OPEC President, H.E. Dr. Mohammed Bin Saleh Al-Sada, Qatar's Minister of Energy and Industry, issued a press release August 8th announcing that an informal meeting of OPEC member countries would take place on the sidelines of the 15th International Energy Forum in Algeria from 26 to 28 September 2016. There was an initial price rise, but that faded on Tuesday and Wednesday. Continue reading "OPEC Oil Export Revenues Lowest Since 2003"
August crude futures prices edged $0.20 higher in the week ending July 12th (to correspond to the data below), closing at $46.80. However, prices are down about 7% since early June when a confluence of events caused supply disruptions in multiple locations.
Though U.S. crude oil inventories have dropped more than 20 million barrels since the end of April, petroleum product stocks reached a new peak in the week ending July 8th. Continue reading "Speculators' Risk Assessments Key to Crude Price Changes"
Each week, the Energy Information Administration (EIA) reports estimates for crude oil and petroleum products. These supply, demand and inventory estimates are used by traders to assess the inventory surplus (or deficit), the supply-demand balance and whether the market is tightening or not. The best measure of the latter is to look at the crude stock change and petroleum product stock change graphs.
These stocks and trends are best understood in perspective and so comparisons are made to previous years. Interpreting the data reported by the EIA might otherwise be difficult or time-consuming.
It is important to note that these estimates are provided from surveys and EIA models and are subject to revision. The EIA crude production data, in particular, has been revised substantially in monthly data released a few months after the weeklies.
Each week, the Energy Information Administration (EIA) reports estimates for crude oil and petroleum products. These supply, demand and inventory estimates are used by traders to assess the inventory surplus (or deficit), the supply-demand balance and whether the market is tightening or not. The best measure of the latter is to look at the crude stock change and petroleum product stock change graphs.
These stocks and trends are best understood in perspective and so comparisons are made to previous years. Interpreting the data reported by the EIA might otherwise be difficult or time-consuming.
It is important to note that these estimates are provided from surveys and EIA models and are subject to revision. The EIA crude production data, in particular, has been revised substantially in monthly data released a few months after the weeklies.
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