BIMCO: All Eyes on US Gasoline; Will Demand Exceed 9.2M Bpd?
“Fill her up, son; unleaded. I need a full tank of gas where I'm headed,” former Police-front man, Sting, sang back in 1999 on his solo album Brand New Day. This country-inspired song could be the anthem for what is coming around next week, as Monday. May 31 is Memorial Day in the U.S., the day that kicks off “the U.S. driving season”. The season runs for about three months from Memorial Day to Labor Day on September 6…
Oil Prices Up as Faith in Supply Cuts Grows
Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up as coronavirus lockdowns ease.Brent crude futures were up 1.4%, or 48 cents, at $36.01 a barrel by 1210 GMT.U.S. West Texas Intermediate (WTI) crude futures gained 2.3%, or 75 cents, to $34. There was no WTI settlement on Monday because of the U.S.
Oil Steadies as Demand Uncertainty Tempers Supply Cuts
Oil prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.Brent had eased by 5 cents, or 0.14% to $35.08 a barrel by 1014 GMT, while U.S. oil gained 14 cents, or 0.42% to $33.39 a barrel. Both are down around 45% so far this year."Uncertainty around the current travel patterns in the U.S.
U.S. Gasoline Prices Rise Ahead of Driving Season
Filling the fuel tank for vacation driving this summer will be pricier than it has been in nearly four years for American motorists, as gasoline prices nationwide rise toward the expected average seasonal price of $3 a gallon. Lower-income consumers could be most likely to rethink their driving habits as pump prices rise, the American Automobile Association said. Prices ease as the peak summer season ends around September, AAA said, but they could remain at seasonal highs not seen since 2014.
Oil Slips Further as Focus on OPEC Mounts
U.S. crude, gasoline inventories rise unexpectedly as Brent-WTI spread nears widest margin in three years. Oil prices recorded their largest one-day drop in two weeks on Thursday, with expectations building that OPEC will end an output deal that has been in place since the start of 2017 due to concerns about supplies from Venezuela and Iran. Benchmark Brent futures were down $1.08 at $79.72 a barrel by 1118 GMT, its largest one-day fall since May 8, while U.S.
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…
Oil Slips on Oversupply Worries
Jury still out on OPEC attempt to balance supply and demand; U.S. summer driving season under way, analysts expect strong U.S. summer fuel demand. Oil prices fell on Tuesday, pressured by concerns that production cuts by the world's big exporters may not be enough to drain a global glut that has depressed the market for almost three years. Benchmark Brent crude was down 45 cents a barrel at $51.84 by 1000 GMT, having gained 14 cents on Monday. U.S. light crude was 25 cents lower at $49.55.
U.S. Refiners Enjoy Surge in Diesel Demand
U.S. refiners are enjoying their strongest diesel margins in months as surprisingly robust overseas demand, combined with lower domestic production has triggered an unusually large drawdown in inventories for this time of year. The surge in appetite for U.S. diesel comes on the heels of a mild winter that sapped demand for heating oil and punished margins as products went straight into bulging storage tanks. U.S.
U.S. Gasoline Refining Margins at Ten-Year High
Tremendous demand for gasoline in the United States has pushed refining margins for motor fuel to the highest seasonal level in a decade. U.S. refiners currently earn a gross margin before costs and taxes of 65 cents per gallon for turning Brent into gasoline and 77 cents for processing WTI (http://link.reuters.com/xek25w). At the same point last year, margins for refining Brent and WTI were 37 cents and 51 cents respectively, close to their long-term averages (http://link.reuters.com/buk25w).
Tropical Storm Bill Pelts Texas Coast
Tropical Storm Bill punched the Texas coast with heavy rains and strong winds on Tuesday, the National Weather Service said, just three weeks after floods killed about 30 people in the state. The second named tropical storm of the 2015 Atlantic hurricane season made landfall near Matagorda, a sportfishing town near the South Texas Nuclear Generating Station in Bay City, a coastal nuclear power plant. Spokesman…
Shell Protesters Cited for Entering Safety Zone
U.S. Coast Guard (USCG) Sector Puget Sound investigating officers initiated civil penalties, Friday, against four individuals who entered an established safety-zone around a Shell-contracted vessel in Bellingham during Memorial Day weekend. Cody Erdman, Chiara D’Angelo, Paul Adler and Matthew Fuller were cited in accordance with Code of Federal Regulations for entry into or staying in a federally-regulated safety zone between May 22 and 24.
