Oil Price The decline in oil prices over the past few weeks contrasts with an expected tightening of the market later this year when demand exceeds supply by nearly 2 million barrels per day (bpd), the International Energy Agency (IEA) said on Tuesday. Since the middle of April, oil prices have lost all the gains from OPEC+’s latest announcement of new production
World Oil (Bloomberg) – The U.S. is soliciting bids for up to 3 MMbbl of sour crude oil to refill its depleted Strategic Petroleum Reserve. Deliveries into the emergency government stockpile are planned for August, with awards to be announced in June, the Energy Department said in its solicitation Monday. The move marks the agency’s second attempt to begin
Oil Price The U.S. Administration could begin crude oil repurchases to fill the Strategic Petroleum Reserve as early as in June, after a Congressionally-mandated sale from the SPR is completed next month, U.S. Secretary of Energy Jennifer Granholm said on Thursday. “That congressionally mandated sale of 26 million barrels will be completed by June, and it’s at that point where we
Weekly Crude Oil Storage as of May 5, 2023 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.0 million barrels from the previous week. At 462.6 million barrels, U.S. crude oil inventories are about 1% below the five year average for this time of year, according to the EIA crude oil and
Weekly Crude Oil Storage as of April 28, 2023 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.3 million barrels from the previous week. At 459.6 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year, according to the EIA crude oil and
Weekly Crude Oil Storage as of April 14, 2023 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.6 million barrels from the previous week. At 466.0 million barrels, U.S. crude oil inventories are about 2% above the five year average for this time of year, according to the EIA crude oil and
Weekly Crude Oil Storage as of April 7, 2023 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.6 million barrels from the previous week. At 470.5 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year, according to the EIA crude oil and
Nasdaq SINGAPORE – Oil prices rose on Tuesday on expectations that inventories in the U.S., the world’s biggest crude consumer, are expected to fall and on signs that demand in emerging markets remains healthy. Crude futures likely received a boost from gains in Asian equity markets as regional central banks are expected to keep their interest rates steady. Signs of strong fuel demand in
Weekly Crude Oil Storage as of March 31, 2023 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.7 million barrels from the previous week. At 470.0 million barrels, U.S. crude oil inventories are about 4% above the five year average for this time of year, according to the EIA crude oil and
Weekly Crude Oil Storage as of March 24, 2023 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.5 million barrels from the previous week. At 473.7 million barrels, U.S. crude oil inventories are about 6% above the five year average for this time of year, according to the EIA crude oil and
BOE Report Oil prices extended losses on Friday on worries about a potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years. U.S. West Texas Intermediate crude futures slipped $1.65, or 2.38%, to $67.71 a barrel. Brent crude fell $2.31, or 3.06%, to $73.29 a barrel. Bothenchmarks, which fell about
Oil Price Oil prices may be trading in a sweet spot for buyers, but it will take years to replenish the nation’s Strategic Petroleum Reserves, U.S. Energy Secretary Jennifer Granholm said. When the Biden Administration sold off 221 million barrels of crude oil from the SPR last year, the idea was to buy oil to replace what was withdrawn.
