The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning. U.S. commercial crude inventories increased by 1.3 million barrels last week, maintaining a total U.S. commercial crude inventory of 523.2 million barrels. The commercial crude inventory stands at historically high levels for this time of year, according to the EIA. Tuesday …
Summary A crude oil rally above the $40 per barrel level is unsustainable in light of decelerating U.S. and global economic growth. Crude prices previously showed a direct correlation with the 10Y/2Y yield spread, but began to decouple on speculation of an OPEC deal. Unless crude prices stay decoupled from the yield spread, the price …
Between April 2011 and February 2012, the SPDR Oil & Gas Exploration & Production ETF (XOP) returned 45.8%. The iShares Global Energy (IXC) returned 29.5% and the Energy Select Sector SPDR ETF (XLE) returned 31.4%. During the same period, the United States Oil (USO)—the crude oil tracking ETF—returned 40% compared to XOP’s 45%. These energy …
Petro River Oil Corp. to Acquire a 13.75% Working Interest in Oil and Gas Leases located in southern Kern County, California NEW YORK, NY, March 9, 2016– Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the "Company"), today announced that it closed its Asset Purchase and Sale and Exploration Agreement to acquire a 13.75% working interest in …
It’s still ugly in the oil patch. The price of crude oil seems to have stabilized at around $30 per barrel, yet bankruptcies still loom and dividend cuts continue to cast a long shadow over the energy sector. Oil stocks are in a nasty bear market with no apparent end in sight. Source: Flickr But …
Saudi Arabia and other powerful OPEC members are reportedly discussing how to boost oil prices to $50 a barrel, a target they consider fair to both crude oil consumers and producers. The private talks add to signs that the market’s nearly two-year rout is winding down, Gary Ross, one of the industry’s leading prognosticators, told Reuters …
Crude oil prices edged closer to $40 per barrel Monday, extending a monthlong rally, on hopes of lower supply and improving global outlook. Prices surged during morning trade in Asia, as U.S. drillers cut the number of active rigs to a six-year low. Brent crude futures, the global oil benchmark, were trading at $39.13 per barrel Monday, up …
Talking Points: Crude Oil Technical Strategy: Oil At Long-Term Resistance, Difficult Price To Buy The US Dollar Weakness Could Provide Next Leg Higher in WTI Crude March is statistically the most bullish month of the year for WTI crude oil by mean and median returns Oil continues to hang around $35/bbl to the confusion of …
Stocks soaring as upbeat data, and a stabilizing oil trade, fuel markets higher. Is this rally for real, or just more short-covering? Yahoo Finance’s Nicole Sinclair gives us her take on all the market action. Apple on the Hill FBI Director James Comey and Apple General Counsel Bruce Sewell take the stand on Capitol Hill, …
US crude oil inventories surged last week by the biggest amount since last April. Data from the Energy Information Administration showed that inventories jumped by 10.4 million barrels, much more than the forecast for 3.604 million according to Investing.com. On Tuesday, the American Petroleum Institute’s data also showed a big build, by 9.9 million barrels, which …