Quotes from the news wire:
That IEA report is one of the best ones we’ve seen them publish in awhile in terms of being optimistic about the continued rebound in demand.
Found on Reuters 3 years ago
With Brent over $60, it’s been great psychologically, everyone is feeling bullish about stronger demand and global inventories in further decline.
Found on Reuters 3 years ago
With Brent over $60, it’s been great psychologically ... and everyone is feeling bullish about stronger demand and global inventories in further decline.
Found on Reuters 3 years ago
That helped, and given the broader situation with OPEC+, I would expect for this market to tighten up further.
Found on Reuters 3 years ago
There’s renewed hopes about the stimulus - there’s just a good mood in the markets overall, a sense of moving forward and that demand is going to be picking up.
Found on Reuters 3 years ago
There was a lot of nervousness going into this press conference, so it looks like the worst case scenario doesn't appear to be emerging.
Found on Reuters 4 years ago
The rig count was another stunner. These are meaningful cuts and they have come at a rapid pace.
Found on Reuters 4 years ago
This reminds me of the aftermath of the 1998 price crash and what it did to our productive capacity for the next decade, these busts like this can be long lasting in the oil industry.
Found on Reuters 4 years ago
There was almost an immediate response from U.S. producers to cut spending that will likely result in diminished U.S. oil output in the months ahead.
Found on Reuters 4 years ago
Prices plunged because the OPEC confab ended up being an epic fail on the part of all involved. Russia has clearly decided to employ a scorched earth approach to the oil market: every country for itself.
Found on Reuters 4 years ago
Gasoline demand is starting to rebound, and the modest drawdown in refined fuels helped to offset the bearish, blaring crude oil headline.
Found on Reuters 4 years ago
I think everybody is conscious of what's going on in the Middle East with Iraq and Libya.
Found on Reuters 4 years ago
Given the volatility around the U.S.-China trade saga, it's hard to be short over the weekend, the turn of a phrase could restore the very hopes that were dashed just last night over a deal being struck.
Found on Reuters 5 years ago
Some of the vibes out of the U.S.-China talks are positive again and that's certainly what's fuelling the stock market, so oil is benefiting from it.
Found on Reuters 5 years ago
The U.S.-China trade war has caused energy demand growth to take a big hit. Any glimmer of hope revives the prospects for a more positive demand landscape.
Found on Reuters 5 years ago
The Saudis appear to be redoubling their efforts to constrain global supplies, in response to this week's sell-off.
Found on Reuters 5 years ago
The data was net positive, gDP beat expectations... consumer spending was just off the charts, but business spending was nearly as bad as consumer spending was good.
Found on Reuters 5 years ago
It's going to be hard to hold onto the gains: there's going to be a question in the market as to whether the cuts are enough, so far they're getting the benefit of the doubt, but we've slipped a bit off the highs.
Found on Reuters 5 years ago
I think some of the risk premium that got built in because of U.S. tensions with Iran is easing a bit, i think we're also starting to see the economic concerns and demand concerns re-emerge for the market.
Found on Reuters 5 years ago
The situation with China is as bearish as the Iran situation is bullish, that's why I think we continue to be here in a stalemate.
Found on Reuters 5 years ago
The developing situation in Libya is also supportive, but, for now the oil is continuing to flow and will likely continue to do so.
Found on Reuters 5 years ago
If you read into (Trump's comments), I think there's speculation there will, in fact, be another round of waivers granted to countries and companies to buy Iranian oil, that's also why you're seeing the negative reaction.
Found on Reuters 5 years ago
The report was rather bearish, punctuated by the large crude oil inventory increase, gasoline demand remains anemic.
Found on Reuters 5 years ago
Production issues there today were a reminder that those issues are ongoing.
Found on Reuters 6 years ago
It's telling that the multinationals are taking this sanctions business very seriously and are preparing to pull out of Iran. That's really crystallizing the loss of production we're facing.
