Shale Oil Producers and OPEC at Seesaw: is history about to repeat itself?

The oil price has been rising steadily since October, 2020 and in January this year, both WTI crude and Brent crude have hit above the crucial $50 mark. OPEC+ made its contribution to the stabilisation of the oil price, having witnessed – and suffered – the worst, when the latter collapsed and even …

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Oil rig count is up again - for 8 successive weeks

The oil rig count in the US went up by 12 this week, showing a steady growth for 8 successive weeks, reflecting the long arduous recovery of the oil markets - according to Baker Hughes. Both WTI crude and Brent crude are above the crucial mark - $50. Although, the price fell slightly on Friday, ther…

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Weekly oil price remains static despite fluctuations

The weekly oil price remains static despite frequent daily fluctuations. Saudi Arabia’s desire to cut oil output further has had an impact on the supply side of equation; whether the rest of the members agree with the word’s top exporter of crude oil remains to be seen. When the oil price increases …

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Three factors that push the oil price up

The oil price that fell slightly on Wednesday morning, started recovery again by early evening from stronger than expected economic data from China. In addition, the colossal stimulus package announced by the incoming US president, Joe Biden, struck a chord with the global markets as a whole with hi…

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US Crude Oil Inventories down Again: over 3 million bpd draw

Oil price is slightly down on Thursday in the markets. A major factor that determines the price, however, is down again for the third consecutive week since the Christmas. The rate of drop has come down, though. US crude oil inventories, according to the data published by the EIA, US Energy Informat…

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Hoisting Oil Price:the latest string in the pulley system - US$

As oil rally continue to defy the negative sentiments surrounding the major economies, the lever system that hoists it got yet another boost from the weakening dollar. The price of crude oil is at a 10-month-high, having suffered terribly during the first wave of the pandemic; it even forced the aca…

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Will shale oil producers chip in to fill supply gaps?

The oil price rally continues and the fluctuations that we saw on Monday can be mainly attributed to the relative strength of the US dollar – a development that some analysts see as a correction. Normally, there has been an inverse relationship between the strength of the US dollar and the oil price…

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Going with the flow: Iraq increases the price of oil to Asia after Saudis

Iraq that has been suffering from months of social unrest, stemmed mainly from harsh economic realities, finally saw an opportunity to boost its coffers, perhaps being inspired by Saudi Arabia. It raised the crude oil price for Asia to $1.10, an increase of 0.70 cents. Saudis did the same last week …

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Weekly Oil Price Progress: steep price rise

The oil price rise is continuing and the geo-political crises in the Middle East are on the wane. The restoration of diplomatic relations between Qatar and the Saudi Arabia has been the most significant news during the week. The process was then extended to Bahrain and UAE too. The relations between …

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Rising Oil Price: OPEC+ members can rub their hands with glee!

Crude oil prices are increasing at a steady pace, proving doom-mongers wrong once again, while defying the factors that potentially could diminish the demand in the middle of the second wave of the pandemic in the West. Not many analysts believed that the production cuts by the OPEC+ would have such…

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As demand grows across Asia, India raises the price of petrol and diesel

Indian oil companies raised the price of petrol and diesel substantially in proportion to rising crude oil prices and consumer demand, as economic activities are coming back to life. The production cuts by the OPEC+ members, the draw in US inventories and the steady demand in Asia eclipsed the effec…

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Factors that Lift Up Oil Price Draw in US Oil Inventories Vaccination Hope OPEC+ Production Cuts Growth in Demand in Asia Relative Calm in the Middle East www.oilfutures.co.uk Neither the riots in the Capitol building nor the new lockdowns in the Western capitals caused a decline in oil price, as investor…

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Oil price on the rise; it seems to be unstoppable

Oil price surge continued today with WTI benchmark hitting above $50, as investor confidence got buoyed by a stream of good news. The markets were a bit nervous on Monday, as the much-anticipated OPEC+ meeting ended without reaching an agreement. On Tuesday, however, they reached an agreement, with …

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United Kingdom back in Full Lockdown; will the rest of Europe be next?

United Kingdom is back in full lockdown with the closure of schools, universities and major businesses in light of the exponential increase in infection rates. Although the authorities want us to believe the light at the end of the tunnel in a month’s time, judging by the past experiences, it’s not …

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Oil price recovers early losses as OPEC+ in limbo over production hike

As I observed in my previous post, some members of the OPEC+ are reluctant to go ahead with the anticipated hike in the production of crude oil; prolonging the session for another day or even more, is a clear sign that coming to an agreement in the current circumstances is easier said than done. It …

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