Lot size of crude oil

Brent crude futures slipped 3 cents to $113.09 a barrel by 0515 GMT, after rising as much as 1 percent earlier. Front-month prices tumbled 7.3 percent last week, their first weekly fall in five (Representative image) After shooting to near $123 per barrel last week amid various global factors, crude oil prices slid by as much as 6 percent or $11 to $112 per barrel on June 17. This was a sudden reversal from the steep climb in the wake of Russia’s invasion of Ukraine, global travel opening up, and services reviving. Speaking to CNBC-TV18 on June 20, Vandana Hari, founder and CEO of Vanda Insights, said the correction was mainly due to two factors — Libya’s oil production being confirmed at 700,000 barrels per day (bpd) instead of the earlier expected 100,000 bpd; and tumble in United States markets due to sell-off in broader risk assets. “What happened on Friday (June 17) was quite late in the US session and quite a surprise,” Hari said. Follow our Market LIVE blog … [Read more...] about Crude oil sell-off a bit overdone as prices could be ticking back up soon, says Vandana Hari of Vanda Insights

- A + A (June 22): Oil plunged for the second time in a few days on concerns that a global economic slowdown will ultimately hobble demand. West Texas Intermediate tumbled toward US$103 a barrel, before paring some losses. Investors are concerned about the impact of sharply higher US interest rates, with Federal Reserve Chair Jerome Powell due to testify before Congress Wednesday on his bid to curb inflation raging at the fastest pace in decades. Prices are also surging outside the US, with UK inflation at a fresh 40-year high. Since a spike in prices after Russia invaded Ukraine, oil markets have been grappling with a liquidity crisis. Futures holdings are at the lowest since 2016, leaving headline prices prone to outsized swings. The US crude benchmark also fell below its 100-day moving average early on Wednesday for the first time since January, adding technical pressure to an already fragile market. While crude has been shaky over the past week, plunging 6.8% … [Read more...] about Crude oil buckles as recession angst rattles commodity investors

- A + A (June 23): Oil retreated along with other key commodities as concern over a global economic slowdown intensified, with Federal Reserve Chair Jerome Powell warning that a US recession is possible. West Texas Intermediate sank below $103 a barrel after closing at a six-week low on Wednesday. The US benchmark has lost more than 15% since the close on June 8 as the drumbeat of warnings over the state of the world’s economy has grown steadily louder, drowning out signs the oil market remains tight. Powell said while he didn’t see the likelihood of a recession as particularly elevated, it was a possibility. Commodity price hikes were “clearly” connected to the war in Ukraine, he said. Crude’s retreat has been accompanied by deep losses in other raw materials, especially base metals such as copper. Oil is rapidly giving up its gains in what’s been a volatile quarter as investors attempt to gauge the trajectory of the US economy and its impact on raw materials. … [Read more...] about Crude oil sinks again as specter of US slowdown alarms investors

NEW YORK: Oil price s settled up by more than US$ 3 a barrel on Friday, supported by tight supply, but they notched their second weekly decline on concern that rising interest rates could push the world economy into recession. Brent crude LCOc1 settled up $3 .07 , or 2.8 %, at $113.12 a barrel by 1 2:10 p.m. EDT (1610 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 s ettled up $3.35 , or 3 .2 %, at $107.62. T he U.S. Federal Reserve "was talking very hawkish which was undermining the oil rally, but sentiment is changing a little especially on strong economic data," said John Kilduff, partner at Again Capital LLC in New York. On Thursday, Fed Chair Jerome Powell said the central bank's focus on curbing inflation was "unconditional", adding to fears about more interest rate hikes. Read full story A survey on Friday showed U.S. consumer sentiment hit a record low in June even as the outlook for inflation improved slightly. Read full … [Read more...] about Oil price settles up but posts weekly decline on recession fears

- A + A (June 24): Oil prices rose slightly in early Asian trade on Friday (June 24) as nations seek to address global crude oil and fuel supply tightness. Brent crude futures had risen 39 cents, or 0.4%, to US$110.44 (about RM486.43) a barrel at 0012 GMT, while US West Texas Intermediate crude futures rose 37 cents, or 0.4%, to US$104.31 a barrel. OPEC and allied producing countries including Russia will likely stick to a plan for accelerated output increases in August in hopes of easing crude prices and inflation as US President Joe Biden plans to visit Saudi Arabia, sources said. The group known as OPEC+ agreed in its last meeting on June 2 to boost output by 648,000 barrels a day in July, or 7% of global demand, and by the same amount in August, up from the initial plan to add 432,000 barrels per day a month over three months until September. However, the group has struggled to hit the monthly increase targets due to underinvestment in oilfields by some OPEC … [Read more...] about Oil prices rise on tight supply, inventory uncertainty

