The crude oil market has seen a bit of early strength, but at this point the market is ready to test a potential support level during the Friday session. This is a market that cyclically is strong at this point in time.
Oil futures rose Friday, on track to book monthly gains as investors continued to fret over the possibility of a wider Middle East conflict that could threaten flows of crude out of the region.
And no, it's not Joe Biden, Donald Trump or Scott Sheffield. The current price is well above the long-run marginal cost of oil (assuming a free market, which, well, never happened, never will) and is held at that level not only by OPEC+ quotas (which are keeping 3.5 mb/d of oil of the market as of this writing), but also by political decisions made by several leaders in oil exporting countries.
Given the current geopolitical tensions and potential weather-related supply disruptions, the short-term outlook for oil prices remains bullish.
Top oil exporter Saudi Arabia may cut prices for crude grades it sells to Asia for a second month in August, tracking weakness in Middle East benchmark Dubai, trade sources said on Friday.
Oil prices surged 2% this week, driven by potential Fed rate cuts and market optimism. Is there more upside ahead for energy markets?
Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly jump, as concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand.
Crude oil faces resistance amidst a consolidation phase, with an expanding triangle pattern and potential for an upside breakout once the consolidation is complete.
The U.S. Senate budget committee on Thursday launched a probe of 18 domestic oil producers about any efforts to illegally coordinate oil prices with the Organization of the Petroleum Exporting Countries (OPEC).
The crude oil market continues to see a lot of buying pressure under the current level, and at this point in time, I think we have to look for valuable opportunities, as there are a few levels that we will be watching over the next few sessions.
A surprise build in U.S. crude oil and gasoline inventories disappointed bulls who were hoping for signs of an uptick in demand. But tensions between Israel and Iran-backed militia Hezbollah are providing support to prices.
TotalEnergies has agreed to sell its entire interest in its West of Shetland gas fields to The Prax Group, a private UK company. It comprises the Laggan, Tormore, Glenlivet, Edradour, and Glendronach fields, as well as the onshore Shetland gas plant and nearby exploration licenses.