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2 weeks ago | 
tradingview.com | Frank Tang |Michael Kelly
NYMEX Overview: Oil Takes Breather After Sell-Off; Oversupply Risks in FocusOPISCrude oil prices were mostly flat by midday Thursday, regaining its footing after three consecutive days of sharp losses as market participants assessed oversupply risks due to higher OPEC+ production and U.S. recession worries. At noon ET, June NYMEX West Texas Intermediate crude futures were unchanged at around $58.20/bbl, and July WTI was also flat at about $57.65/bbl.
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3 weeks ago | 
tradingview.com | Frank Tang |Michael Kelly
Nymex Overview: Oil Futures Take Breather as U.S. Tariffs, OPEC+ Supply in FocusOPISPetroleum futures traded mostly flat by midday Thursday trading, as the market regained some of its footing after the previous day's volatile decline, with energy participants closely monitoring possible new developments of OPEC+ production policies and U.S. tariffs.
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3 weeks ago | 
tradingview.com | Frank Tang |Michael Kelly
Nymex Overview: Oil, Product Futures Retreat on Talk of OPEC+ Supply HikeOPISPetroleum futures fell broadly by midday Wednesday as a report of a possible output hike by OPEC and its allies more than offset U.S. data showing decent drawdowns of refined product stockpiles last week. At noon ET, June NYMEX West Texas Intermediate crude futures were off by around $1.65 to $62.05/bbl, and July WTI dropped by $1.55 to $61.35/bbl.
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3 weeks ago | 
tradingview.com | Steve Cronin |Michael Kelly
Nymex Overview: Crude, Product Futures Fall SharplyOPISCrude oil and refined product futures prices were seeing another day of sharp losses Monday amid a pullback in equity markets and indications of progress in talks between the U.S. and Iran. Crude prices were down by about 2.6% at 11:30 a.m. ET, with the NYMEX May West Texas Intermediate crude contract sinking by $1.67 to $63.01/bbl.
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1 month 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.
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1 month 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.
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1 month 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.
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1 month 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.
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1 month 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.
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1 month ago | 
tradingview.com | Tom Kloza |Michael Kelly
Walmart Says it Will Have More Than 450 C-Stores by Year's EndWMTBig Box retailer Walmart said Thursday that it plans to have more than 450 Walmart Fuel and convenience stations across 34 U.S. states by the end of this year. The company opened its 400th fueling station in Palm Springs, Calif., in December, so the expansion suggests more than 50 sites are forthcoming in the next nine months.
