Saudi Headlines Spur Bullish Action

Oil prices moved sharply higher on Thursday, as buyers reacted bullishly to comments by the Saudi Arabian oil minister about the possibility of future OPEC production cuts.  While past words by OPEC members about the need to reduce output have been commonplace, the headlines made by the Saudis was certainly more noteworthy.  To that end,…

Another Down Day

The oil market settled lower on Wednesday, dragged down by a flagging RBOB contract despite a moderately bullish Department of Energy (DOE) inventory summary.  Since dipping and settling below $40 early last week, WTI had risen by over three dollars, though that advance was surely limited by the suddenly struggling NYMEX gasoline market.  Wednesday’s negative…

OPEC Mutterings Spur Bullish Action

Boosted by murmurs and conjecture from some unhappy OPEC members, the oil market rallied on Monday with front month (September) WTI closing at its highest level in two weeks.  After the early summer rally that boosted oil into the low $50s, the market slid through July and prices are back to levels last seen in…

Strong Jobs Report Changed Little

Despite a stronger-than-expected jobs report, the oil market ended the day on Friday relatively unchanged with some stability just above $40 in the front.  The Department of Labor, in its monthly employment review, reported more than 250k jobs were added to the economy in July, the strongest report in recent months.  Such news is bullish…

Gasoline Leads the Way

Front month WTI reclaimed the $40 market on Wednesday, as the market was led higher by a strong RBOB contract and by technical buying in defense of a dropping market. The Department of Energy (DOE) inventory report was moderately bearish overall, with an expected large build in crude oil stocks (again), though the market instead…

Oversupply Continues Bearish Action

After trading higher early in the day on Tuesday, oil prices reversed course to close lower and settle below $40 (WTI) for the first time since April.  The early bounce, likely technically driven off of $40 price support, recouped a good portion of Monday’s loss though the day’s fairly stunning turnaround. This does not portend…