EIA reports that US crude, gasoline, and distillate stocks rose last week.
The Energy Information Administration (EIA), which released its report on Wednesday, said that the U.S. crude, gasoline, and distillate inventory increased last week. The EIA reported that crude inventories increased by 2.1 millions barrels, to 427.7million barrels during the week ended Nov. 1. This was a far cry from the 1.1 million barrels analysts had predicted in a recent poll.
US crude, fuel inventories fall last week, EIA says
The Energy Information Administration (EIA), which released its report on Wednesday, said that the U.S. crude, gasoline, and distillate inventory fell last week. The EIA reported that crude inventories dropped by 515,000 barrels, to 425.5 millions barrels for the week ending October 25. This was in contrast with the analysts' polled expectations of a rise of 2.3 million barrels.
US crude, fuel inventories fall last week, EIA
The Energy Information Administration reported on Thursday that U.S. crude, gasoline, and distillate stocks fell last week. The EIA reported that crude inventories dropped by 2.2 millions barrels, to 420.6 million in the week ending Oct. 11. This was in contrast with the analysts' polled expectations of a 1.8-million barrel increase.
China Crude Processing Spikes to All-time High
Chinese refinery crude oil throughput has reached its highest level ever, with total processed volumes up 12% in the first five months of this year compared to 2020, and up 10.9% from the same period in 2019. In total 292.7m tonnes have been processed so far this year according to the National Bureau of Statistics China.Despite the 12.0% growth in crude oil processing…
Oil Prices Rise Ahead of OPEC+ Meeting on Further Output Cuts
Oil prices rose on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a virtual meeting expected later this week.Brent crude futures rose 0.91%, or 35 cents, to $38.67 a barrel as of 0427 GMT.West Texas Intermediate (WTI) crude futures rose 0.56%, or 20 cents…
IEA: Early Signs of Recovery Visible, But Oil Demand Still Set For Record Fall
Oil demand is still set for a record fall in 2020, the International Energy Agency (IEA) said on Thursday, but it trimmed its forecast for the drop citing easing lockdown measures.Demand is expected to fall by 8.6 million barrels per day (bpd), the IEA said in its monthly report, raising its estimate by 690,000 bpd compared…
Coronavirus Leaves China-bound Tankers Stranded
The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets…
Brent Oil Prices Rise Above $60
Brent crude oil futures rose above $60 a barrel on Wednesday after industry data showed a larger-than-expected drop in U.S. crude inventories, but lingering worries about a possible global recession capped gains.Brent crude had gained 26 cents, or 0.43%, to $60.29 a barrel by 0900 GMT, after settling 0.5% higher on Tuesday, while U.S. crude was up 3 cents, or 0.05%, at $56.16 a barrel.U.S.
US to Overtake Saudi in Oil Exports
United States will soon export more oil and liquids than Saudi Arabia, thanks to the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast.According to Rystad Energy, energy research and business intelligence company, it is a a pivotal geopolitical shift. The US has for decades relied on large-scale imports to satisfy its thirst for oil…
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.
U.S. Crude Stockpiles Fall More Than Expected - EIA
U.S. crude oil stocks fell more than expected last week, while gasoline and distillate inventories rose more than forecasts, the Energy Information Administration said on Wednesday.Crude inventories fell by 2.7 million barrels in week to Jan. 11, compared with analysts' expectations for a decrease of 1.3 million barrels.Crude stocks at the Cushing…
Oil Steadies but Outlook for Demand Grows Gloomy
Oil rose as global markets steadied on Thursday, recovering some of the previous day's 2 percent slide, though a weakening outlook for crude demand kept prices in check.The oil market had felt the effects on Wednesday of a large build in U.S. inventories that added to concern over the outlook for fuel demand, while crude…
Oil Breaks Above $72 as Supply Concerns Build
Supply risks in Middle East, Venezuela also buoy crude. Oil prices extended gains on Wednesday, lifted by a reported decline in U.S. crude inventories and the risk of supply disruptions. Brent crude oil futures rose 87 cents to $72.45 a barrel by 1143 GMT, while U.S. WTI crude futures rose 95 cents to $67.47. "Yesterday evening saw the API report a surprising decrease in U.S.
Oil Eases Back from 2018 Highs
Brent falls below $70/barrel amidst high volumes for Shanghai crude, but also high volatility. Oil fell on Wednesday as investors took profit on a rally the previous day to this year's highs after a report showed a surprisingly large increase in U.S. crude inventories. May Brent crude futures, which expire on Thursday, were at $69.70 per barrel…
Oil Approaches Six-Week Highs
Oil neared its highest in six weeks on Wednesday after a surprise decline in U.S. inventories and as concern persisted over possible disruption to Middle East supply. Unexpectedly large inventory declines in the United States helped underpin the market, even though refinery maintenance reaches a peak this month, but with the hardening stance of the United States towards Iran…
U.S. Crude Oil Stocks Unexpectedly Drop - EIA
U.S. crude stocks fell unexpectedly last week as imports dropped, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Thursday. Crude inventories fell by 1.6 million barrels in the week to Feb. 16, compared with analysts' expectations for an increase of 1.8 million barrels.
OPEC Pact Likely to Evolve Rather Than Terminate
"The lexicon of exit is not found in our vocabulary", OPEC Secretary-General Mohammad Barkindo told reporters on the sidelines of a conference in Cairo on Monday. Ministers from the Organization of the Petroleum Exporting Countries have been anxious to counter speculation about an early end to production curbs. Barkindo…
Oil Rises as OPEC Compliance Eclipses US Output
U.S. production tops 10 mln bpd for first time since 1970 as U.S. inventories rise by 6.8 mln bbls. Oil prices rose on Thursday after a survey showed OPEC's commitment to its supply cuts remains in place, even as U.S. production topped 10 million barrels per day for the first time since 1970. Brent April crude futures were up 53 cents on the day at $69.42 a barrel by 1150 GMT…
Oil Above $68 on Tighter Markets, Lower Inventories
OPEC-led output cuts, dip in U.S. rig count support prices; U.S. crude inventories expected to fall for 8th week. Oil rose further above $68 a barrel on Tuesday, touching its highest since May 2015, supported by OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week. The Organization of…
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.
