Heating Oil

U.S. crude oil stockpiles fell while gasoline and distillate inventories rose last week, the Energy Details Administration (EIA) said on Wednesday. Crude stocks fell by 1.6 million barrels to 417.5 million barrels in the week ending Sept. 13, the EIA said, compared with analysts' expectations in a Reuters poll for a. 500,000-barrel draw. Net U.S. crude imports fell by 1.8 million. barrels daily, the EIA said. Unrefined stocks at the Cushing, Oklahoma, delivery hub. fell by 2 million barrels, the EIA said. Oil futures pared losses following the report. Brent futures. were trading at $73.53 a barrel, down 19 cents...

California Governor Gavin Newsom proposed a plan on Thursday requiring oil refiners to keep minimum reserves of gasoline in an effort to prevent rate spikes. The California Energy Commission said that on 63 days last year California refiners preserved less than 15 days of supply of gasoline, a situation that it stated spiked rates and expense motorists $650 million. Cost spikes at the pump are earnings spikes for Big Oil. Refiners should be needed to plan ahead and backfill products to keep prices steady, instead of playing games to earn even more revenues, Newsom, a Democrat, said in a release....

U.S. petroleum refiners have trimmed crude processing rates in reaction to an increase in fuel inventories and a decline in refining margins because the start of the second quarter of 2024. Refiners' gross inputs of crude and incomplete oils slowed to 16.6 million barrels daily (b/d) over the 7 days ending on Aug. 2, according to data from the U.S. Energy Details Administration. Gross inputs were the slowest for the time of year given that the initially wave of the coronavirus pandemic in 2020 and before that 2014. Refiners made use of simply 90.5% of their operable capacity, below 93.6%...

U.S. oil refineries have been processing petroleum at the fastest rate for the time of year given that before the pandemic, however rising fuel stocks have begun to weigh on crack spreads and likely signal a slowdown ahead. Refineries processed 17.5 million barrels per day (b/d) of crude and other feedstocks over the week ending on June 7, the fastest seasonal rate since 2018, according to information from the U.S. Energy Details Administration (EIA). Refineries were using 95% of their operable capability, up 94% in 2015, and the highest percentage considering that 2019, weekly data from the EIA show. However...

Portfolio financiers offered record volumes of petroleum last week after OPEC? amazed the market by announcing plans to increase production beginning with the fourth quarter of 2024. Hedge funds and other money supervisors sold the equivalent of 194 million barrels in the six most important futures and choices agreements over the seven days ending on June 4. Fund sales were the fastest for any week since at least 2013 when the U.S. Commodity Futures Trading Commission and ICE Futures Europe began releasing data in the existing format. Sales were more than three standard discrepancies far from the typical weekly change,...

U.S. crude oil stockpiles increased all of a sudden last week, while fuel and distillate inventories also increased as refining ramped up and demand fell despite the kickoff of the summer season driving season, the Energy Information Administration (EIA) said on Wednesday. Unrefined inventories increased by 1.2 million barrels to 455.9 million barrels in the week ended May 31, the EIA said, compared with experts' expectations in a poll for a 2.3 million-barrel draw. Despite constant production and net imports, crude stocks grew due as the EIA's change figure increased to 1.3 million barrels recently, analysts said. The modification element...

Portfolio investors purchased petroleum agreements for the very first time in seven weeks as traders squared up short positions ahead of a conference of OPEC? ministers to decide production policy in the second half of 2024. Hedge funds and other money managers bought the equivalent of 21 million barrels in the 6 crucial futures and choices contracts over the 7 days ending on May 28. The purchases were the first after 6 weeks of sales amounting to 304 million barrels given that April 9, according to records published by ICE Futures Europe and the U.S. Product Futures Trading Commission. The...

U.S. diesel need fell to its most affordable seasonal level in March since 1998, while petroleum output increased to a multimonth high, data from the U.S. Energy Details Administration revealed on Friday. Need for extract fuels, which includes diesel and heating oil, has actually been struck sharply this year under pressure from sluggish production activity, milder-than-expected winter weather condition and flourishing eco-friendly fuel supply. Products provided of distillate, EIA's procedure of demand, tipped over 6% from February to 3.67 million barrels per day (bpd) in March, lowest for the month because 1998. The two most immediate U.S. ultra-low sulfur diesel...

