jackie deangelis tells us why it's more than just supply and demand that's driving prices higher. >> reporter: crude oil prices higher. finishing the week with a little less than 10% gain. the catalyst? tensions in the middle east. concerns over russia's involvement in syria and what it means for the region. is russia aligning itself with iran? and could saudi arabia plan a counterattack? if that happens, could the saudis and the russians really sit down to discuss oil prices? >> that's the only thing going for this market. that's certainly a big worry. it's a big concern of mine. and there's a lot of room for error. and those errant missiles yesterday just highlight how scary this is. but the oil market does a good job after a while of digesting these sorts of situations and i think that's going to happen again as we get used to these misfires and other actions by the russians in syria that will allow the fundamentals again just to simply overwhelm things. >> reporter: and the fundamental story hasn't changed. u.s. production is off its 9.6 million barrel per day july peak but decli

jackie deangelis is at nymex. >> hi, tyler. the day but a near 10% pop on the week, fairly significant here. another assault on that $50 mark. $50.92 was the intraday high. bearish fundamentals persist. the rig counts did decline but traders want to see meaningful production declines as well. expect inventories to probably build next week. refinery run rates are going to stay low. also, growth concerns globally, those persist as well, but don't discount the impact that geopolitical events, tensions in the middle east, can have on oil prices. they took us over $50 a couple times this week. traders think it could happen again. back to you. >> jackie deangelis, thank you. big weeks ahead with data due out, ipos to watch and a slew of earnings. look at the number of banks reporting including jpmorgan, bank of america, wells fargo and ci citi. jm morgan kicking off the big bank results. will it set the results. let's bring in jason gold peber. great to have you with us. since the start of 2015 there has been a continuous lowering of

jackie deangelis is at the nymex with details. >> good afternoon. this is very interesting action today, especially after we tried to break through that $50 level and hold last week. obviously oil prices couldn't do it. we're sliding today. this is after a 10% run in a month. so certainly some profit taking here, and remember volumes are thin because of the columbus day holiday today. some skepticism is definitely edging back into this market. so let's talk about that opec report because this is how traders are reading it. they're looking at it and they're saying, okay, the cartel is basically telling us everything is fine. we're going to see a meaningful drop in u.s. production next year, global demand is going to go up and we, opec, we don't have to do a thing. so a lot of traders thinking that's a little bit of a wishful thinking scenario. not to say it couldn't happen, but they are skeptical. the secretary-general of opec saying that the market is going to be in reasonable shape by the end of this year and then you had the kuwaiti oil minister s

. >>> let's look at oil prices, for that we are joined by jackie deangelis. >> good morning. prices trading under $43. not surprising we're seeing a slide here. the close yesterday under 44 was critical. now there are not many catalysts influencing the market now. the focus is going back to supply and demand. what do we know about the supply story? we have a bit of a glut on our hands. traders are looking to the api data this afternoon and the d.o.e. inventory number tomorrow. last week's data, not very encouraging at all. a huge build. we had flat u.s. production and only one rig came offline. the demand side, not very encouraging either. i do want to highlight bp earnings. they did beat, more spending cuts, cap x for 2015. probably 19 billion. this is the third time the company has cut cap x, about 6 billion down from the original forecast. the question now is if this will be that second leg lower that people have been calling for. do we touch the 30s? it's difficult to say now the momentum is to the down side, but remember, fed on wednesday could keep the dollar low. back

let's get to jackie deangelis at the nymex. >> that's right.der pressure this monday morning, under $49 a barr barrel, we did get some release information from opec. opec's monthly oil report out. they are expecting u.s. production to decline in 2016. it's the first time the cartel is saying this. if it happens in a meaningful way, it will be the first decline we've seen in eight years. they're also saying that cheaper out prices will spur global demand for the rest of the year. for 2016 they're taking demand forecast down a year. the opec secretary-general said this weekend he expects the market to be in reasonable condition by the end of this year. you have the kuwaiti oil minister out this morning says opec members themselves not looking to cut production but it will be high-cost producers exiting the marketplace that will help rebalance things. generally a bit of a weaker dollar supportive of prices, not seeing that happen. we do expect to see volumes be thin because of columbus day today. back to you. >> jackie deangelis, thank you very mu

