Oil Storage

The U.S. is looking for to purchase another 6 million barrels of oil from energy companies to aid renew the Strategic Petroleum Reserve (SPR), the Department of Energy said on Monday. The solicitation of oil for the SPR is the first for delivery into the facility's Bryan Mound, Texas website because it went through maintenance work and repairs, the department stated. It is seeking to 2 million barrels of the oil a month to be provided to Bryan Mound from January to March next year. The DOE will continue to examine choices to fill up the SPR while protecting a...

Oil prices edged up in Asian trade on Friday, heading for a weekly gain of more than 3%, as U.S. tasks information calmed demand issues and fears of an expanding Middle East dispute continued. Brent unrefined futures increased 9 cents, or 0.11%, to $ 79.25 a barrel by 0406 GMT. U.S. West Texas Intermediate crude futures were up 12 cents at $76.31 per barrel. Both Brent and WTI were set to gain more than 3% on a weekly basis. Israeli forces stepped up airstrikes across the Gaza Strip on Thursday, killing at least 40 people, Palestinian medics said, in more...

Oil rates edged higher on Thursday for the 3rd straight session after government data showed a. steep draw in U.S. unrefined stockpiles, rebounding from multimonth. lows touched this week. Brent unrefined futures rose 23 cents, or 0.3%, at. $ 78.56 a barrel by 0017 GMT, while U.S. West Texas Intermediate. crude acquired 29 cents, or 0.4%, to $75.52. Brent toppled to its weakest given that early January on Monday,. and WTI dipped to its most affordable because February, harmed by worry over. a U.S. economic downturn and a selloff in global stocks. U.S. unrefined inventories succumbed to a sixth week...

Oil costs recuperated in Asian trading on Wednesday on increased Middle East tensions, however gains were capped by weak demand. Brent crude futures increased 17 cents, or 0.16%, to $ 76.60 a barrel by 0615 GMT. U.S. West Texas Intermediate crude increased 17 cents, or 0.23%, to $73.37. Hamas called its Gaza leader Yahya Sinwar as successor to assassinated previous chief Ismail Haniyeh on Tuesday, a relocation that strengthens the extreme path pursued since the Oct. 7 attack on Israel. The uptick in oil rates might potentially be driven by expectations of heightened supply dangers due to rising Middle East...

Oil rates slipped in early Asian trading on Wednesday following a short rebound in the previous session after market data revealed an unanticipated integrate in U.S. crude oil and gasoline inventories, balancing out worldwide oil supply issues. Brent crude futures fell 21 cents, or 0.27%, to $ 76.27 a barrel by 0020 GMT. U.S. West Texas Intermediate crude slipped 25 cents, or 0.34%, to $72.95 per barrel. U.S. crude oil, fuel and extract inventories increased last week, according to market sources citing American Petroleum Institute figures on Tuesday. Benchmarks slipped appropriately. Both WTI and Brent had bounced off multi-month lows...

Oil costs fell on Friday, settling at their most affordable considering that January after data revealed the U.S. economy included fewer jobs than expected last month, and weak Chinese financial information added more pressure. Brent unrefined futures calmed down $2.71, or 3.41%, to $ 76.81 a barrel. U.S. West Texas Intermediate crude futures settled $2.79, or 3.66%, at $73.52. At their session lows, both benchmarks fell by more than $3. per barrel. U.S. job growth slowed more than anticipated in July and. unemployment increased to 4.3%, indicating raising fears of a. possible recession. We moved from a demand-driven market to...

Oil prices rose on Friday but were set for a fourth weekly decline as indications of disappointing worldwide fuel need growth surpassed worries of supply disturbances in the key Middle East production region. Brent unrefined futures got 33 cents, or 0.4%, to $ 79.85 a barrel by 0020 GMT, after falling 1.5% in the previous session, while U.S. West Texas Intermediate unrefined futures rose 38 cents, or 0.5%, to $76.69, after a 2.1% drop on Thursday. On a weekly basis, Brent futures are on track to fall 1.7%,. while WTI futures are set to drop 1.1%. The four weeks of....

