Oil Traders Scouting Further Afield for NY Diesel Storage
Oil traders are scouring the East Coast for places to store surplus diesel supplies, including on tankers just outside New York harbor, as prompt prices trade at their deepest discounts since the financial crisis. Kinder Morgan, which operates roughly 165 storage terminals from Los Angeles to New York, has received interest from traders looking to lease storage space beyond New York harbor, according to a source familiar with the company's operations.
US Crude Stocks Rise More Than Expected -EIA
U.S. crude stocks rose last week as refinery runs and imports fell, while gasoline and distillate inventories increased, data from the Energy Information Administration (EIA) showed on Thursday. Crude inventories rose by 2.6 million barrels to 458 million barrels in the last week, compared with analysts' expectations for an increase of 933,000 barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 897,000 barrels to 56.41 million barrels, EIA said.
Brent Crude Falls More than 7 Percent
Brent crude futures tumbled more than 7 percent on Tuesday, falling back below $50 a barrel as data highlighting China's contracting manufacturing sector revived concerns about global demand for petroleum. Brent October crude was down $4 at $50.15 a barrel at 11:55 a.m. EDT (1555 GMT), just after falling as low as $49.72. (Reporting by Robert Gibbons; Editing by David Gregorio)
Oil Soars in Biggest One-day Rally in Years
Oil rocketed as much as 10 percent higher on Thursday, posting its biggest one-day rally since 2009 as recovering equity markets and news of diminished crude supplies set off a short-covering surge by bearish traders. Snapping back from a deep two-month slump that reached 6-1/2 year lows this week, oil climbed as world stock markets rose on hopes Chinese government measures to stimulate the economy would pay off, while the dollar strengthened as risk aversion eased.
US Crude Futures Rally 10%, Move Above $42/bbl
U.S. crude futures jumped more than 10 percent on Thursday as recovering equity markets and supply disruption news sparked a short-covering rally. U.S. October crude was up $3.80, or 9.84 percent, at $42.40 a barrel at 2:22 p.m. EDT (1822 GMT). It earlier traded as high as $42.75, a jump of more than 10 percent that was the strongest percentage gain since March 2009. (Reporting by Robert Gibbons; Editing by Leslie Adler)
U.S. September Crude Futures Extend Losses
U.S. September crude futures extended losses and fell to a fresh contract low on Tuesday after a currency devaluation raised concerns about demand for oil in China and as OPEC raised its 2015 forecast for non-OPEC oil production. U.S. September crude was down $1.59 at $43.37 a barrel at 9:48 a.m. EDT (1348 GMT), having reached $45.34 before falling to a contract low of $43.31. (Reporting by Robert Gibbons)
U.S. RBOB Gasoline Futures Pare Gains on Inventory Rise
U.S RBOB gasoline futures pared gains on Wednesday after an Energy Information Administration report showed gasoline inventories in the United States rose 800,000 barrels last week, against expectations stocks would be down slightly. U.S. RBOB futures for September delivery were up 1.07 cents at $1.6959 a gallon at 10:44 a.m. EDT (1444 GMT), having reached $1.790 earlier in the session. (Reporting by Robert Gibbons)
U.S. Crude Drops to Contract Low, RBOB Trims Losses, after EIA data
U.S. crude oil futures extended losses on Wednesday to a contract low after the Energy Information Administration's (EIA) weekly report showed crude inventories rose last week, against expectations stocks would be down. U.S. front-month September crude fell $1.19 to a contract low of $49.67 a barrel after the government report, two pennies under the previous contract low struck in March and the lowest price for front-month crude since April. U.S.
US Crude Oil Up as Texas Braces for Tropical Storm
U.S. crude prices edged up on Tuesday as a tropical storm approached the oil-producing state of Texas, but global oversupply curbed gains and kept Brent futures little changed. U.S. July crude was up 35 cents at $59.87 a barrel at 11:18 a.m. EDT (1518 GMT), having reached $60.37. Brent front-month August crude was down 5 cents at $63.90, off its $64.41 intraday peak and near its 50-day moving average of $64.01.
Oil Falls as Dollar Strengthens, Ample Supply Weighs
Oil prices fell nearly 3 percent on Tuesday as the dollar's rally weighed on dollar-denominated crude oil futures along with concerns that a recent rally might keep U.S. producers active. The U.S. dollar index rallied as Greece's financial crisis and signs of increasing opposition to austerity in Spain pressured the euro. "Pressuring oil is the dollar's strength on the concerns about Greece being able to make its debt payments and the U.S.
