Oil Market On Track to Rebalance Around Mid-2021
U.S. petroleum inventories have continued to converge down towards the five-year average, a sign that oil market rebalancing remains on track, despite the resurgence of the coronavirus since the end of 2020.Total stocks of crude oil and products, excluding the strategic petroleum reserve, fell by 12 million barrels last week and are down by 130 million barrels since the middle of 2020.Stocks have fallen in 24 out of the last 30 weeks, according to data from the U.S.
Oil Rises to 11-month High
Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.Brent crude settled up 92 cents, or 1.7%, at $56.58 a barrel by after touching its highest level since last February at $56.75. U.S. West Texas Intermediate (WTI) gained 96 cents, or 1.8%, to $53.28.Saudi…
Saudi Cuts Drive Oil to 11-month High
Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.Brent crude was up 5 cents to $54.35 a barrel at 1231 GMT after touching $54.90, a fresh high not seen since before the first COVID-19 lockdowns in the West.U.S. West Texas Intermediate (WTI) was up 26 cents, or 0.5% to $50.89 after touching $51.28.Wednesday's storming of the U.S.
US Energy Exports Severely Disrupted by Hurricane Laura
Oil and gas exports from the United States have been severely disrupted by Hurricane Laura, with nearly a million barrels per day (bpd) of crude exports likely reduced this week by closures of U.S. Gulf Coast terminals and disruptions at ports.The hurricane also temporarily suspended operations at several liquefied natural gas (LNG) facilities in the world’s third largest exporter of the super-cooled gas…
U.S. Sends First Crude Shipment to Saudi Arabia in Years
The United States sent a shipment of crude to Saudi Arabia in June, data from the U.S. Census Bureau showed on Wednesday, in what appears to be the first such delivery since the U.S. ban on crude exports ended in 2015.The United States shipped about 550,000 barrels, or 18,300 barrels per day (bpd), of crude to Saudi Arabia in June, U.S. Census data shows. The U.S. Energy Information Administration has no recorded instances of a U.S. crude shipment to Saudi Arabia.U.S.
Flurry of US Crude Export Fixtures Offers Slimmer of Hope
A flurry of tentative bookings to export U.S. crude oil from the Gulf Coast suggests demand is edging up after the coronavirus slammed energy consumption worldwide.BP, Trafigura and Equinor have all tentatively fixed vessels this past week to carry U.S. crude to global destinations over the coming month, according to Refinitiv Eikon data and shipping sources.Commodities merchant Trafigura and Occidental Petroleum are among companies looking to book vessels to ship crude from the U.S.
Oil Drops but Still Set for Biggest Monthly Gain in Years
Oil prices were dragged sharply lower on Friday by weak U.S. fuel demand, fears of a second wave of coronavirus cases in South Korea, and a worsening in U.S.- China relations, but were still on track for a hefty monthly gain.July Brent crude fell 72 cents, or 2%, to $34.57 a barrel by 1203 GMT and the more active August contract also lost 72 cents, or 2%, to $35.31. U.S. West Texas Intermediate (WTI) crude was down 83 cents…
Oil rises 5% in second weekly gain on output cuts, demand hopes
Oil prices settled 5% higher on Friday in their second consecutive week of gains as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic.The number of operating oil and natural gas rigs fell by 34 to an all-time low of 374 this week - reflecting data going…
Country-by-Country Look at Dropping Fuel Demand
It's hardly news that the COVID-19 pandemic has sent most every market into tumult, most notably the oil and gas market as political power plays flood the world with oil precisely when demand has plummeted. Here we provide some recent insights on just how steep falls in fuel demand has been as lockdowns to contain the spread of the novel coronavirus limit the movement of more than 4 billion people.UNITED STATESU.S.
