Friday, April 3, 2020

Crude Oil Stocks News

Coronavirus Leaves China-bound Tankers Stranded

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The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets…

Brent Oil Prices Rise Above $60

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Brent crude oil futures rose above $60 a barrel on Wednesday after industry data showed a larger-than-expected drop in U.S. crude inventories, but lingering worries about a possible global recession capped gains.Brent crude had gained 26 cents, or 0.43%, to $60.29 a barrel by 0900 GMT, after settling 0.5% higher on Tuesday, while U.S. crude was up 3 cents, or 0.05%, at $56.16 a barrel.U.S.

US to Overtake Saudi in Oil Exports

Graph: Rystad Energy

United States will soon export more oil and liquids than Saudi Arabia, thanks to the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast.According to Rystad Energy, energy research and business intelligence company, it is a a pivotal geopolitical shift. The US has for decades relied on large-scale imports to satisfy its thirst for oil…

U.S. Crude Stockpiles Fall Unexpectedly -EIA

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U.S. crude oil stocks fell unexpectedly last week as net imports fell to record lows, despite production growing to all-time highs and abundant inventories at the Cushing, Oklahoma hub, the Energy Information Administration said on Wednesday.After five consecutive weekly builds, nationwide crude inventories fell 8.6 million barrels in the week to Feb.

U.S. Crude Stockpiles Fall More Than Expected - EIA

U.S. crude oil stocks fell more than expected last week, while gasoline and distillate inventories rose more than forecasts, the Energy Information Administration said on Wednesday.Crude inventories fell by 2.7 million barrels in week to Jan. 11, compared with analysts' expectations for a decrease of 1.3 million barrels.Crude stocks at the Cushing…

Oil Steadies but Outlook for Demand Grows Gloomy

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Oil rose as global markets steadied on Thursday, recovering some of the previous day's 2 percent slide, though a weakening outlook for crude demand kept prices in check.The oil market had felt the effects on Wednesday of a large build in U.S. inventories that added to concern over the outlook for fuel demand, while crude…

Oil Breaks Above $72 as Supply Concerns Build

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Supply risks in Middle East, Venezuela also buoy crude. Oil prices extended gains on Wednesday, lifted by a reported decline in U.S. crude inventories and the risk of supply disruptions. Brent crude oil futures rose 87 cents to $72.45 a barrel by 1143 GMT, while U.S. WTI crude futures rose 95 cents to $67.47. "Yesterday evening saw the API report a surprising decrease in U.S.

Oil Eases Back from 2018 Highs

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Brent falls below $70/barrel amidst high volumes for Shanghai crude, but also high volatility. Oil fell on Wednesday as investors took profit on a rally the previous day to this year's highs after a report showed a surprisingly large increase in U.S. crude inventories. May Brent crude futures, which expire on Thursday, were at $69.70 per barrel…

Oil Approaches Six-Week Highs

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Oil neared its highest in six weeks on Wednesday after a surprise decline in U.S. inventories and as concern persisted over possible disruption to Middle East supply. Unexpectedly large inventory declines in the United States helped underpin the market, even though refinery maintenance reaches a peak this month, but with the hardening stance of the United States towards Iran…

U.S. Crude Oil Stocks Unexpectedly Drop - EIA

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U.S. crude stocks fell unexpectedly last week as imports dropped, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Thursday. Crude inventories fell by 1.6 million barrels in the week to Feb. 16, compared with analysts' expectations for an increase of 1.8 million barrels.

OPEC Pact Likely to Evolve Rather Than Terminate

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"The lexicon of exit is not found in our vocabulary", OPEC Secretary-General Mohammad Barkindo told reporters on the sidelines of a conference in Cairo on Monday. Ministers from the Organization of the Petroleum Exporting Countries have been anxious to counter speculation about an early end to production curbs. Barkindo…

Oil Rises as OPEC Compliance Eclipses US Output

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U.S. production tops 10 mln bpd for first time since 1970 as U.S. inventories rise by 6.8 mln bbls. Oil prices rose on Thursday after a survey showed OPEC's commitment to its supply cuts remains in place, even as U.S. production topped 10 million barrels per day for the first time since 1970. Brent April crude futures were up 53 cents on the day at $69.42 a barrel by 1150 GMT…

Oil Above $68 on Tighter Markets, Lower Inventories

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OPEC-led output cuts, dip in U.S. rig count support prices; U.S. crude inventories expected to fall for 8th week. Oil rose further above $68 a barrel on Tuesday, touching its highest since May 2015, supported by OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week. The Organization of…

U.S. Crude Stocks Fall - EIA

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U.S. crude oil stocks fell last week, led by the biggest fall in inventories at the Cushing, Oklahoma storage hub in eight years, while gasoline and distillate stockpiles rose, the Energy Information Administration said on Wednesday. Crude inventories fell 3.4 million barrels in the week to Nov. 24, compared with analysts' expectations in a Reuters poll for a decrease of 2.3 million barrels.

U.S. Crude Extends Rally to $58

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Keystone crude deliveries to U.S. cut by 85 pct through November. Oil extended gains on Wednesday, with U.S. crude hitting $58 a barrel for the first time since July 2015 as a major pipeline cut Canadian crude flows to the United States, where inventories are expected to have fallen further. The Keystone pipeline will cut deliveries by 85 percent or more through the end of November, sources said.

OPEC's Options for Extending Production Pact: Kemp

Senior officials from the Organization of the Petroleum Exporting Countries and its allies are already discussing an extension of their production accord beyond its scheduled expiry at the end of March 2018. Current production limits have already been extended once, from the end of June 2017 to give more time for the oil market to rebalance.

Oil Steady as U.S. Rig count, Middle East Issues Support

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U.S. oil rig count drops to lowest since June as Iraq, Saudi Arabia hail OPEC cooperation. Oil prices held on to last week's gains on Monday, supported by supply disruptions in Iraq and a drop in U.S. drilling. But analysts said the reduction in drilling rigs in the United States could prove temporary as activity had been restrained by hurricane threats. The number of U.S.

Oil Prices Slip Ahead of Key OPEC Meeting

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OPEC meeting in Vienna on Friday as U.S. crude production has reached pre-Harvey storm levels. Oil prices slipped on Thursday, giving up some recent gains before a meeting of oil producers that could extend production limits aimed at clearing a glut in supplies that has depressed the market for more than three years. Ministers from the Organization of the Petroleum Exporting Countries…

Hedge Funds Watch U.S. Refinery Restarts

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Hedge funds are betting crude oil stocks will adjust quickly to the aftermath of Hurricanes Harvey and Irma but gasoline and distillate inventories may take more time to normalise. Hedge funds and other money managers increased their combined net long position in the five major petroleum contracts linked to crude, gasoline and heating oil by 46 million barrels in the week to Sept.

Oil Slips after Harvey Floods U.S. Refineries

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Storm Harvey shuts U.S. oil refineries; U.S. government releases oil from reserves. Oil prices slipped on Friday in the wake of Hurricane Harvey, which has killed more than 40 people and brought record flooding to the oil heartland of Texas, paralysing a quarter of the U.S. refining industry. Harvey, downgraded to a tropical storm and losing steam as it moved inland…