US Crude Stocks Down Nearly 6 Mln Barrels -EIA
U.S. crude stocks fell last week while gasoline stocks increased and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 5.7 million barrels in the week to October 13, compared with analysts' expectations for an decrease of 4.2 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 202,000 barrels, EIA said. Refinery crude runs fell by 819,000 barrels per day, EIA data showed.
EIA Raises US Oil Production Growth Forecast for 2018
The U.S. Energy Information Administration said on Wednesday it expects U.S. crude oil production in 2018 to rise by more than previously expected. The agency forecast that 2018 crude oil output will rise by 680,000 barrels per day (bpd) to 9.92 million bpd. Last month, it expected a 590,000 bpd year-over-year increase to 9.84 million bpd. For 2017, it forecast a rise of 380,000 bpd to 9.24 million bpd.
US Crude Stocks, Distillate Inventories Dip -EIA
U.S. crude stocks fell last week as refineries hiked output, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Thursday. Crude inventories fell by 2.7 million barrels in the week to Oct. 6, compared with analysts' expectations for an decrease of 2 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.3 million barrels, EIA said. Refinery crude runs rose by 229,000 barrels per day, EIA data showed.
Schlumberger, Baker Hughes Warn of N. America Slowdown
Schlumberger Ltd and Baker Hughes, the world's top two oilfield services firms, warned on Friday of a slowdown in North America and a challenging year ahead as crude oil prices stay volatile. Schlumberger said investments in North America were moderating as energy companies increasingly shied away from chasing higher production at the cost of financial returns. "Oil prices remain volatile and…
India's Oil Imports Hit Record High in September
India imported a record 4.83 million barrels per day (bpd) of oil in September as several refiners resumed operations after extensive maintenance to meet rising local fuel demand. The world's third-biggest oil importer shipped in 10 percent more oil last month than a year earlier and about 19 percent more than in the previous month, ship-tracking data from industry sources and Thomson Reuters Analytics showed. "There was heavy maintenance at some refineries in July-August.
US Crude Stocks, Distillates Drop Sharply -EIA
U.S. crude stocks fell last week, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories fell by 6 million barrels in the week to Sept. 29, compared with analysts' expectations for an decrease of 756,000 barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.5 million barrels, EIA said. Refinery crude runs fell by 145,000 barrels per day, EIA data showed.
US Natural Gas Prices Under Pressure Even as Stocks Tighten
U.S. natural gas stocks continue to tighten, but most traders appear unconcerned, with futures prices for gas delivered this winter close to the lowest levels since the start of the year. Working gas stocks in underground storage were 35 billion cubic feet (bcf) below the five-year average at 3,646 bcf on Oct. 13, according to data from the U.S. Energy Information Administration. Working stocks have tightened significantly since the middle of March…
Oil Slips but Holds Most Recent Gains on Expected OPEC Cuts
Oil prices slipped on Thursday but held on to most recent gains, supported by OPEC-led supply cuts, tension in the Middle East and lower U.S. production. Brent crude fell by $1.13 a barrel to a low of $57.02 before recovering a little to $57.30 by 1345 GMT. The global benchmark was still about 30 percent above its mid-year levels. U.S. light crude was down 75 cents at $51.29, almost 25 percent higher than June's lows.
Oil Falls on Higher U.S. Crude Inventories
U.S. crude stocks up by 3.1 mln barrels at 468.5 mln as Goldman expects average Brent price of $58 a barrel in 2018. Oil prices slipped on Thursday as U.S. fuel inventories rose despite efforts by OPEC to cut production. Brent crude oil was down 60 cents at $56.34 a barrel by 1055 GMT. U.S. light crude was 75 cents lower at $50.55. Both benchmarks have risen more than 20 percent from their lows in June as world oil markets tightened.
US Crude Stockpiles Drop as Refineries Restart -EIA
U.S. crude stocks fell last week as refineries hiked output because they restarted following Hurricane Harvey, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories fell by 1.8 million barrels in the week to Sept. 22, compared with analysts' expectations for an increase of 3.4 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.2 million barrels, EIA said.
