It was the first commercially significant find of oil in the Middle East. The oil discovery led to petrochemical industry development and also the establishment of industries that strongly depended on oil. Some of the shares were sold to the public. The refinery was built and began operating in
Apparently, Saudi Arabia and other OPEC members feel like President Trump misled them into raising oil production to create a short-term over supplied market. This comes as the market is finally starting to wake up to the fact that we could be facing a global distillate shortfall as those prices soared and kept oil from a total collapse.
Yet, while the market seems a little concerned about a oversupplied market right now, oil futures in the backend of the curve rallied hard as the longer-term outlook for oil remains very tight. Hell hath no fury like a OPEC scorned. Based on some reports, Saudi Arabia is livid at the President for helping create this oil price crash.
While Saudi Arabia is in no position to express its anger out in public, they may do so by cutting production very shortly.
There are reports that the Saudi are going to start raising prices on Saudi crude and at the emergency OPEC meeting this weekend will lay the groundwork for production cuts in the area of 1.
Yet despite the drop in the front end, the backend of crude rallied. They are now signaling that a production cut next year will leave us undersupplied.
Besides, as I wrote yesterday, crude oil may have led the oil products down, but the distillate market will lead us back up. Javier Blass at Bloomberg wrote that: The chart is nearby time-spread for European gasoil, jumping to levels rarely seen in 10 years. So, what about a slowdown in demand!
Well I guess you can call it fake news. Despite talk of a slowdown in demand, it is flourishing. That is equal to 9. So much for a China demand slowdown.
US demand as well is rocking. The EIA reported yesterday that total products supplied over the last four- week s in the US averaged The EIA reported that U.
BP plc (formerly The British Petroleum Company plc and BP Amoco plc) is a British multinational oil and gas company headquartered in London, attheheels.com is one of the world's seven oil and gas "supermajors", whose performance in made it the world's sixth-largest oil and gas company, the sixth-largest energy company by market . Oct. 26 (Bloomberg) -- Oil futures closest to expiration became more expensive than those for later delivery for the first time in three years after U.S. crude stockpiles shrank to a month low. Tsuyoshi Inajima and Grant Smith, Bloomberg Oil rose, paring a sixth weekly loss, amid growing confidence that OPEC and its partners will reduce production to avert a glut next year.
Oil in the front end is still weak but we should be bottoming soon. Users of diesel, please get hedged just in case.
Two of the FAANG stocks, Apple and Amazon, held up relatively well in the latest week despite a Bloomberg report some of their data-center servers might have been compromised by Chinese spy chips. Jessica Summers, Bloomberg Crude plunged to a two-week low as emerging-market stocks tumbled to the edge of bear market territory. Futures in . The Whistleblower Program provides monetary incentives to individuals who come forward to report possible violations of the Commodity Exchange Act. attheheels.com helps investors spot fraud and check the registrations and backgrounds of brokers, firms and advisors.
The potential is real for a major price spike especially if we get a cold winter. This represents a net increase of 48 Bcf from the previous week. Stocks were Bcf less than last year at this time and Bcf below the five-year average of 3, Bcf.
At 3, Bcf, total working gas is below the five-year historical range. Thanks, Phil Flynn Make sure you are getting the power to prosper! Tuned into the Fox Business Network! Call to get my trade levels at or email me at pflynn pricegroup.Cruz says 'wait and see' after third woman accuses Kavanaugh but, like Cornyn, sees no reason to delay confirmation vote.
Sen. Ted Cruz called for a "wait and see" approach to Judge Brett Kavanaugh, after a third woman came forward Wednesday with accusations of sexual misconduct when the Supreme Court nominee was a student.
Phil’s daily commentary is also featured in Futures Magazine, International Business Times, Inside Futures, Energy, Enercast, among many others. Phil is a lifelong resident of Illinois. He attended Daley College in Chicago before beginning his career on the trading floor of the Chicago Mercantile Exchange which eventually led him and his.
U.S. stock-index futures rose, indicating the Standard & Poor's Index may rebound from the biggest weekly drop since January, before a report that will probably show manufacturing expanded at. Contracts are for physical delivery through the transfer of rights in respect of Natural Gas at the National Balancing Point (NBP) Virtual Trading Point, operated by National Grid, the transmissions system operator in the UK.
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