Oil Storage

Early Asian trade on Tuesday saw oil prices fall, weighed by a loosening of the supply-demand equilibrium following an increase in OPEC+ production and lingering worries about global economic prospects due to tensions over tariffs. Brent crude futures fell 5 cents or 0.1% to $65.58 a barge by 0040 GMT, while U.S. West Texas intermediate crude was $63.32 a barge, down 9 cents or 0.1%. The benchmarks rose about 2% to their highest level in two weeks on Tuesday, boosted by concerns over disruptions to supply from wildfires in Canada and the expectation that Iran would reject a U.S. proposal...

Oil prices fell on Thursday, as the unexpected buildup of U.S. crude oil and fuel inventories raised concerns about demand. Investors remained cautious, keeping their eyes on the renewed Iran-U.S. nuclear talks. Brent futures fell 33 cents or 0.5% to $64.58 per barrel at 0038 GMT. U.S. West Texas Intermediate Crude dropped 32 cents or 0.5% to $61.25. Both benchmarks fell by 0.7% on Tuesday. The Energy Information Administration reported on Wednesday that U.S. crude oil and fuel inventories showed a surprise build last week. Crude imports reached a six-week peak and gasoline and distillate demands dropped. The EIA reported...

The oil prices fell on Wednesday, as traders watched for a possible increase in U.S. crude stocks. Prices remained near their two-week highs though amid optimism following the United States' and China's agreement to temporarily lower reciprocal tariffs. Brent crude futures dropped 39 cents or 0.6% to $66.24 per barrel at 0400 GMT. U.S. West Texas Intermediate crude (WTI), which is a benchmark for the U.S., fell 36 cents or 0.6% to $63.31. Both benchmarks rose more than 2.5% the previous session. China and the United States agreed to suspend their trade war at least for 90 days. The United...

In a tweet posted on X, the U.S. Energy Information Administration announced that it would delay its weekly report on natural gas storage in the United States. The report is usually released at 10:30 am EDT (1430 GMT), on Thursdays. The EIA announced on X, "We will post the release as quickly as possible." We also said that we would give an hour's notice before publication. The EIA officials were not able to immediately explain why the report on gas was delayed. Three sources have confirmed that the EIA (the U.S. Government's Energy Statistics arm) is about to lose more...

Crude oil fell early in Asian trading on Monday as investors reduced their expectations of demand growth due to the ongoing US-China trade war. Brent crude futures dropped by 25 cents or 0.4% to $65.61 a barrel at 0024 GMT. U.S. West Texas Intermediate Crude Futures fell 18 cents or 0.3% to $61.87 per barrel. Both benchmarks dropped more than $1 Monday. A majority of economists surveyed said that President Donald Trump’s efforts to reshape the world’s trade by imposing tariffs against all U.S. imported goods has increased the risk that this year’s global recession will be a reality. China,...

The oil prices fell 3% on Tuesday as sources claimed that OPEC+ was considering accelerating their output increases for June. However, losses were reduced following a report stating that U.S. president Donald Trump could reduce tariffs on Chinese imports. Brent crude futures fell $1.92 or 2.85% to $65.52 at 1:42 pm EDT (1742 GMT), while U.S. West Texas intermediate crude dropped $1.99 or 3.13% to $61.68. Three sources familiar with OPEC+ discussions said that several OPEC+ members would suggest to the group that it increase oil production for a second month consecutive in June. Recent tensions have arisen among OPEC+...

Three sources said that the U.S. Department of Energy's statistics division is likely to lose more than 100 employees following the latest round of resignations offered by the Trump Administration. This puts at risk the world's most closely followed energy reports, they added. Energy Information Administration (EIA) publishes data weekly, monthly, and annually on crude and fuel stocks, oil and gas production, and price forecasts. These are used as indicators by energy companies and traders to determine supply and demand. These reports can have a significant impact on global oil prices. Two sources stated that the EIA had about 350...

The oil price dropped to its lowest level in over four years on the back of a rising demand outlook, fueled by a escalating trade war between China and the U.S., the two largest economies on the planet, as well as a looming supply outlook. Brent futures fell $2.38 or 3.79% to $60.44 per barrel at 0423 GMT. U.S. West Texas Intermediate Crude Futures dropped $2.46 or 4.13% to $57.12. Both contracts reached their lowest levels since February 2021. Brent spreads over six months The spread fell to 79 cents - its lowest level since the middle of November -...

Oil prices dropped over 1% Friday and are on track to have the worst week for months due to U.S. president Donald Trump's tariffs. This has stoked fears that a trade war around the world could harm oil demand. Brent futures dropped 76 cents a barrel to $69.38 by 0532 GMT. U.S. West Texas intermediate crude futures declined 78 cents or 0.5% to $66.13. Brent is on track to suffer its largest weekly percentage loss since the week ending October 14 and WTI since January 21. The impact of Trump's highly anticipated announcement on tariffs was felt more in other...

Oil prices continued to fall in early Asian trading on Friday. They were on course for their worst week in several months due to U.S. president Donald Trump's tariffs. This stoked concerns about a possible global trade war, which could impact oil demand. Brent futures were down 31 cents or 0.4% to $69.83 per barrel at 0157 GMT. U.S. West Texas Intermediate Crude Futures fell 32 cents or 0.5% to $66.63. Brent is on track to suffer its largest weekly percentage loss since the week ending October 14 and WTI since January 21. The Organisation of Petroleum Exporting Countries (OPEC+),...

