Oil Storage

U.S. oil production dropped sharply at the start of the year as remarkably winter for 10 days in the middle of January triggered extensive freeze offs at oil wells. Nationwide crude and condensates output was down by almost 24 million barrels or 0.8 million barrels each day (b/d) in January 2024 compared with December 2023. The monthly decrease was the largest given that Winter season Storm Uri in February 2021 and before that the first wave of the coronavirus epidemic in March and April 2020. The fall was the ninth largest in over a century considering that records began in...

U.S. unrefined stocks increased suddenly recently, while fuel and distillate stocks fell more than anticipated, as refining activity slowed in the world's leading oil producing country, the Energy Information Administration said on Wednesday. Crude stocks swelled for a second straight week, increasing by 3.2 million barrels to 451.4 million barrels in the week to March 29, the EIA stated, compared to experts' expectations in a poll for a 1.5 million-barrel draw. U.S. fuel stocks, meanwhile, fell by 4.3 million barrels in the week to 227.8 million barrels, the EIA said, compared with experts' expectations in a poll for a. 800,000-barrel...

Oil prices succumbed to the 2nd successive session on Wednesday as the dollar reinforced and federal government data showed a surprise jump in U.S. crude and gas stocks. Brent unrefined futures for May shed 16 cents, or 0.2%,. to settle at $86.09 a barrel while the more actively traded June. agreement was down 22 cents to $85.41. The May agreement. expires on Thursday. U.S. West Texas Intermediate (WTI) unrefined futures. for May shipment dropped 27 cents, or 0.3%, to $81.35 a barrel. Both Brent and WTI futures have been under selling pressure. because striking more than four-month highs recently. A...

Oil rates settled slightly lower on Thursday, pressured by weaker U.S. gas need data and reports of a United Nations draft resolution requiring a. ceasefire in Gaza. Brent unrefined futures for May settled down 17 cents,. or 0.2%, to $85.78 a barrel, while U.S. West Texas Intermediate. futures for May settled own 20 cents, or 0.3%, to $81.07. a barrel after a fall of about 1.8% in the previous session. Crude stocks in the United States, the world's biggest. oil customer, unexpectedly declined recently, the U.S. Energy. Details Administration (EIA) reported on Wednesday. Gas inventories fell for a seventh week,...

Oil prices rebounded on Thursday after falling in the previous session as U.S. crude and fuel inventory decreases supported the marketplace after indications the U.S. Federal Reserve may keep rates higher for longer crimped the outlook for future fuel need. Brent petroleum futures contract for May settlement rose 0.6%, or 52 cents, at $86.47 a barrel at 0155 GMT, after falling 1.6% on Wednesday. U.S. West Texas Intermediate futures for May delivery increased 0.5%, or 45 cents, to $81.72 a barrel, after falling 1.6%. in the previous session. The April contract ended on Wednesday. down 2.1% at $81.68. Unrefined inventories...

Oil costs fell on Wednesday as the U.S. Federal Reserve held rates of interest steady and demand concerns continue to weigh. Brent crude futures for May settled down $1.43, or 1.64%, at $85.95 a barrel. U.S. West Texas Intermediate futures for April shipment, which end on Wednesday, ended $ 1.79, or 2.14%, lower at $81.68. The more active May WTI contract calmed down $1.46. at $81.27 a barrel. Brent had settled at its highest considering that Oct. 31 in the. previous session at $87.38 a barrel, while WTI hit its greatest. considering that Oct. 27 at $83.47. On Wednesday, the...

U.S. petroleum stockpiles fell all of a sudden last week as exports increased and refiners continued to increase activity, while gas inventories decreased more than expected, the Energy Info Administration (EIA) stated on Wednesday. Crude inventories fell for the second week in a row, coming by 2 million barrels to 445 million barrels in the week ended March 15, the EIA stated, compared with experts' expectations in a poll for a 13,000-barrel increase. Gas stocks continued a seventh straight week of drawdowns, falling by 3.3 million barrels to 230.8 million barrels, the EIA stated. Analysts had forecasted a 1.3 million-barrel...

Oil costs increased to multimonth highs for the second straight session on Tuesday as traders assessed how Ukraine's current attacks on Russian refineries would impact international petroleum materials. U.S. West Texas Intermediate crude futures acquired 75 cents, or 0.9%, to settle at $83.47 a barrel, the highest because Oct. 27. International benchmark Brent crude settled 0.6%. higher at $87.38 a barrel, the greatest because Oct. 31. Ukraine has stepped up attacks on Russian oil infrastructure. this year, with a minimum of seven refineries targeted by drones. simply this month. The attacks have shut down 7%, or around. 370,500 barrels daily,...

