Oil Storage

Early Monday, oil prices were up about 1% after OPEC+ reported a modester monthly production increase than expected. This helped to calm some fears about the addition of supply. Brent crude futures were up 63 cents or 1% to $65.16 per barrel at 2310 GMT. U.S. West Texas intermediate crude was $61.46 a barrel, an increase of 58 cents or 1%. The price increase is primarily due to OPEC+’s decision to raise production less than expected next month, as the group aimed at cushioning the recent slump on oil markets," said Tina Teng, an independent analyst. She added, "However the...

The oil prices increased on Thursday, after three sessions of losses due to concerns about market oversupply. Also, the possibility of tighter sanctions against Russian crude gave some support. Brent crude futures rose 37 cents or 0.57% to $65.72 per barrel at 0401 GMT. U.S. West Texas Intermediate Crude climbed by 34 Cents, or 0.5%, to $62.12 per barrel. Analysts attributed the increase to a technical recovery, after Brent lost about 1% and WTI lost about 1% the previous session. Brent closed at its lowest level since June 5, and WTI was the lowest it had been since May 30....

According to documents and shipping data from the state-run PDVSA, Venezuelan oil exports in September averaged 1,09 million barrels a day, which is the highest level since February of 2020. Data and documents show that the country has been struggling to stabilize its oil production and exports after coming under U.S. sanction in 2019. However, rising crude production, sales of stocks accumulated and increased imports of diluents for exportable crude grades have all contributed to a boost in oil shipments. The average for September was 13% higher than the previous month, and 39% higher than a year earlier. Around 84%...

The oil prices rose on Friday. They are on course to reach their highest level since early June, as Ukraine's attacks against Russia's energy infrastructure led Moscow to restrict fuel imports and to be close to cutting crude production. Brent futures rose 13 cents or 0.2% to $69.55 per barrel at 0454 GMT. U.S. West Texas Intermediate crude futures increased 22 cents or 0.3% to $65.20 per barrel. Both benchmarks are up over 4% in the past week. This is their largest increase since the week ending June 13. The gains were backed by the ongoing Ukrainian drone attacks targeting...

Oil prices rose on Friday and are on course to reach their highest level since early June, as Ukraine's attacks against Russia's energy infrastructure force Moscow to restrict fuel imports and cut crude production. Brent futures rose 15 cents or 0.2% to $69.57 per barrel at 0100 GMT. U.S. West Texas Intermediate crude futures increased 23 cents or 0.4% to $65.21 per barrel. Both benchmarks are up over 4% in the past week. This is their largest increase since the week ending June 13. The gains were backed by the ongoing Ukrainian drone attacks targeting Russian oil infrastructure and NATO's...

The U.S. Energy Information Administration released its Short-Term Energy Outlook Tuesday, predicting that the U.S. Natural Gas Production and Demand will both reach record highs by 2025 before declining in 2026. EIA predicted that dry gas production would rise from 103.2 billion cubic feet per day (bcfd) in 2024 to a record 106.6 bcfd by 2025, before slipping to 106.0 bcfd by 2026. This compares to a record of 103.6 bcfd for 2023. The agency also predicted that domestic gas consumption will rise from 90.5 bcfd, a record in 2024, to 91.5bcfd by 2025. It then eases to 91.4bcfd by...

The oil prices continued to fall into the third session of Friday. They are now headed for a loss on a weekly basis for the first time since three weeks, as supply expectations increase and a surprising buildup in U.S. crude stock adds to concerns about demand. Brent crude futures dropped 10 cents or 0.15% to $66.89 per barrel at 0420 GMT. U.S. West Texas Intermediate Crude fell 13 cents or 0.20% to $63.35. Brent is down 1.78%, and WTI is down 1% this week. ANZ Research analysts said in a Friday note that the price of crude oil remained...

Oil prices fell on Thursday, extending a drop of more than 2% from the previous session. Investors and traders are looking ahead to a meeting at OPEC+ this weekend, where producers will likely consider another increase to output targets. Brent crude dropped 46 cents or 0.7% to $67.14 a bar by 0416 GMT. U.S. West Texas intermediate crude fell 47 cents or 0.7% to $63.5 a bar. Two sources with knowledge of the discussions said that eight members of the Organization of the Petroleum Exporting Countries (OPEC+) will discuss further increases in production at a Sunday meeting. The group is...