The oil prices were stable in a thinly traded session on Wednesday, after dropping in the previous trading session. This was due to concerns that new U.S. Tariffs, which are set to be announced at 2000 GMT on Thursday, could deepen a trade war globally and limit crude demand. Brent futures rose 1 cent to $74.50 per barrel at 0346 GMT, after falling 0.4% on the previous day. U.S. West Texas Intermediate Crude Futures gained 3 cents to reach $71.23 following a 0.4% drop. Prices reached their highest level in five weeks Monday. The White House confirmed Tuesday that President...

The oil prices were stable on Wednesday, after falling the previous day on fears that new U.S. trade tariffs to be announced later in the session could deepen a worldwide trade war and limit crude demand. Brent futures fell 2 cents, to $74.47 per barrel at 0016 GMT on Wednesday after falling 0.4% Tuesday. U.S. West Texas Intermediate Crude Futures rose 1 cent to $71.21 following a 0.4% drop. On Monday, prices rose to the highest level in five weeks. The White House confirmed on Tuesday that President Donald Trump would impose new trade barriers on Wednesday. However, it did...

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...

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...

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...

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...

The oil prices fell in Asian trade Wednesday due to concerns about rising OPEC+ production and the threat of tariff tensions that could threaten global economic prospects. However, worries over Canadian supply kept them at a lower level. Brent crude futures fell 23 cents (0.4%) to $65.40 per barrel at 0318 GMT. U.S. West Texas Intermediate Crude was down 25 cents (0.4%), at $63.16 per barrel. The benchmarks rose about 2% to their highest level in two weeks on Tuesday, driven by concerns over disruptions to supply from wildfires in Canada and the expectation that Iran will reject a U.S....

Oil prices were little altered on Thursday, as investors remained cautious and focused on the renewed Iran-U.S. Nuclear Talks, even though unexpected increases in U.S. crude oil and fuel inventories raised concern about demand. Brent futures rose 4 cents a barrel to $64.95 by 0456 GMT. U.S. West Texas intermediate crude climbed 10 cents a barrel to $61.67. The Energy Information Administration reported on Wednesday that both benchmarks had fallen earlier in the day after U.S. crude inventories and fuel stocks posted unexpected stock builds last weekend. Crude imports reached a six-week peak and gasoline and distillate demands declined. The...

The price of oil jumped by more than 1% after Israel was reported to be preparing an attack on Iranian nuclear facilities. This sparked fears that the conflict could disrupt supply in this key Middle East region. Brent futures rose by 97 cents or 1.5% to $66.35 per barrel at 0330 GMT. U.S. West Texas Intermediate Crude Futures for July rose 96 cents or 1.6% to $62.99. The WTI contract for June expired at $62.56 on Tuesday. CNN reported Tuesday that the United States has received new intelligence suggesting that Israel is planning to attack Iranian nuclear facilities. CNN cited...

Investors took advantage of Tuesday's loss to cover their short positions. However, concerns remain about economic headwinds resulting from tariffs and U.S. policy. Brent crude futures increased 36 cents or 0.5% to $66.62 per barrel at 0421 GMT. U.S. West Texas Intermediate Crude contract for May expires Tuesday and was $63.73 per barrel, an increase of 65 cents or 1%. The WTI June contract, which is the most actively traded, was up 43 cents or 0.7% at $62.84 per barrel. The benchmarks fell more than 2% each on Monday as the signs of progress made in the nuclear agreement talks...

Early trading on Thursday saw oil prices rise on the back of a drop in U.S. gasoline inventories, and an increase in tensions in Middle East. Brent crude futures gained 40 cents or 0.57% to $71.18 a bar by 0213 GMT. U.S. West Texas Intermediate Crude (WTI), however, rose 34 cents or 0.51% to $67.50. Prices rose after U.S. data revealed a greater-than-expected decline in distillate stocks for the last week. Last week, distillate inventories (which include diesel and heating oils) fell by 2.8 millions barrels, which was more than the 300,00-barrel decline expected in a survey. The U.S. crude...

The oil prices fell on Thursday, after a day of highs. Worries about the impact that intensifying tariff wars will have on the global economy and energy demand overshadowed the positive sentiment resulting from the larger than expected drawdown in U.S. gasoline stocks. Brent futures dropped 7 cents or 0.1% to $70.88 per barrel at 0107 GMT. U.S. West Texas Intermediate crude oil futures declined 11 cents or 0.2% to $67.57 per barrel. Both benchmarks rallied about 2% on Wednesday as U.S. government data showed tighter-than-expected oil and fuel inventories. Energy Information Administration (EIA), data released on Wednesday, showed that...

The oil prices dropped on Thursday as a result of expectations that a possible peace agreement between Ukraine and Russia will end the sanctions that have disrupted supplies, while crude stocks in the United States grew. Brent futures fell 68 cents or 0.9% to $74.50 per barrel at 0515 GMT. U.S. West Texas Intermediate crude (WTI), however, dropped 65 cents or 0.9% to $70.72. Brent and WTI both fell by more than 2% after U.S. president Donald Trump claimed that Russian President Vladimir Putin, and Ukrainian President Volodymyr Zelenskiy had expressed a wish for peace to him in separate telephone...

The oil prices continued to rise on Tuesday, amid fears over Russian and Iranian supply of oil and threats of sanctions. This was despite concerns that trade tariffs would dampen the global economy. Brent crude futures rose 55 cents (0.72%) to $76.42 a bar by 0717 GMT. U.S. West Texas Intermediate crude climbed 50 cents (0.69%) to $72.82. After three consecutive weeks of losses, both contracts saw gains in the previous session. "It is more financial driven, and the price means aversion than fundamental." Brent has gone from $80 per barrel in mid-January to $74 last week, so it's time...