US Oil Drillers Cut Rigs
U.S. energy firms cut oil rigs for a second week in a row this week, prolonging a move by drillers over the past month to reduce the number of active rigs after crude prices collapsed in October and November.Drillers cut four oil rigs in the week to Dec. 14, bringing the total count down to 873, the lowest since mid October, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.More than half the total U.S.
Crude Inventory Drops Again, Brent Stays Around $60
U.S. crude inventory declined again last week, reducing fear of a repeat 2014/16 oil glut occurring. The latest weekly survey by the U.S. Energy Information Administration (EIA) indicates a small inventory fall of 1.2 million barrels in the week ended December 7. This follows a 7.3 million barrel decline in the previous week. The decrease over the past two weeks follows 10 straight weeks of U.S. crude inventory build.While EIA data include only U.S.
U.S. Crude Oil Stockpiles Dip, Gasoline Builds - EIA
U.S. crude oil stockpiles last week fell less than expected, while gasoline inventories increased and distillates stocks fell, the Energy Information Administration said on Wednesday.Crude inventories fell by 1.2 million barrels in the week to Dec. 7, compared with analysts' expectations for a decrease of 3 million barrels.The crude drawdown was also short of an over 10 million-barrel decline…
Crude Inventory Growth Reverses
U.S. crude inventory declined last week. The latest weekly survey results by the U.S. Energy Information Administration (EIA) indicate a fall of 7.3 million barrels in the week ended November 30. This follows a 10-week streak of crude inventory build that has been striking fears of a repeat of the 2014/16 oil glut.While EIA data include only U.S. inventory the survey results are considered…
Oil Falls as High Inventories Outweigh Likely OPEC Cuts
Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week.The two global oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November, losing more than 20 percent as global supply has outstripped demand.Brent fell $1.20…
Oil Rises After Russia Leans Towards Output Cut
Oil reversed course and rose as much as 3 percent on Thursday, after industry sources said Russia had accepted the need to cut production, together with OPEC ahead of its meeting next week.Prices, however, were still set for its biggest one-month fall in November since the depths of the financial crisis in 2008, having lost about 22 percent so far.A seemingly relentless rise in crude supply from the United States…
U.S. Crude, Natgas Proved Reserves Hit Record Highs in 2017 -EIA
U.S. crude oil and natural gas proved reserves rose to record highs in 2017, driven by stronger energy prices and the continuing development of shale formations, the U.S. Energy Information Administration (EIA) said on Thursday.Crude reserves increased 6.4 billion barrels, or 19.5 percent, to 39.2 billion barrels at year-end 2017, marginally higher than the previous record of 39 billion barrels set in 1970."Total U.S.
Crude Inventory Growth Sends Brent Below $60
The latest weekly survey results by the U.S. Energy Information Administration (EIA) indicate a 10th straight week of crude inventory build in the U.S. – striking fears of a repeat of the 2014/16 oil glut.In the week ending 23 November crude inventory grew by 3.6 million barrels – despite U.S. refineries getting back to almost 96 percent utilization. EIA says U.S. crude oil inventories are now 7 percent above the five-year average for this time of year.While EIA data include only U.S.
U.S. Crude Stockpiles Build for 10th Straight Week - EIA
U.S. crude oil stockpiles rose for a 10th week in a row last week even as refineries boosted output and exports increased, the Energy Information Administration said on Wednesday.Crude inventories rose 3.6 million barrels in the week to Nov. 23, compared with analysts' expectations for an increase of 769,000 barrels.After falling to two-and-a-half-year lows in September, crude stocks have risen 14 percent with 10 straight weeks of increases.
