Latest news with #Cushing
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Business Standard
4 hours ago
- Business
- Business Standard
Oil futures, options hit record Q2 volumes amid global market turmoil
Significant volatility in the second quarter had global benchmark Brent crude futures dropping to a four-year low of $60.23 a barrel on May 5 and then surging to $78.85 on June 19 Reuters Total oil futures and options lots traded on the Intercontinental Exchange (ICE) hit record highs in the second quarter, as U.S. President Donald Trump waged a trade war and geopolitical conflicts in the Middle East escalated. Why it's important Significant volatility in the second quarter had global benchmark Brent crude futures dropping to a four-year low of $60.23 a barrel on May 5 and then surging to $78.85 on June 19, the highest since January, according to data from LSEG. On April 2, Trump unveiled sweeping import tariffs. Retaliatory measures by China stoked recession worries and sparked a sell-off on April 4. In May, producer group OPEC+ expedited output hikes, boosting global supply and driving Brent prices down by May 5 to their lowest since February 2021. Then, the war between Israel and Iran kept investors on edge and pushed Brent to a six-month high on June 19. By the numbers Investors traded a total of 219,323,730 of oil futures and options to June from April, up from the previous record of 181,520,640 lots in the first quarter 2025. The new record included 99,541,065 lots of Brent futures and 20,333,728 lots of Brent options. Traders also moved 30,056,174 lots of West Texas Intermediate (Cushing) futures and options, and 3,211,194 lots of Midland WTI (HOU) Futures. Key Quotes "I think hedging activity played a role, when prices dropped to $60 a barrel in Brent, oil consumers such as airlines started to hedge, and when prices spiked in mid-June, oil producing companies decided to hedge," said Giovanni Staunovo, analyst at UBS. "At the same time, investors looked to either hold growth concerns positions in oil (short) or inflation concerns positions in oil (long) due to the tariffs," Staunovo added.
Yahoo
5 hours ago
- Business
- Yahoo
Oil futures, options trade at record levels in Q2 as investors navigate volatility
By Georgina McCartney HOUSTON (Reuters) -Total oil futures and options lots traded on the Intercontinental Exchange (ICE) hit record highs in the second quarter, as U.S. President Donald Trump waged a trade war and geopolitical conflicts in the Middle East escalated. WHY IT'S IMPORTANT Significant volatility in the second quarter had global benchmark Brent crude futures dropping to a four-year low of $60.23 a barrel on May 5 and then surging to $78.85 on June 19, the highest since January, according to data from LSEG. CONTEXT On April 2, Trump unveiled sweeping import tariffs. Retaliatory measures by China stoked recession worries and sparked a sell-off on April 4. In May, producer group OPEC+ expedited output hikes, boosting global supply and driving Brent prices down by May 5 to their lowest since February 2021. Then, the war between Israel and Iran kept investors on edge and pushed Brent to a six-month high on June 19. BY THE NUMBERS Investors traded a total of 219,323,730 of oil futures and options to June from April, up from the previous record of 181,520,640 lots in the first quarter 2025. The new record included 99,541,065 lots of Brent futures and 20,333,728 lots of Brent options. Traders also moved 30,056,174 lots of West Texas Intermediate (Cushing) futures and options, and 3,211,194 lots of Midland WTI (HOU) Futures. KEY QUOTE "I think hedging activity played a role, when prices dropped to $60 a barrel in Brent, oil consumers such as airlines started to hedge, and when prices spiked in mid-June, oil producing companies decided to hedge," said Giovanni Staunovo, analyst at UBS. "At the same time, investors looked to either hold growth concerns positions in oil (short) or inflation concerns positions in oil (long) due to the tariffs," Staunovo added.
Yahoo
8 hours ago
- Business
- Yahoo
Oil Extends Gain With US Stockpiles and OPEC+ Decision in Focus
(Bloomberg) -- Oil rose for a second day as traders turn their focus to key supply and economic indicators over the course of the week. Struggling Downtowns Are Looking to Lure New Crowds California Exempts Building Projects From Environmental Law What Gothenburg Got Out of Congestion Pricing New York Port Authority Shut Down Due to Multi-Bus Accident Brent crude traded near $68 a barrel, with West Texas Intermediate above $66. A slew of inputs are expected in the coming days, from official US inventory data later Wednesday to a jobs report Thursday and an OPEC+ output decision at the weekend. The American Petroleum Institute reported a 1.4 million barrel drop for last week at the Cushing oil storage hub — the pricing point for WTI. The decline would be the biggest since January if confirmed by government data, and would bring stockpiles at the hub to their lowest seasonal level since 2005. Trading activity in crude futures has declined since the truce between Israel and Iran led prices to plunge early last week, with volatility returning to levels seen before the war. Concerns are likely to return to a glut forecast for later this year, with an OPEC+ meeting this weekend expected to deliver another substantial increase in production quotas. 'Crude oil prices remained roughly unchanged week-on-week as the market focus shifts from the ceasefire in the Middle East to this Sunday's virtual OPEC+ meeting,' Goldman Sachs analysts including Yulia Zhestkova Grigsby wrote in a note. 'We do not expect a large market reaction if OPEC+ decides to increase production on Sunday as consensus has already shifted towards this outcome.' SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too How to Steal a House America's Top Consumer-Sentiment Economist Is Worried China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
2 days ago
- Sport
- USA Today
2027 4-star OL remains highly impressed with Texas A&M after recent visit
Ismael Camara says Texas A&M has made the biggest impression on him so far in his recruitment @Only1_iscamaraThe No. 3 guard in the ESPN Jr. 300 has been a fast stock riser this spring and summer. The 2027 recruiting class isn't the sole focus for Texas A&M this summer, but making headway with priority prospects in the cycle is crucial to developing strong relationships heading into next summer, when the cycle reaches its peak importance. So far, coach Mike Elko and his staff have done just that, recently hosting several elite 2027 prospects, including borderline five-star offensive tackle Ismael Camara. During this week's Next Future 50 event, Camara, similar to 2027 five-star cornerback Joshua Dobson, Camara's recent visit to Texas A&M during the program's annual OL/DL camp resulted in building bonds with several of the Aggies' coaches, especially offensive line coach Adam Cushing. Cushing's success on the recruiting trail has been praised nationally after landing three of the top offensive tackles in the 2026 class over the last two weeks, so it's no surprise that he's already made headway with Camara, who had plenty of good things to say during his recent interview with GigEm247's Andrew Hattersley. "I got to talk with Coach Cushing," Camara stated. "That was amazing. I learned a lot of stuff. I'm looking forward to being back here maybe once or twice this summer. I love it." Last week, during the Next Future 50 media availability, Camara continued to praise Texas A&M, noting that the Aggies have made a significant impact on his recruitment, as Cushing's coaching tactics and the program's O-line recruiting success in the 2025 and 2026 classes have certainly played a part. According to 247Sports, Camara is currently positioned as the 95th-ranked prospect in the 2027 class, the 10th-ranked offensive tackle, and the 15th-ranked prospect in Texas. Contact/Follow us @AggiesWire on X and like our page on Facebook to follow ongoing coverage of Texas A&M news, notes and opinions. Follow Cameron on X: @CameronOhnysty.
The Standard
23-06-2025
- Business
- The Standard
Oil hits five-month high after US attacks key Iranian nuclear sites
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS
