Oil Storage

Investors assessed the prospects of renewed U.S. Iran talks, and the potential of releasing supply from the Middle East where exports are still restricted by the closure of the Strait of Hormuz. Brent crude futures rose 43 cents or 0.5% to $95.22 per barrel at 821 GMT after dropping 4.6% the previous session. U.S. West Texas Intermediate Crude was down 17 cents or 0.2% to $91.11. The contract fell 7.9% in the previous session. The war has largely closed the Strait of Hormuz. This is a major waterway that allows crude oil and refined products to flow out of the...

The U.S. will release '172 million barrels' of oil from the Strategic Petroleum Reserve. This is more than 40% of an overall release that has been coordinated with other allies to help lower soaring prices caused by disruptions in supply due to the U.S. and Israeli war against Iran. The sale of?U.S. The?U.S. The U.S. Department of Energy announced that the U.S. withdrawal would start next week and last for about four months. SPR holds approximately 415 million barrels of crude oil, the majority of which are high sulfur or sour, which U.S. refineries can process. The crude oil is...

U.S. Secretary of Energy Chris Wright announced on Wednesday that the U.S. would release 172,000,000?barrels?of oil?from its strategic 'petroleum -reserve? in an effort to lower oil prices, which have soared because of supply shocks caused by the U.S. and Israeli war against Iran. Wright said that the'release' is part of the 400 million barrels of oil released by the International Energy Agency earlier in the day. Wright stated that the release of the film will start next week, and it will take?about 120 days for delivery. On February 28, the U.S., Israel and other countries began to attack Iran. Iran...

Donald Trump announced on Wednesday that the U.S. will contribute "a little" to the IEA's plan to release a record number of 400 million.barrels.of oil from various countries' reserves in an effort to control the prices which have risen due to.the U.S. and Israel's war with Iran. In an interview given to local TV in Ohio, Trump didn't?say? how much oil the U.S. will contribute. He said only, "Right now, we will reduce it a bit and that brings down the prices." U.S. Strategic Petroleum Reserves (SPR) hold 415.4 million barrels. Most of this is high sulfur crude that U.S....

S&P Global announced on Monday that it could downgrade PacifiCorp to junk status, as liability from class actions litigation over a number of Oregon wildfires in 2020 increases. The warning was issued after an?Oregon juror on February 25, awarded $305 Million to 16 plaintiffs or $19 Million per plaintiff. They blamed PacifiCorp of failing to shut down power lines during the Labor Day Weekend windstorm. In earlier trials, plaintiffs had received an average of $5 million. S&P stated that it may reduce PacifiCorp’s "BBB minus" credit rating - the lowest investment grade - by at least two notches if future...

Although the U.S. does not plan to sell oil from its Strategic Petroleum?Reserve - the world's largest stockpile of emergency oil - presidents have used it in times of crisis to try to control fuel costs for U.S.?consumers. A U.S.-based source confirmed on Monday that the administration of Donald 'Trump does not have any plans to sell oil from the SPR. Analysts said that if the oil prices continue to increase following the U.S. and Israeli attacks against OPEC member Iran, which killed the Supreme Leader Ali Khamenei, as well as other top officials, then the administration may take another...

Investors are still worried about the possibility of a military conflict between Iran and the U.S., which could disrupt the supply. Talks between the two parties will take place on Thursday. Brent futures traded at $71.22 a barrel at 0140 GMT, an increase of 45 cents or 0.64%. WTI futures rose by 0.64% or 42 cents to $65. Brent prices hit their highest level since July 31st on Friday while WTI reached its highest level since August 4th on Monday. Both contracts are holding near that mark as the U.S. positions military forces in the Middle East, to force?Iran into...

Oil prices rose by around 2% to their highest level since six months on Thursday, as traders were concerned about escalating tensions in the Middle East, where the United States and Iran have increased military activity. Brent crude futures closed up $1.31 or 1.9% to $71.66 a barrel, while U.S. West Texas intermediate crude closed up $1.24 or 1.9% to $66.43. Brent closed Wednesday at its highest level since July 31 while WTI closed its highest level since August 1. Andrew Lipow, President of Lipow Oil Associates, said that oil prices were boosted by "geopolitical turmoil and the fear that...

