Heating Oil

The Energy Information Administration reported on Friday that U.S. crude oil production dropped for the second consecutive month in December, to its lowest level since June of last year. Meanwhile, demand was at a multi-month high. The EIA reported that crude?oil?production averaged 13,66 million barrels a day in December. This was down by about 133,000 barrels a day from November. This was the biggest month-over-month drop in U.S. crude oil production since January 2025 when bad weather forced major?production centers to shut down. Analysts have predicted that oil production will slow due to the recent decline in oil prices. U.S....

The Energy Information Administration reported on Thursday that U.S. crude inventories increased last week, as refineries prepared for maintenance, and gasoline stocks decreased ahead of the long Labor Day Weekend. The EIA reported that crude inventories increased by 2.4m barrels, to 420.7m barrels for the week ending August 29. This was compared to analysts' expectations based on a poll of a 2m barrel draw. John Kilduff of Again Capital said, "This report is a bit bearish with the crude build." He added that refineries would be reducing production for maintenance in autumn, which could put pressure on crude stock levels....

The U.S. crude stockpiles unexpectedly rose last week. Meanwhile, gasoline inventories declined on the back of a strong demand for fuel ahead of the Fourth of July weekend. The EIA reported that crude inventories increased by 7.1m barrels, to 426m barrels for the week ending July 4. This was compared to analysts' polled expectations of a draw of 2.1m barrels. The rise included a weekly adjustment of 1.8 million barrels a day (bpd). The EIA uses the adjustment figure to balance its books by looking at "unaccounted crude oil." "Overall demand has jumped up again, so the market views the...

Energy Information Administration (EIA), a government agency, reported on Wednesday that crude oil and fuel stocks in the United States fell last week due to increased refining and demand. The EIA reported that crude inventories dropped by 5.8 millions barrels, to 415.1 million in the week ended June 20. This was more than analysts expected in a poll. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 464,000 barils in the past week. This week's report is all about supply and demand. The market is likely to stabilize following all of the geopolitical news reports if...

The budget of President Donald Trump proposes that the Northeast Home Heating Oil Reserve be closed as soon as a few weeks. This reserve, which contains 1 million barrels and was created to protect consumers, stores diesel. The reserve created by the former president Bill Clinton in 2000 is enough to heat homes for approximately 10 days. The reserve hasn't been used since 2012 when emergency responders were provided with fuel in the wake of Hurricane Sandy. According to the proposal, proceeds from the sale of ultra-low sulfur fuel in fiscal year 2020 would be used for deficit reduction. The...

In April, Asia's imports for key refined fuels like gasoline and diesel dropped to their lowest level in four years. This was due to refinery maintenance as well as a weaker demand from the region that is the largest importer. According to commodity analysts Kpler, the total imports of light distillates and middle distillates in April were 166.37 millions barrels, down from March's 195.54 and the lowest since April 2020. The sharp fall in imports for April was due to a decline in shipments by key exporters of refined goods. Kpler reports that India, which is the top fuel exporter...

In April, Asia's imports for key refined fuels like gasoline and diesel dropped to their lowest level in four years. This was due to refinery maintenance as well as a weaker demand from the region that is the largest importer. According to commodity analysts Kpler, the total imports of light distillates and middle distillates in April were 166.37 millions barrels, down from March's 195.54 and the lowest since April 2020. The sharp fall in imports for April was due to a decline in shipments by key exporters of refined goods. Kpler reports that India, which is the top fuel exporter...

Data from the Energy Information Administration on Wednesday showed that U.S. crude stockpiles increased more than expected, whereas gasoline and distillate inventory fell, as product exports grew amid refinery spring repairs. The EIA reported that crude inventories increased by 3.6 millions barrels, to 433.8 million in the week ending February 28. This was compared to analysts' expectations based on a poll of 341,000 barrels. Refinery crude runs dropped by 346,000 barrels a day (bpd), and utilization rates fell 0.6 percentage points to 85.9%. Due to seasonal maintenance, rates have been hovering around 85% ever since mid-January. Refinery utilization rates on...