Crude Oil Inventory Update
Crude inventory build has reared its head again. And fears of an oil glut returning have sent oil prices south.According to the International Energy Agency (IEA), OECD oil stocks increased by 58.1 million barrels in Q3 2018, the largest gain since 2015. The agency in November said OECD oil holdings are likely to exceed the five-year average when October data are finalized.Looking forward, the…
Oil Rebounds After Prior Session's Slide
Oil prices rose almost $2 a barrel on Wednesday, bouncing from the lowest levels in months, after U.S. government data showed strong demand for refined fuel, but concerns remained over rising global crude supply.Brent crude futures gained $1.55 to $64.08 a barrel, a 2.5 percent gain, by 1:12 p.m. EST (1812 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $1.89 to $55.32 a barrel, a 3.5 percent gain.U.S.
U.S. Crude Stockpiles Rise More than Forecast - EIA
U.S. crude oil stockpiles rose more than expected last week, building for the ninth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday.Crude inventories rose 4.9 million barrels in the week to Nov. 16, compared with analysts' expectations for an increase of 2.9 million barrels. Total inventories were 446.91 million barrels, the highest level since Dec.
U.S. Crude Stocks Jump 10.3 mln arrels Last Week - EIA
U.S. crude stocks rose last week as imports climbed, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Thursday.Crude inventories rose by 10.3 million barrels in the last week, compared with analysts' expectations for an increase of 3.2 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.17 million barrels, EIA said.Refinery crude runs rose by 24,000 barrels per day, EIA data showed.
Oil Markets Rattled by New Demand/Supply Imbalance
Fear of a new oil demand/supply imbalance has rattled the oil market.Market sentiment has suddenly shifted. Fear that Iran sanctions will cause oil prices to spike to $100+ has been superseded by concern that prices are heading south with no bottom in sight.Iran sanctions were expected to take a substantial volume of supply from the market. Anticipating this, the Saudis and Russians increased production to offset (take advantage of) the expected loss of Iranian supply.
U.S. Crude Stocks Rise, Gasoline, Diesel Stocks Down - EIA
U.S. crude stocks rose last week as refineries cut output, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday.Crude inventories rose by 6.3 million barrels in the week to Oct. 19, compared with analyst expectations for an increase of 3.7 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.4 million barrels, EIA said.Refinery crude runs fell by 48,000 barrels per day, EIA data showed.
Venezuela, Mexico Divert Crude to U.S. as Canadian Barrels Get Stuck
Cash-strapped state-run oil companies in Mexico and Venezuela have begun diverting crude historically processed for domestic use and sending it to U.S. refiners now facing transportation constraints to secure similar grades from Canada, data shows.The situation reflects an unusual set of events, including urgent needs by Venezuela and Mexico for cash for debt payments and investment, and demand for heavy crude in the United States due to less availability of Canadian oil…
US Drillers Add Oil Rigs for Third Week in a Row
U.S. energy firms added oil rigs for a third week in a row for the first time since June, keeping the rig count at its highest in over three years, as declining productivity in some shale fields force companies to drill more to keep output growing.Drillers added two oil rigs in the week to Oct. 26, bringing the total count to 875, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.For the month…
Oil Drops as Rising Global Supply Forces Price U-Turn
Oil neared three-month lows on Thursday, surrendering early gains as investors focused on global crude supply, which is increasing more quickly than many had expected.Chinese data earlier in the day that showed record oil imports offered some temporary respite to bearishness that has developed in the past couple of weeks over the expected crude market balance in 2019.Record U.S. crude production and signals from Iraq…
US Drillers Add Rigs for Fourth Week in Five
U.S. energy firms added oil rigs for a fourth time in the last five, keeping the rig count at its highest in over three years even though crude futures were on track to fall for a fifth week in a row to their lowest level since February.Drillers added 12 oil rigs in the week to Nov. 9, bringing the total count to 886, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S.
U.S. Crude Stocks Rise by 3.2 mln bbls Last Week - EIA
U.S. crude stocks rose last week, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday.Crude inventories rose by 3.2 million barrels in the last week, compared with analysts' expectations for an increase of 4.1 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.9 million barrels, EIA said.Refinery crude runs rose by 149,000 barrels per day, EIA data showed.
