Heating Oil

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's frontmonth regrade spread, the difference in between jet fuel and gasoil swaps, leapt to a sixyear high, prices data from LSEG showed on Monday, with traders associating the relocate to strength in timely market fundamentals for jet fuel. The spread has been expanding for the past four-trading session to strike $2.50 a barrel - its largest given that Nov. 26, 2018, when levels were around $2.55 a barrel, the information revealed. Jet fuel markets have been rallying considering that a week earlier, as increased purchasing interest - with regional buyers seeking to cover their immediate November requirements - stimulated...

Many U.S. homes will invest about the same as in 2015 to heat homes over the winter regardless of colder temperature levels that will increase overall fuel consumption, the U.S. Energy Details Administration (EIA). stated on Tuesday. With energy rates comparable to or slightly lower than last. winter season, EIA expects costs for lots of households will have to do with. the same as last winter, the company kept in mind in the 2024 Winter season. Fuels Outlook report. Residences using heating oil will see the sharpest decline in. fuel costs over the winter at 5%, whereas typical propane fuel....

U.S. oil demand increased in July to the highest seasonal level because 2019 while output decreased for the second time in three months, information from the U.S. Energy Information Administration revealed on Monday. U.S. oil need has actually been more durable this year compared to other significant customers, such as China, which have actually lagged under financial pressures. Overall oil usage rose 1.2% from June to 20.48 million barrels each day (bpd) in July, the highest for that month because 2019. Demand for both gas and ultra-low sulfur diesel was at the highest seasonal levels given that 2019, whereas jet...

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...

LSEG data and market sources showed that the decline in Russian seaborne diesel and gasoline exports was due to unplanned maintenance at local refineries. In January and February, drone attacks targeted Russian refineries owned and operated by Rosneft in Ryazan, Syzran, and Saratov as well as Lukoil Volgograd. The traders said that the fall in oil processing in March was due to the resultant decline in processing. Calculations based on LSEG data and other market sources showed that the total diesel and gasoil exported from Russian ports dropped to 3.8 million metric tonnes, a 5% drop from February. According to...

Russian secondlargest oil manufacturer Lukoil prepares to resume operations at its harmed CDU6 main unit and catalytic cracker at the NORSI oil refinery in June following maintenance, 3 market sources stated on Friday. Lukoil did not right away respond to a request for comment. Among the sources stated that the CDU-6 main unit, where operations were halted in March following a fire, could be tentatively back up as early as Saturday. The resumption will enable the catalytic cracker, which has been idled for maintenance given that January, to get feedstocks. It could return to operations on June 10, another source...

Russia's Lukoil last week restarted an essential production unit at its Volgograd refinery, the biggest in southern Russia, which was shut earlier this month after being harmed in a drone attack, 2 market sources informed on Monday. The plant, with production capability of some 300,000 barrels per day (bpd), ignited on May 12 following a drone strike, local authorities stated. Sources stated the CDU-1 unit had been damaged in the attack. Lukoil did not right away reply to a request for comment. Ukraine does not formally confirm or reject attacks on oil refineries inside Russia, but it states the centers...

The earnings from turning a barrel of crude oil into fuels in Asia is at the most affordable in 7 months, which is leading refiners to turn away from expensive Middle East grades and seek less expensive alternatives from the Americas. Refiners are being hit by the double whammy of greater rates from Saudi Arabia, the leading exporter and price-setter for much of the unrefined exported from Middle East, as well as soft need for some refined products, including commercial and transportation pillar diesel. The crack spread, or earnings margin, from making fuels from a. barrel of Middle East benchmark...

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...

Russia's January seaborne oil item exports fell 8.6% from a year earlier and 2% from the previous month to 10.792 million metric lots owing to lower processing and unexpected refinery repair work, information from industry sources and computations showed. Numerous big Russian refineries have been hit by drone attacks and failures over the past 2 months. As an outcome, oil processing in January dropped 4% from a year previously and 1.4%. from the previous month, Kommersant newspaper reported. Overall oil products exports through the Baltic ports of Primorsk,. Vysotsk, St. Petersburg and Ust-Luga last month fell 13.7% year. on year...

Russia has significantly increased its fuel exports to Senegal this year on increasing bunker need, as more business are diverting cargoes around Africa rather of using Red Sea routes, traders stated and LSEG data showed. Russian fuel oil materials to Senegal in the first two months of 2024 reached 550,000 metric lots compared with 1.08 million tons in the whole of 2023 and 0.37 million heaps in 2022, changing oil product supplies from Rotterdam, the data revealed. Senegal has strong development in bunkering, one trader stated. The bunker fuel providers are gaining from the situation in Suez. Given that December...