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News Date
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
WTI makes five-session run to start 2019 on the rise
The WTI front-month contract rose $2.63, or 5.8%, last week to settle on Friday, Jan.
4, at $47.96/bbl. The contract gained ground five sessions in a row to start 2019 on a
positive note. Both the commodity and equity markets benefited from improving economic
sentiment in the first days of the year. However, there is still great uncertainty about the
US and global economy going forward.
On Monday, Dec. 31, WTI rose 8
cents to finish 2018 at $45.41/bbl, down
25% YOY from $60.42 at YE17...
Jan 07, 2019
Volatility strikes US oil markets on recession concerns
The WTI front-month contract fell 26 cents, or less than 1%, last week to settle at $45.33/
bbl on Friday, Dec. 28. Volatility in equities markets took oil with it as the market pondered
a possible US recession, lower global economic growth and potential crude oversupply.
On Monday, Dec. 24, WTI plummeted $3.06 to $42.53/bbl, an 18-month low and
down 44% since October. Christmas Eve
was a horrible day throughout US markets
with the S&P 500 dropping 2.71% (66
points), the Dow Jones...
Dec 31, 2018
WTI gives back ~3% last week, remains range-bound
The WTI front-month contact fell $1.41/bbl, or 2.7%, last week to settle at $51.20/bbl.
The market remained volatile as it weighed lower global economic growth and growing
US production against upcoming Vienna Pact production cuts.
On Monday, Dec. 10, WTI fell $1.61 to settle at $51.00/bbl, immediately wiping out most
of the prior week’s 3.3% gain. Prices had
surged the prior Friday following a Vienna
Pact decision to collectively cut 1.2 MMbo/d
for six months, but some analysts don’t
believe...
Dec 17, 2018
WTI rises 3.3% as Vienna Pact agrees to cut 1.2 MMbo/d
The WTI front-month contract rose $1.68, or 3.3%, last week to settle at $52.61/
bbl. Trading was volatile as OPEC and Russian officials sent mixed signals concerning
possible supply cuts. It took until Friday to reach a formal agreement, but the Vienna Pact
will cut 1.2 MMbo/d to stabilize and boost global oil prices and fend off another supply glut.
Meanwhile, the market is weighed
down by fear of a renewed US-China trade
dispute that would hurt global economic
growth and oil demand....
Dec 10, 2018
WTI surges 4% Monday on trade war halt & likely output cuts
On Monday, Dec. 3, positive events over the weekend sent crude prices up $2.02 to
$52.95/bbl. First, trade tensions between the US and China relaxed as the US said it would
not impose tariffs on $200 billion in Chinese goods. Instead, the two parties agreed to further
talks and will delay additional tariffs during the negotiation period. Second, Putin said Saturday
night that his country and Saudi Arabia had agreed to extend their tandem reduction of oil
volumes into 2019. No decisions have...
Dec 03, 2018