The U.S. Environmental Protection Agency (EPA) on Thursday released an emergency waiver to help minimize fuel shortages in four states where the supply of gas has been impacted by the shutdown of the Exxon Mobil Refinery in Joliet, Illinois. Exxon Mobil closed down its 251,800 barrel-per-day refinery at Joliet, Illinois, last month due to a power interruption after a storm. Although power was brought back to the refinery by July 24, it is likely to take the company at least a couple of weeks to restart the center. The EPA's waiver, which applies to Michigan, Wisconsin, Indiana and Illinois, suspends...

Oil costs increased in early Asian trading on Thursday, extending strong gains in the previous session after the killing of a Hamas leader in Iran raised the risk of a wider Middle East dispute and on indications of strong oil demand in the U.S. Global criteria Brent crude futures rose 67 cents, or 0.8%, to $81.51 per barrel by 0007 GMT, while U.S. West Texas Intermediate crude futures increased 69 cents, or 0.9%, to $78.60 per barrel. The most active contracts on both criteria jumped about 4%. in the previous session. Hamas leader Ismail Haniyeh was assassinated in the Iranian....

Oil costs rose almost 3% on Wednesday as investors stressed the conflict in the Middle East might broaden after the killing of a Hamas leader in Iran, and after a sharp fall in U.S. crude stockpiles. Global criteria Brent crude futures for September delivery , which expired on Wednesday, settled up $2.09, or 2.66%,. at $80.72 a barrel. The more active October agreement. gained $2.77 to $80.84. U.S. West Texas Intermediate (WTI) crude futures increased. $ 3.18, or 4.26%, to settle at $77.91 a barrel, their greatest. daily gain since October 2023. Still, Brent completed July with almost a 7%...

The U.S. Department of Energy said on Monday it had completed a contract to buy 4.65 million barrels of crude oil for the Strategic Petroleum Reserve, for delivery to the Bayou Choctaw website in Louisiana throughout the last three months of the year. Exxon Mobil will supply 3.9 million barrels of the agreement, while Macquarie Commodities Trading United States LLC will supply the rest, the DOE said. The typical purchase rate for the oil is about $76.92 per barrel, the DOE stated. The purchase is the most recent in a string of contracts planned to fill up the nation's emergency...

Oil costs fell in early Asian trade on Wednesday after an industry group reported a. surprise jump in U.S. stockpiles, fueling issues about. weakerthanexpected need in the leading oil consuming country. Brent crude oil futures fell 19 cents, or 0.2%, to. $ 84.82 a barrel by 0023 GMT. U.S. West Texas Intermediate crude. futures fell 11 cents, or 0.1%, to $80.72 per barrel. The American Petroleum Institute (API) reported U.S. crude. oil stocks rose by 914,000 barrels in the week ended June 21,. according to market sources briefed on the data. Experts surveyed. expect unrefined stocks to have actually declined...

Oil costs edged down in early Asian trading on Friday but were on track to get more than 3% for the week as U.S. tasks data calmed need concerns and fears of a. widening Middle East dispute persisted. Brent unrefined futures fell 9 cents, or 0.11%, to. $ 79.07 a barrel by 0030 GMT. U.S. West Texas Intermediate crude. futures were down a cent at $76.09 per barrel. However, both Brent and WTI were set to acquire more than 3% on. a weekly basis. Israeli forces stepped up airstrikes throughout the Gaza Strip. on Thursday, eliminating a minimum of 40...

Oil futures rebounded more than $1 a barrel from 7week lows on Wednesday after the killing of a Hamas leader in Iran ratcheted up stress in the Middle East, but costs remain under pressure from issues about weak China demand. Brent unrefined futures climbed $1.50, or 1.91%, to $ 80.13 a barrel by 0828 GMT ahead of expiry on Wednesday, while the more active October contract was at $79.55, up $ 1.48. U.S. West Texas Intermediate crude futures were up $ 1.54, or 2.06%, to $76.27 a barrel. A day earlier Brent and WTI both fell about 1.4%, closing at...

Oil rates were up slightly on Friday on strongerthanexpected U.S. economic data that raised investor expectations for increasing crude oil need from the world's largest energy consumer. But concerns about soft financial conditions in Asia's. greatest economies, China and Japan, capped gains. Brent unrefined futures for September increased 7 cents to. $ 82.44 a barrel by 0014 GMT. U.S. West Texas Intermediate crude. for September increased 4 cents to $78.32 per barrel. In the second quarter, the U.S. economy grew at a. faster-than-expected annualised rate of 2.8% as customers spent. more and services increased investments, Commerce Department. data revealed. Financial...

