Markets
Saudi Arabia should expect Iran to ‘play hardball’ at OPEC’s next meeting
President Donald Trump’s withdrawal from the Iran nuclear deal is likely to exacerbate tensions between two of the world’s biggest oil producers at next month’s OPEC meeting, one analyst told CNBC Wednesday. Global oil supplies were already tightening ahead of the U.S. president’s decision to pull out of the landmark nuclear accord on Tuesday, while crude futures have since soared to multi-year highs. Yet, in a move that defied pleas from close allies, Trump said he would seek to re-impose economic sanctions on Tehran, elevating concerns about the future of the supply-cutting deal between OPEC members and allies including Russia. […] Read Full Article Here: https://www.cnbc.com/2018/05/09/saudi-arabia-should-expect-iran-to-play-hardball-at-opecs-next-meeting.html
Oil prices fall in volatile trade as Trump is expected to scrap Iran nuclear deal
Oil prices fell in volatile trade on Tuesday as President Donald Trump prepared to announce his intention to restore sanctions on Iran, a move that effectively withdraws the United States from the 2015 Iran nuclear deal. Members of Congress were being informed of Trump’s decision on Tuesday, NBC News reported and CNBC later confirmed. Trump is scheduled to make his official announcement on Tuesday at 2 p.m. ET. […] Read Full Article Here: https://www.cnbc.com/2018/05/08/oil-prices-fall-as-the-market-awaits-trumps-iran-nuclear-deal-decision.html
Oil prices have surged above $70—here are 4 key reasons behind the rally
Supply concerns surrounding the possible reinstatement of sanctions on Iran aren’t the only reason for the climb in U.S. benchmark oil prices above a barrel to their highest levels since late 2014. Read Full Article Here: https://www.marketwatch.com/story/oil-prices-have-surged-above-70here-are-4-key-reasons-behind-the-rally-2018-05-07
Saudi Arabia says higher oil prices won’t change the pace of its reforms
Higher oil prices won’t change the pace of Saudi Arabia’s reforms, the country’s finance minister told CNBC Wednesday. “Higher oil prices will only help reduce the deficit and build reserves, we will continue our reform,” Mohammed bin Abdullah Al-Jadaan told CNBC’s Hadley Gamble on Wednesday. […] Read Full Article Here: https://www.cnbc.com/2018/05/02/saudi-arabia-says-higher-oil-prices-wont-change-reforms.html
Not Everyone Gets Why OPEC Is Determined to Stick With Cuts
OPEC and Russia seem determined to keep on cutting production even after their campaign to rebalance world oil markets achieved its main target. The primary justification for doing so looks shaky. Read Full Article Here: https://www.bloomberg.com/news/articles/2018-05-01/opec-s-reason-for-sticking-with-the-cuts-rests-on-shaky-ground
Fund manager: $300 oil is ‘not impossible’ within a few years
Pierre Andurand, a leading oil fund manager, said that lack of investment in new production could lead to a situation where $300 per barrel oil is “not impossible” within the next few years, Bloomberg reported. Andurand, who runs oil hedge fund Andurand Capital Management LLP, wrote in a string of tweets on Sunday that companies may be less willing to risk investment in long term oil projects because of low crude barrel prices and a predicted peak in electric vehicle demand. […] Read Full Article Here: http://www.businessinsider.com/300-oil-is-not-impossible-says-oil-hedge-fund-manager-2018-4
OPEC Cuts May Go Deeper as Another Member Sees Output Slump
While plunging output in Venezuela captures the oil world’s attention, problems are quietly festering in another OPEC nation. Angola, once Africa’s biggest crude producer, is suffering sharp declines at under-invested offshore fields, with output dropping almost three times as much as the nation pledged in an accord with fellow OPEC members. With the losses set to accelerate — a shipping program seen by Bloomberg News shows crude exports will fall in June to the lowest since at least 2008 — the cartel risks tightening supply too much. […] Read Full Article Here: https://www.bloomberg.com/news/articles/2018-04-27/opec-cuts-may-go-even-deeper-as-another-member-sees-output-slump
Crude Holds Near $68 as Questions Swirl Around Iran Nuclear Deal
Crude held the $68-a-barrel level as a geopolitical risk premium in the market limited losses. Futures in New York fluctuated between gains and losses on Friday, poised for a 0.7 percent decline this week. Prices have been supported by investors waiting to see whether the nuclear accord that Iran signed with world powers in 2015 will remain. […] Read Full Article Here: https://www.bloomberg.com/news/articles/2018-04-27/oil-holds-near-68-as-traders-await-trump-decision-on-iran-deal
Oil is on a steady and sustainable uptrend
The NYMEX oil price breakout above $66 comes as no surprise to traders who analyze the price charts. This price behavior sets the next price target near $76 and potentially higher. Readers will remember that we set $65 and $76 targets in oil notes in 2018 February. These conclusions are derived from analysis of the price chart. There are three factors to consider in this analysis. The first factor is the way the weekly chart shows that oil trades in bands. The standout feature on the chart is the strong support level near $43 and resistance near $54. Starting April 2016, the oil price has stayed above this support level and moved in a prolonged sideways pattern. […] Read Full Article Here: https://www.cnbc.com/2018/04/23/oil-prices-are-on-a-steady-sustainable-uptrend–commentary...
Saudi Aramco’s international IPO delay makes sense as oil rallies, investor says
The much-anticipated international listing of Saudi Aramco — the world’s largest oil company — is likely to be delayed until 2019, but that decision makes sense given that oil prices are expected to head to $80 per barrel, a private equity investor said. The state-owned oil firm is expected to list on the Saudi stock exchange in the second half of this year, but an international listing — which was at one point tipped to happen at the same time — is said to have been temporarily shelved. “Timing is of the essence,” Fadi Arbid, founding partner and chief investment officer at Amwal Capital Partners, told CNBC’s “Capital Connection” on Tuesday. […] Read Full Article Here: https://www.cnbc.com/2018/04/24/amwal-capital-partners-on-saudi-aramco-ipo-saudi-arabia-economy.html
Oil soars 2.9% to 3-year high, settling at $68.47, as US crude stockpiles drop
Oil prices rose to their highest level since late 2014 after government data showed U.S. crude stockpiles fell last week and as the market continued to worry about supply disruptions in key fossil fuel-producing nations. U.S. West Texas Intermediate crude futures ended Wednesday’s session up $1.95, or 2.9 percent at $68.47, the best settle since Dec. 1, 2014. The contract hit an intraday high going back to Dec. 2, 2014. International benchmark Brent crude oil futures also hit hit a new intraday high going back to November 2014. The contract rose $1.90, or 2.7 percent, to end the session at $73.48 a barrel. Brent’s settlement marked its best close since Nov. 26, 2014, the day before OPEC refused to take steps to stop a decline in oil prices, sparking a sharp sell-off that...
If oil hits $80, there’s a lot more at play than airstrikes in Syria
Saturday’s U.S.-led airstrikes on Syria are likely to draw only a muted response in oil markets. Instead, it will be how Syrian President Bashar Assad’s Iranian and Russian allies react, and whether the White House pulls out of the Iran nuclear deal and re-imposes sanctions on the OPEC producer that will determine any move toward $80. Syria produces only negligible volumes of oil, but benchmark oil prices rose to their highest since 2014 […] Full Article Here: https://www.cnbc.com/2018/04/16/if-oil-hits-80-theres-a-lot-more-at-play-than-airstrikes-in-syria.html