China has significantly increased its crude oil reserves this year. Crude import volumes from the world’s largest importer have remained relatively strong despite tepid demand and a looming spike in demand for road transport fuels. China’s crude reserves have supported international oil prices to the range of $60 to $70 a barrel, despite trade wars,…
November WTI Crude Oil (CLX25) was down -0.17 (-0.30%) today and November RBOB Gasoline (RBX25) closed down -0.0191 (-1.04%). Crude oil and gasoline prices gave up an early advance today and turned lower as the dollar (DXY00) strengthened. Crude oil is also being weakened by the negative carryover from last Thursday, when President Trump said…
In today’s stock news, things are a bit uncertain. People are waiting to hear what Jerome Powell, who is in charge of the Federal Reserve, has to say about interest rates. The Dow Jones, S&P 500 and Nasdaq 100, which are like stock market scores, are not moving much. They rose a lot in November,…
Today, the US stock market is showing a combination of different trends, leaving investors curious about what will come next. The Dow Jones Industrial Average (^DJI) is down a bit, almost 0.2%, and the S&P 500 (^GSPC) is holding steady after both posted losses for the third day in a row. On a positive note,…
Oil volumes transiting the sea continue to rise to multi-year highs as supply from both OPEC+ and non-OPEC+ exporters increases, and more long-distance voyages are made from the Atlantic to the Pacific basin due to favorable arbitrage economics. This huge increase in supply has contributed to lower prices, with WTI crude oil falling to $56.84…
US stock futures were steady on Tuesday, with the possibility of an eighth straight weekly win still in sight. Despite warnings that expectations of interest rate cuts may be excessive, investors remain optimistic. Dow Jones Industrial Average (^DJI), S&P 500 (^GSPC) and Nasdaq 100 (^NDX) futures held just above the flat line. There were marginal…
Oil prices fell in early Asian trading on Monday, as a combination of rising supply concerns and escalating trade tensions between the United States and China weighed on sentiment. At the time of writing, Brent crude oil futures had fallen 0.29% to $61.11, while WTI was down 0.35% to $57.34. The continued decline comes on…
US stock futures face a downward trajectory, signaling a challenging start to 2024 after a successful year that nearly took the S&P 500 to a new record. S&P 500 futures (^GSPC) saw a 0.6% drop, accompanied by a 0.5% drop, equivalent to approximately 180 points, for Dow Jones Industrial Average (^DJI) futures. Additionally, contracts associated…
November WTI Crude Oil (CLX25) is down -0.06 (-0.10%), and November RBOB Gasoline (RBX25) is down -0.0084 (-0.46%) today. Crude oil and gasoline prices gave up an early advance today and fell after EIA weekly crude oil inventories unexpectedly rose and U.S. crude production rose to a record level. Crude oil prices initially rose today…
Top executives at big business, U.S. shale and national oil companies remain optimistic about the oil market in the medium and long term, hoping that rising demand and falling oil prices will eventually rebalance supply and demand in the face of the looming glut. At the Energy Intelligence Forum in London this week, oil bosses…
