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 in inventories came as net crude imports dropped by nearly 1 million barrels per day to 5.4 million bpd, the lowest one-week figure since late February.The fall in crude stocks came even as refinery activity slowed in the most recent week and crude production hit a fresh record of 10.7 million bpd.
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. crude imports rose last week by 1.7 million barrels per day to 8.65 million bpd. However, the overall four-week average of U.S. imports has remained relatively stable from the same period a year ago. Weekly production topped 10.5 million bpd for the first time…
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, topping the previous high of 366,383 set in May 2016, according to Reuters data going back to 1990. "There has been a narrative around the market that the LNG exports are going to be the difference maker this winter…
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. Most of the drop can be attributed to a fall in stocks at the Cushing, Oklahoma, delivery hub, which was down by 2.9 million barrels, EIA said.
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. lifted its ban on crude exports in late 2015. Indian refineries are starting to increase purchases as the country seeks to secure more supply from outside the Middle East. Refiners are testing both U.S.
U.S. Crude Hits 15-month Highs After Big Drawdown
Oil prices jumped as much as 3 percent on Wednesday, with U.S. crude hitting 15-month highs after the government reported a surprisingly large drop in domestic inventories for the sixth week out of seven. The U.S. Energy Information Administration (EIA) said crude stocks fell 5.2 million barrels in the week ended Oct. 14. Analysts polled by Reuters had expected the EIA to report a crude build of 2.7 million barrels. U.S. West Texas Intermediate (WTI) crude's front-month contract rose $1.39, or 2.7 percent, to $51.68 a barrel by 11:26 a.m. EDT (1526 GMT). It hit $51.93 earlier, its highest since July 2015. WTI's more active second-month hit 5-month highs.
Fund Manager Andurand Sees $60 Oil and Above
Energy hedge fund manager Pierre Andurand said crude oil could hit $60 a barrel by the end of the year and $70 by summer 2017 as Saudi Arabia wants higher oil prices and will make it happen. "Market participants are getting lost in monitoring how much each individual country is going to cut," Andurand wrote in the latest letter of his eponymous hedge fund that manages $1.4 billion, referring to Saudi plans to get OPEC and other oil producers to reduce output to boost prices. "They are missing the point, which is that the Saudis want higher oil prices now and ...
Oil up 2%
Oil prices were up as much as 2 percent on Wednesday after a third surprise weekly drop in U.S. crude stockpiles helped assuage fears over a global oil glut. Oil was also supported by an industry strike in Norway that threatened to cut North Sea crude output and a weaker dollar ahead of a Federal Reserve policy announcement at 2:00 p.m. EDT (1800 GMT), where the central bank was expected to keep U.S. interest rates unchanged. The U.S. Energy Information Administration (EIA) said crude inventories fell 6.2 million barrels last week, versus a 3.4 million-barrel drop forecast in a Reuters poll.
U.S. Rig Count Steady after 8 Weeks of Hikes
The number of U.S. oil drilling rigs were unchanged this week after eight weeks of consecutive rises, according to a closely followed report on Friday, although traders and analysts expect the rig count to keep rising given the recovery in crude prices. The rig count remained steady at 406 in the week to Aug. 26, compared with 675 a year ago, energy services firm Baker Hughes Inc said. <RIG-OL-USA-BHI>. Before this week, the rig count rose by 76 since the week ended July 1, the most in a row since April 2014, after crude prices hit the key $50-a-barrel mark that made a return to the well pad viable.
US Crude Stockpiles Rise Unexpectedly -EIA
U.S. crude oil stocks rose for the first time since mid-May in the latest week as refinery utilization declined and imports increased, the U.S. Department of Energy said on Wednesday. Gasoline inventories also increased, even as refinery production slowed, the Energy Information Administration said. Gasoline futures, U.S. crude and Brent all swung to a loss after the bearish data was released. Crude inventories rose by 1.7 million barrels in the week ended Friday, July 22, compared with analysts' expectations for a decrease of 2.3 million barrels, according to the EIA, the Energy Department's statistical arm.
Oil Prices Rise After U.S. Crude Inventory Drawdown
Oil prices turned positive on Wednesday, erasing early losses, after the U.S. government reported a weekly crude inventory drawdown within expectations in a market depressed by worries about a glut in fuels supply. U.S. gasoline futures briefly extended losses to hit a four-month low after a surprise build in supplies of the motor fuel despite rising demand over the summer period. Brent crude futures' front-month contract were up 44 cents, or 1 percent, at $47.10 a barrel by 10:51 a.m. EDT (1451 GMT). It fell as much 76 cent earlier to an intraday low of $45.90. The front-month August contract in U.S.
Oil Up on US Crude Draw; Brent Back Above $50
Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories. It was a second straight day of gains for oil, which has risen nearly 8 percent since Monday's settlement to recover almost all of what it lost after Britain's shock vote to exit the European Union. Fading concerns over the so-called Brexit, potential for an oil workers' strike in Norway and a crisis in Venezuela's energy sector were among factors supporting Wednesday's rally. While spot contracts in Brent and U.S.
