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Jim Ritterbusch News

08 May 2020

Oil rises 5% in second weekly gain on output cuts, demand hopes

© Pavel Ignatov / Adobe Stock

Oil prices settled 5% higher on Friday in their second consecutive week of gains as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic.The number of operating oil and natural gas rigs fell by 34 to an all-time low of 374 this week - reflecting data going back 80 years - as the energy industry slashes output and spending to deal with the coronavirus…

26 Oct 2017

Brent Crude at 27-month High Even as U.S. Exports spike

Saudi Crown Prince takes bullish stance on supply cut deal; U.S. crude inventories show surprise build even as crude exports hit new record four-week average. Brent crude closed at a 27-month high on Thursday as the market focused more on comments from Saudi Arabia about ending a global supply glut instead of an unexpected increase in U.S. crude inventories and high U.S. production and exports. Brent futures gained 86 cents, or 1.5 percent, to settle at $59.30 a barrel, its highest close since July 3, 2015. U.S. West Texas Intermediate crude, meanwhile, rose 46 cents, or 0.9 percent, to settle at a six-month high of $52.64, its highest close since April 17.

27 Jul 2017

Gasoline Futures Rally Propels Crude Markets

U.S. shale drilling slowdown may be temporary. Oil prices rose to an eight-week high on Thursday, as a rally in U.S. gasoline futures spurred further gains this week that came after key OPEC members pledged to reduce exports and the U.S. government reported a sharp decline in crude inventories. U.S. gasoline futures were the biggest percentage gainer in the petroleum complex, up 1.6 percent to their highest since May 30. "Today's buying rotation back to the front of the (gasoline) curve is a healthy sign that augers in favor of additional price gains," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note. Benchmark Brent futures were up 50 cents, or 1 percent, at $51.47 a barrel by 12:54 p.m. EDT (1654 GMT). U.S.

17 Jan 2017

Oil Steady; Record High Russian Output Forecast Offsets Weak Dollar

Oil prices were little changed on Tuesday as forecasts for record production out of Russia in 2017 helped offset earlier gains related to a decline in the U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output. Brent futures were up 5 cents, or 0.1 percent, at $55.91 a barrel by 11:26 a.m. EST (1626 GMT), while U.S. West Texas Intermediate crude rose 32 cents, or 0.6 percent, to $52.69. Both contracts were up by $1 earlier Tuesday. Earlier gains were capped by forecasts for rising U.S. and Russian production and scepticism that the Organization of the Petroleum Exporting Countries (OPEC) as a whole would comply with its commitment to reduce supplies.

19 Dec 2016

Oil Steady, Supply Outlook Unclear

Oil prices were little changed on Monday, with little news to influence a market waiting to see whether U.S. production from shale fields will grow enough to offset planned output cuts by OPEC, Russia and other producers next year. Brent futures for February delivery were down 24 cents, or 0.4 percent, at $54.97 a barrel by 11:43 a.m. EST (1643 GMT). U.S. West Texas Intermediate crude for January rose 6 cents, or 0.1 percent, to $51.96 per barrel on its last day as the front-month. "Implied U.S. output increases...will offset a significant portion of the planned OPEC production cuts especially since we don't anticipate sustained strong compliance," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note.

19 Aug 2016

US Oil Drillers Add Rigs for 8th Week in Row

U.S. drillers this week added oil rigs for an eighth consecutive week, the longest recovery streak in the rig count in over two years, as crude prices rebounded toward the key $50-a-barrel mark that makes the return to the well pad viable. Drillers added 10 oil rigs in week to Aug. 19, bringing the total rig count to 406, compared with 674 a year ago, energy services firm Baker Hughes Inc said on Friday. <RIG-OL-USA-BHI>. The oil rig count has risen by 76 since the week ended July 1, the most weekly additions in a row since April 2014, after U.S. crude prices touched $50. Energy companies kept adding rigs despite prices dipping below $40 earlier this month but analysts have revised down rig count growth forecasts.

26 Apr 2016

Crude Prices up 3% on Gasoline Rally, Weak Dollar

Crude oil prices rose about 3 percent on Tuesday on the back of a rally in the gasoline market and as a tumbling dollar boosted commodities denominated in the greenback after bets the Federal Reserve will hold U.S. interest rates where they are. U.S. gasoline futures rallied more than 3 percent to their highest since August on Tuesday, boosting refinery margins, after a series of Gulf Coast refinery unit outages, buying from Venezuela and a reported drop in New York inventories. "I think the market has become more optimistic on oil products," said Scott Shelton, broker and commodities specialist with ICAP in Durham, North California. Analysts polled by Reuters expect the U.S.