US Crude Futures Plunge to Lowest on Record
U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide.While U.S.
Oil Prices Jump 2% After Tanker Attacks
Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin…
Oil Hits 2019 High
Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions."The geopolitical risk premium is back in the oil market…
Oil Hits 2019 High on U.S. Plan to Tighten Squeeze on Iran
Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions."The geopolitical risk premium is back in the oil market…
Oil Hits Five-month High
Oil prices rose to a five-month high on Monday, driven by expectations that global supplies would tighten due to fighting in Libya, OPEC-led cuts and U.S. sanctions against Iran and Venezuela.International benchmark Brent futures rose 74 cents, or 1.1 percent, to $71.08 a barrel by 12:56 p.m. EDT (1656 GMT). U.S. West Texas Intermediate (WTI) crude futures were up $1.19 to $64.27 a barrel…
Oil Prices Slip
Oil prices edged lower on Wednesday after government data showed U.S. crude stocks unexpectedly rose last week, though disruptions to Venezuela's crude exports limited losses.Brent crude futures lost 1 cent to $67.96 a barrel at 10:48 a.m. EST (1448 GMT). U.S. crude futures fell 24 cents to $59.70 a barrel.U.S. crude inventories rose last week by 2.8 million barrels…
Oil Dips on U.S. Manufacturing Data
Oil prices reversed course on Friday, falling 2 percent as bearish U.S. manufacturing data stoked concerns over global energy demand growth.The ISM manufacturing activity index in February sank to the lowest since November 2016, and was below expectations.U.S. West Texas Intermediate futures fell $1.11 to $56.11 a barrel by 11:15 a.m. EST (1615 GMT).
U.S. Crude Stockpiles Fall Unexpectedly -EIA
U.S. crude oil stocks fell unexpectedly last week as net imports fell to record lows, despite production growing to all-time highs and abundant inventories at the Cushing, Oklahoma hub, the Energy Information Administration said on Wednesday.After five consecutive weekly builds, nationwide crude inventories fell 8.6 million barrels in the week to Feb.
Oil Traders Ready for Musical Chairs as China Tariffs Loom
Oil markets are bracing for a reshuffle of global trade flows as China threatens to impose tit-for-tat tariffs on imports of U.S. energy products, including crude.China, which has bought an average 330,000 barrels per day (bpd) of U.S. crude oil this year, is threatening to place a 25 percent tariff on various U.S. commodity exports…
U.S. Crude, Gasoline Inventories Rise Unexpectedly - EIA
U.S. crude oil stockpiles climbed unexpectedly last week as net imports jumped, while gasoline stocks also posted a surprise build, the Energy Information Administration said on Wednesday.Crude inventories rose 5.8 million barrels in the week to May 18, compared with analysts' expectations for a decrease of 1.6 million barrels.Inventories…
U.S. Crude, Refined Product Stockpiles Drop Sharply - EIA
U.S. crude oil, gasoline and distillate stockpiles fell more than expected last week, as crude imports dropped sharply, the Energy Information Administration said on Wednesday.Crude inventories fell by 2.2 million barrels in the week to May 4, compared with analyst expectations for a decrease of 719,000 barrels.The decline…
Crude Stocks Post Surprise Rise as Imports Surge -EIA
U.S. crude stocks rose unexpectedly last week as imports jumped and production increased to another weekly record, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.3 million barrels in the week ended April 6, compared with analysts' expectations for a decrease of 189,000 barrels. Net U.S.
Oil Gains on Forties Pipeline Shutdown, New York Blast
Oil prices rose Monday, reversing earlier declines, after a North Sea pipeline shut for repairs and investors focused on commodities following an explosion in New York. Brent crude futures were up $1.20, or nearly 2 percent, at $64.60 by 12:22 p.m. EST (1722 GMT). U.S. West Texas Intermediate (WTI) crude futures were at $57.87 a barrel, 51 cents or 0.9 percent above their last settlement.
Rising US LNG Exports Boost Interest in Natgas Futures
A surge in speculative interest in the U.S. liquefied natural gas (LNG) export boom has pushed open interest in natural gas futures to an all-time high, traders said on Thursday. Open interest, which measures the number of contracts outstanding, in the Henry Hub front-month hit 386,826 on the New York Mercantile Exchange on Wednesday…
Oil Mixed as OPEC Extends Cuts
Oil was mixed on Thursday after OPEC members agreed to extend curbs on output to the end of next year at a meeting in Vienna, though a final deal hinged on the decision of non-OPEC producers, expected toward the end of the day. Iran's energy minister announced that Nigeria and Libya will be included in the oil output deal.
U.S. Crude Stocks Fall - EIA
U.S. crude oil stocks fell last week, led by the biggest fall in inventories at the Cushing, Oklahoma storage hub in eight years, while gasoline and distillate stockpiles rose, the Energy Information Administration said on Wednesday. Crude inventories fell 3.4 million barrels in the week to Nov. 24, compared with analysts' expectations in a Reuters poll for a decrease of 2.3 million barrels.
Brent Oil Stays Above $60
Brent oil held above $60 a barrel on Monday, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond March although rising Iraqi exports put a lid on prices. Brent crude futures were up 10 cents or 0.2 percent to $60.54 per barrel at 1:39 p.m. EDT (1739 GMT), close to its highest level since July 2015. U.S.
Newest Outpost for US Crude Exports: India
India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up "test" purchases of U.S. grades to diversify their imports. U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S.
US Crude Oil, Gasoline Inventories Slump - EIA
U.S. crude oil inventories last week slumped to their lowest levels since January as refining rose and imports fell, while gasoline stocks also fell sharply ahead of the Fourth of July holiday weekend, the Energy Information Administration said on Thursday. Crude inventories fell 6.3 million barrels in the week to June 30, far more than analysts' forecasts for a 2.3 million-barrel drawdown…
U.S. Shale to OPEC: Above $40, We are Coming Back
For leading U.S. shale oil producers, $40 is the new $70. Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less in deciding whether to crank up output after the worst oil price crash in a generation. Their latest comments highlight the industry's remarkable resilience…