U.S. Oil Train Traffic mostly from Midwest to East Coast
U.S. oil trains delivered more than 13.5 million barrels of crude oil from the Midwest to the East Coast in January, according to government data that gives a first of its kind snapshot of such shipments. The data from the Energy Information Administration is the first if its kind from the independent statistics arm of the U.S. Energy Department. Oil producers in North Dakota have relied on oil trains to reach East Coast refiners eager to process the light…
Oil Rises 2 Percent as Trump Mulls End of Iran Nuclear Deal
Saudi Arabia, Russia expected to agree extended production cut; Trump expected to decertify Iran nuclear deal. Oil prices rose about 2 percent on Thursday as signs Saudi Arabia and Russia would limit production through next year pushed the U.S. benchmark back above $50 a barrel. The news outweighed Wednesday's U.S. data showing record U.S. exports and the return of production at a major Libyan oilfield. Brent futures settled at $57 a barrel, up 2.2 percent, or $1.20, while U.S.
Asia Buyers Turn to U.S. for Cheap Crude
Traders send more U.S. crude to Asia on wide WTI-Brent spread; but China accounts for bulk of region's crude imports from U.S. Asia is set to ramp up crude oil imports from the United States in late 2017 and early next year, with buyers searching out cheap supplies after hurricanes hit U.S. demand for the commodity at a time of rising production in the country. As many as 11 tankers, partly or fully laden with U.S.
US Fuel Exports Recover after Harvey
Fuel exports from the U.S. Gulf Coast are rising rapidly as refineries recover from weeks of disruptions due to Hurricane Harvey, offering respite to buyers in Latin America and Europe. The gradual resumption of operations in the region that has become a major oil export hub has prompted a drop in benchmark gasoline and diesel refining margins on both sides of the Atlantic. Margins measure the profit from converting crude into fuels.
EIA Cuts 2015 Oil Production Forecast
The total U.S. oil production forecast for 2015 was lowered by another 100,000 bpd to 9.3 million bpd, the U.S. Energy Information Administration said on Tuesday. Last month, the EIA trimmed its monthly short-term energy outlook by 100,000 bpd to an average of 9.4 million bpd . Reporting By Catherine Ngai
US Oil Output Seen Growing Less than Expected in 2017
U.S. oil production is expected to rise 100,000 barrels per day to 8.98 million barrels in 2017, 0.3 percent less than previously forecast, according to a monthly U.S. government report released on Tuesday. “Global oil supply and demand is now expected to be largely in balance during 2017 as the gradual increase in world oil inventories that has occurred over the last few years comes to an end…
U.S. Crude Output Falls 167,000 bpd in Sept -EIA
U.S. oil production fell 167,000 barrels per day to 8.58 million bpd in September from August, the U.S. Energy Information Administration said Wednesday in a monthly report. Production declined by 139,000 bpd in the offshore Gulf of Mexico, and rose slightly in Texas, increasing by 6,000 bpd. Production in North Dakota slipped by 12,000 bpd, the EIA said. (Reporting by Jessica Resnick-Ault)
U.S. Crude Drops to Contract Low, RBOB Trims Losses, after EIA data
U.S. crude oil futures extended losses on Wednesday to a contract low after the Energy Information Administration's (EIA) weekly report showed crude inventories rose last week, against expectations stocks would be down. U.S. front-month September crude fell $1.19 to a contract low of $49.67 a barrel after the government report, two pennies under the previous contract low struck in March and the lowest price for front-month crude since April. U.S.
U.S. RBOB Gasoline Futures Pare Gains on Inventory Rise
U.S RBOB gasoline futures pared gains on Wednesday after an Energy Information Administration report showed gasoline inventories in the United States rose 800,000 barrels last week, against expectations stocks would be down slightly. U.S. RBOB futures for September delivery were up 1.07 cents at $1.6959 a gallon at 10:44 a.m. EDT (1444 GMT), having reached $1.790 earlier in the session. (Reporting by Robert Gibbons)
EIA: U.S. reserves up 4.5 bln barrels on shale
Proven U.S. oil and condensate reserves jumped 15.4 percent, or 4.5 billion barrels, in 2012 thanks to shale oil plays such as the Eagle Ford in Texas and the Bakken in North Dakota, the Energy Information Administration said on Thursday. Reserves totaled 33 billion barrels, having increased throughout 2012 by the largest amount since 1970. Oil and gas production in the world's largest oil…