Prices of oil?dropped Thursday as a result of falling?demand and easing fears about renewed Middle?East?conflicts. Brent crude oil futures settled on $67.52 per barrel, down $1.88 or 2.71%. U.S. West Texas Intermediate finished at $62.84 per barrel, down by $1.79 or 2.77%. The International Energy Agency announced on Thursday that global oil demand would rise slower than expected this year. However, it projected a large surplus despite the outages?that reduced supply in January. Brent and WTI benchmarks reversed their gains to become negative after the IEA monthly report. Earlier, they had been supported by concerns about the U.S. Iran backdrop....

The oil prices rose on Wednesday as a result of a heightened risk, despite the fact that U.S. Iran?talks remained tense. In addition, signs of easing surpluses, fueled by improved demand from India, also contributed to this increase. Brent crude oil futures rose 55 cents or 0.80% to $69.35 per barrel at 0356 GMT. U.S. West Texas Intermediate crude oil rose 57 cents or 0.89% to $64.53. LSEG analysts stated in a recent report that "oil maintains a bullish bid for tail risk as US-Iran negotiations continue, but remain fragile. This keeps the Strait of Hormuz premium at a high...

The price of oil held steady on Tuesday, as the'market waited to see what direction it would take while U.S. - Iran talks?continued. Brent crude oil futures were up 23 cents or 0.3% at $69.03 per barrel as of 0100 GMT. U.S. West Texas Intermediate Crude rose by 23 cents or 0.4% to $64.19 Iran's spokesperson for the foreign ministry said that the nuclear talks between Iran and the U.S. had allowed Tehran to gauge Washington’s seriousness, as well as a sufficient level of?consensus' to continue diplomatic efforts. Diplomats from Iran, the U.S. and Oman held talks last week to...

The oil prices were not much different on Tuesday, as the market awaited news about diplomatic relations between Iran and the U.S., the efforts to end Russia’s war in Ukraine, and data regarding the U.S. Economy and U.S. Oil inventories. Brent futures dropped?24 cents or 0.3% to settle at $68.80 per barrel. U.S. West Texas Intermediate crude (WTI), however, fell 40 cents or 0.6% to settle at $63.96. Analysts at the energy consulting firm Gelber & Associates wrote in a report that traders are "hesitant to push either direction" until they receive a more clear signal from diplomacy or see...

South Korea has purchased 273 million barrels of crude oil from the Middle East and Kazakhstan by the end of this year. Supplies are being routed outside of the Strait of Hormuz. Kang, who was visiting as a presidential special envoy in Kazakhstan, Oman and Saudi Arabia over the last week, said that Asia's fourth largest economy had also acquired 2.1 million tons of naphtha during the same time period. Kang stated that "in particular, the crude and naphtha obtained this time would be sourced via alternative supply routes, unrelated to the closure of the Strait?Hormuz. This will make a...

Japan will'start releasing oil from their stockpiles? on Monday in order to ease the shock of the?U.S. - Israeli?war against Iran. This is a stark reminder to the oil crisis that occurred half a century earlier, which prompted Tokyo to build reserves. Tokyo announced that it would release 80 million barrels of crude oil to Japan, which is enough to last the nation for 45 days. The war in the Gulf has disrupted supplies through the Strait of Hormuz. The Japanese government has instructed the country's refineries to use the crude oil released, which will reduce national reserves by 17%...

The price of oil climbed Thursday as investors hoped that U.S. and Iranian talks would avert a conflict which could disrupt supply. However, gains were capped due to a 'build-up in U.S. crude stocks. Brent futures traded at $71.12 a barrel at 0123 GMT, up 27 cents or 0.3%. WTI futures increased by 23 cents or 0.4% to $65.65. Brent rose 8 cents Wednesday while WTI dropped 21 cents. Brent reached its highest level since July 31, and WTI also rose to the highest level since July 31. Both contracts have remained?near these levels, as Washington has deployed military forces...

Investors worried about the escalating tensions between Iran and the U.S. pushed up oil prices on Thursday morning. Brent crude oil futures were up 34 cents or 0.49% at $69.74 per barrel at 0126 GMT. U.S. West Texas Intermediate Crude climbed 37 cents or 0.57% to $65.00. Both benchmarks closed higher on Wednesday. Brent futures rose 0.87%, and WTI more than 1.05% as investor concerns about U.S. - Iran tensions overshadowed a rise in U.S. oil stocks. After talks with Israeli Premier Benjamin Netanyahu, Donald Trump stated that the two leaders had not reached a "definitive agreement" on how to...

