Oil Up on U.S. Crude Drawdown, Forties Outage
Britain's biggest pipeline likely to be shut for several weeks. Oil prices rose on Wednesday as industry data showed a larger-than-expected drawdown in U.S. crude stockpiles, while expectations for an extended shutdown of a major North Sea crude pipeline also continued to bolster markets. Brent crude was up 42 cents at $63.76 a barrel by 1122 GMT. It had settled down $1.35, or 2.1 percent,…
Crude Stocks Down, Gasoline Inventories Rise - 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 5.1 million barrels in the week to Dec. 8, compared with analysts' expectations for an decrease of 3.8 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 3.3 million barrels, EIA said. Refinery crude runs fell by 243,000 barrels per day, EIA data showed.
Oil Edges Up on Chinese Demand
Strong Chinese imports support crude; U.S. crude output hits highest levels since 1970s. Oil prices edged up on Friday, helped by rising Chinese crude demand and threats of a strike in Africa's largest oil exporter. But prices were still on track for their largest weekly loss since early October amid concerns that rising U.S. production would undermine OPEC-led supply cuts aimed at curbing a glut.
Oil Passes $65 on UK Pipeline Outage
North Sea's Forties pipeline shut after cracks found; Forties crude underpins the Brent benchmark. Oil rose above $65 a barrel for the first time since mid-2015 on Tuesday following a shutdown of the UK's biggest North Sea oil pipeline, which helps set the benchmark for global prices. The Forties pipeline, which was scheduled to pump 406,000 barrels per day (bpd) in December, was shut down…
European Oil Margins Sink, but Recovery Expected in 2018
Benchmark European oil refining margins, sank to a 15-month low on Wednesday, pressured by weakness in the gasoline market, but traders are betting on a recovery in the coming months as refinery maintenance is likely to tighten supplies. The refining margin, a measure of the profit refiners can theoretically make from converting a barrel of crude into oil products, was trading at below $4 a barrel on Wednesday…
US Crude Stocks Fall; Big Draw at Cushing Hub
U.S. crude stocks fell last week as refineries hiked output, while gasoline stocks increased and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 1.9 million barrels in the week to Nov. 17, compared with analysts' expectations for an decrease of 1.5 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.8 million barrels, EIA said. Refinery crude runs rose by 199,000 barrels per day, EIA data showed.
Oil Slips in post-OPEC Profit Taking
U.S. crude stocks likely fell 3.5 million barrels. Oil slipped towards $62 a barrel on Tuesday as investors took profits in the wake of OPEC and other producers' pact to extend output cuts, although an expected drop in U.S. crude inventories lent support. Crude also slipped on concerns that the OPEC-led producer group's Nov. 30 decision to prolong their supply-cutting deal through 2018 could bolster U.S. output, which climbed to nearly 9.5 million barrels per day in September.
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…
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 Stocks Fall - EIA
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 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)
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…
Weekly U.S. Gasoline Stocks Highest Since 1990
U.S. gasoline stockpiles rose nearly 2 million barrels last week to 242.6 million barrels, the highest figure since 1990, data from the U.S. Energy Information Administration showed on Wednesday. Meanwhile, refinery utilization last week edged up 0.1 percentage points to 90 percent, the highest figure for the week since 2005, EIA data showed. Reporting By Catherine Ngai
Canadian Crude Exports to U.S. Top 3m bpd for First Time
Canadian crude oil exports to the United States hit a record high of 3.25 million barrels per day in the week ended Oct. 3, data from the U.S. Energy Information Administration showed on Wednesday. It is the first time Canadian oil exports to its southern neighbour have topped 3 million barrels per day. Canada is home to Alberta's oil sands and has the world's third-largest crude reserves after Saudi Arabia and Venezuela. (Reporting by Nia Williams; Editing by Meredith Mazzilli)
US Gasoline Stocks Lowest Since Nov 2012
U.S. gasoline stocks hit 205.6 million barrels last week, their lowest level since November 2012, according to weekly data from the U.S. Energy Information Administration on Thursday. The number fell by 3.99 million barrels from the prior week, according to the EIA. (Reporting By Jarrett Renshaw; Editing by Chizu Nomiyama)
Brent Oil Price is the Main Factor in US Gasoline Prices
U.S. gasoline prices are mostly determined by international oil prices, a report by the Energy Information Administration said on Thursday, a conclusion that downplays concerns by some lawmakers that lifting a 40-year-old crude oil export ban would raise domestic fuel bills. "Brent crude oil prices are more important than WTI crude oil prices as a determinant of U.S. gasoline prices," the EIA said in a long-awaited report.
U.S. Supplied 84% of 2013 Domestic Energy Demand
Total U.S. energy production reached 81.7 quadrillion British thermal units (quads) in 2013, enough to satisfy 84% of total U.S. energy demand, which totaled 97.5 quads, according to the U.S. Energy Information Administration. Natural gas was the largest domestically produced energy resource for the third year in a row and, together with the other fossil fuels (coal, crude oil, and hydrocarbon gas liquids), accounted for more than three quarters of U.S. energy production.
US Crude Oil Production at 28-year High
U.S. domestic crude oil production in the United States hit 8.43 million barrels per day (bpd) last week, the highest level since October 1986, weekly data from the U.S. Energy Information Administration (EIA) showed on Wednesday. The EIA output data is an estimate and includes lease condensates produced alongside oil. Meanwhile, crude oil inventories in the Gulf Coast region hit a record high of 215.7 million barrels after they rose 2.3 million barrels in the week to May 9…
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.