Tag: Crude

Worldwide Crude Steel and Steel Semi-Finished Products Market to 2025 – Analysis, Forecast, Size, Trends and Insights

The “World – Crude Steel And Steel Semi-Finished Products – Market Analysis, Forecast, Size, Trends and Insights” report has been added to ResearchAndMarkets.com’s offering.

This report has been designed to provide a comprehensive study of the global steel market. It covers the most recent data sets of quantitative medium-term perspectives, as well as developments in production, trade, consumption and prices. The report also displays a comparative analysis of the biggest consuming countries, revealing opportunities opened for producers and exporters across the globe. The outlook outlines market perspectives to 2025.

Countries coverage: Worldwide – the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries (United States, China, Japan, Germany, United Kingdom, France, Brazil, Italy, Russian Federation, India, Canada, Australia, Republic of Korea, Spain, Mexico, Indonesia, Netherlands, Turkey, Saudi Arabia, Switzerland, Sweden, Nigeria, Poland, Belgium, Argentina, Norway, Austria, Thailand, United Arab Emirates, Colombia, Denmark,

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The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against ProShares Ultra Bloomberg Crude Oil (UCO)

Shareholders with $1,000,000 in losses or more are encouraged to contact the firm

The Law Offices of Frank R. Cruz reminds investors of the upcoming September 28, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased ProShares Ultra Bloomberg Crude Oil (“UCO” or the “Fund”) (NYSEArca: UCO) securities between March 6, 2020 and April 27, 2020, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that extraordinary market volatility caused by decreased demand for oil from the coronavirus pandemic and increased oil supply and diminished oil prices caused

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U.S. crude inventories decline for 2nd week

U.S. crude inventories declined again last week, boosting U.S. oil prices in the hours after the report’s release. Domestic commercial crude inventories fell by 1.6 million barrels during the week ended Sept. 18, according to a report from the Energy Information Administration.



a large long train on a steel track: Crude oil storage tanks sit along Highway 225, Friday, May 15, 2020, between Houston and Pasadena.


© Mark Mulligan | Houston Chronicle
Crude oil storage tanks sit along Highway 225, Friday, May 15, 2020, between Houston and Pasadena.

The draw on stockpiles helped push U.S. oil prices past $40 per barrel, a threshold that oil prices have struggled to maintain in recent months. In early September, oil prices were as low as $36.76.

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But with two consecutive weeks of draws on U.S. crude supplies, demand for U.S. crude oil and fuel products appeared to be trending up, and with it, prices. At 9:50 a.m. central, West Texas Intermediate, the U.S. benchmark, was trading at $40.47.

On HoustonChronicle.com: Energy transition could spur $111

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Oil scores partial rebound as traders bet on a second weekly decline in U.S. crude supplies

Oil settled higher on Tuesday, finding support from expectations for a second weekly decline in U.S. crude supplies.

Prices scored a partial rebound from the sharp decline in oil seen a day earlier, when the rise of COVID-19 cases and potential for renewed activity restrictions in Europe fed a global equity selloff.

Tuesday’s oil-price rise was modest. Energy traders struggled “to assess the uncertainty with U.S. production as we approach the last two months of hurricane season [and] how bad the demand outlook will get following the winter wave of the coronavirus,” as Libyan oil production slowly bounces back, said Edward Moya, senior market analyst at Oanda.

West Texas Intermediate crude for October delivery
CLV20,
+0.61%

 
CL.1,
+0.61%

on the New York Mercantile Exchange edged up by 29 cents, or 0.7%, to settle at $39.60 a barrel after a decline of 4.3% on Monday. The contract expired at the day’s

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Crude Edges Lower, But Set for Biggest Weekly Gain Since June

SECTOR COMMENTARY

Energy stocks are set to open mixed to lower, weighed down by weakness in the underlying commodities while U.S. stock index futures traded mixed following yesterday’s sell off as investors remain on edge about the outlook of further government stimulus. Meanwhile, we should expect to see heightened volume levels in the form of block trades at the open and close amid today’s quad-witching and index rebalancing.

Oil prices are off session highs but on track for their largest weekly gain since June. Moving prices lower is news out of Eastern Libyan as commander Khalifa Haftar said in a broadcast today that his forces had decided to resume oil production after having blockaded export facilities since January, without giving further details.

Natural gas is off ~3 % following yesterday’s 10% drop on several factors including weather, weekly storage, weaker Gulf Coast demand following Sally and Cameron LNG struggles. Despite

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Weekly Crude Oil Market Overview: VLCC Floating Storage Surplus Has Been Essentially Eliminated

Fundamentals

US Market

Yesterday, the Energy Information Administration (EIA) reported a crude oil inventory draw of 4.4 million barrels (MMbbl) for the week to September 11. It was a “bullish surprise” as analysts had expected an inventory build of a bit over 2 MMbbl for the period.

At 496 MMbbl, commercial crude oil stocks are still above the 5-year average (+59.3 MMbbl) as well as above last year’s level (+78.9 MMbbl). Although the “surplus” is shrinking, it remains rather larger (by historical standards) and the WTI price seems elevated when set against the current level of inventories (see the chart below).

U.S. Commercial Oil Stocks + Changes and Deviations

U.S. Commercial Oil Stock Deviations vs. WTI price

Source: EIA, Bluegold Trader estimates and calculations

In the week ending September 11, production was up 9% w-o-w to 10.9 bbl/d. Total supply, however, was up only 3.1% w-o-w, as imports were down

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These 3 Oil Stocks Won’t Survive Another Crash in Crude Prices

Oil prices cratered earlier this year, which caused a wake of devastation as several companies filed for bankruptcy. While prices had stablized in recent months, they took a nasty tumble earlier this week. That decline put renewed pressure on financially weak oil stocks, causing fears of another wave of financial destruction. 

Given the renewed weakness in the oil patch, we asked three of our Motley Fool contributors which stocks they fear might not survive another big crash. Topping their list were Callon Petroleum (NYSE:CPE), Occidental Petroleum (NYSE:OXY), and Transocean (NYSE:RIG).

A man holding a miniature barrel of oil with caution written on it in one hand and cash in the other hand.

Image source: Getty Images.

Troubling moves

Reuben Gregg Brewer (Callon Petroleum): The U.S. onshore segment of the energy industry is getting hit particularly hard today, with one-time giants, like Chesapeake Energy, succumbing to bankruptcy. Callon Petroleum, with a tiny market cap of just $200 million, appears to be teetering on the edge as it tries to muddle

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Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against ProShares Ultra Bloomberg Crude Oil (UCO)

LOS ANGELES, Aug. 24, 2020 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 28, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of ProShares Ultra Bloomberg Crude Oil (“UCO” or the “Fund”) (NYSEArca: UCO ) securities between March 6, 2020 and April 27, 2020, inclusive (the “Class Period”).

If you suffered a loss on your UCO investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/proshares-ultra-bloomberg-crude-oil/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material

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