OilDemand posts
FeedPosted Jun 2nd 2009 7:00PM by Michael Fowlkes (RSS feed)
Filed under: Major Movement, International Markets, Forecasts, Consumer Experience, Middle East, Economic Data, Oil, Recession, Financial Crisis

A couple of months ago, I would have bet that oil would probably peak out this summer in the upper $60's, and
possibly move back through the psychological $70 mark, but it is starting to look like I would have been wrong. We have yet to hit the heart of the high demand summer driving months, and oil is already poised to break through $70 a barrel.
When we looked at
oil prices yesterday we mentioned that the first place you are going to feel the recent jump in price is going to be at the gas station. And today, you will be seeing another slight jump in price as the national average for a gallon of gasoline moved over a penny higher last night to a current national average of $2.525.
Continue reading Oil inches closer to the $70 mark
Posted May 20th 2009 5:40PM by Michael Fowlkes (RSS feed)
Filed under: Major Movement, Forecasts, Products and Services, Consumer Experience, Middle East, Market Matters, Economic Data, Oil, Recession, Financial Crisis

Oil prices reached a new 6 month high today, following a weekly inventory report that lead investors to believe that
demand is rising for the precious crude.
Going into today's report from the Department of Energy, analysts had been expecting to see a drop of around 1.5 million barrels, but the actual drop came in larger than expected, with a reported
2.1 million decline in inventories for the week ended May 15.
Continue reading Oil hits new 6 month high following inventory report
Posted May 4th 2009 6:00PM by Michael Fowlkes (RSS feed)
Filed under: Major Movement, International Markets, Good news, Middle East, Market Matters, Money and Finance Today, Commodities, Oil, Housing, Recession, Financial Crisis

Oil prices have been steadily heading higher the past month, and today was no exception, as the precious crude managed to close today's trading at its
highest value in 2009.
While we are still no where near the record high prices we were seeing last summer, oil has managed to slowly creep its way up to $54.58 a barrel. This was after a rise on the day of $1.73, and it is a clear sign that analysts believe that global demand is about to move in oil's favor.
Continue reading Oil hits high for the year, as S&P goes positive
Posted Feb 6th 2009 5:30PM by Michael Fowlkes (RSS feed)
Filed under: International Markets, Bad News, Middle East, Employees, Economic Data, Oil, Recession, Financial Crisis

While the markets may have been able to move higher today, despite a weak jobs report, oil was not so lucky, with traders
pushing oil prices down below $40 a barrel.
By the end of the session, oil had inched back slightly higher, and closed the day at $40.17, after breaking through the psychological $40 barrier and hitting an intraday low of $38.60. Traders pushed oil prices lower on the news of
deep job cuts in January.
Continue reading Oil drops under $40 on employment data
Posted Feb 2nd 2009 11:31AM by Connie Madon (RSS feed)
Filed under: International Markets, Middle East, Japan, Economic Data, Oil, Financial Crisis
There are two competing forces at work in the oil market. On the one hand, OPEC has already cut production by 4.2 million barrels per day since last September. OPEC's secretary has said the producer group was willing to make further cuts when it meets in March. The price of crude has been holding steady near (above or below) the $40.00 per barrel mark.
Another factor weighing on the market is the threat of some 30,000 U.S. refinery workers who may go on strike. This can bring our refinery capacity to a virtual standstill. In Britain, workers staged an unofficial walkout on Friday in protest over the use of foreign workers.
Continue reading Is oil going up or down?
Posted Jan 22nd 2009 3:15PM by Michael Fowlkes (RSS feed)
Filed under: Major Movement, International Markets, Bad News, China, Middle East, Market Matters, Japan, Economic Data, Oil, Housing, Recession, Financial Crisis