Found on Reuters 6 years ago
There was a lot of anticipation in the market that there was going to be a lot of new oil coming to market, and that isn't going to happen, at least for now.
Found on Reuters 6 years ago
A move to put more oil on the market by Saudi Arabia and Russia would be very bearish for prices. The mere contemplation of it has hit oil prices this week.
Found on Reuters 6 years ago
You had a series of weak economic data points overnight.
Found on Reuters 6 years ago
It's the same witches brew of bullish stuff: Iran, Venezuela, the lack of alacrity by Saudi Arabia to bring more oil onto the market.
Found on Reuters 6 years ago
This may one of the most bullish reports that I surveyed - even with domestic production rising to 10.7 million barrels per day, [S]uper-high gasoline demand and crude oil exports of nearly 2 million bpd, once again, add to the bullish tone.
Found on Reuters 6 years ago
This is a market that is on tenterhooks in terms of monitoring headlines out of the Middle East.
Found on Reuters 6 years ago
We're in a vicious cycle, with no sign of this glut in oil products disappearing anytime soon, while any cutback by refiners is backing up crude into the system. This tells me the rally is over.
Found on Reuters 8 years ago
The bandwagon trade just two months ago was that we will hit $ 60, but now $ 35 is looking like more of a reality, we're in a vicious cycle, with no sign of this glut in oil products disappearing anytime soon, while any cutback by refiners is backing up crude into the system. This tells me the rally is over.
Found on Reuters 8 years ago
Imports remain strong and refiners have been more the meeting the gasoline demand, expectations were high for this report, and they were dashed.
Found on Reuters 8 years ago
Cushing inventories did rise, taking away some of the strength of the headline drawdown figure, the refinery utilization rate, slightly below, at 90 percent is not all that supportive for crude oil demand, and crude oil imports were not that strong again.
Found on Reuters 8 years ago
Between the Canadian wildfire and the regime change in Saudi Arabia, there is a pronounced amount of uncertainty now, in commodities, you buy uncertainty.
Found on Reuters 8 years ago
To a certain degree, this reduces the economics of storing oil for later delivery, it's also feeds the idea that the supply-demand balance is swinging the other way, from surplus to tightness.
Found on Reuters 8 years ago
The population has dwindled to almost nothing. Options were only holding on.
Found on Reuters 8 years ago
It certainly looks like the bulls had shot themselves in the foot ahead of the rally, as we were in risk-off mood until Wednesday when oil and commodities were off-favor, that said, the price rally since looks kind of overdone too, as we still have record inventories in crude oil, regardless what near-term bullish factors show.
Found on Reuters 8 years ago
I expect a $ 3 discount in WTI to Brent by next week, and that to possibly build to $ 5 or $ 6 in coming weeks or months.
Found on Reuters 8 years ago
The low pump prices are stoking gasoline demand, the crude oil inventory situation is set to worsen by a lot, given the sub-85 percent refinery run rate.
Found on Reuters 8 years ago
The rise in gasoline and distillate inventories will weigh on the complex further and should keep a lid on any rebound in crude oil prices from the surprise drawdown.
Found on Reuters 8 years ago
The Iranians are clearly stepping it up to battle for market share in Europe.
Found on Reuters 8 years ago
The Iranians are clearly stepping it up to battle for market share in Europe where the Russians, Saudis and even the first batch of U.S. exports have gone to, so it's a battle royale.
Found on Reuters 8 years ago
As big as the crude oil drawdown was, the build in gasoline was even more spectacular and crushing to the market.
Found on Reuters 8 years ago
You can talk all you want about oil demand being better next year and beyond, but right now we have a heck of a glut on our hands that I think has to be priced in some more.
Found on Reuters 9 years ago
The part of the report that continues to amaze is the domestic production number, which showed a small rise, despite the ever-plunging rig count.
Found on Reuters 9 years ago
The large crude oil inventory build, driven by a drop in the refinery utilization rate, makes for a bearish report.