back to you. >> thank you very much for that jackie deangelis. as for the stock markets right now, we're kind of lacking direction. we're very little change with the nasdaq slightly lower, the s&p 500 and the dow flatlining. gosh, it's a bit of a quiet way to finish out a friday afternoon. bob pisani at the nyse and bertha coombs is going to be joining us from the nasdaq as well. bob, find the action for us. >> i'll tell you why i'm happy, we've got the through first major week of earnings with the banks and now ge and honeywell, market is holding up fine on that. i am happy with a quiet day. ge reporting today, new high for general electric. also we have two dow stocks at new highs, nike and general electric. nike has been hitting new highs for a long time. a good report from honeywell as well. we haven't been hitting many new highs. it's been a small group of consumer names, altria, reynolds american, the cigarette company. clorox has been doing great this week. they've been hitting new highs on a regular basis but not much beyond a small group

we've been seeing in oil jackie deangelis monitoring the activity at the nymex. >> good afternoon. a choppy session for oil by all skts, moving back and forth between positive and negative territory. we did close a little higher on the day, $49.63 our intraday high $50.92. so several days now making an assault on that $50 range. when will we close over it? your guess is as good as mine. having said that is correct the experts are still pointing to the fundamental story. we did see a decline in rig counts but when will spro durks start to decline in a meaningful way here in the united states. also next week you can probably expect that we are going to hear about inventory builds. this is seasonal. we are probably also going to hear that refinery run rates stayed the same or maybe declined using less crude to make product at this point in the year. also global growth concerns they still persist within the marketplace. having said that what took us through that $50 mark a couple times this week concerning about geopolitics, the situation in the middle east right now, sort of power joc

jackie deangelis has more. >> what has been thought of as a potential break out for oil has more legsritical $50 level. we have broken through but not able to close over that level. traders tell me we will keep testing it until we close and hold. the intraday high, $50.92, now trading slightly under the $50 level. geopolitics slightly back in focus. you cannot dismiss russia's involvement in syria now. being viewed as an alliance with iran, joining power and aligning forces within the region. speculation occurring that saudi arabia may have to prepare a counter offensive here. saudi arabia has said assad must go. and this really is not about syria as an oil producing region. they don't produce oil, but it's about influence in the region. we've seen this before when it comes to wars. prices of oils have shot up. it is something to watch. you have goldman out yesterday reiterating its bearish call on oil, going back to the fundament fundamentals. traders tell me if something like this escalates, all bets are off. >>> s&p energy sector up nearly 8% for the week. >>> up next, the race for

. >> let's goet to jackie deange s deangelos. a calm day for oil today. i'm very disappointed in you. >> it was an interesting session. i don't control these things, brian. it does look like we're going to finnish positive territory. just over $46 a barrel which is interesting. the rest of commodities got hammered. oil traders not believing they're going to hike in december. they don't think we'll see something until later next year. so for right now that is going to offer a little support to these oil prices. that said, gold traders, they look at it the opposite way. of course you and i are going to talk more oil when the numbers come out. >> it's friday already tomorrow. 1:00 recount. looking forward to it. drilling rigs are way down from last year. the bulls and bears battle it out over oil, what is the real supply-demand situation? let's bring in kyle cooper. a guy who, and i mean this as a huge compliment, kyle, you're an inventory nerd on this stuff which is fantastic. i mean that with all love and sinceri sincerity. you track this stuff on daily ba

let's get now to jackie deangelis at the nymex to talk what else, oil.. >> good afternoon. oil actually coming off of session highs. we got pretty close to $47 which really is the upside of that range that we've been watching closely, but now $46 and change looks like we're going to close here today. the dollar, of course, is a little stronger bucking the trend so you have equities and oil moving higher together. also some reports out that russia is talking about meeting with other nonopec and opec producers. they're ready to come to the table to talk about oil prices and they are planning a separate meeting with saudi arabia at the end of october. also, the decline in rig counts, traders still talking about that because we saw five straight weeks of u.s. rig counts going down. that really is significant. back to you. >> 26 down last week. the biggest number i have seen in a long time. thank you very much. well, a huge oil deal might be brewing up north in the canadian oil sands. suncore is launching a deal. if it goes through, shares of canadian oil san

