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Stephanie Landsman |  @stephlandsman If the man who called the 2015 crude collapse is right, the oil market could be the next area to see a sharp pullback. Oil, which is seeing its best start to a year since 2006, has entered a danger zone, according to Tom Kloza of the Oil Price Information Service. Kloza, the firm's global head of energy analysis, made the call on CNBC's " Futures Now " on Tuesday just as Wall Street was coping with the stock market's worst day since last August. "There's some collateral damage from the stock market right now. I don't believe this is the bloodletting that's due because of the tremendous speculative bubble and the money on the crude oil side," Kloza said. "That will come at a later date." That day could be just weeks away, due to changing demand dynamics and "swelling" global markets, he added. "All of the demand growth, all of it, is overseas. It's not in the Unit

Inventory levels are a poor guide for production policy. By  Julian Lee Photographer: Dimas Ardian/Bloomberg We've learned two things on the oil policy of OPEC and friends from meetings in Muscat, Oman and Davos. They don't know the destination, but they know they haven't got there. Since the group started their output cuts in January last year, it gradually emerged that they had a goal of returning inventories to a five-year average level. But this benchmark has never been precisely defined. What inventories? Where? Measured in what units? Against which five-year baseline? None of these questions has yet been addressed. Saudi oil minister Khalid Al-Falih admitted as much during the press conference after the Joint Ministerial Monitoring Committee meeting in Muscat last weekend, when he suggested that a technical discussion was required on what the oil market needs in terms of inventory. But inventory levels themselves are not a particularly good metr

SINGAPORE: Oil prices fell on Friday ahead of the end of the peak-demand winter season in the northern hemisphere, although ongoing supply cuts and the weakening dollar offered broad support to the market. Brent crude futures were at US$70.22 per barrel at 0556 GMT, down 20 cents, or 0.3%, from their last close. Brent the previous day marked its highest since December, 2014 at US$71.28. U.S. West Texas Intermediate (WTI) crude futures were at US$65.38 a barrel, down 13 cents, or 0.2% from their previous close. WTI also touched its highest since December, 2014 in the last session at US$66.66. Georgi Slavov, head of research at commodities brokerage Marex Spectron, said despite a generally healthy outlook for oil demand, there were short-term headwinds due to the upcoming end of the peak-demand period during the northern hemisphere winter season. Many refiners shut down after winter for maintenance, resulting in lower orders for crude, their most important feedstock. “Dem

SINGAPORE: Brent oil prices hit US$71 per barrel on Thursday for the first time since 2014 as the dollar continued to weaken and crude inventories in the United States fell for a 10th straight week, amid ongoing supply cutbacks by OPEC and top producer Russia. Brent crude futures, the international benchmark for oil prices, hit a session high of US$71.05 per barrel - the highest since early December 2014 - before dipping back to US$70.86 by 0801 GMT. That was still up 32 cents, or 0.5% from the last close. U.S. West Texas Intermediate (WTI) crude futures climbed to US$66.35 per barrel, also the highest level since early December 2014, before dipping to US$66.14. That was still up 0.8% from the last settlement. Both crude benchmarks have risen by almost 60% since the middle of last year. Price have been supported by supply restrictions led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, the world’s biggest oil producer. The output cuts started las

© Jim Urquhart / Reuters New forecasts from the International Energy Agency say the United States is on track to overtake Saudi Arabia as the second-largest oil producer in the world, just behind Russia, according to the organization’s report on Friday. "This year promises to be a record-setting one for the US,"  the IEA wrote in its monthly market report.  "Relentless growth should see the US hit historic highs above 10 million barrels per day, overtaking Saudi Arabia and rivaling Russia during the course of 2018 – provided OPEC/non-OPEC restraints remain in place.” OPEC players have been wary of the strength of the American shale market as the nation’s products reach new countries every month. "US growth in 2017 beat all expectations ... as the shale industry bounced back, profiting from cost cuts, (and) stepped up drilling activity,"  the IEA added.  "Explosive growth in the US and substantial gains in Canada and Brazil will far outweigh pot

By  Tom Kool  - Jan 19, 2018, 2:00 PM CST Higher oil prices may lead to huge growth in U.S. shale production, according to revised predictions from both OPEC and the IEA. Friday, January 19, 2018 Oil prices fell back a bit at the end of this week. EIA data shows a rise in U.S. production, but also another strong decline in inventories. Brent is struggling to hold above $70, and benchmark prices await some direction. IEA: Explosive growth in U.S. shale will test oil prices.  The IEA’s latest Oil Market Report paints a mixed picture for prices. Clearly, the market is tightening, the IEA says, but it also says that shale growth will be “explosive” this year. The agency revised up its forecasts growth for U.S production from 870,000 bpd to 1.1 mb/d in 2018. That, combined with gains from other non-OPEC countries, could end the price rally, although the IEA says a lot of uncertainty remains.  Venezuelan oil production plunges by over 200,000 bpd . Venezuela’s Decemb

By  Angelina Rascouet January 18, 2018, 6:45 AM EST - Group boosts 2018 non-OPEC production-growth forecast by 16% - OPEC, allies to meet in Oman this weekend to discuss strategy OPEC increased its forecast for rival oil-supply growth for a second month running after a recovery in prices sent Brent crude to $70 a barrel. OPEC’s output cuts -- now entering a second year -- have been successful in eroding bloated stockpiles and lifting prices to a three-year high. Yet the rally has prompted concern that competitors in the U.S. will be emboldened to expand production. “Higher oil prices are bringing more supply to the market, particularly in North America,” the Organization of Petroleum Exporting Countries said Thursday in its monthly report. The group raised its forecast for 2018 non-OPEC supply growth by 160,000 barrels a day, or 16 percent, to 1.15 million barrels a day. Expected growth in total U.S. crude supply was revised higher by 110,000 barrels a day to

By  Grant Smith January 17, 2018, 7:01 PM EST Updated on  January 18, 2018, 7:25 AM EST - Crude’s jump to $70 triggers warnings of U.S. output surge - Ministers prepare to meet in Oman to discuss supply-cuts pact Photographer: Andrey Rudakov/Bloomberg When OPEC and Russia meet this weekend to review their strategy for clearing a global oil glut, they’ll face an unusual problem: it could be working just a bit too well. As their output cuts, coupled with robust global demand, tighten the market, crude prices have soared to a three-year high near $70 a barrel. That’s prompted warnings -- from  Iran’s oil minister  to Goldman Sachs Group Inc. and  even OPEC’s own analysts  -- of a fresh surge in U.S. production, wrecking all of the group’s hard work. “The big concern is prices -- are they worried about prices going too high too quickly?” said Mike Wittner, head of oil-market research at Societe Generale SA in New York. “There are many reasons they’d be con