Oil rates settled at their greatest levels considering that October on Wednesday on financier issues about supply disturbances due to dispute in the Middle East, although a dive in U.S. petroleum stocks capped the gains. Brent futures increased 43 cents, or 0.5%, to settle at $89.35 a. barrel, and U.S. West Texas Intermediate futures acquired 28. cents, or 0.3%, to $85.43 a barrel. Both agreements were up more than a dollar previously in the. session due to growing concerns about the capacity for a supply. deficit during the peak summertime driving season. A conference of leading ministers from the Organization...

Oil rates dipped on Tuesday, settling somewhat lower after a higherthanexpected forecast for U.S. petroleum production and bearish financial information, however relentless geopolitical stress restricted decreases. Brent futures for May shipment settled 29 cents lower at $81.92 a barrel. The April U.S. West Texas Intermediate ( WTI) unrefined agreement ended 37 cents lower at $77.56. U.S. consumer rates increased sturdily in February, the U.S. Bureau of Labor Statistics said, pinning irritating inflation mainly on higher expenses for gas and shelter. This does show a 2nd month of a boost, stated Tim Snyder, an economist at Matador Economics, keeping in mind...

Two U.S. senators introduced legislation on Thursday to solidify the ban on selling crude oil from the Strategic Petroleum Reserve (SPR) to China. The bill, introduced by Senators Joni Ernst, a Republican and John Fetterman, a Democrat, would make sure that business owned or managed by China's government do not purchase oil from the SPR. A financing expense signed by President Joe Biden this month obstructed Chinese companies from purchasing oil, but contained an exception if the oil was not exported to China. This bipartisan costs will make sure America's Strategic Petroleum Reserve does not fall into the hands of...

The U.S. is seeking to buy 3 million barrels of oil for the Strategic Petroleum Reserve (SPR), as one storage website winds down upkeep that had actually tempered the pace of renewing the stockpile, the U.S. Energy Department stated on Thursday. The oil, if acquired, is expected to be delivered in August and September, the department said. The department issued a solicitation on Thursday of 1.5 million barrels for the Bayou Choctaw, Louisiana site that has gone through upkeep this year. Another solicitation for the very same quantity at Bayou Choctaw will be launched on March 21, the department said....

India plans to develop its first independently managed strategic petroleum reserve (SPR) by 202930, giving the operator the flexibility to trade all of the stored oil, the president of Indian Strategic Petroleum Reserves Ltd (ISPRL) said. Permitting a fully commercial SPR mirrors the design embraced by nations such as Japan and South Korea, which allow private lessees, mainly oil majors, to trade the crude. So far, India has permitted just partial commercialisation for its 3 existing SPRs in southern India, which have an integrated capability of 36.7 million barrels. India prepares to develop 2 brand-new SPRs - the first a...

Oil prices fell for a. 2nd day on Wednesday after a report that unrefined stockpiles in. the U.S., the world's greatest oil user, rose and on indications. significant producers are unlikely to change their output policy at a. technical meeting next week. Brent crude futures for May dropped 69 cents, or. 0.8%, to $85.56 a barrel at 0150 GMT. The May contract is set to. to end on Thursday and the more actively traded June contract. declined 60 cents, or 0.7%, at $85.03. U.S. West Texas Intermediate (WTI) crude futures for. May shipment fell 55 cents, or 0.7%, at $81.07....

Oil rates settled lower on Tuesday as investors took a more blended view towards the loss of Russian refinery capability after recent Ukrainian attacks. Front-month Brent crude futures due to end on Thursday calmed down 50 cents at $86.25 a barrel while U.S. West Texas Intermediate (WTI) unrefined futures settled 33 cents, or 0.4%, at $81.62. The more actively traded Brent futures for June settled 33 cents at $85.96. Oil rates edged lower after Russia's federal government bought business to cut output in the 2nd quarter to fulfill a 9 million barrels each day (bpd) target to comply with pledges...

Oil prices sank in early Asian trading on Friday on the possibility of a nearing Gaza ceasefire, which could loosen global supply, at the exact same time a. stronger U.S. dollar and faltering gas moistened need. belief. Brent unrefined futures fell 18 cents to $85.60 a barrel. by 0011 GMT. U.S. crude futures shed 19 cents to $80.88. per barrel. On Thursday, U.S. Secretary of State Antony Blinken stated he. believed talks in Qatar might reach a Gaza ceasefire agreement,. increasing the possibility of more international oil supply. Blinken met Arab foreign ministers and Egypt's President. Abdel Fattah El-Sisi in...

