Oil Rises as U.S. Sanctions on Iran Tighten Supply
Oil prices rose on Friday as U.S. sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other key exporters increased production.Global crude oil benchmark Brent was up 60 cents at $82.32 a barrel by 1340 GMT. The contract hit a four-year high of $82.55 this week but has been fairly stable during the third quarter, gaining around 3 percent since the end of June.U.S. light crude was up 10 cents at $72.22 a barrel.
US Drillers Add Oil Rigs for First Week in Four
The U.S. oil drilling rig count rose this week for the first time in four weeks even as crude prices tumbled to their lowest in almost three weeks.Drillers added eight oil rigs in the week to Oct. 12, bringing the total count to 869, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The increase is the biggest weekly gain since mid August.The U.S.
Oil Falls as Refined Products' Stocks Rise
Oil prices fell on Friday as a rise in stocks of refined petroleum products offset a sharp decline in U.S. crude inventories to the lowest level since 2015.Brent crude futures were down 34 cents at $76.16 a barrel by 1346 GMT. U.S. West Texas Intermediate (WTI) crude futures slipped 64 cents to $67.13 per barrel.Both contracts were set for their first weekly loss in three.U.S. commercial crude…
U.S. Oil Boom Starts to Cool, Tightening Global Market: Kemp
U.S. oil production is running into capacity constraints, which are starting to have a material impact on the global availability of crude, causing the market to tighten and putting upward pressure on prices.The biggest problem is the lack of sufficient pipeline capacity to move oil from shale wells in western Texas and eastern New Mexico to refineries in the Midwest and export terminals on…
GoM Offshore Platforms Evacuated Ahead of Hurricane
Energy companies on Monday halted nearly a fifth of Gulf of Mexico oil production and evacuated staff from 10 platforms as Hurricane Michael intensified and headed for a path up the eastern U.S. part of the Gulf.BHP Billiton, BP, Equinor and Exxon Mobil Corp were evacuating personnel from oil and gas platforms in the Gulf as forecasters predicted the storm would become a Category 3 hurricane.Companies turned off the daily production flow of 324…
U.S. Crude Stockpiles Fell More Than Expected Last Week - EIA
U.S. crude stocks fell last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday.Crude inventories fell by 5.3 million barrels in the last week, compared with analysts' expectations for an decrease of 805,000 barrels.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.2 million barrels, EIA said.Refinery crude runs rose by 210,000 barrels per day, EIA data showed.
Storm Shuts Nearly 40% of US GoM Oil Output
Nearly 40 percent of daily crude oil production was lost from offshore U.S. Gulf of Mexico wells on Tuesday due to platform evacuations and shut-ins ahead of Hurricane Michael.Since Monday, oil producers, including Anadarko Petroleum Corp, BHP Billiton, BP and Chevron Corp , have evacuated personnel from 75 platforms as the storm made its way through the central Gulf on the way to landfall on Wednesday on the Florida Panhandle.Companies turned off daily production of about 670…
Oil Slips from 4-month Highs
Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.Benchmark Brent crude oil was down 65 cents a barrel at $79.09 by 1200 GMT. U.S. light crude fell $1.15 to a low of $69.22 a barrel and was last at $69.50, down 87 cents."A bout of profit-taking is pushing the energy complex (down) after two days of stellar gains…
Oil Slips From 4-month Highs on Economic Concerns
Oil prices fell on Thursday, slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.Benchmark Brent crude oil was down 60 cents a barrel at $79.14 by 1330 GMT. U.S. light crude fell $1.31 to a low of $69.06 a barrel and was last at $69.42, down 95 cents."A bout of profit-taking is pushing the energy complex (down) after two days of stellar gains…
Oil Rises on Iran Sanctions, and Dip in U.S. Fuel Inventories
Global oil markets to tighten towards end of 2018 - IEA.Oil prices rose on Thursday, extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in U.S. crude inventories.Benchmark Brent crude oil was up 60 cents a barrel at $77.74 by 1320 GMT. U.S. light crude was 40 cents higher at $69.91.Brent has risen by almost 10 percent over the past two…
Oil Hits Multi-Week Highs on U.S. Inventories, Falling Iran Exports
Oil prices rose more than 1 percent on Wednesday, with Brent at its highest in seven weeks and U.S. crude touching a three-week peak, supported by a drawdown in U.S. crude and gasoline stocks and reduced Iranian crude shipments as U.S. sanctions deter buyers.Brent crude jumped $1.19, or 1.6 percent, to settle at $77.14, after touching $77.41, its highest since July 11.U.S. oil settled 98 cents, or 1.4 percent higher at $69.51 a barrel, after touching $69.75, its highest since Aug.
