WTI Oil Price against EIA Crude Inventories: why my machine learning algorithm failed to find the ultimate formula?

The crude oil price, which took a dramatic fluctuation last week, finally got the ultimate market stabilizer – the fall of the US crude oil inventories. It boosted the volatile markets with much needed impetus for some sort of stability. The draw of over 4 million barrels for the week ending July, 2…

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Oil Price: US inventory draw lifts the market mood up

The unsettled crude oil markets seem to have got a mood booster, having been through some chaotic market speculations - at last. With the release of the latest US inventory data by the EIA, US Energy Information Administration, the markets found some hope and the price of crude oil got back into the…

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The withdrawl of American troops from Iraq and its direct impact on the crude oil markets

The recent meeting between Mustafa al Kadhimi, the Iraqi prime minister and President Jo Biden at the White House came at a critical time for Iraq, in particular and the region, in general. In more than one way, the beleaguered Iraqi prime minister is stuck between a rock and a hard place at present…

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Oil Price in 2021: evolving Middle Eastern politics still weighs heavily on it!

Global crude oil markets, which saw a highly tumultuous days during the week, finally reached an uneasy equilibrium by the weekend, with the price of WTI and Brent reaching $72.07 and $74.10 respectively. Exactly a week before to date, Prince Abdulaziz bin Salman, the Saudi energy minister, supporte…

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Heightend Activities in Iranian Oil Sector: a deal over the JCPOA may be in the offing!

With Goreh-Jask pipeline coming into operation on Thursday, Hassan Rouhani, the outgoing Iranian president could not hide his jubilation for the achievement. Mr Rouhani said during the inauguration that it was built purely by the indigenous talent, referring to the Iranian engineers, architects and…

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Crude Oil Markets: voltality subsides with demand/supply back under spotlight

The volatility that we saw in the crude oil markets has subsided somewhat as we approach the weekend, preceded by a tumultuous few days. The oil price is back in the green for both WTI and Brent, gaining 0.55% and 0.51% respectively as of 15:20 GMT. The rate of both the rise and fall of the oil price…

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Oil Supply Woes: Iraq is back under spotlight - for the wrong reasons!

As analysts in the oil sector keep their focus firmly on the spat between the two important Middle Eastern allies, they seemed to have inadvertently missed the attention on an equally important – and relevant – player in the Middle East – Iraq. Iraq has the world’s 5th largest oil reserves and is th…

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Oil Price: the UAE managed to elevate its baseline; production rises by 400,000 bpd

The OPEC+ finally managed to overcome the weeks of uncertainty over the direction that the group is supposed to move in the post-pandemic world, on Sunday. Hailing the agreement, Prince Abdulaziz bin Salman, the Saudi Energy Minister, said “consensus building is an art,” having reached the collectiv…

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OPEC+ Meeting on Sunday: will the UAE get its way?

After two weeks of uncertainty, the OPEC+ is finally meeting on Sunday, the group announced yesterday. The bone of contention between the UAE and Russia that delayed the last meeting was the insistence of the UAE on increasing its baseline from 3.2 million bpd to 3.8 million bpd. If agreed, the UAE w…

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India and Saudi Arabia reset their relations amicably

The crude oil markets are in turmoil on many fronts and the price has been falling for the past few days, although the rate of fall gradually came down – an indication the values may turn green on the stock traders soon. In these circumstances, the last thing that any investor in the sector wants to…

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EIA shows a significant drop of US crude oil inventories in a week - almost 8 million barrels

The news, emerged in the late afternoon on Wednesday, which said that the UAE and Saudi Arabia had reached a deal to get past the OPEC+ impasse has already done the damage to the crude oil markets. The fall was so significant that even the encouraging report from the EIA, showing a drop of 8 million…

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Oil Price: API says US crude oil inventories dropped by over 4 million barrels last week

The price of crude oil that increased on Tuesday, but at a slower rate, fell again on Thursday by a modest amount. As of 09:30 GMT, the percentage fall of WTI and Brent were 0.55 and 0.44 respectively. The price of crude oil dropped on Wednesday despite the forecast of yet another fall in the US cru…

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Reviving the Iran Nuclear Deal: Iranian official says what achived far outweigh what not achived

An Iranian spokesman of the Foreign Ministry admitted that talks are underway with the US on prisoner-swaps, confirming the reports in this regard in certain Middle Eastern news outlets. Referring to the talks on the JCPOA, 2015 Iranian nuclear deal, the same official said over 90% of progress has …

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What triggered off the sudden fall of oil price on Monday?

The price of crude oil unexpectedly stumbled on Monday despite the evidence of tightening supply and rapidly falling inventories. Both benchmarks, WTI and Brent fell by over 1.2 %. As of 15:00 GMT on Monday, the price of WTI and Brent were at $73.50 and $74.64 respectively. The crude oil price had a …

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Is the US gradually turning into a major Indian crude oil supplier?

The pendulum of the price of crude oil continues to oscillate in a path that defies the existing mathematical/statistical models. The surrounding uncertainty, meanwhile, seems to be pushing the major importers to look beyond the producers closer to home, as the rising oil price has already put many…

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Oil Price: big boost for markets with the fall of US crude oil inventories

Crude oil price began its upward movement again on Thursday, having been on decline for two  consecutive  days at the beginning of the week. The unexpected fall was attributed to the more-than-expected production of crude oil in the US, for the week ending on June, 25. On Wednesday, however, the EIA, …

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EIA: the US crude oil production exceeds the forecast; supply worries recede

As the spat between the UAE and Saudi Arabia continues to dominate the news in the global oil sector, the feared supply crunch receded somewhat with some encouraging news from the EIA, the US Energy and Information Administration. In its annual report, the EIA revised up its own weekly forecast of t…

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