EIA: US oil demand for June was the lowest since 2020
The U.S. Energy Information Administration reported on Friday that U.S. oil use in June was at its lowest levels for the season since the 2020 coronavirus pandemic. The EIA's proxy of demand, crude oil and petroleum product supply, dropped 2.7% from one month to the next, reaching 20,25 million barrels a day (bpd), in June. This is the lowest June level since 2020. The sharp drop comes after consumption reached a seasonally high of 20,80 million bpd during May. The EIA data also showed that distillate demand was at its lowest seasonal level since 2020.
US crude, gasoline stockpiles fall, distillates build, EIA data shows
The Energy Information Administration (EIA), which released its report on Wednesday, said that the U.S. crude and gasoline inventories decreased last week while distillate stocks increased. Data showed that crude stocks dropped by 846,000 barges to 425.2 million bars in the week ending August 23. This was far below what analysts had predicted in a poll, which expected a draw of 2.3 million barrels. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 668,00 barrels during the past week. The global benchmark Brent and U.S.
EIA: US crude oil inventories are rising, but fuel consumption decreased last week.
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles unexpectedly rose last week while gasoline and distillate stocks fell. The EIA reported that crude inventories increased by 1.36m barrels, to 430.7m barrels for the week ending August 9, compared with the 2.2m barrels analysts expected in a poll. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 1.7 millions barrels. Crude futures continued to lose money following the unexpected build. Brent futures traded at $80.32 per barrel at 10:48 am, down 37 cents.
Markets: As Omicron Threat Fades, Oil Bulls Return
Portfolio investors have started to rebuild bullish positions in the oil market, reassessing earlier fears about the likely impact of the Omicron variant of coronavirus on major economies and passenger aviation in 2022.Hedge funds and other money managers purchased the equivalent of 54 million barrels in the six most important petroleum futures and options contracts in the week to Dec. 28.Funds have purchased a total of 70 million barrels over the two most recent weeks…
Oil Market On Track to Rebalance Around Mid-2021
U.S. petroleum inventories have continued to converge down towards the five-year average, a sign that oil market rebalancing remains on track, despite the resurgence of the coronavirus since the end of 2020.Total stocks of crude oil and products, excluding the strategic petroleum reserve, fell by 12 million barrels last week and are down by 130 million barrels since the middle of 2020.Stocks have fallen in 24 out of the last 30 weeks, according to data from the U.S.
Oil Slips, Set for 20% Annual Drop in Tumultuous 2020
Global crude prices slipped on Thursday and lost more than a fifth of their value in volatile trade in 2020, as lockdowns to combat the novel coronavirus depressed economic activity and slammed fuel demand.Still, Brent and U.S. crude benchmarks have more than doubled from April's decade lows. The start of coronavirus vaccinations bolstered demand in the fourth quarter, and prices recovered to the highest in about 10 months.On the last trading day of 2020, Brent fell 49 cents, or 1%, to $51.14 a barrel as of 10:49 a.m. EST (1549 GMT). U.S.
Country-by-Country Look at Dropping Fuel Demand
It's hardly news that the COVID-19 pandemic has sent most every market into tumult, most notably the oil and gas market as political power plays flood the world with oil precisely when demand has plummeted. Here we provide some recent insights on just how steep falls in fuel demand has been as lockdowns to contain the spread of the novel coronavirus limit the movement of more than 4 billion people.UNITED STATESU.S. fuel demand has dropped 28% in the last four weeks…
U.S. Crude Stocks Jump More Than Anticipated -EIA
U.S. crude stocks rose more than expected while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.Crude inventories rose by 7.5 million barrels in the week to Feb. 7 to 442.5 million barrels, compared with analysts' expectations in a Reuters poll for a 3 million-barrel rise.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.7 million barrels in the last week, EIA said.Refinery crude runs rose by 48,000 barrels per day in the last week, EIA said.