International petroleum markets have ended up being calm again after massive interruptions brought on by the coronavirus pandemic, Russia's invasion of Ukraine, and the sanctions imposed in response by the United States and its allies. Production and consumption are growing at similar rates; inventories are near normal; prices are close to typical when adjusted for inflation; and volatility is low-- all signs the market has found a balance after a tempestuous couple of years. With a comfy production-consumption balance, hedge funds and other speculators have actually scaled back oil positions to redeploy capital to more interesting markets in power, gas,...

Significant U.S. fuel makers returned billions in capital to shareholders in the very first quarter and improved share repurchase programs, even as refining margins softened from current records and usage rates fell. 3 of the most significant U.S. independent oil refiners - Marathon Petroleum, Phillips 66, and Valero Energy - earned combined adjusted profits of $2.93. billion and returned $5.5 billion to investors through stock. repurchases and dividends in the very first quarter, according to. calculations. That compares to $6.6 billion returned during the very same. quarter a year back, when profits totaled $7.75 billion. Refiners are tapping into their...

LNG tankers started loading at Freeport LNG in Texas today as full operations resumed at the liquefied natural gas export plant after repair work and upkeep, information from financial firm LSEG revealed on Wednesday. Interruptions at the second-largest U.S. liquefaction plant have pushed U.S. gas prices lower and raised LNG rates in Europe in the past. The plant, which has actually been undergoing repair work for a number of weeks, has resumed complete operations, a Freeport LNG representative validated. The Shinshu Maru LNG tanker was moored at Freeport LNG's. terminal on Wednesday, and Flex Vigilant left on Tuesday,. LSEG information...

U.S. petroleum and fuel inventories rose all of a sudden last week as refineries slowed down running rates, the Energy Info Administration said on Wednesday. Unrefined stocks rose by 7.3 million barrels to 460.9 million barrels in the week ended April 26, the EIA stated, compared to analysts' expectations in a survey for a 1.1 million-barrel draw. Unrefined stocks were at the highest point considering that June, driven by a large 6.8 million-barrel rise in Gulf Coast stocks, enhancing them to their to highest since April 2023 at 261.6 million barrels, the EIA said. Refinery unrefined runs fell by 230,000...

Financiers sold oil at the fastest rate for more than six months in the middle of indications that Israel and Iran have actually selected not to intensify their dispute, ensuring the rally in crude prices stalled well before reaching $100 per barrel. Hedge funds and other money supervisors sold the equivalent of 95 million barrels in the six most important petroleum futures and options agreements over the 7 days ending on April 23. Sales were the fastest given that October 2023 and take the two-week overall to 119 million barrels, according to reports submitted with ICE Futures Europe and the...

A lot of tankers bring fuel from the world's biggest refining intricate operated by India's Dependence Industries are cruising through the Cape of Excellent Intend to avoid the Red Sea, according to shipping sources and ship tracking data. The threat of attacks on vessels by Houthi militants in Yemen has prompted lots of shipping firms to divert south around Africa in spite of the Red Sea and Suez Canal being the quickest path between Asia and Europe. Dependence, in its chartering contracts, is offering tanker owners versatility to go in any case, delivering sources stated, however added that the majority...

Russian oil and products have actually become trapped at sea on four tankers after the United States hit the vessels with fresh Iranrelated sanctions, LSEG data revealed on Friday. The advancement shows how Moscow and Tehran have actually boosted cooperation in the face of increasing Western sanctions and how the West is attempting to untangle an intricate web of companies to decrease the loopholes and earnings to both countries. On April 4 the United States imposed brand-new Iran-related sanctions against a shipping company Oceanlink Maritime DMCC and its vessels, citing its function in shipping commodities on behalf of the Iranian...

Russian Deputy Minister Alexander Novak stated on Wednesday that Russia is ruling out a restriction on diesel exports, and that a ban on gasoline exports may be lifted anytime if the marketplace becomes saturated. Throughout a see to Iran, the Kremlin point man for Russia's. energy sector said: The circumstance on the domestic petroleum. items market is steady. This step is preventive, that is,. today we do not have a shortage. We look forward and guarantee the. balance of supply and demand for the future. This is a completely typical circumstance. When the marketplace is. saturated and there is a...