Crude Oil Futures

  The oil price recorded a modest rise this week despite the significant drop in the crude stocks in the world’s biggest consumer of the commodity, the US. Both the API, American Petroleum Institute, and the EIA, US Energy Information Administration, came up with the encouraging numbers that showed a consistent drop in the US crude oil inventories for the week ending September, 10. In addition, the US oil rig count has gone up as well, having been in the doldrums for months. Despite the demand being back on track, the slight rise in the crude oil price in the markets has baffled the investors and analysts alike. On one hand, the countries across the world are coming to terms with the impact on their economies by the new Delta variant of the Coronavirus; on the other hand, the crude oil inventories are falling across the world. Yet, markets chose to exercise caution rather than being buoyed by the statistics, which usually push the price up in the current circumstances. This

  The anxieties that gripped the crude oil markets may die down in the coming weeks as the US crude oil inventories fell by significant numbers, according to the latest data from the two most prominent agencies in the field. The latest, from the EIA, US Energy Information Administration, shows an inventory draw of over 6.4 million barrels for the week ending September, 10; it is in sharp contrast to the figure attributed to the previous week by the EIA that was just 1.3 million barrels. It is not just the EIA that gave out the encouraging figures as far as the crude oil markets are concerned. On Tuesday, the API, American Petroleum Institute, said that the US crude inventories fell by 5.437 million barrels, which was almost twice that of the analysts’ estimates for the same period. With the data that shows sharp consistency on the demand front, the crude oil markets see the most pressing concern about the state of crude oil use in the world’s top consumer gradually fading into th

  Despite the rising demand for crude oil, especially in the developed world, the rise in price of crude oil has been modest in recent days. The API, American Petroleum Institute, for instance, declared on Tuesday that the weekly draw for the previous week was 5.437 million barrels, 1.534 million barrels more than the figure expected by analysts. The EIA, US Energy Information Administration, will release its own data on Wednesday. The IEA, International Energy Agency, meanwhile, said that the US oil supply went down by 30 million barrels, when the Gulf coast was hit by Hurricane Ida – a figure much greater than originally feared.   Not only did it bring down the US crude stocks, but also brought the figure down at global level, according to the France-based organisation. Tropical Storm Nicholas, meanwhile, is battering Louisiana, while causing serious floods and it may dampen the supply activities in the US again. In short, there are enough worries about the global supply;

  Norway, the Scandinavian nation that is Western’s Europe’s major oil producer, is about to get a government led by its Labour party in the coming days. The opposition led by Labour party achieved a landslide victory, gaining over 100 seats in 169-seat parliament in which the winning party just needs 85 seats. The election in Norway was a major concern for analysts in the crude oil markets, in particular and any other markets in general, due to its status as one of the wealthiest nations on the planet. In addition, it is Western Europe’s largest oil and gas producers with an enviable welfare state for its citizens with an impressive sovereign wealth fund of over $1.4 trillion. Although the future role of fossil fuel was at the centre of election campaigns of all major parties, the Labour party wanted to address what it called, ‘social inequalities’, in addition to the former. Both Labour party and the Conservatives that lost the election, prefer gradual transition to renewable

  It’s confirmed that the US has started removing its state-of-the-art air defence system and the Patriotic missile batteries from Saudi Arabia for reasons unknown to the rest of world, leaving the move open to various interpretations. Saudi Arabia has been under attack by Houthis from neighbouring Yemen for the past few years. The Iran-backed rebels have been increasing the sophistication of the explosive-laden drones and missile in recent months, sending them across the border at an exponential rate. The air defence system provided the Kingdom with a reasonable protection against the projectiles, which were targeting Saudi assets ranging from airports to oil fields at heightended frequency. A very recent attack resulted in civilian casualties; in the past, there had been fatalities. In this context, the removal of batteries when the Saudis are under attack is like taking the crutches away from a man who struggles to move from point A to point B, carrying his own weight as his b