Oil Prices ///

Oil steady near $58 on glimmer of progress in trade war talks

Oil steadied near $58/bbl as China made a concession that could help resolve trade tensions with the U.S. that have weighed on the global economy and fuel demand.

EIA increases U.S. crude oil production forecast

The U.S. Energy Information Administration revises the U.S. crude oil production forecast it publishes in each Short-Term Energy Outlook based mainly on two factors: updates to EIA’s published historical data and EIA’s crude oil price forecast.

OPEC political troubles creating new supply risks

OPEC may have no appetite to cut oil production deeper when it meets next month, but flaring political crises across the group are once again threatening supply.

Canadian heavy crude weakens as rail strike halts shipments

The price of Canadian heavy crude weakened Tuesday as a worker strike at the nation’s largest railway curbed oil shipments, exacerbating a supply glut that’s crippled Canada’s oil industry.

Oil falls most in five weeks as supplies rise, trade deal stalls

Futures fell as much as 2.7% in New York, the biggest intraday decline since Oct. 14. U.S. oil inventories probably rose by 1.5 MMbbl last week, according to a Bloomberg survey ahead of a government report on Wednesday.

Conoco launches plan to distance itself from shale, win back shareholders

ConocoPhillips announced a 10-year plan to buy back $30 billion of shares, equivalent to about half of its current market capitalization, as the oil producer attempts to distance itself from the troubled U.S. shale industry.

Leading oil-market forecasts shift to positive for 2H 2020

The views of the three big oil forecasting agencies on changes in inventory levels next year have diverged over the past month, as the outlook from two of them becomes slightly more positive for producers.

Oil slumps as pessimism clouds prospect of trade war settlement

Oil fell from an eight-week high amid signals that prospects for a resolution to the long-running U.S.-China trade war receded.

OPEC still sees oil surplus in early 2020 as meeting approaches

OPEC signaled that oil markets remain on course for a surplus in early 2020, even as delegates said the organization and its allies probably won’t step up efforts to remove the excess when they meet next month.

Oil rises on signs of U.S. supply drop, OPEC’s shale outlook

Oil rose for a second day after an industry report pointed to a drop in U.S. inventories, and as OPEC said it sees potential for a “sharp” slowdown in American shale output next year.

Qatar joins Gulf producers in oil-price formula overhaul

Qatar Petroleum is set to join most of its Persian Gulf counterparts and price its crude before loading instead of afterward from next year, according to people familiar with the plans. That

IEA predicts global oil demand will level off around 2030

While the current growth rate of 1 MMbpd -- or about 1% -- will hold for the next five years, it will ebb to just 100,000 bpd in the 2030s, the agency said.

Oil rallies as OPEC sees potential for non-OPEC supply cuts

Oil advanced for the first time in three days after a report that OPEC sees a potential reduction in supply from outside of the group.

OPEC+ risks sub-$50 oil without deeper supply cuts

“The prospect of oversupply looms over the market in 2020,” said Martijn Rats, global oil strategist at Morgan Stanley. “Either OPEC deepens its cuts, or prices will fall to about $45/bbl, and force a slowdown in U.S. shale that balances the market.”

ADNOC to launch futures exchange for its Murban crude

Murban pricing will move from a retroactive official selling price to market-driven, forward pricing using a Murban futures contract as its price marker.

Aramco sees oil demand falling after 2040, per IPO prospectus

Global oil demand may peak within the next 20 years, according to an assessment included in the prospectus for Saudi Aramco’s initial public offering, suggesting views are slowly changing in the kingdom where officials long dismissed the notion as overblown.

Oil tallies weekly gain as traders look past Trump tariff comments

Oil erased an early loss Friday, capping a weekly gain as investors shrugged off a comment by President Donald Trump that the U.S. hasn’t agreed to fully roll back tariffs with China.

EIA: Brent and WTI hedge terms getting shorter as production cycles change

The U.S. Energy Information Administration reports that changes in the oil investment and production cycle may be affecting trading dynamics for West Texas Intermediate (WTI) and Brent crude oil futures contracts.

Oil falls on reports of OPEC target freeze, trade agreement delay

Oil fell after a report that the biggest producers in OPEC+ aren’t pushing for deeper oil-supply cuts when the group meets next month.

Diamondback Energy joins ranks of struggling shale operators

Diamondback Energy Inc. said it’s fundamentally changing the way it forecasts future growth after becoming the latest Permian basin shale producer to hit operational hurdles.