Oil Rebound Not Overdone, Crude in Early Bull Market -Hedge Fund BBL
Oil is in an early bull run despite the notion prices have rebounded too fast, too soon, hedge fund manager Jonathan Goldberg says as his energy-focused investment fund posts a 9 percent gain in the first quarter of this year. "Yes, the market is not as short as it was when prices were $26 (a barrel)," Goldberg, manager of the energy-focused $550 million BBL Commodities Value Fund in New York, told investors in a quarterly letter seen by Reuters on Monday. "But we think the attention around the short-covering in the oil market may be overstated," the former Goldman Sachs trader wrote.
Oil up 6 pct on Producers Meeting, Fed Stance
Producers to meet April 17 in Qatar on proposed output freeze; fed hold rates steady, plans 2 rate hikes instead of 4. U.S. oil prices jumped almost 6 percent on Wednesday, erasing losses of the past two days, after major producers firmed up plans to meet in Qatar to discuss an output freeze and U.S. crude stockpiles grew less than expected. The market also rallied on a less hawkish U.S. monetary outlook, after the U.S. Federal Reserve held interest rates steady and indicated two rate hikes this year instead of the four expected. "Easy money is always good for commodities and the Fed gave oil bulls yet another excuse to push crude prices higher…
Oil Jumps after US Stockpile Draw; Gasoline at 7-month High
Oil rallied for a second straight day on Wednesday, with U.S. crude nearing a one-month high and gasoline hitting its highest price since November, as a big U.S. stocks drawdown boosted the outlook for summer fuel demand. "There's no mistaking it: There's pretty good demand for both crude oil and gasoline in the United States now and it could stay this way the next couple of months," said John Kilduff, partner at New York energy hedge fund Again Capital. The U.S. Energy Information Administration (EIA) reported that crude oil inventories shrank by 6.8 million barrels last week, four times more than forecast by analysts in a Reuters poll.
Oil Leaps 5% as Dollar Rally Stalls
* Another weekly drop in U.S. * U.S. Crude oil prices jumped almost 5 percent on Friday, their biggest rally in 1-1/2 months, as a steady U.S. dollar and a bigger than expected drop in U.S. oil rigs in operation set off a renewed rush of bullish bets. U.S. crude has risen by as much as $4 a barrel after hitting a one-month low just a day ago, locking in a record 11th weekly gain that was propelled both by declining domestic oil inventories and rapidly shifting sentiment ahead of next week's OPEC meeting, at which the group is expected to keep production at high levels. Oil bulls were also enthused by Friday's rig count data from Baker Hughes, which showed U.S.
US Oil Rig Count Drops By 42 This Week
U.S. The fall in U.S. rigs drilling for oil quickened this week, data showed on Friday, suggesting that a recent slowdown was temporary, after slumping oil prices caused half of the country's rigs to be closed since November. The oil rig count fell by 42 this week to 760, the biggest drop in a month after the loss of 11 and 12 rigs in the prior two weeks respectively, according to data from oil services firm Baker Hughes. U.S. natural gas rigs, meanwhile, rose by three to 225. The slowing decline in March had caused some analysts to wonder whether oil drillers had finished making deep cuts for now, with U.S. crude prices stabilizing at around $50 a barrel or so.
Andurand Oil Hedge Fund up 13.5%
Energy hedge fund Andurand Capital was up 13.5 percent at the end of February, a source familiar with the matter said on Friday, as one of the world's most famous oil traders extended a winning run. French fund manager Pierre Andurand, who made almost 50 percent last year betting on the oil crash, returned about 10 percent in January and 3 percent in February, the source said, as crude stabilised after hitting a six-year low near $45 a barrel. Andurand, whose career included stints at Wall Street bank Goldman Sachs and commodities trading giant Vitol , made his name in 2008 when his BlueGold fund correctly called the spike and subsequent collapse in oil.
Andurand Oil Hedge Fund up 13.5 pct
Energy hedge fund Andurand Capital was up 13.5 percent at the end of February, a source familiar with the matter said on Friday, as one of the world's most famous oil traders extended a winning run. French fund manager Pierre Andurand, who made almost 50 percent last year betting on the oil crash, returned about 10 percent in January and 3 percent in February, the source said, as crude stabilised after hitting a six-year low near $45 a barrel. Andurand, whose career included stints at Wall Street bank Goldman Sachs and commodities trading giant Vitol , made his name in 2008 when his BlueGold fund correctly called the spike and subsequent collapse in oil.
Hedge Fund Manager Cashes in on Oil Crash
Andurand Capital bet on the collapse in 2014 oil prices. Energy hedge fund Andurand Capital returned 38 percent in 2014 betting on the collapse in oil prices, a source familiar with the matter said on Tuesday, emerging as one of the biggest winners from the near halving in crude since June. French fund manager Pierre Andurand, who made his name in 2008 by calling the sharp rise and subsequent collapse in oil prices that year at his BlueGold fund, launched Andurand Capital in 2013. The London-based fund had $400 million of assets under management at the start of this year, the source said. The return of 37.9 percent was net of all management and performance fees.
