Key China Energy Indicators to Track for the Rest of 2024
Slower consumption in China spurred the Organization of the Petroleum Exporting Countries (OPEC) to cut estimates for global oil demand growth this week, highlighting the vital role that the world's second largest economy plays in energy markets.Yet overall electricity generation in China climbed to new highs in the first half of 2024 - indicating robust use by households and factories - and imports of liquefied natural gas (LNG) rose 10% to the highest…
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…
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.
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.
Record Oil Output Cuts Fail to Make Waves in Coronavirus-hit Market
The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said.After several days of discussions, oil producing and consuming countries aim to remove nearly 20 million barrels per day (bpd) or 20% of global supply from the market, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Monday.The oil market has barely shrugged…
Offshore: OSV Market Report
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is, naturally, closely tied to the price of oil. Seacor Marine’s John Gellert, in reviewing its Q2 results, said: “Activity levels in the U.S.
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…
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…
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…
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.
Oil Falls on Oversupply Worries Despite Iran Sanctions
Oil prices dropped on Friday, heading for a third weekly loss after Saudi Arabia warned of oversupply, while a slump in stock markets and concerns about trade clouded the outlook for fuel demand.Brent crude oil fell $1.12 or 1.5 percent to a low of $75.77 per barrel and was trading around $76.34, down 55 cents, by 1318 GMT. The contract is on course for a weekly loss of over 4 percent and is down more than $10 in three weeks.U.S. crude was 60 cents lower at $66.73…
Oil Higher as Stocks Rebound, Saudi Signals Intervention
Crude stockpiles rising at U.S. futures delivery point; Saudi Arabia says oil market could shift to oversupply in Q4.Oil prices rose 1 percent on Thursday, following the U.S. stock market higher a day after Wall Street's biggest drop since 2011 and as Saudi Arabia's energy minister signaled major producers may have to intervene in crude markets to support prices.Brent crude futures rose 72 cents to settle at $76.89 per barrel as U.S. equities rose amid strong corporate earnings.
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.
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.
Oil Falls Below $73 on Rising Supply, Trade Worries
Oil extended losses on Wednesday to fall below $72 a barrel, pressured by an industry report that U.S. stockpiles of crude rose unexpectedly and higher OPEC production, adding to indications of more ample supply.Concern of an imminent escalation in the trade war between the United Sates and China pressured equities and boosted the U.S. dollar, and also weighed on oil as slowing economies would curb demand.On Tuesday, the American Petroleum Institute said crude inventories rose by 5.6 million barrels last week. Analysts had expected a decrease of 2.8 million.
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.
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…
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.
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…
