Heating Oil

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...

U.S. oil supply recovered faster than projection in February from severe cold-related issues the prior month, while need increased even more rapidly, data from the U.S. Energy Information Administration revealed on Tuesday. Overall U.S. field production of crude oil increased by 578,000 barrels per day (bpd) in February to 13.15 million bpd, the greatest month-to-month increase given that October 2021, EIA's monthly 914 production information revealed. EIA had actually anticipated output of 13.08 million bpd in February, as per its Short-Term Energy Outlook (STEO). Extreme cold had actually wreaked havoc on U.S. energy facilities in January, knocking offline big swathes...

U.S. crude oil stocks suddenly fell sharply last week as exports leapt, while gasoline stockpiles reduced less than forecast, the Energy Details Administration (EIA) said on Wednesday. Crude stocks slumped by 6.4 million barrels to 453.6 million barrels in the week ended April 19, the EIA said, compared to analysts' expectations in a survey for a. 825,000-barrel rise. Petroleum inventories fell following the largest weekly increase. this year in exports of 453,000 barrels each day (bpd) to 5.18. million. Net U.S. crude imports fell by 417,000. bpd, the EIA said. It was all about the exports, stated Bob Yawger,. director...

U.S. crude oil and gasoline stocks increased all of a sudden last week driven by an increase in crude imports and sluggish fuel need, the Energy Details Administration stated on Wednesday. Crude inventories increased by 3.2 million barrels to 448.2 million barrels in the week ended March 22, the EIA stated, compared to analysts' expectations in a poll for a 1.3 million-barrel draw. The crude construct was supported by a net increase in U.S. unrefined imports by 1.12 million barrels per day, and is setting the stage for a month-to-month build in crude oil, according to Matt Smith, lead oil...

U.S. crude oil, fuel and extract stocks rose last week mainly driven by low crude exports and as suggested demand for fine-tuned items declined, the Energy Info Administration said on Wednesday. Crude inventories rose by 5.8 million barrels to 457.3 million barrels in the week ended April 5, the EIA said, compared with analysts' expectations in a poll for a 2.4 million-barrel increase. Unrefined futures fell after the bigger-than-expected build. Brent futures were trading 3 cents lower at 89.39 a. barrel by 10:48 a.m. ET (1448 GMT). West Texas Intermediate. crude futures (WTI) were down 11 cents at $85.12 a....

Indonesia's Pertamina is seeking additional gasoil and jet fuel freights for June shipment after recent procurements, three sources said on Monday. The state energy business is wanting to purchase least three more 100,000-300,000 barrel cargoes of 2500ppm sulphur gasoil for shipment between June 13 and June 16 to Tuban, Tanjung Uban and Semarang. This follows purchases of at least 3 freights in the past 2 weeks, records showed. Pertamina is also looking for four 20,000-50,000 barrel freights for shipment between June 5 and June 30 to Batam, Surabaya and Plumpang. Both tenders close on May 27 with validity as much...

Singapore's middle distillates stockpiles drew for a second week, falling by 2%. week on week, however China import volumes for diesel/gasoil and jet. fuel/kerosene remained popular, official information revealed on. Thursday. Gasoil/diesel and jet fuel/kerosene inventories at key oil. storage center Singapore were at 10.134 million barrels, below. 10.349 million barrels a week ago, figures from Enterprise. Singapore showed. Jet fuel/kerosene net exports climbed by nearly 10%, fuelled. by the 43% rise in overall exports week on week. Key factors today were Australia and Vietnam, with. the latter drawing more freights regionally given some planned. refinery maintenance there that simply...

Singapore's middle extracts stockpiles increased almost 2% week on week, driven by the dip in net exports of jet fuel/kerosene, while diesel/gasoil exports for March to northwest Europe were at more than 140,000 metric tons, official information showed on Thursday. Gasoil/diesel and jet fuel/kerosene inventories at essential oil storage center Singapore were at 10.301 million barrels, up from 10.134 million barrels in the previous week, figures from Business Singapore revealed. Net exports of jet fuel/kerosene fell about 85% from the previous week, with the 87% decline in overall exports being a secret factor. China's import volumes slipped to slightly below...

Singapore's middle extracts stockpiles slipped weekonweek as net exports of diesel/gasoil rose, main information showed on Thursday. Inventories of diesel/gasoil and jet fuel/kerosene at key oil storage center Singapore were at 8.845 million barrels in the week of Feb. 21, below 9.547 million barrels from a week earlier, the data from Business Singapore showed. Net exports of diesel/gasoil increased by 37% from recently, mainly due to an 11% decrease in overall imports. Import arrivals were mostly from Russia and Saudi Arabia for the week, the information showed. Around 100,000 metric loads of India-origin diesel/gasoil were bound for Singapore in February,...