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Last week, the price of active month NYMEX crude oil futures made a higher high. A pattern of higher weekly peaks has been in place during the past two months. In eight of the last nine weeks, crude oil has been grinding higher. In 2019, nearby WTI futures traded in a range from $44.35 to ...
In this article, we examine the significant weekly order flow and market structure developments driving WTI price action. As noted in last week’s WTI Weekly , the primary expectation for this week was for price discovery higher, barring failure of 58.80s as support. This expectation ...
The number of active drilling rigs in the U.S. jumps by 14 to 813, after coming in flat last week following seven straight weekly declines, according to Baker Hughes' latest survey . More news on: The United States Oil ETF, LP, The United States Natural Gas ETF, LP, VelocityShares 3x Long...
In a recent post on Seeking Alpha, An 'Unprecedented Opportunity' in Oil Paradigm Shift , Mark Gordon, CIO of Ascent Oil Fund, argues that "We're about to move from the Age of Abundance to a Return to Scarcity." He says that the paradigm shift will have significant implications for energy s...
As the year draws to a close, OPEC continues to surprise oil market investors and participants. In a prior article, I detailed the group's decision, alongside its non-OPEC partners, to cut production further beginning next year. That move should be bullish on the whole, but in its latest month...
In Part 1 of 'OPEC Fiddling With the Numbers,' I showed how their cuts were less than those reported under 100% compliance, and with the 'doubtful' cuts excluded, there is no cut. In Part 2, I show how creative accounting allows for higher production under the guise of cuts. OPEC made no m...
In a challenging macro environment for the energy space, the broad midstream universe has performed defensively this year. MLPs may finish down for the third consecutive year on a price-return basis given performance through December 10, with MLP performance substantially diverging from midstr...
Welcome to the disappointment edition of Oil Markets Daily! There are increasing signs of disappointing US shale growth projections for 2020. IEA and OPEC currently have +1.3 and +1.5 mb/d y-o-y (total liquids) for the US. IEA, in particular, has +0.9 mb/d for crude production growth y-o...
At the OPEC+ press conference on December 6 th , Saudi Energy Minister Prince Abdulaziz bin Salman claimed that the 500,000 b/d production cut was “fresh barrels” and that he was not “fiddling with the numbers.” But a country-by-country analysis shows the cuts addin...
In this article, we examine the significant weekly order flow and market structure developments driving WTI price action. As noted in last week’s WTI Weekly , the primary expectation for this week was for price discovery higher, barring failure of 57.70s as support. This expectation ...
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Nineteen enhancements launched to help brands increase orders, streamline operations, and improve guest experiences Olo Inc. (NYSE:OLO), a leading restaurant technology provider, today announced Loyalty for Borderless Accounts, a new feature that allows guests to earn, redeem, and u...
Olo Inc. (NYSE: OLO), a leading restaurant technology provider, today announced that it will report its second quarter fiscal year 2024 financial results after the U.S. financial markets close on Wednesday, July 31, 2024. In conjunction with this announcement, Olo will host a conference call ...