The oil prices increased for the third consecutive day on Thursday, as the U.S.?may launch a military strike against a key Middle Eastern producer?Iran which could disrupt the supply of the region. Brent crude 'futures' rose 50 cents or 0.73% to $68.9 a bar by 0216 GMT. U.S. West Texas Intermediate Crude climbed 58 Cents or 0.92% to $63.79 a bar. Both contracts are up about 5% since January 26. They have reached their highest level since September 29. As a result of President Donald Trump's increased pressure to stop Iran's nuclear program, including threats of military strikes, and the...

Prices of oil?recovered?on Friday, after U.S. president Donald Trump renewed his threats against Iran. This sparked fears that military action could disrupt crude supply while outages are occurring in Kazakhstan. Brent crude futures rose by 76 cents or 1.2% to $64.82 per barrel at 1026 GMT. U.S. West Texas Intermediate Crude?was up $75 cents or 1.3% at $60.11. Both benchmarks were set at weekly gains of around 1.1%. Prices rose earlier in the week due to U.S. president Donald?Trump’s actions on Greenland, but fell by about 2% on Thursday after he backtracked on tariff threats and ruled out a military...

The market is apprehensive about the possibility of Iranian supply disruptions after deadly unrest in this major Middle Eastern producer. Brent futures traded 9 cents lower or 0.14% at $65.38 per barrel at 0207 GMT. U.S. West Texas Intermediate Crude was down 12 Cents, or 0.2%, at $61.03 per barrel. Brent futures ended 2.5% higher Tuesday, while WTI rose 2.8%. Prices for both contracts have risen 9.2% in the last four trading sessions due to the?increasing protests against the fourth largest OPEC producer. U.S. president Donald Trump on Monday urged Iranians to continue protesting, and that help would soon be...

After two days of declining prices, oil prices increased on Thursday as the?U.S. Investors were encouraged to purchase futures as they watched Venezuela's developments. Brent crude futures rose 24 cents or 0.40% to $60.20 per barrel at 0343 GMT. U.S. West Texas Intermediate crude crude was up 22 cents or 0.39%. The benchmarks for both oil and gas fell by more than 1% on Wednesday, with the market expecting plenty of supply in 2019. Morgan Stanley analysts, for example, estimate that there will be a surplus as high as 3,000,000 barrels a day during the first half 2026. Mitsuru Muraishi...

Oil prices rose slightly on Thursday after two days of declines. A larger-than expected drawdown in U.S. crude stocks provided an impetus for investors to purchase futures as they monitored developments in Venezuela. Brent crude futures rose 38 cents or 0.6% to $60.34 per barrel at 0104 GMT, while U.S. West Texas Intermediate Crude was up 37 cents or 0.7%, and $56.36 per barrel. Morgan Stanley analysts, for example, estimate that there will be a global surplus of up to 3 million barrels a day in the first half 2026. Mitsuru Muraishi is an analyst with Fujitomi Securities. Pullback buying...

Oil prices rose marginally on the first trading day in 2026, after registering their largest annual loss since 2010. This was due to Ukrainian drones targeting Russian oil facilities and a U.S. trade blockade that impacted Venezuelan exports. Brent crude futures rose 22 cents Friday to $61.07 per barrel at 0833 GMT, while U.S. West Texas intermediate crude rose 22cents to $57.64. On New Year's Day, Russia and Ukraine exchanged accusations of attacks against civilians despite the talks that were overseen by U.S. president Donald Trump. The talks are meant to bring an end to a nearly four-year war. Kyiv...

The oil prices fell a bit early Tuesday morning after they had risen more than 2% the previous day. This was partly due to spillovers from a drop in precious metals, while escalating tensions between Russia and Ukraine left markets dealing with supply disruption concerns. Brent crude futures expiring?on? Tuesday were down 21 cents or 0.3% at $61.73 per barrel by 0150 GMT. The March contract, which is more active, was down 19 cents (0.3%) at $61.30. U.S. West Texas Intermediate Crude fell 20 cents or 0.3% to $57.88. Both contracts closed more than 2% above the previous session, after...

The oil prices were stable on Wednesday after they had risen in the five previous sessions. This was due to the robust economic growth of the United States and the threat of disruptions in supply from Venezuela and Russia. Brent crude futures fell 1 cent, to $62.37 per barrel at 0326 GMT. U.S. West Texas intermediate crude rose 1 cent, to $58.39. The two contracts have increased by about 6% each since the 16th of December, when they plummeted to levels not far from five-year lows. "What 'we've seen in the past week was a combination position squaring on thin...