Brent Turns Higher, US Crude Pares Losses on Yemen Conflict
Brent crude turned higher and U.S. crude pared losses on news that a tribal group made up of former Al Qaeda militants took control of a major southern oil terminal in Yemen after military forces protecting it withdrew from the site. The terminal is one of the major hubs for the Hadramout region exporting an average of 120,000 to 140,000 barrels per day of crude from fields in the area. Brent June crude was up 10 cents at $63.42 a barrel at 1:04 p.m.
Brent-U.S. Crude Futures Spread Narrows
The spread between Brent and U.S. crude futures narrowed to less than $5 a barrel on Wednesday, the weakest Brent premium to its U.S. counterpoint since early February after it reached $13.03 on March 2. The spread <CL-LCO1=R> between May Brent, a contract expiring today, and U.S. May crude was at $5.10 a barrel at 9:02 a.m. EDT (1302 GMT), having narrowed to $4.92 and been as wide as $5.55 intraday. Reporting by Robert Gibbons
Brent, US Crude Futures Turn Lower in Choppy Trade
Brent and U.S. crude futures gave up early gains and turned lower in choppy trading on Monday, with brokers and analysts pointing to profit taking after earlier gains. Brent May crude was down 17 cents at $57.70 a barrel at 11:59 a.m. EDT (1559 GMT), after reaching $59.54. U.S. May crude was off 3 cents at $51.61 a barrel, having reached $53.10 intraday. (Reporting by Robert Gibbons)
US, Brent Crude Futures Extend Gains after US Job Data
U.S. and Brent crude futures extended gains on Tuesday, erasing earlier losses on lift from a Labor Department report showing U.S. job openings rose sharply in February. Also supportive were remarks from a U.S. Federal Reserve official arguing that it may be too early to talk about reducing monetary accommodation and a partial closure of the Mississippi River after an oil leak. U.S. May crude was up 94 cents at $53.08 a barrel at 11:05 a.m. EDT (1505 GMT), having reached $53.46.
PBF Energy: Its Refineries Will Not Be Affected by Strike
PBF Energy Inc's three refineries will not be affected by the strike by United Steelworkers union workers currently impacting 11 plants, the company said during a conference call with analysts on Thursday. PBF said it settled local issues with local unions at its refineries and agreed to match the wage and health benefits that lead negotiator Royal Dutch Shell Plc and the union eventually agree…
Brent Closes Up, U.S. Crude Down After Saudi King Dies
Brent crude was buoyed on Friday by market uncertainty over the future of Saudi oil output, while U.S. crude fell on more signs of oversupply. Saudi Arabia's new king, Salman, who took the throne on Friday morning after the death of his brother Abdullah, is expected to continue OPEC's policy of keeping oil output steady to protect market share. Some traders did not want to believe that, "clinging on some faint hope that the news is wrong…
Traders to Store W.African Crude in US Until Prices Recover
Traders are shipping West African crude to the United States to store the oil until prices recover, as the global glut forces them to source any tanks available and as seaborne cargoes are able to compete better on price with U.S. crude. Oil firms including Swiss-based Glencore, Italian energy major ENI and Canadian's biggest oil company Suncor have all lined up ships to take at least 10 million barrels of West African crude to North America…
US and Brent Crude Futures Rally
U.S. and Brent crude futures rallied sharply on Wednesday, with U.S. crude up more than $3 a barrel, a day ahead of the Brent February contract's expiration and on the day that options for the U.S. contract expire, brokers and traders said. Other analysts pointed to the dollar's weakness against a basket of currencies. Brent February crude was up $2 at $48.59 a barrel at 2:36 p.m. EST (1936 GMT), having reached $49.21 per barrel. U.S.
US Oil Stockpiles Rise, Products Draw down Sharply
U.S. crude stocks rose less than expected last week, while gasoline and distillate inventories fell more sharply than forecast, data from the Energy Information Administration showed on Wednesday. Crude inventories rose 2.1 million barrels last week, less than the 3.4-million-barrel increase expected by analysts in a Reuters poll. Gasoline stockpiles fell 1.2 million barrels, compared with analysts' expectations for a 1-million-barrel drop.
New York State to Set up Fuel Reserve in November
A strategic fuel reserve at six locations in upstate New York is expected to be operational in November to ensure gasoline and diesel fuel are available to emergency responders in the event of an emergencies like 2012's Hurricane Sandy. Approximately 2.5 million gallons (9.5 million liters) of gasoline and ultra-low sulfur diesel (ULSD) will be kept in the reserve in terminals in Rensselaer, Brewerton, Rochester, Marcy, Vestal and Buffalo, Governor Andrew Cuomo's office said in a release.
