The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Crude oil surges the most in seven years as volatility soars

Pubdate:2016-02-14 14:22 Source:mcc Click:
NEW YORK (Bloomberg) -- Crude oil surged the most in seven years, rebounding from the lowest in more than a decade as equities rallied. Volatility jumped.
 
Futures rose 12% in New York and 11% in London. U.S. stocks halted a five-day slide that dragged global equities into a bear market. Producers are ready to work together and won’t make cuts unless there’s complete cooperation, United Arab Emirates Oil Minister Suhail Al Mazrouei said on a Sky News Arabia report posted online Feb. 10. The rebound follows speculators’ record short positions in West Texas Intermediate crude last month.
 
"This is all about the financial flow," said Sarah Emerson, managing director of ESAI Energy Inc., a consulting company in Wakefield, Massachusetts. "It’s not the fundamentals that are moving us."
 
Crude capped a second weekly drop on speculation a global surplus will persist amid near-record U.S. stockpiles and the potential for increased Iranian exports. Oil climbed above $32/bbl last week as Venezuela said six OPEC producers and non-member states including Russia would be open to an extraordinary meeting. Prices plunged 19% the next six sessions on skepticism a deal could be reached.
 
WTI for March delivery rose $3.23 to settle at $29.44/bbl at on the New York Mercantile Exchange. It was the biggest increase since February 2009. Total volume traded was 83% above the 100-day average. Prices dropped 4.7% this week and 21% this year. The contract pared some of the gain after the close and traded at $29.10 as of 4:46 p.m.
 
Record Volume
 
Trading volume for WTI futures climbed to a record 1.79 million contracts on the Nymex Thursday.
 
"There’s a new, all-time volume record for WTI," said Tim Evans, an energy analyst at Citi Futures Perspective in New York. "There’s a lot of market participation relative to open interest. We’ve got a lot of money chasing the price."
 
Brent for April settlement gained $3.30 to end the session at $33.36/bbl on the London-based ICE Futures Europe exchange. It was the biggest gain since December 2008. Prices fell 2% this week. The European benchmark oil traded at a $1.45 premium to April WTI.
 
The CBOE Crude Oil Volatility Index, which measures expectations of price swings, climbed to the highest level in seven years Friday.
 
"Prices are not appropriate, I won’t say for the majority only, but for all producers,” U.A.E.’s Al Mazrouei said in the Sky News Arabia interview in Arabic on Wednesday. “The people who have spent money and have this investment, it’s natural that they won’t make cuts alone unless there is complete cooperation from everybody in that area.”
 
WTI prices on Thursday afternoon pared earlier losses after a Wall Street Journal reporter tweeted Al Mazrouei’s comments. Venezuela has lobbied exporters including Russia, Iran and Saudi Arabia to arrange a meeting between members of the Organization of Petroleum Exporting Countries and other suppliers in an attempt to reach an agreement to balance the market.
 
"This is really a classic price action where you make a new low and then rebound strongly," said Kyle Cooper, director of research with IAF Advisors and Cypress Energy Capital Management in Houston. "You will have to break through technical resistance at $30 and then the 50-day moving average, which is around $34, before you have a bottom."
 
The 50-day moving average for WTI stands at $33.60, while the 100-day is $39.14 and the 200-day is $45.69.
 
U.S. crude supplies fell 754,000 bbl from a 86-year high last week, according to an Energy Information Administration report released Wednesday. Crude stockpiles at Cushing, Oklahoma, the biggest U.S. oil-storage hub, rose to a record 64.7 MMbbl.
主站蜘蛛池模板: 88av在线视频| 国产日韩精品中文字无码| 国产成人AV区一区二区三| 人人爽人人爽人人片a免费| 一级毛片aa高清免费观看| 风间由美性色一区二区三区| 桃花视频性视频| 国内精品视频一区二区三区八戒 | 男女啪啪激烈高潮喷出GIF免费| 最近中文字幕2018| 在线国产小视频| 午夜一级做a爰片久久毛片| 久久国产精品久久| 69av免费视频| 欧美黑人性暴力猛交喷水| 成人午夜亚洲精品无码网站| 国产小视频在线观看网站| 久久精品国产99精品国产2021| 2020国产在线| 永久在线观看www免费视频| 国产精品网址在线观看你懂的 | 久久国产加勒比精品无码| 日批视频在线看| 波多野结衣在线中文| 孩交精品xxxx视频视频| 四虎影永久在线高清免费| 久久久久久久性| 精品福利视频一区二区三区 | 国产精品无码久久av| 亚洲AV无码成人黄网站在线观看| 999久久久国产精品| 欧美亚洲国产视频| 国产精品美女久久久久av超清| 亚洲乱亚洲乱少妇无码| 18禁无遮挡羞羞污污污污免费 | 女人张开腿让男桶喷水高潮| 动漫人物美女被吸乳羞羞动漫| HEYZO高无码国产精品| 男女啪啪漫画无遮挡全彩| 国产色综合天天综合网| 久久综合综合久久综合|