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Gene Mcgillian News

03 Apr 2020

Oil Posts Biggest One-day Gain After Trump Touts Saudi-Russia Deal

© Pavel Ignatov / Adobe Stock

Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.Trump said he had spoken to Saudi Crown Prince Mohammed bin Salman, and expects Saudi Arabia and Russia to cut oil output by as much as 10 million to 15 million barrels, as the two countries signaled willingness to make a deal.Trump did not specify barrels per day (bpd)…

30 Oct 2017

Brent Oil Stays Above $60

Brent oil held above $60 a barrel on Monday, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond March although rising Iraqi exports put a lid on prices. Brent crude futures were up 10 cents or 0.2 percent to $60.54 per barrel at 1:39 p.m. EDT (1739 GMT), close to its highest level since July 2015. U.S. West Texas Intermediate (WTI) crude futures were 14 cents or 0.26 percent higher at $54.04 a barrel. "The market has rallied pretty significantly and I think it's predicated on the fact that the Saudis and Russians are continuing the cut agreement," said Gene McGillian, manager of research at Tradition Energy in Stamford, Conn.

31 Dec 2014

Oil's Worst Year Since 2008

Oil prices fell on Wednesday as concerns about demand for fuel kept worries about a global supply glut intact. Both Brent and U.S. crude significantly pared losses just before government data showed U.S. crude oil inventories fell 1.8 million barrels last week, a bigger drop than analyst expectations for a 100,000-barrel dip in stocks. After initially paring more losses, crude futures pushed lower. U.S. gasoline stocks rose 3.0 million barrels and distillate stocks were up 1.9 million barrels last week, data from the Energy Information Administration (EIA) showed, as refiners lifted capacity utilization 0.9 percentage point to 94.4 percent. The EIA data followed American Petroleum Institute data released on Tuesday that showed an increase in U.S. stockpiles.

15 Nov 2014

Oil Surges After Brent Crash

Brent crude jumped almost $2 a barrel on Friday for its biggest daily gain in three weeks as support emerged a day after prices crashed to four-year lows below $80, but analysts were skeptical the rebound would continue, citing concerns over oversupply. Brent crude jumped almost 3 percent, recouping Thursday's drop and limiting losses from an eighth straight weekly drop that made the global benchmark a bargain for some. Brent remains below $80 a barrel, compared with a June high above $115. U.S. crude rose 2 percent, the most since Sept. 3 and after Thursday's 4 percent loss, on expectations there will be more heating oil demand from a cold weekend in the U.S. Northeast and Midwest.

31 Oct 2014

U.S. Drillers Cut Rigs to Lowest since August

Energy companies have reduced the number of rigs drilling for oil in the United States to the lowest since August, shifting more rigs in favor of natural gas as crude prices dive, data showed on Friday. The number of rigs drilling for oil fell by 13 to 1,582 in the latest week, the fourth weekly decline in the past six weeks, according to data from oil services firm Baker Hughes on Friday. Natural gas rigs rose by 14 to 346 rigs, the highest since February, the data show. "While the oil rig count might be down, we're cruising along at really high numbers," said Gene McGillian, a senior analyst at Tradition Energy. Despite the recent declines, the number of rigs seeking oil is up from 1,376 rigs a year ago and hit a high of 1,609 a few weeks ago, the most since at least 1987.

07 Oct 2014

Economy, Demand Data Drives Oil Down

World oil prices resumed a months-long rout on Tuesday to close at their lowest in more than two years, pressured by reduced economic and demand growth forecasts. U.S. crude oil prices fell faster than European Brent, reversing a weeks-long compression in the Brent/WTI spread amid signs that U.S. refiners are starting to buy cut-priced West African or Mediterranean crudes, re-opening a once common arbitrage. The International Monetary Fund cut its global economic growth forecasts for the third time this year, warning of weaker growth in core euro zone countries, Japan and Brazil. And German industrial output fell in August at its steepest rate since January 2009. "The IMF forecast is weighing on (demand) sentiment," said Phil Flynn, an analyst for the Price Futures Group in Chicago.

07 Sep 2014

Oil Falls As Weak U.S. Jobs Data Adds to Demand Worries

Crude oil futures fell on Friday and ended the week more than 2 percent lower as disappointing jobs data from the United States cast doubt about the strength of economic growth in the world's biggest oil-consuming economy. U.S. jobs figures showed nonfarm payrolls increased by just 142,000 in August, well below forecasts of 225,000 and the smallest rise eight months. "U.S. economic growth was supposed to counter the slowing in China and Europe and the payrolls report threw a little cold water on that idea," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. Brent crude for October delivery fell $1.01 to settle at $100.82 a barrel, having dropped to $100.35 intraday. The last time Brent was priced under $100 was in June 2013. U.S.

08 Apr 2014

U.S. Crude Surges on Weak Dollar, Ukraine Concerns

Global oil prices surged on Tuesday as a weaker U.S. dollar boosted buying, while expectations for bullish inventory reports in the U.S. and fresh unrest in eastern Ukraine lent support. As the U.S. dollar plunged to session lows against the Japanese yen and the euro, U.S. crude oil spiked $2 to a session high of $102.44 per barrel. Brent rose as much as $1.48 to a session high of $107.30 per barrel. A weaker U.S. currency encourages the buying of dollar-priced commodities like oil, which become cheaper. "We are seeing some build-up in crude oil from the weakness in the dollar, but we're still within the trading range we've seen," said Tariq Zahir, analyst Tyche Capital Investors. As of 1:14 p.m. EDT (1714 GMT), U.S. crude was up $1.64 at $102.08 per barrel.

04 Apr 2014

U.S. Crude Jumps $1 on Jobs Data, Libya Doubt

Crude oil prices on both sides of the Atlantic rose on Friday as data showed strong jobs growth in the United States and investors cast doubt on reports Libya's oil ports were about to reopen. The March U.S. non-farm payrolls report showed 192,000 jobs were added in March in major test of the argument that the economic weakness of January and February was due to bad weather. Expectations had been building that an eight-month blockage of Libya's oil export ports would end after rebels and the government said they were close to an agreement. The Libyan government said it had seen evidence of "good intentions" at indirect talks with eastern rebels that could lead to renewed exports.