Michael Kelly

2 weeks ago | tradingview.com | Frank Tang |Michael Kelly

The West Texas Intermediate crude contract fell more than $2 by midday Wednesday, as intensifying fears of a global trade war and lower petroleum demand expectations sent the U.S. oil benchmark to its lowest level in more than four years. At noon ET, May WTI fell $2.30 to $57.30/bbl, on track for a fifth session of sharp declines and to settle at its lowest since Feb. 5, 2021. June WTI was about $2.25 lower at $56.85/bbl. WTI has lost around $14, or 20%, since its April 2 settlement of $71.71/bbl.

2 weeks ago | morningstar.com | Tom Kloza |Michael Kelly

Commodities analysts at Citigroup on Monday said tariff issues could send Brent values even lower than previously expected, with a short-term visit to $60/bbl or less. The investment house now expects global economies to slow sharply, perhaps inspiring a response from U.S. shale or OPEC and its allies. The $60/bbl target for Brent suggests a further drop of $3.50-$4.50/bbl from current numbers.

2 weeks ago | tradingview.com | Frank Tang |Michael Kelly

Chevron to Cut 600 Jobs in California, 700 in Houston by End of This YearOPISCVXChevron expects to slash about 600 jobs in San Ramon, Calif., and around 700 in downtown Houston by the end of this year as part of its plans to restructure the company and cut costs, a spokeswoman said on Friday. In an email statement, the spokeswoman said the layoffs are part of Chevron's plan to simplify its operating model and position the Houston-based integrated energy company for long-term competitiveness.

3 weeks ago | tradingview.com | Frank Tang |Michael Kelly

Nymex Overview: Petroleum Futures Swoon on OPEC+ Supply Hikes, Tariff FearsOPISCrude oil prices were down more than $5 and product futures were sharply lower by midday Thursday, hit by a decision by OPEC and its allies to increase supply in May and energy demand fears a day after President Trump announced sweeping new tariffs. At 11:40 a.m. ET, May West Texas Intermediate crude futures were down $5.25 at $66.45/bbl and June WTI was about $5.15 lower at $66.05/bbl.

3 weeks ago | tradingview.com | Tom Kloza |Michael Kelly

Goldman Projects Possible Outcomes as Trump Tariffs LoomOPISIn a Tuesday afternoon report to clients, commodities analysts at Goldman Sachs addressed how various tariff scenarios might play out for U.S. oil markets. The bank considered the impact of a 10% universal tariff on oil and maintains that heavy crude oil discounts for Canadian barrels might increase but oil would continue to flow since U.S. refiners are uniquely equipped to process the heavy barrels.