Post Tagged with: "Inventories"
U.S. diesel inventories hit historic lows at the worst possible time
U.S. distillate stocks, which include diesel and heating oil, have slumped to their lowest level for this time of the year since 1951, just as the heating season starts and the EU embargo on Russian oil product imports …
Gasoline prices hit nine-month high as refiners make further production cuts
NEW YORK – U.S. gasoline prices hit a nine-month peak as drivers took to the roads on holiday travel, crude oil prices kept climbing and refiners further cut fuel production due to weak margins.
Prices at …
Oil steadies on resurgence of virus cases
LONDON – Oil prices steadied on Friday but were still set for weekly declines as inventories rose and record-breaking new coronavirus cases in the United States stoked concern about the pace of economic recovery and fuel demand.
Brent crude …
Lotus Midstream Mulls Reversing West Texas to Cushing Pipeline – Sources
From Reuters
Pipeline operator Lotus Midstream LLC may reverse flows on a line now sending crude from West Texas to Cushing, Oklahoma, the main hub for pricing U.S. crude futures, three people familiar with the matter said on Tuesday, an …
Oil Dives Nearly 5% to Seven-Month Low on Surprise U.S. Stock Build, Trade War
From Reuters
Oil prices tumbled more than 4.5% on Wednesday to a seven-month low, extending recent heavy losses following a surprise build in U.S. crude stockpiles and fears that demand will shrink due to Washington’s escalating trade war with Beijing.…
Oil Gains About 3%; Records Loss for Week After Trump Tariff Threat
From Reuters
Oil prices gained about 3% on Friday a day after recording their biggest daily drop in several years on U.S. President Donald Trump’s vow to impose more tariffs on Chinese imports.
For the week, crude oil benchmarks recorded …
Surprise for Oil-watchers: an Unexpected Draw, but will it Repeat?
Crude oil inventories fall 6.3 million barrels; WTI climbs from $45 to $46.50 and back
Crude oil inventories decreased by approximately 6.3 million barrels in the week ended June 30. The draw beat consensus, which expected stockpiles to fall by …
Oil Back Under $49: with OPEC Cuts Baked in, Prices Fall as Markets Expects More
OPEC will keep cuts for nine more months
The Organization of Petroleum Exporting Countries announced Thursday that it will extend production cuts for nine more months, through the end of Q1, 2018.
Oil prices dropped more than 5% on Thursday …
Oil Hits One-Month High: Markets Account for North Sea Outage, OPEC Compliance
Inventories build 1.6 million barrels, but prices hang on above $50
Crude oil prices continued to show improvements Wednesday even as the EIA reported builds in crude oil inventories. The agency reported an increase of 1.6 MMBO in stockpiles for …
Oil Prices Rise Ahead of OPEC Compliance Meeting
Oil prices move higher as markets expect high levels of compliance among OPEC and non-OPEC members
Oil prices were up over $1 per barrel Friday as markets felt hopeful that OPEC and non-OPEC members taking part in production cuts were …
A Drop at Cushing Keeps Prices Afloat
Crude oil inventories rose 2.35 MMBO last week
Crude oil inventories grew by 2.35 million barrels in the week ended January 13, 2017, according to the EIA. Economists were expecting a build of approximately 0.13 MMBO, according to information compiled …
Gasoline and Natural Gas Futures Up Following Inventory Report
Crude oil stocks increase as products draw down
Crude oil inventories rose for the week ended December 23, 2016, according to the Energy Information Administration. Analysts expected a draw of approximately 1.3 MMBO, but the government agency reported 0.6 MMBO …
U.S. Crude Draw was a Million Barrels More than Expected
EIA reports a crude oil draw of 2.4 MMBO
Crude oil inventories fell 2.4 MMBO for the week ended December 2, 2016, according to the Energy Information Administration. The decline in crude stocks was more than 1.0 MMBOPD more than …
Both Crude Oil and Natural Gas Inventories See Weekly Draws
Crude oil inventories fall 1.3 MMBO
Crude oil inventories saw a modest draw today, falling 1.3 MMBO in the week ended November 18, 2016, according to data released by the Energy Information Administration. Economist anticipated a build of 290 MMBO …
Largest Ever Weekly Crude Oil Inventory Build Deep Sixes Oil Prices
The EIA reported a 14.4 MMBO build to U.S. inventories in the week ended October 28
Just when the industry was feeling a little better about its prospects for the balance of 2016, the U.S. Energy Information Administration (EIA) reported …
WTI Closes in on $50 with Decent Crude Oil Draw
Crude oil inventories fell roughly 3.0 MMBO, sending WTI prices higher
U.S. crude oil futures were up over 2% today, extending gains from earlier this week, as the Department of Energy announced a surprise draw in crude oil inventories. The …
Oil Up 3% Following Surprise Crude Oil Draw
Crude oil stocks fall 6.2 million barrels
Oil prices shot up more than 3% today as U.S. crude stockpiles record the third straight inventory draw for the week ended September 16, 2016. WTI was trading above $45.50 in the afternoon, …
Not Just Another Cycle: Major Shifts Between 2008 and Today
Just because it’s cyclical, doesn’t mean every cycle is the same
They say history repeats itself, and given the cyclical nature of the oil and gas business, many look to the past when trying to guess what is coming next, …
Oil Prices Climb on Lower Inventories and a Potential Strike in Norway
U.S. crude oil stocks fell 4.1 million barrels
Crude oil prices continued to rally today after taking a dive following the Brexit vote last week.
Investors fleeing the pound sterling strengthened the dollar and yen substantially, creating downward pressure on …
Oil Surplus Smaller than Expected, but Downward Pressure on Prices Remain – IEA
Oil surplus about 40% smaller than thought a month ago
The global glut of oil is shrinking, and the oil surplus is smaller than it was believed to be a month ago, according to the IEA’s June Oil Market Report…
Oil Closes Above $51 on Third Straight Week of Inventory Draws
U.S. inventory draw of 3.2 MMBO
Crude oil prices settled higher for a third day Wednesday as the Department of Energy reported the third consecutive week of crude oil draws. U.S. inventories decreased by 3.2 MMBO, slightly more than the …
Saudi Arabia Depleting Stocks As Production Remains Flat
Saudi stockpiles reach an 18-month low in March
Saudi Arabia’s oil production remained unchanged in the final month of the first quarter, according to reports from OPEC, but as demand for the kingdom’s oil continues to grow, OPEC’s largest …
Oil Rig Count Down as Inventories Continue to Build
U.S. rig count hits 415
The rig count in the United States continued to decline last week, with Baker Hughes reporting just 415 active rigs. The active rig count for the week ended April 29, 2016, was down 16 rigs …
Crude Oil Inventory Build is Five-Times Larger than Expected
U.S. crude oil inventories grow by 2.8 MMBO
Oil prices are down today after an inventory build that exceeded economists’ estimates by a factor of five.
According to data from Bloomberg, economists estimated an average build of 556 MBO, but …
Oil Prices Climb 5% on Surprise Inventory Draw
Inventories fall 4.9 MMBO
Oil prices surged today following news from the Department of Energy that U.S. inventories declined this week following 7 consecutive weeks of record setting builds. U.S. crude oil inventories declined 4.9 MMBO this week to 529.9 …