Oil rose somewhat in early trade on Wednesday as concern over escalating dispute in Europe and the Middle East offset demand concerns following an unanticipated construct in U.S. unrefined inventories. Brent unrefined futures for August shipment rose 6 cents to $85.39 a barrel by 0016 GMT. U.S. West Texas Intermediate crude for June was up 10 cents to $81.67 per barrel. Both criteria were up by more than a $1 in the previous session after a Ukrainian drone strike led to an oil terminal fire at a major Russian port, according to Russian authorities and a Ukrainian intelligence source. In...

Oil rates fell on Friday and published a weekly loss as financiers awaited an OPEC+ conference on Sunday that will figure out the fate of the manufacturer group's. output cuts. Brent futures for July delivery were down 24 cents,. or 0.3%, to $81.62 a barrel, while the more liquid August. agreement was down 77 cents, or 0.8%, at $81.11. U.S. West Texas Intermediate (WTI) unrefined futures fell 92. cents, or 1.2%, at $76.99. For the week, Brent calmed down 0.6%, with WTI posted a 1%. loss. It's the uneasiness ahead of the OPEC conference over the. weekend, said Matt Smith,...

Oil prices fell early on Friday as investors responded to comments from U.S. Fed authorities who stated it was prematurely to start considering rate cuts, and following a. surprise integrate in U.S. gasoline stocks that weighed on the. market. Brent futures lost 12 cents, or 0.15%, to trade at. $ 81.74 a barrel by 0008 GMT, while U.S. West Texas Intermediate. ( WTI) crude was down 17 cents, or 0.22%, at $77.74. Dallas Federal Reserve President Lorie Logan stated she is. still fretted about upside risks to inflation in spite of recent. alleviating, cautioning that the U.S. reserve bank requires...

Oil prices rose on Wednesday on expectations significant producers will maintain production cuts at a. conference this Sunday at the exact same time fuel usage should. begin increasing with the start of the peak summertime need season. Brent unrefined futures for July delivery increased 27 cents,. or 0.3%, to $84.49 a barrel at 0042 GMT. U.S. West Texas. Intermediate futures for July climbed 35 cents, or 0.4%,. to $80.18. Traders and experts expect the Company of the. Petroleum Exporting Countries and its allies consisting of Russia,. called OPEC+, to keep voluntary production cuts totalling. about 2.2 million barrels daily in...

Oil costs extended gains from the previous session on Thursday on signs of more powerful demand in the U.S. where data showed slower inflation than markets expected, enhancing the argument for a rates of interest cut which could lead to even stronger demand. Brent futures rose 42 cents, or 0.5%, to $83.17 a. barrel, while U.S. West Texas Intermediate crude (WTI). gotten 43 cents, or 0.6%, to $79.06 at 0032 GMT. U.S. consumer costs rose less than anticipated in April in a. increase to financial market expectations for a September rate cut. by the Federal Reserve, which could temper dollar...

Oil prices fell about 3% to a sevenweek short on Wednesday on a surprise build in U.S. crude stocks, the prospect of a Middle East ceasefire contract and as hopes faded for nearterm U.S. rate of interest cuts that might boost oil need. Brent futures for July shipment fell $2.89, or 3.4%,. from where the July contract closed on Tuesday to settle at. $ 83.44 a barrel on Wednesday. That was down about 5.0% from where the Brent June. agreement closed on Tuesday when it was still the front-month,. which would be the front-month's greatest everyday percentage. decrease since October...

Petroleum prices have fallen following Iran's rocket and drone assault on Israel, puzzling expectations that the escalation of the shadow war would cause them to rise. Like major commercial mishaps, extreme relocations in oil rates, spikes or slumps, are constantly the item of multiple aspects instead of a single cause. Spikes normally take place when the business cycle is mature; stocks are well below regular; spare production capability is low; and there is a real or threatened disturbance to production. In this instance, nevertheless, the escalation is taking place in a. market that is otherwise easily provided, with inventories. near...

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....