Skip to main content

Oil Price Clears $60-mark



Both the WTI and Brent contract prices finished the day higher.
The West Texas Intermediate (WTI) crude oil price spent some time Wednesday above the psychologically meaningful $60-mark but fell short by the end of the session.
The April WTI contract price gained 80 cents during the midweek session to settle at $59.83 per barrel. The benchmark peaked at $60.12 and bottomed out at $58.39.
Brent crude oil for May delivery also rose Wednesday, adding 89 cents to settle at $68.50 per barrel. The Brent is up for the third straight day this week.
As Bloomberg reported, oil futures had faltered earlier Wednesday on uncertainty about the progress of trade talks between the United States and China. The wire story went on to mention, however, that U.S. crude inventory figures from the American Petroleum Institute reportedly showed a 2.13-million-barrel decline in oil stocks for last week that mitigated the decline.
The U.S. Energy Information Administration (EIA) on Wednesday reported that the United States exported 2 million barrels per day of crude oil last year – a 73-percent increase from 2017. EIA also noted that the number of destinations for U.S. crude oil exports increased from 37 to 42 during the period. Canada took in the largest share (19 percent) of U.S. crude exports in 2018, EIA stated. Other countries making up the top five destinations include:
  • South Korea (12 percent)
  • China (11 percent)
  • United Kingdom (8.2 percent)
  • Netherlands (7.3 percent)
Like the above oil prices, the reformulated gasoline (RBOB) benchmark finished the day higher. April RBOB futures gained more than two cents Wednesday, settling at $1.92 per gallon.
Among the commodity prices that Rigzone tracks, only Henry Hub natural gas faltered Wednesday. The April Henry Hub contract lost slightly more than five cents to end the day at $2.82.
Labels:

Comments

Post a Comment

Popular posts from this blog

10 Best Side Hustles Ideas You Can Start Doing This Week

Side hustles, also known as side gigs, are jobs you do outside your primary day job. These gigs can be a great way to pay off debt or earn some extra spending money. They can also be a means to tap into unused skills or explore passions. So if you’re about to start searching for a side hustle, you’ve come to the right place. Here are some tips on what makes a great side hustle, what qualities workers need to have for success and 10 gigs to consider. What The Best Side Hustles Have in Common Not all side hustles are the same. To help you choose the 10 best side gigs, we researched numerous jobs and found some commonalities such as having a low barrier of entry, flexible schedules and availability in most areas. Here are some tips on what to look for in a good one. Schedule Flexibility Rule No. 1 when starting a side hustle: Don’t let it interfere with your day job. The last thing you want to do is mess up your primary source of income, as some companies may have   policie...
Post a Comment
Read more

5 Ways to Start Investing In Real Estate

If you’ve ever had a landlord, you probably don’t dream of being one: Fielding calls about oversize bugs and overflowing toilets doesn’t seem like the most glamorous job. But done right, real estate investment can be lucrative, if not flashy. It can help  diversify your existing investment portfolio  and be an additional income stream. And it doesn’t always require showing up at a tenant’s every beck and call. The trouble is that many new investors don’t know where or how to invest in real estate. So here are five options, ranging from high maintenance to low. 1. Invest in rental properties Tiffany Alexy didn’t intend to become a real estate investor when she bought her first rental property at age 21. Then a college senior in Raleigh, North Carolina, she planned to attend grad school locally and figured buying would be better than renting. “I went on Craigslist and found a four-bedroom, four-bathroom condo that was set up student-housing style. I ...
Post a Comment
Read more

Unveiling The Latest Emerging Market

  M ost MSCI Emerging Markets Index new comers tend to be quite small versus other emerging countries. Saudi Arabia, on the other hand, is a more mature market whose entry into MSCI’s indexes was historically blocked by a lack of access to foreign investors, and not a lack of investable names. Accordingly, it’s quite large, with a value of shares traded of 475.58 billion SR constituting 171 stocks as of June 28, 2018. This Year is set to be a significant year for the Saudi Arabian financial market, not least of which was the recent announcements that the Saudi Stock Exchange, also known as  Tadawul , is to be promoted to ‘emerging market’ status by the  FTSE Russell  and  MSCI . Saudi Arabia has a strongly oil based economy over which the Saudi Arabian Government exercises considerable control. One item of note is that the Saudi government has launched an ambitious socio-economic plan to shift the Saudi economy away from oil products...
Post a Comment
Read more