Francisco Blanch, head of commodities and derivatives research at Bank of America, discusses the power demand from artificial intelligence data centers which have sent wholesale electricity prices to record highs. "Oil is about a third of the energy we consume.
WTI crude oil faces bearish pressure, natural gas builds bullish momentum, and the US Dollar Index stays range-bound with a downside bias.
Crude oil prices remain under pressure as OPEC+ production hikes and weak oil demand cloud the outlook, with key technical support barely holding.
Oil prices steadied in early trade on Wednesday after two consecutive days of losses as investors weighed potential OPEC+ plans for a larger output hike next month against the prospect of shrinking inventories in the U.S.
Exxon is the latest large oil company to announce job cuts as the industry continues to adapt to lower oil prices.
The crude oil market continues to see a lot of support below current levels, but at this point, the biggest thing to keep in mind is that we are still in a range, as there are a lot of external noises out there to cause the range to continue.
Benchmark oil prices have slumped this year as the OPEC+ cartel bids to win back market share.
OPEC+ is planning an output hike in November, according to early reports. CNBC's Dan Murphy has more.
Macro Oil extended gains into late September, but the risk-reward is getting tighter. The Dallas Fed's Q3 Energy Survey—covering 139 firms (93 E&Ps, 46 services) from September 10–18—shows rising cost pressure (F&D up to 22.0; LOE up to 36.9) and broad caution, with roughly four in five firms delaying investment
Oil prices slipped nearly 1% on Monday after Iraq's Kurdistan region resumed crude oil exports via Turkey over the weekend and as OPEC+ plans another oil output hike in November, adding to global supplies.
Crude oil futures rally as Russia's export bans and OPEC+ shortfalls tighten global supply. Weekly oil outlook targets $69.34 with bullish momentum intact.
Oil and natural gas regained momentum due to supply draws and geopolitical risks, while the US Dollar Index consolidated near key levels that will shape the next move.