Crude Oil Storage

Source: Reuters

Chevron CEO criticizes Biden’s SPR strategy

Oil Price


Chevron CEO Mike Wirth spoke at the Economic Club of New York on Thursday to warn about the Biden administration’s cunning plan to refill the Strategic Petroleum Reserve around the $70 a barrel level. He said filling …

Source: World Oil

US seeks halt to oil-reserve sales to refill depleted stockpiles

World Oil


(Bloomberg) — The Biden administration is seeking to stop sales from the Strategic Petroleum Reserve mandated by Congress so it can refill the emergency reserve, a move that could impact the release of 147 million barrels of crude …

U.S. crude oil inventories decrease by 12.6 million barrels

U.S. crude oil inventories decrease by 12.6 million barrels

Weekly Crude Oil Storage as of November 25, 2022

 

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 12.6 million barrels from the previous week.  At 419.1 million barrels, U.S. crude …

U.S. crude oil inventories decrease by 3.7 million barrels

U.S. crude oil inventories decrease by 3.7 million barrels

Weekly Crude Oil Storage as of November 18, 2022

 

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.7 million barrels from the previous week.  At 431.7 million barrels, U.S. crude …

Source: Reuters

White House asks Congress for $500 mln to modernize oil reserve

Investing


WASHINGTON – The Biden administration has asked Congress for $500 million to modernize the U.S. strategic petroleum reserve (SPR), a document outlining the request shows.

If approved by Congress, the request, issued by the White House on Tuesday, provides …

Source: World Oil

WTI jumps on large draw in crude inventories

Oil Price


The American Petroleum Institute (API) reported a large draw this week for crude oil of 5.835 million barrels—more than undoing last week’s build.

 

U.S. crude inventories have grown by roughly 25 million barrels so far this year, …

U.S. crude oil inventories decrease by 5.4 million barrels

U.S. crude oil inventories decrease by 5.4 million barrels

Weekly Crude Oil Storage as of November 11, 2022

 

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.4 million barrels from the previous week.  At 435.4 million barrels, U.S. crude …

Source: Reuters

Oil prices ease on U.S. inventory build, China COVID worries

Yahoo Finance


NEW YORK – Oil prices dropped by about $2 a barrel on Wednesday after industry data showed that U.S. crude stockpiles rose more than expected and on concerns that a rebound in COVID-19 cases in top importer China …

U.S. crude oil inventories increase by 3.9 million barrels

U.S. crude oil inventories increase by 3.9 million barrels

Weekly Crude Oil Storage as of November 4, 2022

 

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U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.9 million barrels from the previous week.  At …

Source: Reuters

US sees oil growth slowing in 2023, falling short of record

World Oil


(Bloomberg) – The United States slashed its forecast for the nation’s oil production growth next year, predicting that output will fall short of an all-time high.

America’s crude production will rise to 12.31 MMbpd in 2023, down from …

Source: Reuters

Oil prices slip ahead of Fed, U.S. crude stockpiles seen falling

BOE Report


LONDON – Oil prices slipped on Thursday ahead of an expected rate hike by the Federal Reserve, but found a floor as market participants eyed falling U.S. crude stockpiles and upcoming European sanctions on Russian barrels.

 

Brent …

U.S. crude oil inventories decrease by 3.1 million barrels

U.S. crude oil inventories decrease by 3.1 million barrels

Weekly Crude Oil Storage as of October 28, 2022

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.1 million barrels from the previous week.  At 436.8 million barrels, U.S. crude oil …

Source: Reuters

COLUMN-Oil funds trapped between low inventories and slowing economy: Kemp

Nasdaq


LONDON – Portfolio investors’ oil positions are exhibiting significant week-to-week volatility as traders struggle to anticipate the net effect of an economic slowdown amid exceptionally low inventories of crude and diesel.

 

Hedge funds and other money managers purchased …

Source: World Oil

House Republicans launch probe of Biden’s oil reserve release

World Oil


(Bloomberg) — House Republicans are launching an investigation into what they say could be the “potential misuse” by the Biden administration of the nation’s emergency oil reserves to lower gasoline prices, as well as White House deliberations over …

Source: Reuters

Oil prices rise on supply concerns, but stockpiles weigh

BOE Report


LONDON – Oil prices rose on Wednesday on supply concerns and a weaker dollar, but U.S. stockpile data capped gains.

