ConocoPhillips

EOG Resources

Marathon Petroleum

Phillips 66

Hess

Diamondback Energy

Texas Pacific Land Trust

Valero Energy

Devon Energy

iShares U.S. Oil & Gas Exploration & Production ETF

IEO tracks a market cap weighted index of companies in the U.S. oil and gas exploration and production space according to Dow Jones.

United States Brent Oil Fund LP

Invesco DB Oil Fund

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares

VanEck Vectors Oil Services ETF

iPath Pure Beta Crude Oil ETN

Invesco Dynamic Oil & Gas Services ETF

ProShares Ultra Bloomberg Crude Oil

United States Oil Fund LP

SPDR S&P Oil & Gas Exploration & Production ETF

OPEC maintained its global oil demand growth forecast for 2024.

Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Mostly Flat As Traders Focus On OPEC Demand Forecast

The discussion revolves around the confusion regarding OPEC's recent announcements.

Did OPEC Fumble This One?

The crude markets pulled back a bit in the early hours of Tuesday, only to turn around and show signs of life again. At this point, I believe that the markets will eventually recover fully from the selloff, but we have the FOMC on Wednesday that could throw a spanner into the mix.

Crude Oil Price Forecast – Crude Oil Continues to Attempt to Recover

OPEC has stuck to its robust oil demand forecasts for 2024 and 2025 as the cartel sees steady global economic growth ahead. Crude oil rallied more than 2% Monday and has now recovered most of the losses from last week.

Oil prices little changed as OPEC sticks to demand and steady economic growth forecasts

Brent crude oil is holding steady at 81.50 USD per barrel on Tuesday, following a significant surge of over 2.5% the previous day. The price increase was driven by optimistic market expectations about fuel demand this coming summer and news that the US government is seizing the opportunity to replenish its strategic oil reserves at relatively low prices, with a particular focus on oil priced around 79 USD per barrel.

Brent Crude Oil Stabilises Around 81.50 USD Amid Demand Optimism

Oil futures were slightly lower Tuesday, consolidating after a large bounce the previous session as investors weighed updated forecasts from the Organization of the Petroleum Exporting Countries that left the outlook for supply and demand unchanged.

Oil prices edge lower after Monday bounce; OPEC leaves forecasts unchanged

OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024, despite lower than expected use in the first quarter, saying travel and tourism would support consumption in the second half of the year.

OPEC sticks to 2024 oil demand growth forecast, but trims Q1 view

The 200-day moving average is a crucial indicator; a decisive break above it could shift crude oil from a bearish to a bullish outlook.

Crude Oil News Today: US, China CPI Data, Fed Decisions Crucial to Price Trend

Oil dips to $77.69 as investors anticipate U.S. inflation data and the impact of Saudi crude export reductions.

Natural Gas and Oil Forecast: Prices React to Saudi Exports and Fed Meeting

Oil prices rose on Tuesday, extending the previous day's rally on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, though gains were capped by a firmer dollar.

Oil prices extend rally on potential U.S. crude purchase for reserve

Goldman Sachs analysts have set a $86 price target for Brent oil in the third quarter.

Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Traders Bet On Strong Summer Demand

Oil prices rose Monday after posting a loss last week in the wake of the OPEC+ decision to increase production later this year. Goldman Sachs analysts said Brent should rise to $86 in the third quarter as summer fuel demand results in a "sizeable" deficit.

Oil prices edge higher after weekly loss as Goldman sees supply deficit on summer fuel demand

Diamond Offshore Drilling Inc

Noble Corp. is buying Diamond Offshore Drilling in a deal valued at about $1.6 billion.

Diamond Offshore Is Being Acquired. The Oil Sector Keeps Consolidating.

Oil futures saw tiny gains early Monday, attempting to find a footing after an OPEC+ decision to begin unwinding some voluntary production cuts later this year helped send crude to a third straight weekly decline.

Oil prices nudge higher after third straight weekly loss

Given the expected rise in summer transport demand and projected inventory declines, the short-term outlook for oil prices appears cautiously bullish.

Crude Oil News Today: Gains Support as Bulls Await Next Catalyst

Oil prices rise to $75.76 on anticipation of higher summer fuel demand, despite the impact of a stronger U.S. dollar.

Natural Gas and Oil Forecast: WTI at $75.76, More Upside Ahead or Sell-Off?

Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday.

Oil slips on dollar's strength from US jobs data

Since 2008, the shale boom has grown U.S. oil production by about 9 million barrels per day. In the early days of the shale boom, when it wasn't clear whether this development would have a significant impact, it was largely ignored by OPEC.

OPEC's Strategy To Outlast The Shale Boom

Given the prevailing conditions and the possibility of prolonged high interest rates, the outlook for crude oil remains bearish for the coming week.

Crude Oil News Today: Will Hawkish Fed Policy Drive Prices Below $70?

Igor Sechin, CEO of Russian energy major Rosneft said on Saturday that an increase in spare oil production capacity offset OPEC+ efforts to reduce oil output.

Rosneft's Sechin: spare oil production capacity offsets OPEC+ efforts

Oil traders are waiting for additional catalysts after recent volatility.

Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Markets Are Mostly Flat As Traders Ignore Rising Treasury Yields

The oil market fell in the majority of trading at the beginning of the week. However, we have since bounced enough to show signs of strength, and this is a good sign for some kind of recovery in the summer.

Crude Oil Weekly Price Forecast – Oil Bounces Nicely to Find Support

The crude oil market continues to see a lot of noisy behavior, as the market continues to look for value and support.

Crude Oil Price Forecast – Oil Continues to See Attempted Recovery

Oil prices have rebounded over the past two days after a selloff, but are still down for the week. OPEC+ production increases, soft manufacturing data and disappointing private payrolls weighed on the market.

Crude oil heads for third straight weekly loss as supply and demand worries weigh on market

Oil futures rose Friday, finding support after Saudi Arabia's energy minister reiterated that an OPEC+ plan to unwind 2.2 million barrels a day in voluntary cuts later this year can be paused or reversed.

News for iShares U.S. Oil & Gas Exploration & Production ETF ETF (IEO)