Month: November 2014

Oil prices continue to firm, as the exhaustive selling of the past several weeks runs out of steam. There also market forces at work. The continuation of the Iran nuclear talks, until at least March of next year, staves off an assured wave of additional Iranian crude for now.… Read more

Brent crude oil and WTI oil prices remain below critical psychological levels of $80 and $75 respectively. Prices have risen slightly, this morning, on news of a car bomb in Erbil in Kurdistan, which serves as a reminder that a lot of the recent production gains from Iraq to Libya are in a dangerous neighborhood and are extremely vulnerable.… Read more

WTI oil prices have stabilized around the $75 mark. OPEC members are in a mad scramble to stabilize the market, engaging in shuttle diplomacy to formulate a plan ahead of the meeting next week. It is fairly clear that core OPEC members Saudi Arabia and Kuwait do not want to engage in a production cut, while a panicked Venezuela and Ecuador desperately want one.… Read more

There was, yet, another leg lower for oil prices, yesterday, as Brent crude oil prices broke below the $80 mark with conviction, and WTI prices fell below $74 for a time. OPEC members are running around all over the place meeting with each other, trying to figure out what to do.… Read more

Oil prices have taken another leg lower, with Brent crude oil prices falling below $80 per barrel and WTI prices falling below $76. It is more of the same story: the market is grinding lower due to OPEC’s failure to act to stem output.… Read more

WTI oil prices fell below 76.50 for a time, in overnight trading, as the downward price pressure on OPEC increases. Iraq is the latest country to demur on the topic of cutting back on oil output. Taking a page from Saudi Arabia’s playbook, the Iraqi’s have lowered their oil price to the US.… Read more

WTI oil prices took out $80 support with conviction yesterday and in overnight trading. The drop is being chalked up to actions by Saudi Arabia, again. While they announced a price increase for oil headed to Asia, they cut US bound oil prices, which sparked a flurry of speculation that the battle for market share has shifted to the US.… Read more