 

Brent crude futures for December were up 54 cents, or 0.58%, at $94.06 a barrel by 1312 …

U.S. crude oil inventories increase by 2.6  million barrels

U.S. crude oil inventories increase by 2.6 million barrels

Weekly Crude Oil Storage as of October 21, 2022

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.6 million barrels from the previous week.  At 439.9 million barrels, U.S. crude oil …

Source: Reuters

Biden to lay out plan to complete emergency oil sales, support U.S. production

US News


WASHINGTON – U.S. President Joe Biden will announce a plan on Wednesday to sell off the last portion of his release from the nation’s emergency oil reserve by year’s end and detail a strategy to refill the stockpile

U.S. crude oil inventories decrease by 1.7 million barrels

U.S. crude oil inventories decrease by 1.7 million barrels

Weekly Crude Oil Storage as of October 14, 2022

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.7million barrels from the previous week.  At 437.4 million barrels, U.S. crude oil inventories …

Source: Oil Price

President Biden is planning to release more oil from the SPR

Oil Price


The Biden administration is planning to release another 10 to 15 million barrels of crude from the strategic petroleum reserve, Bloomberg reported today, citing unnamed sources in the know. This release would be the latest in the government’s …

U.S. crude oil inventories increase by 9.9 million barrels

U.S. crude oil inventories increase by 9.9 million barrels

Weekly Crude Oil Storage as of October 7, 2022

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 9.9 million barrels from the previous week.  At 439.1 million barrels, U.S. crude oil …

Source: Oil Price

OPEC+ cuts or not, White House wants to refill SPR

Oil Price


The United States is still planning on replenishing the nation’s crude oil emergency stockpiles when the price of oil goes down, White House energy advisor Amos Hochstein said on Thursday.

 

The White House energy advisor’s comments come …

Source: Reuters

OPEC+ oil output cut ahead of winter fans inflation concerns

Investing


SINGAPORE -Global oil supply is set to tighten, intensifying concerns over soaring inflation after the OPEC+ group of nations announced its largest supply cut since 2020 ahead of European Union embargoes on Russian energy.

 

The move has widened …

U.S. crude oil inventories decrease by 1.4 million barrels

U.S. crude oil inventories decrease by 1.4 million barrels

Weekly Crude Oil Storage as of September 30, 2022

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.4 million barrels from the previous week.  At 429.2 million barrels, U.S. crude oil …

Source; World Oil

Aramco: Spare oil capacity risks complete erosion when China reopens

World Oil


(Bloomberg) — The world’s biggest oil company reiterated its warning that producers’ spare capacity is running low and said there wouldn’t be any left once China ends its Covid Zero strategy.

 

“The world should be worried,” Saudi …

Source: Oil Price

Russia likely to propose major output cut at next OPEC+ meeting

Oil Price


Russia is likely to propose at the next OPEC+ meeting that the group cut 1 million barrels per day from the group’s collective output, Reuters sources familiar with Russian thinking shared on Tuesday.

 

The news comes just …

September 27, 2022 - 11:30 am Commodity Pricing, Crude Oil News, Crude Oil Storage, Energy News, OPEC
Source: Oil Price

How big a problem is America’s shrinking oil reserve?

Oil Price


What is the U.S. Strategic Petroleum Reserve (SPR)? What are the implications of depleting the SPR, which the U.S. has been doing now since 2016? Further, what has been the impact of the rapid drawdown of the SPR …

U.S. crude oil inventories increase by 1.1 million barrels

U.S. crude oil inventories increase by 1.1 million barrels

Weekly Crude Oil Storage as of September 16, 2022

 

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.1 million barrels from the previous week.  At 430.8 million barrels, U.S. crude oil …

Source: World Oil

Biden to release 10 million reserve oil barrels ahead of EU’s Russian ban

World Oil


(Bloomberg) — The Department of Energy will offer additional U.S. reserve crude for sale ahead of plans by the European Union to ban most Russian oil in December.

 

The agency will offer 10 million barrels of low-sulfur …

Source: Reuters

U.S. refiners eye Canadian oil once strategic reserve turns off taps

Yahoo News


NEW YORK – U.S. refiners are expected to buy more Canadian oil after the Biden administration ends releases from the Strategic Petroleum Reserve (SPR) this fall, traders said, adding this should boost the price of Canadian barrels at …

Source: Reuters

Global oil demand dropped by over 1 million bpd in July

Oil Price


Global oil demand fell by an estimated 1.1 million barrels per day (bpd) in July this year the latest data from the Joint Organizations Data Initiative (JODI) showed on Monday. Historically, global oil demand normally rises rather than …