U.S. Crude Stocks Rise Unexpectedly -EIA
U.S. crude stocks, gasoline and distillate inventories rose last week, the Energy Information Administration said on Wednesday.Crude inventories rose by 1.2 million barrels in the week ended Jan. 3 to 431.1 million barrels, compared with analysts' expectations in a Reuters poll for a 3.6 million-barrel drop.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 821,000 barrels in the last week, EIA said.Refinery crude runs fell by 386,000 barrels in the last week, EIA said. Refinery utilization rates fell by 1.5 percentage points, in the weekU.S.
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.
Hedge Funds More Bullish on Oil: Kemp
Hedge funds have started to become more optimistic about the outlook for oil prices amid hopes that the United States and China will reach a trade truce and the global economy will avert recession in 2019/20.From a fundamental perspective, hedge funds are rebuilding long positions in crude and fuels because the news flow about the economy is no longer deteriorating, even if it is not yet improving much.From a positioning perspective, funds are anticipating…
U.S. Crude Stocks Drop - EIA
U.S. crude stocks fell last week as refineries hiked output and net imports slid to the lowest on record, while gasoline and distillate inventories declined, the Energy Information Administration said on Wednesday.Crude inventories fell by 1.7 million barrels in the week ended Oct. 18, compared with analysts' expectations for an increase of 2.2 million barrels.Refinery crude runs rose by 429,000 barrels per day, EIA data showed. Refinery utilization rates rose by 2.1 percentage points."The peak of fall maintenance appears behind us…
Oil Soars 10%
Oil futures jumped 10% on Monday after an attack on Saudi Arabian crude oil processing facilities over the weekend sliced the kingdom's production in half and threatened to hamper shipments from the world's largest crude exporter.Prices initially surged more than 20% after the open on Sunday evening, with Brent crude posting its biggest intraday gain since the 1990-1991 Gulf crisis, before pulling back as various nations have said they would tap emergency supplies to keep the world supplied with oil.Brent crude futures rose as much as 19.5% to $71.95 per barrel…
U.S. Crude Stockpiles Unexpectedly Rise - EIA
U.S. crude stocks rose last week, while gasoline and distillate inventories also rose, the Energy Information Administration said on Wednesday.Crude inventories rose by 2.4 million barrels in the last week, compared with analysts' expectations for a decrease of 2.8 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.50 million barrels, EIA said.Refinery crude runs rose by 786,000 barrels per day, EIA data showed. Refinery utilization rates rose by 3.4 percentage points.Gasoline stocks rose by 4.4 million barrels…
U.S. Crude Stocks Rise Unexpectedly - EIA
U.S. crude oil inventories rose unexpectedly last week, hitting their highest levels since July 2017, due to weak refinery output, particularly in the Midwest, the Energy Information Administration said on Wednesday.Crude inventories rose 4.7 million barrels in the week ended May 17, compared with analysts' expectations for a decrease of 599,000 barrels. That boosted overall crude inventories, not including the U.S. government's Strategic Petroleum Reserve…
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…
Oil Prices Rise on Lower U.S. Stocks, OPEC+ Supply Cuts
Oil prices rose slightly on Thursday, boosted by a decline in U.S. inventories, ongoing supply cuts from OPEC and its allies, and U.S. sanctions on Venezuela and Iran.Brent crude futures were at $71.80 a barrel at 1313 GMT, up 18 cents from their last close and near Wednesday's five-month high of $72.27 a barrel.U.S. West Texas Intermediate (WTI) crude futures were at $63.83 per barrel, up 7 cents.Both contracts traded slightly lower earlier in the day.U.S. crude inventories fell by 1.4 million barrels in the week to April 12, U.S.
U.S. Crude Stocks Rise by 7.2 mln barrels - EIA
U.S. crude stocks rose unexpectedly last week as imports climbed, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday.Crude inventories rose by 7.2 million barrels in the last week, compared with analysts' expectations for an decrease of 425,000 barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 201,000 barrels, EIA said.Refinery crude runs rose by 18,000 barrels per day, EIA data showed.
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. 22, compared with analysts' expectations for an increase of 2.8 million barrels.However, crude stocks at Cushing, the delivery hub for U.S.
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, Oklahoma, delivery hub fell by 743,000 barrels, EIA said.Refinery crude runs fell by 343,000 barrels per day, EIA data showed.