The price of oil fell on Thursday, after a rise in the previous session. Investors weighed the expectations for a lower U.S. demand as the end to the summer season is nearing. They also focused on India's reaction to the punitive U.S. duties. Brent crude futures fell 63 cents or 0.91% to $67.43, while West Texas Intermediate crude futures (WTI) dropped 62 cents or 0.97% to $63.55. Both contracts rose in the previous session after the U.S. Energy Information Administration announced that U.S. oil inventories dropped by 2.4 millions barrels during the week ending August 22. This was in contrast...

Oil prices dropped on Friday, as concerns about fuel demand were heightened by the economic data coming out of the U.S., China and Russia. Brent crude futures dropped 39 cents or 0.58% to $66.45 per barrel at 0750 GMT. U.S. West Texas Intermediate Crude Futures fell 42 cents or 0.66% to $63.54. WTI and Brent are expected to fall 0.5% each for the week. Data released by the Chinese government on Friday revealed that factory output growth had fallen to its lowest level in eight months and retail sales were growing at their slowest rate since December. This weighed on...

The price of oil rose on Friday, reaching a new one-week peak after U.S. president Donald Trump warned that there would be "consequences", if Russia refused to sign a peace agreement with Ukraine. This sparked concerns over supply. The positive economic data from Japan, one of the world's largest crude importers, also helped to boost sentiment. Brent crude futures rose 16 cents or 0.2% to $67.00 per barrel at (0017 GMT). U.S. West Texas Intermediate Crude Futures rose 14 cents to $64.10, or 0.2%. The focus is on the meeting between Donald Trump and Russian President Vladimir Putin, which will...

The oil prices dropped on Wednesday, after the IEA stated that supply has surpassed demand in this year. Investors were awaiting Friday's meeting of U.S. president Donald Trump with Russian President Vladimir Putin. Brent crude futures dropped 45 cents or 0.7% to $65.67 per barrel at 0831 GMT. U.S. West Texas Intermediate Crude futures were down 53 cents or 0.8%, at $62.64. On Tuesday, both contracts were settled at lower prices. Trump and Putin will meet in Alaska this Friday to discuss ending Russia’s war in Ukraine that has shaken the oil markets since 2022. In a recent note, PVM...

Oil prices rose Thursday, ending a three-day loss streak and recovering from 16-week-lows, on the prospect of tighter sanctions against Russian crude. However, expectations of a higher supply due to an OPEC+ production boost next month capped the gains. Brent crude futures rose 15 cents or 0.2% to $65.50 per barrel at 0116 GMT. U.S. West Texas Intermediate Crude climbed by 14 Cents, or 0.2% to $61.92 per barrel. Brent and WTI lost about 1% on Wednesday. Brent closed at its lowest level since June 5, and WTI reached its lowest level since May 30. As WTI approached its $60...

In an interview with Kuwaiti newspaper Al Qabas, Oil Minister Tariq Al Roumi stated that Kuwait's crude production capacity is 3.2 million barrels a day. Multiple reports indicate that this is the highest capacity in over a decade. In 2010, it peaked at 3.33 million bpd before falling to less than 3 million bpd. Al-Roumi, a spokesperson for Al Qabas, said that Kuwait will increase its oil production under the OPEC+ deal to 2.559 millions bpd by October. On September 7, eight OPEC+ member countries agreed to increase output by 137,000 bpd for October. This is in line with the...

After a big drop in the previous session, oil prices dipped on Friday due to concerns over a possible softening in U.S. consumer demand. This was offset by worries about disruptions in supply from the conflict in the Middle East. Brent crude futures dropped 30 cents or 0.45% to $66.07 per barrel at 0114 GMT. U.S. West Texas Intermediate Crude fell 31 cents or 0.5% to $62.06. In the last trading day, benchmarks fell by 1,7% and 2% respectively. The International Energy Agency, in its latest monthly report, said that the world's oil supply will rise faster than expected due...

The oil prices were little altered on Wednesday, as investors awaited the next steps of the talks to end Russia’s invasion of Ukraine. Sanctions on Russian crude remained in place and there was a possibility of additional restrictions for its buyers. Brent crude futures are at $65.90 per barrel at 0405 GMT, an increase of 11 cents. U.S. West Texas Intermediate futures for September, which expires on Wednesday, are at $62.40 per barrel, an increase of 5 cents. The more active October contract is at $61.90 per barrel, an increase of 13 cents. Prices fell more than 1% Tuesday, as...