Share to Twitter Share to Linkedin Topline With oil prices down this month, billionaire investor Warren Buffett is once again buying the dip by adding to one of his favorite energy stocks, as his investing conglomerate Berkshire Hathaway purchased roughly $500 million worth of Occidental Petroleum shares this week. Key Facts Buffett’s Berkshire Hathaway purchased roughly 9.5 million shares of Occidental over the past week at a cost of nearly $530 million, according to a new regulatory filing late on Wednesday. After a buying spree that started in late February, Buffett’s investing conglomerate now owns roughly 152 million shares of Occidental—a 16.3% stake worth nearly $8.5 billion that makes Berkshire by far and away the largest shareholder in the energy giant. Shares of Occidental Petroleum failed to rally on the news Thursday, but it remains one of the best-performing stocks this year, rising over 90% thanks to the massive spike in oil … [Read more...] about Warren Buffett Adds To Massive Stake In Occidental Petroleum, Buying The Dip After Oil Prices Drop

Oil prices plunged more than five percent Wednesday as traders grow increasingly worried that demand for the commodity will take a hit from a possible recession caused by a sharp hike in interest rates aimed at reining in inflation. West Texas Intermediate lost 5.09 percent to $103.92 a barrel, while Brent was off 4.70 percent at $109.26. Crude has soared in recent months to multi-year highs on concerns that tight supplies caused by the Ukraine war will not be enough to meet demand from reopening world economies, particularly China as it emerges from months-long lockdowns. But central banks have been forced to ramp up borrowing costs as the rise in energy costs has helped send inflation soaring to levels not seen since the 1980s. That has fanned concerns that economies around the world are heading for a recession, sending chills through crude markets. Eyes are on a two-day Congressional testimony by Federal Reserve boss Jerome Powell this week, which will be looked over for … [Read more...] about WTI crude plunges 5% on recession fears

Share to Twitter Share to Linkedin Topline Energy stocks once again outperformed the rest of the market as oil and gas prices remain elevated due to inflation; despite ongoing risks to tight global supply such as Russia’s invasion of Ukraine, some experts are now predicting that prices will decline by next year. Key Facts Energy prices have been surging in recent months: Demand remains high but supply has been tight ever since the West imposed sanctions on Russian oil after the country’s invasion of Ukraine in late February. Despite their first weekly loss in over a month last Friday, oil prices jumped again on Tuesday: The price of U.S. benchmark West Texas Intermediate sits at nearly $111 per barrel, while international benchmark Brent crude trades at more than $114 per barrel. Major energy companies were among the best-performing stocks on Tuesday as the market rebounded from its worst week since March 2020, with the Dow gaining over … [Read more...] about Energy Stocks Jump As Oil Surges Again—Prices Will Remain Elevated Through Summer

New York (CNN Business) Warren Buffett's Berkshire Hathaway is betting that the oil boom isn't going to end any time soon. Berkshire Hathaway disclosed in a regulatory filing late Wednesday that it spent about $529 million to buy nearly 9.6 million shares of Occidental Petroleum in the past week. Berkshire Hathaway ( BRKB ) made the purchases between June 17 and June 22. Buffett's conglomerate now owns a 16.3% stake in Occidental Petroleum ( OXY ) , making it by far the largest owner of the stock. Mutual fund giant Vanguard is the second biggest investor, with a nearly 11% position in the company. Occidental Petroleum is the best performer in the S&P 500 this year, rising 92% as crude prices have soared. Shares were up more than 3% in early trading Thursday. Buffett says Berkshire's success is more about being 'sane' than 'smart' But Occidental Petroleum isn't the only energy company that Berkshire … [Read more...] about Warren Buffett must really love oil. Berkshire boosts Occidental Petroleum stake

- A + A (June 24): The most closely watched oil data in the world -- the US government’s Weekly Petroleum Status Report -- won’t be released as planned this week because of system issues stemming from a power problem. The Energy Information Administration has delayed the release of all but its Weekly Natural Gas Inventory report planned this week after electricity issues caused an unspecified hardware failure. “We aren’t releasing any more data this week,” spokesman Chris Higginbotham said. The agency last experienced a significant delay in 2013 due to a government shutdown, he said. The U.S. is among the few major oil-producing and oil-consuming nations that publish weekly, detailed data on the health of the nation’s petroleum supply and demand. The report provides key insights into an oil market that’s seen prices rise more than 40% this year, forcing governments to wrestle with surging inflation. When it is released, the data often moves oil prices. Each week, … [Read more...] about World’s most watched oil data won’t be released this week