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 GMT. U.S. West Texas Intermediate (WTI) crude futures for December were up 80 cents, or 0.94%, at $86.12. A weaker
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 inventories are about 2% below the five year average for this time of year, according to the EIA crude oil and petroleum
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 when prices drop, administration officials said. The plan is intended to add enough supply to prevent oil price spikes
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 are about 2% below the five year average for this time of year, according to the EIA crude oil and petroleum weekly
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 180-million-barrel program that was announced in March. The SPR release plan will soon come to an end, but U.S. fuel prices are
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 inventories are about 1% below the five year average for this time of year, according to the EIA crude oil and petroleum
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 as a million barrels of crude oil continue to leave the nation’s Strategic Petroleum Reserves every day—and as OPEC+ prepares
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 a diplomatic rift between the Saudi-backed bloc and Western nations, which worry higher energy prices will hurt the fragile global
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 inventories are about 3% below the five year average for this time of year, according to the EIA crude oil and petroleum
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 Aramco’s Chief Executive Officer Amin Nasser said at a conference in London. “This is where we are heading. If China
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 a day after comments made at Monday’s APPEC’s oil conference that suggested global oil stocks are set to rise next
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 that has taken place this year? Let’s discuss. SPR 101 In December 1975, with memories of gas lines fresh