Oil prices rose by about 1% Thursday, after U.S. president Donald Trump warned that "severe consequences would follow" if the talks he had with Russian President Vladimir Putin over Ukraine failed. Also, there were expectations of a U.S. rate cut coming up next month to spur oil demand. Interest rates are used by central banks like the U.S. Federal Reserve to control inflation. Lower interest rates can reduce borrowing costs for consumers and boost economic growth. Brent crude futures rose 87 cents or 1.3% to $66.50 a barrel at 10:53 a.m. (1453 GMT), whereas U.S. West Texas Intermediate crude (WTI)...

The oil prices rose in Asian trade Wednesday, after three straight sessions of declines. A U.S.-Japan trade agreement signaled progress on tariffs. However, gains were limited by the fading hope for a breakthrough during an EU and China summit. Brent crude futures were up 21 cents or 0.31% to $68.80 per barrel at 0351 GMT. U.S. West Texas Intermediate Crude Futures rose 17 cents or 0.26% to $65.48 a barrel. The benchmarks fell about 1% the previous session, after the EU announced it was considering countermeasures to U.S. Tariffs. Hopes for a deal before the August 1 deadline faded. On...

Oil prices rose in early trade on Thursday, reversing the previous session's losses, buoyed by stronger-than-expected economic data from the world's top oil consumers and signs of easing trade tensions. Brent crude futures were up 27 cents or 0.39% to $68.79 per barrel at 0000 GMT. U.S. West Texas Intermediate Crude Futures rose 31 cents or 0.47% to $66.69. Both benchmarks dropped more than 0.2% the previous session. The Energy Information Administration reported that U.S. crude oil inventories dropped by 3.9 millions barrels, to 422.2 million last week. This was a greater decline than the forecast of a 552,000 barrel...

The oil prices fell on Thursday, as market participants viewed the latest tariff announcements from U.S. president Donald Trump as a threat against global economic growth. However, signs of strong U.S. gas demand helped to limit losses. Brent crude futures fell 3 cents to $70.16 per barrel at 0401 GMT. U.S. West Texas Intermediate Crude lost 6 cents, to $68.32 per barrel. In a recent note, Kpler, an analytics firm, noted that the geopolitical risks premiums had diminished with the Israel-Iran ceasefire. After a public spat, Trump threatened to impose a 50% penalty on Brazil's exports to the U.S. Trump...

The oil prices dropped slightly on Thursday, as concerns about the possible reinstatement of U.S. Tariffs raised doubts over demand in advance of an anticipated supply boost from major producers. Brent crude futures dropped 34 cents or 0.49% to $68.77 per barrel at 1326 GMT. U.S. West Texas Intermediate Crude fell 31 cents or 0.46% to $67.14. The two contracts reached their highest levels in a week on Wednesday, as the oil producer Iran halted cooperation with the U.N. Nuclear Watchdog. This heightened concerns that the long-running dispute over Iran's nuclear program could once again escalate into an armed conflict....

Oil prices edged higher on Thursday, continuing gains made the day before, as an unexpectedly large drawdown in U.S. crude inventories signaled a strong demand. Investors, however, were cautious due to the Iran-Israel ceasefire, and the stability of the Middle East. Brent crude futures were up 15 cents or 0.2% to $67.83 per barrel at 0330 GMT. U.S. West Texas Intermediate crude (WTI), gained 20 cents or 0.3% to $65.12 per barrel. The benchmarks both rose by nearly 1% Wednesday after recovering from losses in the first part of the week. This was due to data showing a resilient U.S....

The price of oil rose on Wednesday, as investors weighed the stability and potential for a ceasefire agreement between Iran & Israel. However, it remained near its multi-week lows due to the expectation that crude oil flow would not be interrupted. Brent crude futures gained 85 cents or 1.3% to $67.99 per barrel at 0341 GMT. U.S. West Texas Intermediate crude (WTI), however, rose 87 cents or 1.4% to $65.24. Brent settled at its lowest level since June 10, and WTI, since June 5. Both were before Israel launched an attack on Iranian nuclear and military facilities on June 13,...

The oil prices rose on Thursday, reaching their highest level in over two months after U.S. president Donald Trump announced that U.S. personnel would be moving out of the Middle East. This sparked fears about the potential disruption to supply if tensions escalated with Iran. Brent crude futures increased 15 cents (0.2%), to $69.92 a bar at 1230 GMT. U.S. West Texas intermediate crude rose 22 cents (0.3%), to $68.37. Brent and WTI both surged over 4% on Wednesday, reaching their highest levels since early April. Trump said on Wednesday that U.S. personnel was being relocated out of the Middle...