Offshore Oil Wells, Ports Shut as Hurricane Sally Advances on U.S. Gulf
Energy companies, ports and refiners raced on Monday to shut down as Hurricane Sally grew stronger while lumbering toward the central U.S. Gulf Coast, the second significant hurricane to shutter oil and gas activity over the last month.The hurricane is disrupting oil imports and exports as the nation's sole offshore terminal, the Louisiana Offshore Oil Port (LOOP), stopped loading tanker ships on Sunday, while the port of New Orleans closed on Monday.The U.S.
Oil rises 5% in second weekly gain on output cuts, demand hopes
Oil prices settled 5% higher on Friday in their second consecutive week of gains as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic.The number of operating oil and natural gas rigs fell by 34 to an all-time low of 374 this week - reflecting data…
US Crude Stocks Fall Far More Than Expected
U.S. crude stocks fell much more than anticipated as refineries boosted output near the end of the year, the Energy Information Administration said on Friday.Crude inventories fell by 5.5 million barrels in the week to Dec. 20 to 441.4 million barrels, far exceeding the 1.7-million-barrel drop expected by analysts in a Reuters poll.Refinery crude runs rose by 418,000 barrels in the last week, EIA said. Refinery utilization rates rose by 2.7 percentage points, in the week.
Oil Rises 3 percent; Lifted by OPEC Cuts
Oil prices climbed about 3 percent on Monday, rebounding further from 1-1/2-year lows reached in December on support from OPEC production cuts and steadying equities markets.Brent crude futures rose $1.47 to $58.53 a barrel, a 2.6 percent gain, as of 11:12 a.m. EST (1612 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $1.56 to $49.52 a barrel, a 3.3 percent gain.Oil futures…
U.S. Crude Oil Stockpiles Dip, Gasoline Builds - EIA
U.S. crude oil stockpiles last week fell less than expected, while gasoline inventories increased and distillates stocks fell, the Energy Information Administration said on Wednesday.Crude inventories fell by 1.2 million barrels in the week to Dec. 7, compared with analysts' expectations for a decrease of 3 million barrels.The crude drawdown was also short of an over 10 million-barrel decline…
Oil Hits Multi-Week Highs on U.S. Inventories, Falling Iran Exports
Oil prices rose more than 1 percent on Wednesday, with Brent at its highest in seven weeks and U.S. crude touching a three-week peak, supported by a drawdown in U.S. crude and gasoline stocks and reduced Iranian crude shipments as U.S. sanctions deter buyers.Brent crude jumped $1.19, or 1.6 percent, to settle at $77.14, after touching $77.41, its highest since July 11.U.S. oil settled 98 cents, or 1.4 percent higher at $69.51 a barrel, after touching $69.75, its highest since Aug.
Oil Slips as U.S. Crude Stockpiles Show Surprise Build
U.S. crude stocks up 1.3 mln bbls vs 3.5 mln draw forecast-EIA. Oil fell on Thursday after U.S. government data showed an unexpected build in crude oil stockpiles. U.S. crude futures fell $1.20 to settle at $72.94 a barrel, retreating from Tuesday's 3-1/2-year high of over $75. Brent crude futures lost 85 cents to settle at $77.39 a barrel. U.S. crude stockpiles rose 1.3 million barrels last week, according to U.S. Energy Information Administration data.
U.S. Crude Up, Shrugs Off Domestic Crude Stock Rise
U.S. crude rose on Wednesday, shrugging off data showing rising domestic fuel inventories and production, and both U.S. crude and Brent held within sight of three-year highs reached the previous day.Supplier cutbacks, steady demand growth, geopolitical tensions and a favorable structure in the futures market have attracted record investment in oil this year.A rise in U.S. government borrowing costs to their highest since 2013 this week has tempered some investor appetite for risk…
Oil Rebounds on U.S. Inventory Figures, Saudi Comments
U.S. crude inventories rise less than expected - EIA. Oil prices rose on Wednesday, rebounding from earlier losses after U.S. crude stocks rose less than expected and Saudi Energy Minister Khalid al-Falih said major oil producers would prefer tighter markets than to end supply cuts too early. U.S. crude inventories rose 1.8 million barrels last week, Energy Information Administration (EIA) data showed compared with expectations for an increase of 2.8 million barrels.
Harvey Throws a Wrench into US Energy Engine
A hurricane in the heart of the U.S. energy industry is expected to upend years of U.S. excess oil capacity and low prices, with the impact expected to reverberate globally and affect energy markets for weeks. Harvey hit the Texas shore as a fierce Category 4 hurricane, causing massive flooding that knocked out 11.2 percent of U.S. refining capacity, a quarter of oil production from the U.S. Gulf of Mexico, and closed ports all along the Texas coast.
Higher-cost Crude Could Squeeze Margins at US Refiners
U.S. refiners could face a continued squeeze on profit margins in the months ahead as dwindling supplies of heavy crude from Venezuela and elsewhere are leading several to switch to higher-priced but easier-to-refine light, sweet crude. The shift also could mean higher prices for consumers in the last weeks of the summer driving season and into the fall if refiners are able to pass along those higher costs to drivers, analysts said.
Oil Dips as US Adds Rigs for 17th Straight Week
Oil prices fell slightly on Friday as evidence that U.S. production was still rising overshadowed hopes that the global crude glut would diminish on expected production cut extensions from OPEC and other producing countries. U.S. drillers added oil rigs for the 17th week in a row, according to data from Baker Hughes on Friday. Horizontal rigs, the type most often used to extract oil or gas from shale, rose by 8 to 742. Oil rigs rose by 9 to 712.
Oil Jumps on Russia-OPEC Talks
Russian govt, producers discuss possible coordination with OPEC. Oil futures surged on Wednesday, after Russia said it was discussing the possibility of co-operation with OPEC, fanning hopes that a deal was in the works to reduce oversupply that sent prices the lowest levels in a dozen years last week. Russia's energy ministry said possible coordination with the Organization of the Petroleum…
Oil Settles Lower After Large US Inventory Build
Crude oil prices pared early losses but still settled lower on Thursday after a government report showed the biggest build in U.S. crude inventory in at least 14 years. The spread between WTI and global benchmark Brent widened to as much as $2.53, the most since the settlement on Jan. 7, as U.S. crude tumbled more than 2 percent. U.S. crude closed down $1.47 at $46.31. Brent closed at $48.52 a barrel after falling 51 cents.
Crude Oil Markets Roiled by Sell Off
A sell-off that began last week continued to roil crude markets, which have been weighed down by worries of oversupply and lackluster demand, pushing Brent crude to a contract low on Monday. U.S. crude traded below $90 a barrel, despite a brief mid-morning rally, while Brent traded below $92 a barrel. Traders and analysts expressed uncertainty about how far global oil benchmarks could fall.
Oil Slips on Surprise ECB Rate Cut
Crude oil futures traded lower on Thursday after a surprise rate cut from the European Central Bank boosted the dollar and hit commodities priced in the U.S. currency. The ECB cut interest rates to a record low, unexpectedly bringing borrowing costs close to zero to lift inflation from rock-bottom levels and support the stagnating euro zone economy. The move prompted the euro to fall to its lowest in more than a year against the dollar.
Oil Edges up as Traders Worry about Supply from Iraq
Crude oil climbed on Thursday, rebounding from the lowest prices in months as the security situation in northern Iraq deteriorated, reviving concerns about supply disruptions. Brent and U.S. crude both rallied in late-morning trade, after reports that U.S. President Barack Obama was considering airstrikes on Islamic militants in OPEC's No. 2 oil producer. The New York Times report on possible airstrikes cited unnamed administration officials.
