Oil Storage








Asia

North America

Refined Products

EIA: US natgas production and demand will reach record highs by 2025, before declining in 2026

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...

Fossil Fuels

Oil prices drop for the first time in three weeks as a glut of supply looms

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 Storage

Oil prices continue to fall as OPEC+ considers a new output increase

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...

Energy Markets

Oil prices fall as the market weighs US summer demand

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 Refineries

Fuel demand worries raised by Chinese and US data cause oil to fall

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...

Oil Storage

Oil gains continue ahead of Trump-Putin Summit

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...

Energy Markets

Oil drops as IEA increases supply forecast and investors wait for US-Russian meeting

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 & Gas

Report on the oil industry shows that US demand is slowing down

After falling the previous day, oil prices were unchanged on Wednesday. An industry report revealed that U.S. crude stocks grew last week, indicating the end of summer's seasonal demand is approaching. Brent crude futures rose 3 cents, to 66.15 per barrel at 0102 GMT. They had fallen 0.8% the previous session. U.S. West Texas Intermediate Crude Futures dropped 3 cents to 63.14, after a 1.2% decline. Market sources cited Tuesday figures from the American Petroleum Institute to report that crude oil inventories in the U.S. - the world's largest oil consumer - rose by 1,52 million barrels during the past...

Oil Storage

Oil prices rise 1% as US demand remains strong, but macroeconomic uncertainty persists

The oil price rose by 1% on Friday, ending a five-day decline, as the U.S. remained the world's largest oil consumer. However, uncertainty over the macroeconomic effects of U.S. Tariffs limited gains. Brent crude futures increased 62 cents or 0.9% to $67.51 per barrel at 0342 GMT, while U.S. West Texas intermediate crude rose 68 cents or 1.1% to $65.03 per barrel. After Donald Trump's comments about the progress of talks with Moscow, both benchmarks fell about 1% on Wednesday to their lowest levels in eight weeks. A White House official stated on Wednesday that Trump could meet Russian President...

Refined Products

Surprise US stockbuild, Trump tariffs weigh on the market as oil prices remain steady

The price of oil was stable on Thursday, as investors assessed the risks of a supply shortage amid President Donald Trump’s call for a quick resolution to the Ukraine war through additional tariffs. However, a surprising build-up in U.S. crude stock weighed on the prices. Brent crude futures September expiring on Thursday fell 10 cents or 0.1% to $73.14 per barrel at 0345 GMT. Brent's October contract, which is more active, was down 14 cents or 0.2% at $72.33. U.S. West Texas Intermediate Crude for September fell 5 cents or 0.1% to $69.95 per barrel. Both benchmarks closed 1% higher...

Refined Products

The fourth day of gains in oil prices is due to supply concerns from Trump tariffs

The oil price rose for the fourth consecutive day on Thursday as investors were worried about supply shortages in light of President Donald Trump’s call for a quick resolution to the conflict in Ukraine, and his threats against countries that buy Russian oil. Brent crude futures expiring on Thursday rose 27 cents or 0.4% to $73.51 per barrel at 0028 GMT. U.S. West Texas intermediate crude for September rose 37 cents or 0.5% to $70.37 per barrel. Both benchmarks closed 1% higher Wednesday. Brent's October contract, which is the most active, was up 29 cents or 0.4% at $72.76. Toshitaka...

Crude Oil

Prices of oil rise on US trade optimism and drop in crude stocks

Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures rose 24 cents or 0.4% to $68.75 per barrel at 0032 GMT. U.S. West Texas Intermediate Crude Futures rose 25 cents or 0.4% to $65.50 a barrel. Following President Donald Trump’s deal with Japan, the markets closely monitored developments in U.S. - European Union trade negotiations. In exchange for $550 billion in loans and investments destined for the United States, the agreement reduces auto import duties and spares Tokyo...

Europe

Crude Oil

Oil prices continue to fall as OPEC+ considers a new output increase

Oil prices fell on Thursday, extending a drop of more than 2% from the previous trading session. Investors and traders are looking ahead to a meeting at the weekend of OPEC+, where producers will likely consider another increase of output targets. Brent crude dropped 27 cents or 0.40% to $67.33 a bar by 0114 GMT. U.S. West Texas intermediate crude fell 28 cents or 0.44% to $63.69 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...