US Oil Contango Vanishing as Supply Glut Shifts Abroad
The U.S. oil market is on the brink of returning to a more bullish footing known as backwardation for the first time in six months, with the discount for prompt supplies vanishing as a domestic supply glut eases. The discount for prompt U.S. oil futures versus the second-month contract - a structure known as "contango" that signals a weak market - narrowed to its smallest in five months on Friday as strong…
Oil Up 1 pct After U.S. Inventory Drop
Crude oil prices rose more than 1 percent on Friday after U.S. inventories fell for a fourth straight week, although prices were set for a weekly drop on a stronger dollar. Oil saw steep falls earlier this week as a resurgent dollar weighed on the market amid concerns U.S. crude supplies may have started rising again after three weeks of draws. North Sea Brent crude has shed more than 3 percent this week, its second straight weekly loss, while U.S.
Oil Pares Gains as Dollar Recovers
U.S. crude inventories seen down for 4th straight week. Crude oil futures edged up on Wednesday on expectations that U.S. crude stocks fell for a fourth straight week, but prices pared early gains as the dollar reversed losses. July Brent crude was up 13 cents at $63.85 a barrel by 1043 GMT, easing back from an early high of $64.67, while U.S. crude was up 23 cents at $58.26 a barrel after touching $58.95 earlier in the session.
Texas Oil Patches Brace for More Rains, Possible Floods
Texas oilfields could see strong rains and thunderstorms later this week, though they were spared the heaviest flooding that struck central and eastern Texas over the Memorial Day weekend, the National Weather Service said on Tuesday. There were reports of flooded roads in parts of the Permian Basin of west Texas and swollen creeks in the Eagle Ford shale area of south Texas, the two largest onshore oil producing regions in the United States.
Market Wildcard: Return of Crude/Dollar Trade
A once-popular pair trade pitting the U.S. dollar against oil prices has re-emerged in recent weeks, injecting a new wildcard into the market just as the Organization of the Petroleum Exporting Countries prepares to meet. Through the second half of 2014, oil slid while the dollar rose, though market watchers viewed this inverse correlation as a coincidence. Oil's rout was fueled by a swelling global glut, the dollar's rise driven by European monetary easing and expectations of higher U.S.
Oil Prices Edge up on Firm Asian, U.S. Demand
Crude oil futures edged up on Monday, buoyed by healthy Asian appetite and demand from the U.S. driving season. Front-month Brent crude prices were up 6 cents at $65.43 per barrel at 0045 GMT. U.S. crude prices were also up 6 cents at $59.78 a barrel. "Global oil demand continues to surprise to the upside, with April data showing no signs of slowdown despite a pick-up in prices," Energy Aspects said. Japan's…
SoCal Beach Cleanup Could Take Months
The U.S. Coast Guard captain overseeing cleanup of oil spilled from a pipeline rupture that closed two California state beaches and fouled offshore waters near Santa Barbara said on Thursday it may take months to restore the area to its natural condition. Up to 2,500 barrels (105,000 gallons) of crude petroleum, according to latest estimates, gushed onto San Refugio State Beach and into the Pacific about…
Brent Slips Towards $66 Before Long Weekend
Islamic State advances in Iraq, Syria raise supply worries; U.S. crude futures set for 10th consecutive weekly rise. Oil prices slipped on Friday as worries over the impact of war in the Middle East on crude supplies were outweighed by reports of profit-taking ahead of a long weekend. Monday, May 25 is Memorial Day in the United States and a public holiday in much of Europe, leaving many markets closed.
Around-the-clock Cleanup Effort on Oil-fouled California Beach
Cleanup teams labored on Thursday for a third day to remove patches of crude petroleum that stained a California beach and fouled offshore waters from a pipeline rupture that may rank as the biggest oil spill to hit the Santa Barbara coastline in more than four decades. Working around the clock, about 300 people on the beach were scooping up globs of oil from the sand and raking tar balls. Crews will also scrub soiled rocks and hose down contaminated areas, Coast Guard Captain Jennifer Williams said.