U.S. Crude Stocks Rise by 8 mln Barrels
U.S. crude stocks rose last week as refineries hiked output, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday.Crude inventories rose by 8 million barrels in the week to Sept. 28, compared with analysts' expectations for an increase of 2 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.7 million barrels, EIA said.Refinery crude runs rose by 77,000 barrels per day, EIA data showed.
Pemex Pauses Light Crude Exports
Mexico's state-run oil firm Pemex has not exported light crude since May, according to a source and export data seen by Reuters on Thursday, as it gears up to process more of the oil at its domestic refineries.Mexico's President-elect Manuel Andres Lopez Obrador has said he wants to reduce the country's crude exports and increase domestic production of gasoline and diesel despite a persistent…
Michael Shuts Nearly 40% of U.S. Gulf of Mexico Oil Output
Nearly 40 percent of daily crude oil production and more than one-third of natural gas output was lost from offshore U.S. Gulf of Mexico wells on Wednesday because of platform evacuations and shut-ins ahead of Hurricane Michael.Michael is a Category 4 storm expected to hit the Florida Panhandle later Wednesday with maximum sustained winds of 145 miles (233 kilometers) per hour.Oil producers - including Anadarko Petroleum Corp…
Oil Gains, Shrugging Off Bearish U.S. Crude Build
Oil rose on Wednesday, touching a fresh four-year high as the market focused on upcoming U.S. sanctions on Iran and shrugged off a surprisingly big build in U.S. crude stockpiles and reports of higher Saudi Arabian and Russian production."Nothing matters between here and Nov. 4," said Bob Yawger, director of futures at Mizuho in New York, referring to the date when U.S. sanctions take full effect. "You just had the biggest draw this year, and the market rallied right through it."U.S.
Oil Rises as Investors Fret Over Iranian Supply Gaps
Oil edged higher on Thursday, driven by the prospect of a shortfall in global supply once U.S. sanctions against major crude exporter Iran come into force in just five weeks' time.U.S. President Donald Trump this week demanded that OPEC raise production to prevent further price rises ahead of key congressional elections in early November.Analysts say the Organization of the Petroleum Exporting…
U.S. Crude Stocks Up by 6 mln Barrels - EIA
U.S. crude stocks rose last week as refineries cut output, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Thursday.Crude inventories rose by 6 million barrels in the week to October 5, compared with analysts' expectations for an increase of 2.6 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.4 million barrels, EIA said.Refinery crude runs fell by 352,000 barrels per day, EIA data showed.
Oil Holds Just Below $80, Supported by Supply Concerns
Brent oil prices eased modestly on Wednesday but stayed near their highest level this year, supported by concerns that producers may fail to cover a supply shortfall once U.S. sanctions on Iran come into force in November.Brent, the global oil benchmark, slipped 18 cents to $78.85 a barrel by 1336 GMT, after Tuesday's 1.3 percent rise on a media report that Saudi Arabia, the world's largest oil exporter…
U.S. Crude, Gasoline Stockpiles Fell Last Week - EIA
U.S. crude stocks fell last week, while gasoline stocks decreased and distillate inventories rose, the Energy Information Administration said on Wednesday.Crude inventories fell by 2.1 million barrels in the last week, compared with analysts' expectations for an decrease of 2.7 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.25 million barrels, EIA said.Refinery crude runs fell by 442,000 barrels per day, EIA data showed.
U.S. Crude Oil Stockpiles Decline More Than Expected Last Week
U.S. crude stocks fell more than expected in the latest week, while gasoline and distillate inventories rose, the Energy Information Administration said on Thursday.Crude inventories fell by 4.3 million barrels in the last week, compared with analysts' expectations for a decrease of 1.3 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 549,000 barrels, EIA said.Refinery crude runs rose by 81,000 barrels per day, EIA data showed.