Energy Markets

As peace in Ukraine continues to elude, oil prices are set to snap a two-week losing streak

The oil prices did not change much on Friday, as the hope of an immediate peace between Russia & Ukraine dwindled. This increased the risk premium that oil sellers demanded and put prices on course to end a two-week loss streak. Brent crude futures dropped 12 cents, to $67.55 per barrel at 0415 GMT. West Texas Intermediate crude futures also fell 10 cents, to $63.42. Both contracts rose more than 1% the previous session. Brent has risen by 2.7% in the past week, and WTI is up 1.1%. As traders lose hope that U.S. president Donald Trump will be able...

Refined Products

US inventories and the Japan trade agreement indicate a stronger demand for oil.

Early trading on Wednesday saw oil prices stabilize after three straight sessions of falling. A U.S.-Japan trade agreement signaled progress in tariff negotiations, and a survey showed that U.S. crude stocks fell last week indicating a stronger demand. Brent crude futures were up 33 cents or 0.48% to $68.92 per barrel at 0023 GMT. U.S. West Texas Intermediate Crude Futures rose 33 cents or 0.51% to $65.64 a barrel. On Tuesday, President Donald Trump announced that the U.S. had reached a deal with Japan that included a 15% tariff for U.S. imports coming from Japan. He said that Japan agreed...

Western Europe

Middle East

Refined Products

Investors wait for next steps in Ukraine peace negotiations to see how oil prices will change

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...

Energy Markets

Oil prices increase as Fed rates are cut and Trump-Putin negotiations loom.

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)...

Crude Oil

Oil prices pause slide on US-Japan trade deal

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...

Crude Oil

Oil prices rise as economic data and demand expectations lift sentiment

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...

Oil Storage

Demand for oil is skewed by Trump's tariffs

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...

Refined Products

Oil prices ease on US tariffs and OPEC+ production expectations

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....

Crude Oil

Demand for crude oil is strong as the drawdown of US crude stocks signals a rise in prices

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....

Crude Oil

Investors assess Iran-Israel ceasefire and oil prices rise

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,...

Crude Oil

Worries about escalating tensions between the US and Iran cause oil prices to rise

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...

Refined Products

Oil prices fall as markets evaluate the outcome of US-China trade talks

The oil prices in Asian trade fell on Wednesday, as the markets assessed the results of U.S. - China trade talks that have yet to be reviewed and analyzed by President Donald Trump. Weak Chinese demand for oil, along with OPEC+'s production increase, weighed on the market. Brent crude futures fell 19 cents or 0.3% to trade at $66.680 per barrel. U.S. West Texas intermediate crude dropped 16 cents or 0.3% to $64.82 as of 0318 GMT. U.S. officials and Chinese officials have agreed on a framework for re-establishing their trade truce and resolving China's export limitations on rare earth...

Energy Markets

The oil price is expected to rebound this week after US-China trade talks resume

Oil prices fell on Friday, but are on track to gain their first weekly increase in three weeks following the resumption of trade talks between U.S. president Donald Trump and Chinese President Xi Jinping. This has raised hopes for stronger growth and demand in two of the world's largest economies. Brent crude futures dropped 19 cents or 0.3% to $65.15 per barrel at 0441 GMT. U.S. West Texas Intermediate Crude lost 20 cents (0.3%), to $63.17 after having gained around 50 cents Thursday. Both benchmarks are on course to end the week higher, after two weeks of falling. Brent is...

Fossil Fuels

Saudi Arabia cuts prices on the back of US stockpile building

The oil prices fell in the early hours of Thursday's trading after an increase in gasoline and diesel stocks in the United States and Saudi Arabia lowering its July crude prices for Asian buyers. Brent crude futures dropped 21 cents or 0.3% to $64.65 per barrel at 0047 GMT. U.S. West Texas Intermediate Crude lost 29 cents or 0.5% to drop to $62.58. The price of oil closed about 1% lower Wednesday, after data revealed that U.S. gasoline stocks and distillate inventories grew more rapidly than expected. This was due to a weaker demand for the top economy in the...