. >> jackie deangelis has details. >> a near 5% spike in oil prices today, it really sort of came out of the blue for a lot of traders telling me they weren't expecting t but here were the reasons that we were up. you had the eia with its short term energy outlook showing a month to month drop from august to september in u.s. production of 120,000 barrels a day. also you had a weaker dollar today which is typically supportive. having said that, traders growing increasingly concerned about russian air strikes in syria as well. the bearish factors are still out there. this afternoon we will get the api inventory report, department of energy tomorrow. expect to go see an inventory build here and also the lackluster session in equities and concerns about global growth still could be a problem for oil prices. we took off the 47 level whiskey technically, we closed over 48, 48.53 is where wti settled and most traders are telling me we think $50 is the next stop. >> let's talk about these markets in our "closing bell" exchange. joining us peter chick kenny, jonathan corp. in a and rick sante

our jackie deangelis monitoring the action for us. >> let's start with that the gas prices, $2.06 theof the day, down 9%, also looking at that 2002 low not far away of $2 at this point. traders do think we could potentially break that. this is a supply and demand story, abundant supplies, demand is trailing off because the weather models are showing forecasts will not be as cold as they would be usually at this time of the year. that's where we get an imbalance. we will get data on that gas on thursday. look for that. let's talk about oil prices, $43.90 was the settle today. this was significant because we have closed between 44 and $50 every day since late august. so breaking out to the down side of the range to those who have said that we were going to see that second leg lower may be time pretty soon for that victory lap. i also want to mention in the oil patch a significant piece of news. chinese investors making a bid to buy some oil fields in texas for $1.3 billion just shows you that they are eyeing these assets, they find them attractive especially as oil prices are this low r

. >> let's go to jackie deangelis. >> crude prices closing lower on the day. over $46.of session lows. the issue today, of course, was the report we got about the inventories. a build in crude, a large build by all accounts, even though we do expect it see moves like that seasonally at this time of year. interesting enough, it is refinery turnaround season. this is the period when traders -- pardon me, the refiners are not using crude to refine product and that is why we got a draw down in gasoline. goldmans b's curry out this morning saying he thinks oil prices will stay under $50, will go lower, but that $20 scenario not big chance of that happening anymore, tyler. back to you. >> thank you very much, up next, the $94 billion victim of the crude collapse, and we will tell you whos that when "power lunch" returns on cnbc, first in business worldwide. t's why i dug this out for you. returns on cnbc, first in business worldwide. iwhen "power" returns on cnbc, first in business worldwide. swhen "power lunch" returns on cnbc, first in business worldwide. when "power lunch"

jackie deangelis stepping in from the nymex with that story. >> good afternoon. a 5% slide today. we also saw a thin volume on the nymex trading floor as well. 4710 is where wti finished the day. a lot of traders told me they were not surprised by the action we have seen today. this is the typical pattern that we have seen. we had a 10% move up last week, we kept trying to breach that $50 mark and hold, we weren't necessarily able to do t it's not surprising we got profit taking today. having said that we heard from opec today, it's monthly outlook is now on the market. traders saying this is how we're reading it, of course opec is going to say this, they're going to say everything is fine, u.s. production is going to come down meaningfully in 2016, they're also going to say that global demand it on the rise and in fact that is exactly what was in the report really sort of substantiating opec's position to not cut production at all which is really what the cartel wants to do. take that with a grain of salt. something said that traders are looking at the fundamentals again because

let's go down to jackie deangelis at the nymex.s moving the price of oil up 4%. >> it's a big move today and it's all happening in the last 30 minutes here. that intraday high of $50.07, traders are telling me we'll keep testing that $50 range until eventually we break and hold. what's moving it is really the increased worry about the situation of russia's involvement in syria. this is -- has longer term dynamic implications for the middle east, of course, because of its relationship with iran and shifting dynamics there. so having said that, even if iranian oil comes back on the marketplace and that does appear to be bearish, if iran and russia regain control of that region and sort of push saudi to the sidelines, that becomes a big influencing factor for oil and that's the kind of wildcard that could really send these prices higher, you know, and farther away from what the fundamental situation is saying. having said that, we're probably not going to get the close over $50 today, but that's not to say we're not going to keep test

go to jackie deangelis at the nymex. >> good afternoon.al here after a very strong session hitting an intraday high of $47.10 this morning. looks like we're going to close just under $45 a barrel. still hugging that line because this trade doesn't know which way to wants to go. a couple reasons we were bullish this morning, of course, deeper in that eia report yesterday but also traders watching the headlines are that coming out about russian strikes in syria. syria not producing oil but wondering who may get involved in conflicts like this. also watching the storm very closely. the reason we fell out of bed, traders say it's when equities fell out of bed, that we, crude oil, tracked with the equity market. it looks like we'll close just under $45 a barrel. back to you. >> all right, jackie, thank you. an investigation of a leak at the federal reserve has now turned into an inside trading probe and the accused company is using an interest defense. eamon javers is following that story. >> "the wall street journal" reporting this morning tha