Oil prices flirted with the psychological $40 barrier today after a report from the U.S. government showed that inventories swelled
much more than expected last week.
Going into today's weekly inventory report, analysts had been expecting to see in crude inventories of around 1.9 million barrels. While that would have been a bearish indicator in its own right, the actual figures were a much more bearish reality that U.S. demand is still not picking up as we would like, as actual oil inventories rose by a massive 6.1 million barrels for the week.
It's been a tough day all around for oil, as the market has been hit not only with today's bearish inventory report, but also news earlier in the day that
new home construction in December hit an all time low, and that
Asian economies have been extremely hard hit with recessions of their own.
Continue reading Oil drops on bearish inventory figures
Posted Jan 7th 2009 3:00PM by Michael Fowlkes (RSS feed)
Filed under: Major Movement, International Markets, Forecasts, Russia, Middle East, Oil, Eastern Europe, Recession, Financial Crisis

Oil prices have dropped sharply today as traders focus on increased demand concerns following
this week's oil inventory report.
Going into today's inventory report, analysts were expecting to see an increase in oil reserves of around 1.5 million barrels. However, the market was shocked to see that the actual increase last week was well above that figure, as the Energy Information Agency announced that inventories grew by 6.7 million barrels.
The result? Oil prices have dropped over 9% in today's market, falling $4.54, down to $44.04.
Continue reading Oil down sharply following bearish inventory report
Posted Dec 15th 2008 1:28PM by Michael Fowlkes (RSS feed)
Filed under: International Markets, Forecasts, Rumors, Products and Services, Middle East, Economic Data, Oil, Financial Crisis

Oil prices are
getting a big boost today, as investors are betting on hearing news of huge production cuts coming out of OPEC this week.
With oil well off its highs from over the summer, many had already been expecting to see OPEC step in and cut production, but earlier this month OPEC made it clear that it wants to
shock the market into sending prices higher.
Prices have moved up over $50 a barrel today, hitting a high of $50.05, but have cooled off slightly and are currently sitting at $49.25, up $2.97 as we await to hear exactly how deep the production cuts could run.
Continue reading OPEC rumors boost oil prices
Posted Nov 26th 2008 12:15PM by Michael Fowlkes (RSS feed)
Filed under: International Markets, Forecasts, China, Russia, Middle East, Market Matters, Oil, Financial Crisis

Oil prices got a boost today from the news of a large interest rate cut in China, which analysts believe should have the result of
lifting oil demand for the country.
China is doing all it can to keep its booming economic growth alive. The country announced its largest interest rate cut in 11 years, as the People's Bank of China slashed rates by 1.08 percentage points.
Oil prices, which have been in a virtual free fall since their record high levels over the summer, moved up as high as $52.76 earlier in the session, and are now trading up $1.40 a barrel to $51.75.
The move by China should help the country rebound from the
current slowdown it is seeing in economic growth. The massive expansion of the economies in China and India are a major reason why oil prices moved so much higher in the past couple years, and if today's announced cuts have the intended effect of increasing economic activity, then the country should indeed see an increase in its thirst for oil.
Continue reading Oil gets a bounce from anticipated rise in Chinese demand
Posted Nov 12th 2008 5:05PM by Michael Fowlkes (RSS feed)
Filed under: International Markets, Forecasts, Products and Services, Consumer Experience, Economic Data, Oil

In a new report today, the International Energy Agency warned that an insufficient amount of investment into oil supply is going to result in a serious supply shortage that could
make the recent record high oil prices look weak in comparison.
Oil prices spiked to a record high $147 a barrel earlier this summer, but have since been in a pretty steady downward spiral, and were down again today, as the credit crunch and recession fears have created fear among oil investors that oil demand is going to erode over the months to come.
Prices were off sharply again today, and in afternoon trading oil was down another $3.17 a barrel to $56.16, off 5.3% on the day, as the U.S. government lowered its forecast for oil next year to $63.50, down from its previous estimate of $112 that it maintained back in October.
Continue reading The International Energy Agency warns of lack of investment in oil production
Next Page >