iPath Pure Beta Crude Oil ETN(OLEM)- NYSEARCA
  • Today, 3:06 PM
    • Bloomberg has more details about earlier word of an OPEC deal ...
    • The group reportedly has agreed to drop production to 32.5M barrels per day, which would be 750K barrels per day less than pumped in August.
    • The deal, of course, could not have been made without agreement from Saudi Arabia and Iran, so the agreement is particularly significant given their clashes on oil policy, not to mention backing opposite sides in civil wars in Syria and Yemen.
    • In other news, Russian output hit a new post-Soviet record of 11.1M barrels per day this month, up 400K per day from August. Russia was in attendance at OPEC's Algiers talks, but was not an official party to the deal.
    • Crude is now higher by 5.35% to $47.06 per barrel.
    • Previously: Oil rallies on word of OPEC deal (Sept. 28)
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILX
    | Today, 3:06 PM | 50 Comments
  • Today, 2:21 PM
    • The cartel has reached an agreement to freeze production beginning in November, according to a source. WTI crude has added about $0.75 in the last few minutes, now up 4% on the day to $46.48 per barrel.
    • USO +4.5%
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILX
    | Today, 2:21 PM | 122 Comments
  • Today, 10:32 AM
    | Today, 10:32 AM | 39 Comments
  • Today, 6:53 AM
    • Prospects are dim for a deal among OPEC countries to cut output or freeze production, but who knows what could happen during the final day of the International Energy Forum.
    • Despite the usual disagreements between Iran and Saudi Arabia, crude has turned positive, as traders seem to get used to the concept of "no deal" from Algiers.
    • The rivalry could still have broader implications for the oil market, which already witnessed the failure of an OPEC production freeze in April.
    • Crude futures +0.7% to $44.99/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Today, 6:53 AM | 9 Comments
  • Yesterday, 4:41 PM
    • The API reports an 832K barrel inventory draw vs. expectations for a build. Oil has added about a quarter on the news to $44.75 per barrel, but remains lower on the day by 2.5%.
    • USO +0.6% after hours
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILX
    | Yesterday, 4:41 PM | 26 Comments
  • Yesterday, 7:23 AM
    • Warning supplies will continue to outpace demand regardless of what OPEC might say or do at its meeting this week, the Goldman Sachs team of Damien Courvalin and Jeffrey Currie cut their forecast for crude oil in Q4 to $43 per barrel from $50.
    • "We find that the potential for less disruptions and still relatively high net long speculative positioning leave risks skewed to the downside into year-end."
    • They expect a ramp in production from places like Kazakhstan, Russia and Canada, and with the demand outlook unchanged, this makes for an inventory build of 400K barrels per day in Q4 vs. their previous estimate for a 300K barrel per day draw.
    • Texas Tea is down 1.7% to $45.16 per barrel. USO -1.45% premarket.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILX
    | Yesterday, 7:23 AM | 19 Comments
  • Yesterday, 6:44 AM
    • Saudi Arabia and Iran have dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources within the exporter group said differences between the kingdom and Tehran remained too wide.
    • Ministers have also called the gathering a "consultative meeting," saying "it wasn't time for decision-making."
    • A formal OPEC meeting will take place in Vienna on Nov. 30, when a supply agreement may be reached.
    • Crude futures -1.4% to $45.30/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Yesterday, 6:44 AM | 27 Comments
  • Mon, Sep. 26, 4:03 AM
    • Oil producers will not come out of this week's International Energy Forum "empty-handed," according to Algerian Energy Minister Noureddine Bouterfa, who stated that "all options" were on the table.
    • Participants of the informal gathering, which will be held from Sept. 26-28, include energy ministers from OPEC nations and Russia.
    • While internal divisions make an agreement to cut oil production very unlikely, a cap seems the most effective way to stabilize prices.
    • Crude futures +0.6% to $44.75/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Mon, Sep. 26, 4:03 AM | 11 Comments
  • Fri, Sep. 23, 1:37 PM
    | Fri, Sep. 23, 1:37 PM | 23 Comments
  • Fri, Sep. 23, 6:14 AM
    • Saudi Arabia has offered to lower its oil production if Iran agrees to cap output this year at its current level of 3.6M bpd.
    • The offer, which has yet to be accepted or rejected by Tehran, was made this month, sources told Reuters, and would be a major compromise ahead of talks in Algeria next week.
    • Ironic? The last two OPEC meetings held in the country - in 2004 and 2008 - led to unexpected production cuts to prop up prices.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Fri, Sep. 23, 6:14 AM | 68 Comments
  • Thu, Sep. 22, 6:35 AM
    • OPEC members Saudi Arabia and Iran, whose rivalry derailed an oil supply accord earlier this year, met in Vienna a week before the organization holds talks in Algeria, Bloomberg reports.
    • Iraq is also suggesting that conditions are better for a supply deal to occur when producing countries meet on Sept. 28.
    • Besides the OPEC talk, oil prices are extending gains after a surprise third consecutive weekly U.S. crude inventory draw tightened surplus in the market.
    • Crude futures +1.1% to $45.84/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Thu, Sep. 22, 6:35 AM | 30 Comments
  • Thu, Sep. 22, 3:29 AM
    • The SEC's investigation of how Exxon Mobil values assets in a world of increasing climate change regulations is eliciting sharp reactions, with some investors seeing it as a tipping point, while others are calling it a politically motivated attack.
    • But many agreed on one thing: It's a potentially transformative moment for U.S. companies, which now have to worry about regulators' scrutiny of future climate change impacts more seriously than before.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Thu, Sep. 22, 3:29 AM | 4 Comments
  • Wed, Sep. 21, 8:15 PM
    | Wed, Sep. 21, 8:15 PM | 2 Comments
  • Wed, Sep. 21, 10:32 AM
    | Wed, Sep. 21, 10:32 AM | 84 Comments
  • Wed, Sep. 21, 10:21 AM
    • More than 300 Norwegian oil service workers are on strike after wage talks broke down, hitting operations of subcontractors to the country's oil and gas industry including Schlumberger (SLB +1%), Halliburton (HAL +2.3%), Baker Hughes (BHI +2%) and Oceaneering (OII +1.5%).
    • The conflict will force oil companies to halt drilling of some wells on Norway's continental shelf and later could cut into the country's production of ~2M bbl/day of oil, condensate and natural gas liquids; state-controlled Statoil (STO +0.8%) is Norway's largest oil firm.
    • Brent crude recently was 1.6% higher at $46.58/bbl and WTI had jumped 2.1% to $45, sparked by the strike and API data showing a surprise drop in U.S. crude inventories.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Sep. 21, 10:21 AM | 15 Comments
  • Wed, Sep. 21, 7:59 AM
    • A tanker sailed from Libya with 781K barrels of crude oil bound for Italy as fighting between rival armed forces stops, allowing Libya to resume exports from its third-largest oil port for the first time since 2014.
    • Libya has increased crude production by more than 70% since August to 450K bbl/day, as some oil fields resumed output and other oil ports also reopened for their first overseas loadings in more than two years; earlier this month, the national oil company ended measures that had curbed exports from Libya’s main oil ports of Es Sider, Zueitina and Ras Lanuf.
    • Libya holds Africa’s largest oil reserves and pumped 1.6M bbl/day of crude before Qaddafi’s ouster in 2011.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Sep. 21, 7:59 AM | 9 Comments
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