Pemex Trading Arm Mulls Canceling May-June Cargos
The trading arm of Mexican state oil company Pemex is mulling options to slash the number of fuel cargoes the country imports in May and June as demand plummets because of the coronavirus, three sources close to the talks told Reuters.Pemex last week declared force majeure over fuel supplies from its trading arm PMI Comercio Internacional after a bottleneck of more than 60 vessels built up outside Mexican ports…
Enterprise Offers Crude Shipments From Gulf Coast to Cushing
Enterprise Products Partners LP said it would offer spot shipments of crude on an existing pipeline from the U.S. Gulf coast to Cushing, Oklahoma, the delivery point for benchmark U.S. crude futures, as demand to store oil inland surges.The move marks a sharp reversal from recent pipeline projects that were all built connecting inland markets to the Gulf Coast as U.S. crude exports climbed to record highs after Washington lifted a ban in late 2015.However…
The Numbers Tell the Story of Oil Industry Crisis
Global oil producers and refiners are struggling with a series of unprecedented dislocations as the simultaneous epidemic and volume war between Saudi Arabia and Russia rip through every element of the supply chain.Some idea of the extraordinary speed and scale of the disruptions was evident in the "Weekly Petroleum Status Report" published by the U.S. Energy Information Administration on Wednesday.The United States is the world's largest oil consumer and producer…
Brent Crude Drops to $26.35. Outlook Bleak
Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion emergency stimulus will bolster economic activity.Brent crude futures fell $1.04, or 3.75%, to $26.35 a barrel by 0834 GMT. West Texas Intermediate (WTI) crude futures fell 94 cents, or 3.8%, to $23.55 a barrel.
Oil Prices Fall as Demand Woes Eclipse U.S. Stimulus
Oil prices slipped into negative territory on Wednesday as faltering fuel demand from the spread of the coronavirus outweighed a massive pending U.S. economic stimulus package.Brent crude was down 45 cents, or 1.66%, at $26.70 per barrel at 1029 GMT after earlier rising to a high of $28.29.U.S. crude was down 10 cents, or 0.42%, at $23.91 after a high of $25.24 per barrel.U.S. senators and…
Trafigura, Phillips 66 to Build Deepwater Texas Oil Port
Global commodities trader Trafigura said on Friday it had formed a joint venture with U.S. refiner Phillips 66 to build a major deepwater port in Texas capable of handling supertankers, ditching its own competing project.The Bluewater Texas Terminal, which will be located 21 nautical miles east of the entrance to Corpus Christi port, will consist of two single point mooring buoys that can load…
U.S. Crude Stocks Jump More Than Anticipated -EIA
U.S. crude stocks rose more than expected while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.Crude inventories rose by 7.5 million barrels in the week to Feb. 7 to 442.5 million barrels, compared with analysts' expectations in a Reuters poll for a 3 million-barrel rise.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.7 million barrels in the last week…
US Offshore Wind Capacity to Reach 20GW by 2030
Installed offshore wind capacity in US waters could reach 20 gigawatts by 2030 and annual investments in the sector could surpass $15 billion by the mid-2020s, according to new research by Rystad Energy.According energy research and business intelligence company, such a trajectory means capital expenditure in US offshore wind will likely exceed those in US offshore oil and gas within the next…
Corpus Christi Crude Exports Boom
U.S. crude exports from Corpus Christi, Texas, have surged to a record in recent weeks, often surpassing hubs such as Houston and Beaumont, Texas, thanks to faster-than-expected infrastructure additions.The infrastructure boom at Corpus Christi helped push crude exports there to a weekly record of 1.59 million barrels per day (bpd) in late December, more than doubling levels that held for the first eight months of last year…
U.S. Crude Stocks Rise Unexpectedly -EIA
U.S. crude stocks, gasoline and distillate inventories rose last week, the Energy Information Administration said on Wednesday.Crude inventories rose by 1.2 million barrels in the week ended Jan. 3 to 431.1 million barrels, compared with analysts' expectations in a Reuters poll for a 3.6 million-barrel drop.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 821,000 barrels in the last week, EIA said.Refinery crude runs fell by 386,000 barrels in the last week, EIA said.
Oil Hits $70 a Barrel
Oil prices rose a further 2% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike which killed a top Iranian military commander.Brent crude futures soared to a high of $70.74 a barrel and was at $69.74 at 0940 GMT, up $1.14, or 1.66%, from Friday's settlement.U.S. West Texas Intermediate crude was at $63.92 a barrel…