Oil costs edged lower in early Asian trading on Wednesday, as a stronger dollar suppressed financier cravings while traders took some money off the table after standards rallied to multimonth highs in each of the past two sessions. Brent unrefined futures for May delivery fell 19 cents, or 0.2%, to $87.19 a barrel by 0104 GMT. U.S. West Texas Intermediate futures for April shipment, which end on Wednesday's settlement, fell 35 cents, or 0.4%, to $83.12 a. barrel. Weighing on Asian purchaser sentiment, the U.S. dollar index. climbed greater for the fifth-straight session after. recent information pointed to a durable...

Oil costs extended gains on Wednesday as a bigger than expected fall in U.S. crude inventories and intensifying geopolitical tensions raised investor stress over tighter products. Brent futures for June delivery increased 20 cents, or 0.22%, to $89.12 per barrel, while U.S. West Texas Intermediate ( WTI) crude futures for May climbed up 17 cents, or about 0.2%, to $ 85.32 a barrel, at 0015 GMT. Both Brent and WTI had actually climbed to its highest because October on the previous day. U.S. petroleum inventories fell by 2.3 million barrels last week, higher than the 1.5 million barrel drop anticipated...

Oil prices held stable in early trade on Wednesday after two straight days of losses, as worries about tighter supply due to uncertainty over Gaza ceasefire talks were offset by a biggerthanexpected integrate in U.S. crude inventories. Brent unrefined futures were flat at $89.42 per barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 2 cents to $85.25. Hamas said on Tuesday that an Israeli proposal on a. ceasefire in their war in Gaza did not meet the demands of. Palestinian militant factions, but it would study the deal. even more and deliver its action to...

Oil prices increased in early trade on Wednesday as big wildfires were threatening Canada's oil sands and as the marketplace expected U.S. crude oil and gas inventories to reveal a drawdown later on in the day. Brent unrefined futures were up 34 cents, or 0.4% at $ 82.71 a barrel. U.S. West Texas Intermediate unrefined futures ( WTI) rose 38 cents, or 0.5%, to $78.39 a barrel by 0016 GMT. A large wildfire was approaching Fort McMurray, the center for Canada's oil sands market with production of around 3.3 million barrels daily, or two-thirds of the country's overall output, and...

Oil rates fell in early Asian trading hours on Wednesday after market sources stated that information from the American Petroleum Institute revealed an increase in U.S. crude and fuel stockpiles, an indicator of weak need. Brent crude oil futures fell 21 cents, or 0.3%, to $ 82.95 a barrel by 0020 GMT. U.S. West Texas Intermediate crude futures fell 13 cents, or 0.2%, to $78.25 a barrel. U.S. unrefined stocks increased by 509,000 barrels in the week ended May 3, market sources said mentioning American Petroleum Institute figures. Fuel and extract fuel stocks likewise rose, they said. Official U.S. government...

Oil prices ticked higher on Thursday after U.S. unrefined inventories rose less than expected recently and fuel stocks saw big draws. Brent crude futures increased 15 cents to $83.11 a barrel by 0021 GMT, while U.S. West Texas Intermediate unrefined futures increased 18 cents to $79.31 a barrel. The standards edged up about 1% on Wednesday after crude stocks rose for a sixth week in a row, building by 1.4 million barrels, about two-thirds of the 2.1 million-barrel rise experts had forecast in a poll. Gasoline and extract stocks fell more-than-expected, the EIA information likewise showed. A strong U.S. dollar...

Oil rates relieved in early trade on Thursday after an information revealed that U.S. crude stocks leapt a lot more than expected, raising issues about demand on the planet's biggest economy. Brent unrefined futures fell 34 cents, or 0.4%, to $ 81.26 a barrel at 0135 GMT, while U.S. West Texas Intermediate crude futures decreased 36 cents, or 0.5%, to $76.28 a. barrel. Both agreements lost more than $1 a barrel on Wednesday,. pushed by the rise in U.S. unrefined stocks, as refining. dropped to its most affordable levels considering that December 2022. The Energy Information Administration (EIA) stated U.S....

Oil rates fell in early Asian trade on Wednesday after a U.S. market group reported unrefined stocks increased more than expected last week and as investors controlled expectations for interest rate cuts by the U.S. Federal Reserve. Brent futures fell 29 cents, or 0.4%, to $82.48 when the marketplace opened at 0000 GMT. U.S. West Texas Intermediate ( WTI) unrefined futures fell 22 cents, or 0.3%, to $77.65 a. barrel. U.S. petroleum stocks rose 8.52 million barrels in the. week ended Feb. 9, according to market sources citing American. Petroleum Institute figures released late on Tuesday. The build was much...