China Banks "Massive Volume" of Crude in May
China added to crude oil stockpiles at the fastest rate in nearly three years in May, as robust imports outweighed near-record refinery processing.A total of 1.77 million barrels per day (bpd) was added to inventories in May, the most since July 2020 and reversing the small, and rare, draw of 340,000 bpd in April.When assessing the state of China's oil market, it's common to focus on the level of imports and refinery throughput, and both have been strong in recent months.This has stoked the bullish narrative…
Oil Prices Jump 5% on OPEC+ Output Talks, Iran Tension
Oil prices climbed nearly 5% on Tuesday after news that Saudi Arabia will make voluntary cuts to its oil output, while international political tension simmered over Iran's seizure of a South Korean vessel.Brent crude futures rose $2.51, or 4.9%, to settle at $53.60 a barrel. U.S. West Texas Intermediate crude ended $2.31, or 4.9%, higher at $49.93 a barrel.Saudi Arabia will make additional, voluntary oil output cuts of 1 million barrels per day (bpd) in February and March. The cuts are part of a deal to persuade…
Oil Prices Extend Gains on Demand Hopes as Lockdowns ease
Oil prices jumped again on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures.West Texas Intermediate (WTI) crude futures were 7.75%, or $1.58, higher at $21.97 per barrel by 0820 GMT. The U.S. benchmark has closed higher for the last four sessions.Brent crude futures were up 5.5%, or $1.49, at $28.69.Italy, Spain, Nigeria, and India, together with Ohio and other U.S. states, began allowing some people to go back to work and opened up construction sites…
U.S. Crude Stocks Fall as Imports Fall
U.S. crude oil stockpiles fell unexpectedly last week, the Energy Information Administration said on Wednesday, and strong gasoline demand could point to additional drawdowns in coming weeks as driving season approaches.Crude inventories fell by 4 million barrels in the week to May 3, compared with analysts' expectations for an increase of 1.2 million barrels.Net U.S. crude imports fell 432,000 barrels per day to 4.4 million bpd, and crude production edged down 100,000 bpd from its record high to 12.2 million bpd.The drawdown in crude stocks came even as refineries cut back output…
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 reported late Tuesday by industry group The American Petroleum Institute."The market is disappointed that the EIA did…
U.S. Crude Stockpiles Build for 10th Straight Week - EIA
U.S. crude oil stockpiles rose for a 10th week in a row last week even as refineries boosted output and exports increased, the Energy Information Administration said on Wednesday.Crude inventories rose 3.6 million barrels in the week to Nov. 23, compared with analysts' expectations for an increase of 769,000 barrels.After falling to two-and-a-half-year lows in September, crude stocks have risen 14 percent with 10 straight weeks of increases. That is the longest run of builds since autumn 2015, according to EIA figures."This report does not paint a supportive picture for the market…
U.S. Crude Stockpiles Rise More than Forecast - EIA
U.S. crude oil stockpiles rose more than expected last week, building for the ninth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday.Crude inventories rose 4.9 million barrels in the week to Nov. 16, compared with analysts' expectations for an increase of 2.9 million barrels. Total inventories were 446.91 million barrels, the highest level since Dec. 2017.The last time crude stocks grew for nine straight weeks was between Jan. 6, 2017 to March 3, 2017.Crude stocks at the Cushing, Oklahoma, delivery hub for U.S.
U.S. Crude Oil Stockpiles Decline More Than Expected Last Week
U.S. crude stocks fell more than expected in the latest week, while gasoline and distillate inventories rose, the Energy Information Administration said on Thursday.Crude inventories fell by 4.3 million barrels in the last week, compared with analysts' expectations for a decrease of 1.3 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 549,000 barrels, EIA said.Refinery crude runs rose by 81,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.3 percentage points.Gasoline stocks rose by 1.8 million barrels…
U.S. Crude Oil Stockpiles Rise Unexpectedly in Week - EIA
U.S. crude stocks rose unexpectedly last week, while gasoline stocks decreased and distillate inventories grew, the Energy Information Administration said on Wednesday.Crude inventories rose by 6.8 million barrels in the last week, compared with analysts' expectations for an decrease of 2.5 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.64 million barrels, EIA said.Refinery crude runs rose by 383,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1.5 percentage points.Gasoline stocks fell by 740…
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. Analysts had expected a 3.5 million-barrel decline. "An unexpected build in the U.S.
U.S. Crude Stockpiles Rise Unexpectedly - EIA
U.S. crude oil stockpiles unexpectedly rose last week ,as imports grew and refineries cut output while gasoline inventories decreased nearly double forecasts, the Energy Information Administration said on Thursday. Crude inventories rose 1.2 million barrels in the week to June 29, compared with analysts' expectations for a decrease of 3.5 million barrels. Oil prices dropped on the news, in part because the figures were the inverse of the drop in inventories shown by industry group the American Petroleum Institute on Tuesday. U.S. crude futures dropped 90 cents, or 1.2 percent, to $73.22 per barrel as of 11:18 a.m. EST (1518 GMT).
