the American Petroleum Institute reported on Wednesday U.S. crude inventories declined by 6 million barrels for the week ended Dec. 22. WTI Crude is $59.25; Brent Crude is $66.42 this morning (via MarketWatch).
As Brent Crude prices hit the $66 mark, the market welcomed the signal as an opportunity for profit taking which was exaggerated by low trading volumes. WTI Crude is $59.49; Brent is $66.30 this morning (via Investing.com).
It’s been a see-saw year for oil prices, albeit an upward trending one. Oil is a global commodity with numerous variables affecting it. WTI Crude is down slightly at $57.96; Brent crude is down at $64.52 (via Rigzone.com).
Merry Christmas to you all!
Oil prices have risen to the level of the five-year average, a level considered favorable by OPEC. A discussion on exiting the deal may be needed before December 2018 if, as OPEC expects, the world oil market returns to balance by late 2018. WTI Crude is slightly down at $57.88: Brent Crude is also down at $64.31 this morning (via Reuters).
The American Petroleum Institute reported US Crude inventories fell by 5.222 million barrels for the week ending December 15. The dip in US crude oil inventories comes after weeks of increasing oil production in the United States. WTI Crude is $57.77; Brent is $63.82 this morning (via OilPrice.com).
Expect oil prices to remain range-bound going into the holiday season, unless the American Petroleum Institute or the U.S. Energy Information Administration supply data shocks the market. API data is to be released later on Tuesday, and the EIA figures are due Wednesday. WTI Crude is $57.53; Brent is $63.70 this morning (via MarketWatch).
Brent prices are getting a boost from the closure of the North Sea Forties pipeline and a Nigerian oil worker strike. WTI Crude is up due to the rig count being down for the week ending Dec. 15. However, Baker-Hughes reports the rig count at 747 is still well above this time last year when it was below 500. WTI Crude is $57.52; Brent is $63.47 this morning (via Reuters).
Goldman Sachs reports that market conditions should allow major oil companies to enter a positive earnings-revision cycle and permit them to re-employ capital at double-digit returns. WTI Crude is $57.37; Brent Crude is $63.42 this morning (via Reuters).
The International Energy Agency (IEA)'s monthly oil market report states that the amount of crude oil in the global market rose by 170,000 barrels a day in November. The agency cited a surge in U.S. shale production and increased drilling and completion activity. WTI Crude is $56.32; Brent is $62.28 this morning (via MarketWatch).