Displaying items by tag: OPEC

Thursday, 25 November 2021 06:26

Did Biden Spike an Oil Price War?

Inflation is as buzzy as it has been since the 1970s, and the nation’s energy crisis is drawing another parallel to that decade. In an attempt to curb oil prices Biden released the nation's oil reserves hoping to drive down gas prices. However, earlier this year Biden tried to pressure OPEC+ to increase production to put downward pressure on prices and they rejected. Sure, if OPEC+ maintains production or actually increases (as they had stated they would) then prices will fall, but OPEC+ and other oil producers like Russia target a $70+ per barrel price point to optimize their profits. Many are speculating that this will cause OPEC+ to pull back production after their meeting in December, and spark a rift between oil producers and consumers like the U.S.


FINSUM: This is a desperate attempt by Biden to control prices which there has been little to no precedent for in past presidencies. This could blow up by hurting U.S. producers more and leaving oil prices unchanged.

Published in Eq: Energy
Tuesday, 11 May 2021 17:26

Oil Prices Pushing Past Any Headwinds

(Houston)

Oil prices pushed up to $65 a barrel early in the week. Most investors…see the full story on our partner Magnifi’s site

Published in Eq: Energy

(Shanghai)

China is one of the biggest importers of crude oil and…see the full story on our partner Magnifi’s site

Published in Eq: Energy
Monday, 08 March 2021 17:35

Goldman Sachs Bullish on Commodities Market

(New York)

Jeffrey Currie, head of Commodities Research at Goldman Sachs, said there is the beginning of a structural bull market in raw materials…View the full article on our partner Magnifi’s site

Published in Eq: Energy
Tuesday, 23 February 2021 18:37

Here is Where Oil is Headed

(Houston)

Unprecedented freezing temperatures across the south have wrangled most news headlines this week. This is causing a not so surprising collapse in production from the major U.S. manufacturers in the state most affected, Texas. But the lack of demand from refineries is creating a negative pull on oil prices as they are slower to adjust to changing conditions. Sluggish oil prices will be expected to continue despite a 3.5 million barrel shortfall in production because the refineries aren’t in high demand. On top of this demand shortfall, OPEC has announced plans to ramp up production. These combining factors have produced about a 2% decline in WTI crude futures after declining 1% in trading last Thursday. Finally, the Biden administration has set the course to re-engage with the 2015 Iran nuclear agreement, however, Trump-era oil sanctions have not been reversed.


FINSUM: The run-up in oil prices over the last two weeks was driven by inclement weather in the U.S. but look to the finer details of global production in the next couple of weeks to push oil prices back down. Examine related sectors, like the airline industry, to capitalize on these fluctuations.

Published in Eq: Energy
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