Archive for December, 2007

Oil Trades Lower on Economic Concerns

After trading higher earlier in the day, oil futures closed slightly lower. Prices jumped earlier in the day after a report was released that forecasted a decrease in daily shipments of 230,000 barrels per day by OPEC.
Prices then moved lower after investors saw a Conference Board Report that its index of leading indicators dropped [...]

Crude Oil Trades Higher on Inventory Data

The light sweet crude oil contract for February closed up $1.16 cents to $91.24 a barrel on the New York Mercantile Exchange on Wednesday after the weekly inventories report for the week ended December 14th showed that inventories dropped for a fifth consecutive week. Inventories dropped by 7.6 million barrels while analysts surveyed expected a [...]

Crude Oil Down for Third Consecutive Day After OPEC Comments

Said one trader in New York, “A warm welcome from the new OPEC President.”
The incoming OPEC President said this weekend that OPEC may increase production at their next meeting in February. OPEC’s next meeting is February 1st and a main focus of the meeting will be an implementation of strategy on how to meet world [...]

Oil Closes Above $90 a Barrel

Oil bulls sent oil prices back above US$90 a barrel but oil remained in a trading range as the Fed eased rates by a 1/4 point in an anticipated move. Earlier in the day, Light, sweet crude for January delivery on the New York Mercantile Exchange traded as high as $90.55 but was unable to [...]

Crude Oil Prices Rise Over $3 on Inventory Data and China Outlook

Crude oil prices rose over $3 to reach the highest prices since November 30th. The move came on the heels of news released yesterday by The Energy Department that supplies had their biggest one week drop since 2004.The drop in crude-oil supplies left inventories at the lowest level since March 2005.
The falling dollar and the outlook on [...]

Crude Oil Down on Inventory Update

Crude oil traded lower today after a report was released by the Energy Department showing that heating oil and gasoline stockpiles increased. The report also showed that U.S. Crude inventories were down 8 million barrels equaling the lowest inventory in three years.
There was a lot of news for the energy markets to absorb as OPEC [...]

Crude Oil Markets Wait on Decision from OPEC

Speculation to what OPEC will do regarding its decision to increase daily production has added to the volatility in the crude oil markets. One trader told Crude Oil Futures Blog that the decision from OPEC will give the oil markets some needed direction. Although the markets are expecting an increase, there have been mixed messages [...]

Oil Down Again as Fears Intensify Over OPEC and the Economy

Crude oil traded this morning to a five week low as fears intensify over the expected increase in daily production by OPEC which is expected to be announced at the December 5th meeting. Traders at the CBOE are also worried about an expected slowdown in the U.S. economy heading into 2008.
One trader told Crude Oil Futures [...]