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News Date
WTI rallies to new 2018 high on drop in US stocks, OPEC cuts
The WTI front-month contract rose $2.45 last week to settle at $58.52/bbl on Friday. An unexpected drop in US inventories and Saudi rhetoric on extended production cuts until year's end pushed prices higher.On Monday, March 11, WTI rose 72 cents to settle at $56.79/bbl. Saudi Arabia signaled that Vienna Pact production cuts would likely continue through the end of the year. The group had planned to meet in April, but that meeting has been cancelled as of March 18 and Saudi Energy...
Mar 18, 2019
QP - WTI rangebound at $55-$57/bbl on demand uncertainty - March 11, 2019
WTI rose 27 cents last week to settle at $56.07/bbl. The contract has kept in a $55- $57 range for the last three weeks as recent data has not moved the needle on prices. As expected, Vienna Pact oil production cuts are being implemented, but the US and China still have no trade deal and concerns still persist over global economic growth this year. On Monday, March 4, WTI rose 79 cents to settle at $56.59/bbl. Markets were encouraged by progress in trade negotiations between the US and...
Mar 11, 2019
Potential demand weakness, Trump tweet push WTI down 2.5%
The WTI front-month contract fell $1.46, or 2.5%, last week to settle at $55.80/bbl last Friday. Negative US demand data and comments by US President Donald Trump pushed prices lower despite a very bullish inventory report and a confirmation from Saudi Arabia on its commitment to 2019 supply cuts. On Monday, Feb. 25, WTI dropped $1.78 to $55.48/bbl in the aftermath of a presidential tweet. During the morning, President Trump wrote, “Oil prices getting too high. OPEC, please relax and...
Mar 04, 2019
Encouraging trade talks push WTI to a 2019 high
The WTI front-month contract rose $1.67, or 3%, last week to settle on Friday at a 2019 high of $57.26/bbl. Market sentiment last week was driven by US-China trade talks and further bolstered by positive indications the prior week that Vienna Pact cuts are reducing global oil supplies. On Monday, Feb. 18, markets were closed in observation of Presidents’ Day. On Tuesday, Feb. 19, WTI rose 50 cents to a three-month high of $56.09/bbl. Markets continued to focus on US-China trade talks,...
Feb 25, 2019
WTI reaches ~3-month high as OPEC makes good on cuts
The WTI front-month contract increased $2.87, or 5.4%, last week to settle at $55.59/bbl on Friday. The contract rallied the final four days of the week to reach a nearly three-month high following encouraging supply reductions out of Vienna Pact countries.On Monday, Feb. 11, WTI dropped 31 cents to $52.41/bbl. A strengthening dollar weighed on prices, as higher dollar values make US crude cargos more expensive for foreign buyers, and the lack of a trade deal between the US and China...
Feb 18, 2019
Global growth concerns push WTI down nearly 5%
The WTI front-month contract fell $2.54, or 4.6%, last week to settle at $52.72/bbl on Friday. Concerns of a global economic slowdown weighed heavily on prices. On Monday, Feb. 4, WTI fell 70 cents to $54.56/bbl. The decline was led by traders’ profit taking after a strong rise in prices during January. A strengthening dollar also weighed on prices, as higher dollar values make US crude cargos more expensive for foreign buyers. “Last week was a big week [WTI rose $1.57/bbl, or ~3%], so...
Feb 11, 2019
WTI rallies to a 2019 high on global supply reductions
The WTI front-month contract rose $1.57 last week to settle on Friday at a 2019 high of $55.26/bbl. Prices were buoyed by sanctions on major US crude supplier Venezuela, a surprise drop in inventories, including motor gasoline, and a nearly 1 MMbo/d reduction in OPEC output in January. On Monday, Jan. 28, WTI fell $1.70 to $51.99/bbl. Global economic anxieties weighed down on oil prices that had risen 15% this year. Much of the concern is focused on China, where the economy grew at a...
Feb 04, 2019
Turmoil in Venezuela boosts WTI crude price late in the week
The WTI front-month contract fell 11 cents last week to settle at $53.69/bbl on Friday. Growing US stockpiles and fears of lower global economic growth continue to temper prices. The longest government shutdown in US history also weighed on WTI, but turmoil in Venezuela boosted the contract at the end of the week.Markets were closed in the US on Monday, Jan. 21 in observance of Martin Luther King Jr. Day. On Tuesday, Jan. 22, WTI settled  down  $1.23  to ...
Jan 28, 2019
WTI settles at two-month high of $53.80/bbl
The WTI front-month contract rose $2.21, or 4.3%, last week to settle at a two-month high of $53.80/bbl on Friday. The market was encouraged by signs that OPEC output is declining and US/China trade tensions may be easing. Fears of a global economic slowdown are still tempering prices, as are growing US petroleum inventories. On Monday, Jan. 14, WTI started the week by falling $1.08 to $50.51/bbl on negative Chinese economic data. Unexpected declines in Chinese imports and exports...
Jan 21, 2019
Nine-day rally leads WTI into $50s for first time in 2019
The WTI front-month contract rose $3.63/bbl, or 7.6%, last week to settle on Friday at $51.59/bbl. The contract crossed back into the $50s as sentiment improved across the board. The prior week, Federal Reserve Chairman Jerome Powell said the bank was taking a wait-and-see approach to interest rate hikes in 2019, with no pre-set increase on the board. This led to a bit of economic optimism that was carried into last week. Positive trade talks between the US and China and clear signs that OPEC...
Jan 14, 2019

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