The U.S. Energy Information Administration reported in its Petroleum Supply Monthly Report on Friday that U.S. crude production dropped by 122,000 barrels a day in November, to 13,314 million barrels a day, from a record monthly high of 13,436 million barrels bpd set in October. The data revealed that the EIA's measure of demand for crude oil and petroleum fell by 775, 000 bpd, to 20,235 million bpd, in November. This was the lowest level since April 2024. This compares to a record monthly supply of crude oil, and petroleum of 21.666 millions bpd reached in August 2005. The product...

U.S. petroleum stocks omitting the Strategic Petroleum Reserve (SPR) fell last week to their lowest because April 2022 as exports rose and imports fell, the Energy Details Administration (EIA) stated on Wednesday. Crude inventories fell by 2 million barrels to 412.7 million barrels in the week ending Jan. 10, the EIA stated, compared to experts' expectations in a Reuters survey for a 992,000-barrel draw. Net U.S. crude imports fell by 1.3 million barrels daily (bpd), EIA said, to 2.05 million bpd. And weekly crude exports were up 1 million bpd to 4.08 million bpd. The petroleum draw was mostly on...

Top U.S. refiners kept concentrated on investor returns with significant stock buybacks and dividends in the third quarter despite the fact that earnings fell due to damaging fuel need and refining margins. Margins for fuel, diesel and other products narrowed greatly from record levels struck after Russia invaded Ukraine in 2022. Fuel demand has actually softened ever since, and new refining capacity has come online. In the 3rd quarter, the average earnings per share for U.S. oil refiners fell to 25 cents from $4.75 in the same quarter a year earlier and $4.85 in 2022, according to Reuters estimations. Integrated,...

Canada's main oilproducing province Alberta has submitted a federal court difficulty to Ottawa's carbon tax exemption for home heating oil, arguing it is unconstitutional and illegal, the Alberta federal government stated on Tuesday. WHY IT MATTERS The court difficulty from Alberta's conservative government, which regularly clashes with the federal Liberals on environment and energy concerns, is the current attack on the consumer carbon tax ahead of a federal election due to happen within the next year. Opposition Conservative leader Pierre Poilievre, whose party is ballot far ahead of Trudeau's Liberals, has actually promised to axe. the tax if elected. CONTEXT...

Asia is heavily dependent on Middle East oil and gas, with 60% of its crude coming from this region. This makes it vulnerable to a prolonged shutdown of the Strait of Hormuz as a result of the Iran War. How much Middle East oil does Asia import? The Middle East is the largest oil producing and exporting region in the world, shipping?one out of four barrels of crude oil daily, most of which are exported through the Strait of Hormuz. According to shipping analytics firm Kpler, Asia will import 14.74 million barrels of Middle Eastern crude per day in 2025....

Two traders said that India's Mangalore Refinery has declared force majeure for all gasoline exports due to the Middle East conflict, which has disrupted crude oil flows from the Gulf. Two traders who said they had received a notification from the company said that MRPL had invoked force majeure. This is a legal term that allows a business to invoke circumstances beyond their control in order to?not fulfill a contract' for its gasoline sales for March and April. The state-run ?refiner, which operates a 500,000-barrel-per-day refinery in the southern state of Karnataka, exports about ?40% of its refined fuel output....

Investors have rushed to lock in the spike in oil prices in the past week. This resulted in a record number of energy futures contracts and 'options contracts being traded on Monday. It was the first trading day since Israel and the U.S. bombed Iran and Tehran responded. Hedging allows traders to make money in volatile markets, while also protecting producers from market volatility by locking in an oil price. Investors traded a total of 12.7 million energy contracts and options on the Intercontinental Exchange (ICE) on Monday, as oil futures soared. Crude oil futures reached multi-month highs in the...

According to LSEG data and other market sources, the Russian seaborne exports of diesel and gasoline fell by 6% in the first 15 day period of July compared to the same period in 2006. Refinery maintenance and a strong domestic demand affected the supply. According to industry sources, calculations have shown that the offline capacity of Russia's primary oil refineries has increased by 20% to 3.9 millions metric tons in July, which includes maintenance at several large and mid-size refining plants. Refineries use less feedstock when idle capacity increases. In the first 15 days in July, diesel loadings through the...

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...