Oil fell 2% to settle below $69 a barrel as tepid US economic data undercut OPEC+’s progress on a deal to keep output constrained. The decline comes after crude futures tested their 50-day moving average, a key level that had spurred some technical buying. But slowing US services activity growth and swelling fuel stockpiles — …
Continue reading “WTI Falls as Economic Data Weighs on Market”
A new survey from law firm Haynes Boone LLC has revealed that banks are gearing up for oil prices to fall below $60 a barrel by the middle of President-elect Donald Trump’s new term, Bloomberg reported on Monday. The survey of 26 bankers showed that they expect WTI prices to drop to $58.62 a barrel by 2027, …
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Summary of Weekly Petroleum Data for the week ending November 29, 2024 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.1 million barrels from the previous week. At 423.4 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year. U.S. …
Continue reading “EIA: US crude inventories down by 5.1M barrels”
OPEC+ faces a dilemma: easing production cuts risks further price drops below $70 per barrel, but maintaining cuts supports non-OPEC+ supply growth. Saudi Arabia is pushing to delay the easing of cuts by 3–6 months. The group’s decision may hinge on how President Trump’s return in January 2025 impacts Iran, Venezuela, and global oil demand. …
Continue reading “OPEC Secrecy Isn’t Helping Its Exit Strategy from Production Cuts”
This landslide election has sent the lefties Commies woke dopes LGBTTRANS reeling. Nearly 60% percent of white men voted Trump. A lot of Black and Brown men moved in that direction too. This year’s election results do not bode well for LIBERALS, man hating women or LGBTQ people of all races/ethnicities. It’s time for whites …
Continue reading “WOKE DOPE BROKE…..Its ok to be a straight white male again”
Oil rose the most in more than two weeks as the US imposed more sanctions targeting Iranian crude and OPEC+ made progress on a deal to keep output off the market. West Texas Intermediate advanced 2.7% to settle near $70 a barrel, the biggest one-day jump since Nov. 18, as OPEC+ delegates said the group …
Continue reading “Oil Surges on US Sanctions and OPEC+ Delays”
Crude oil inventories in the United States increased by 1.232 million barrels in the week that ended November 29, beating expectations, the American Petroleum Institute’s (API) private data reportedly showed on Tuesday. Reserves in Cushing, Oklahoma, were said to have risen by 112,000 barrels. Gasoline reserves grew by 4.623 million barrels. Meanwhile, distillate stocks went …
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The United States Central Command (CENTCOM) announced the destruction of multiple weapon systems in eastern Syria near Military Support Site Euphrates. The strike eliminated three truck-mounted rocket launchers, a T-64 tank, an armored personnel carrier and mortars, allegedly used to fire on US troops. “The US mission in Syria remains unchanged,” CENTCOM stated, reaffirming its …
Continue reading “US military says it took out ‘threats’ in Syria”
The prices of crude oil futures rose by 1% on Tuesday as traders awaited the meeting of the Organization of the Petroleum Exporting Countries and its partners (OPEC+) scheduled for Thursday, December 5. The organization is widely expected to extend its latest round of production cuts until the first trimester of 2025 due to the …
President’s future hinges on support from his old allies Russia is a key factor, though is focused on war in Ukraine Syria-based rebel forces are seeking to build on recent gains and capture more territory controlled by the government, raising the question of whether President Bashar Al-Assad can hold onto power. There are a lot of unknowns in …
Continue reading “Syria’s Assad and Iran Face Tough Choices as Rebels Advance”