U.S. Crude Hits $75 as Oil Supply Risks Mount
U.S. crude oil prices rose above $75 a barrel for the first time since 2014 on Tuesday after Iran appeared to threaten to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions."The Americans have claimed they want to completely stop Iran's oil exports," the website, president.ir, quoted Iranian President Hassan Rouhani as saying. "They don't understand the meaning of this statement, because it has no meaning for Iranian oil not to be exported, while the region's oil is exported."The comments…
Oil Climbs on Libya Force Majeure, Canada Outage
Libyan disruption cuts 850,000 bpd of oil from market; Canada outage drains U.S. crude, product inventories. Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lift U.S. crude to 3-1/2-year highs. U.S. light crude jumped 99 cents, or 1.3 percent, to $74.93 a barrel, its highest since November 2014, before easing back to $74.79, up 85 cents, by 1120 GMT. Benchmark Brent crude oil was up 70 cents at $78.00. Production at Syncrude Canada's 360…
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 rose in part due to a sharp 1.4 million-barrels-per-day hike in net crude imports. Exports fell 818,000 bpd last week to 1.7 million bpd, after reaching a weekly record of 2.6 million bpd in the previous week."The large rise in crude oil inventories made for a bearish report…
U.S. Crude Stocks Fall, Exports Hit Record High - EIA
U.S. crude oil stockpiles fell last week as exports hit a record high and refinery ramped up output, while gasoline inventories dropped more than expected ahead of the summer driving season, the Energy Information Administration said on Wednesday.Crude inventories fell 1.4 million barrels in the week to May 11, compared with analysts' expectations for a decrease of 763,000 barrels.Net U.S. crude imports fell 411,000 barrels per day as exports rose to a record 2.6 million bpd, benefiting of late from the widening spread between U.S. crude oil and global benchmark Brent, which responds more to world supply outlook.
U.S. Crude Oil Stockpiles Fall in Week as Imports Drop - EIA
U.S. crude stocks fell unexpectedly last week as imports dropped, and gasoline and distillate inventories also declined, the Energy Information Administration said on Wednesday. Crude inventories fell by 2.6 million barrels in the last week, compared with analysts' expectations for an increase of 2.6 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 905,000 barrels, EIA said. Refinery crude runs rose by 410,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1.7 percentage points.
China's Crude Oil Buying Spree Set to Continue
China has built its crude oil stockpiles at a record pace in 2017 and while its purchases could tail off towards the year-end, inventories could hit the billion-barrel mark in six months, the International Energy Agency said. China has spent around $24 billion on building its crude reserves since 2015, at an average of $50 a barrel, and now holds around 850 million barrels of oil in inventory. While China's spending on "excess" crude is tiny, given its $680 billion current account surplus since early 2015, its inventories are now equal to those of Japan and South Korea together, the Paris-based IEA said.
Milestones on the Oil Market's Road to Rebalancing: Kemp
Crude oil stockpiles are expected to empty significantly during the third quarter as continued production restraint from OPEC interacts with the seasonal increase in consumption. OPEC and non-OPEC countries are committed to reducing production by an average of nearly 1.8 million barrels per day in the first six months of 2017, with an option to extend cuts for a further six months. Production assessments by independent agencies suggest compliance with the agreement has so far been high from OPEC especially from Saudi Arabia and its allies.
Oil set for sixth straight day of declines
Six-day drop is longest decline since June; Brent down over 13 percent since mid-October. Oil prices were on course for their sixth straight day of falls on Friday, dragged lower by a surge in U.S. crude inventories, timid demand and doubts over the ability of producers to coordinate output cuts. Brent crude futures were at $46.18 per barrel at 1056 GMT, down 17 cents from their last close. U.S. West Texas Intermediate (WTI) futures were down 2 cents at $44.65 a barrel. The dips put crude on the longest losing run since June and, before that, since January, with Brent shedding almost 14 percent since its recent peak in mid-October.
Oil Rallies as Hopes Grow for Output Cut
Oil rallied to four-month highs on Thursday, underpinned by a surprisingly large drop in U.S. inventory levels the previous day and by growing expectations for the world's largest producers to agree to cut supply. Brent crude futures were last up 55 cents on the day at $52.41 a barrel by 1408 GMT, having risen to a session peak of $52.65, the highest in four months. U.S. futures rose 46 cents to $50.29 a barrel, having broken above $50 for the first time since June this year. A number of OPEC oil ministers plus…