Found on Reuters 9 years ago
Crude oil imports rebounded markedly and refinery utilization fell again, allowing for the substantial crude oil inventory rise.
Found on Reuters 9 years ago
The report is mixed in that it is bearish for crude oil, but somewhat supportive of refined products, crude oil imports rebounded markedly and refinery utilization fell again, allowing for the substantial crude oil inventory rise.
Found on Reuters 9 years ago
The report is mixed in that it is bearish for crude oil, but somewhat supportive of refined products.
Found on Reuters 9 years ago
The report is bearish, with the focus squarely on crude oil and the large increase in overall inventories, due mostly to a surge in imports.
Found on Reuters 9 years ago
The report was marginally bullish due to the large crude oil inventory decline and the robust gasoline demand.
Found on Reuters 9 years ago
The crude oil inventory rise was driven by a strong rebound in crude oil imports, which neared 8 million barrels per day.
Found on Reuters 9 years ago
Seems like there is volatility with the U.S. August contract set to expire and the weak equities are not helping either.
Found on Reuters 9 years ago
The decline in refinery utilization is also bearish for crude oil price, since any diminution in demand will cause the recent trend of crude oil inventory declines to reverse.
Found on Reuters 9 years ago
The report is squarely bullish due to the large crude oil inventory drawdown, which confirmed the API data from last night.
Found on Reuters 9 years ago
The further decline in crude oil inventories and the high refinery utilization rate, despite the slight decline, makes for a mostly bullish report, the strong refinery demand and gasoline demand are the key items in the report, creating a bullish conclusion.
Found on Reuters 9 years ago
We have come up a long way in a short time, people will ultimately realize that prices above $60 a barrel are going to reopen lots of idled oil rigs, meaning more supply.
Found on Reuters 9 years ago
Gasoline demand is summer-like at 9.0 million bpd, and the plunge crude oil imports, obviously, exaggerated the crude oil inventory drawdown.
Found on Reuters 9 years ago
The large rise in gasoline inventories was unexpected, and it is the most important element of the report due to the impending driving season focus.
Found on Reuters 9 years ago
Tensions are so high in that region with the impending Iran-U.S. nuclear deal that any event implied to be U.S.-linked has an immediate effect on oil prices.
Found on Reuters 9 years ago
It's a push and pull situation with the Yemen tensions giving Brent support while U.S. prices get pulled down as people steel themselves for another inventory rise next week.
Found on Reuters 9 years ago
Speculation over storage capacity limits will only increase.
Found on Reuters 9 years ago
The market certainly seems to have jumped on the latest Iran news, after earlier pricing in a nuclear deal and removal of sanctions.
Found on Reuters 9 years ago
The supply dynamic will be reinforced by the inventory reports and the data are simply too compelling to ignore, and it has consistently undermined the recent rallies.
Found on Reuters 9 years ago
There is the notion that a bottom has been set at $55 for Brent and $45 for WTI, and there are enough buyers out there each time the market tests those levels.
Found on Reuters 9 years ago
King Abdullah was the architect of the current strategy to keep production high and force out smaller players instead of cutting.
Found on Reuters 9 years ago
The fear of the unknown is going to be supportive to crude oil prices, king Abdullah was the architect of the current strategy to keep production high and force out smaller players instead of cutting.
Found on Reuters 9 years ago
I think what's going to be telling here is to highlight how bearish the complex is, if King Abdullah being ill couldn't get a rally going, I doubt a small refinery fire at the Lima refinery will have any impact, either.
Found on Reuters 9 years ago
The market clearly got a little overdone to the downside and now it's coming back up, proof that there will be a response from the shale patch to these low prices, several shale companies are already reporting capital expenditure reductions next year as their profit margins get thinned out.
Found on Reuters 9 years ago
WTI could certainly be down a couple of dollars more next week, and test newer lows from there.
Found on Reuters 9 years ago
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