Saturday, July 21, 2018

Heating Oil News

Hedge Funds on Hold in Run Up to OPEC Meeting: Kemp

File Image (CREDIT: AdobeStock / © scanrail)

Hedge funds left their positions largely unchanged in the run up to last week's meetings among oil ministers from the Organization of the Petroleum Exporting Countries and its allies. Hedge funds and other money managers trimmed their combined net long position in the six most important futures and options contracts linked to petroleum for the ninth week in a row. But the combined net long position was cut by just 14 million barrels in the week to June 19, the smallest weekly amount since the middle of April…

Hedge Funds Continue Selling Oil, Especially Fuels: Kemp

File Image (CREDIT: AdobeStock / © Kasto)

Hedge funds became much more bullish about the outlook for U.S. crude prices last week, following an outage on Canada's Syncrude system, which supplies the U.S. Midwest, and a drawdown in crude stocks around Cushing. But in the rest of the petroleum complex, the persistent liquidation of formerly record bullish positions continued for the tenth week running, according to an analysis of exchange and regulatory data. Hedge funds and other money managers raised…

Oil Prices Fall on Record U.S. Output, Stock Build

© denismax / Adobe Stock

Oil prices fell on Thursday, pressured by a rising dollar and after official data showed an unexpected rise in U.S. crude stockpiles, U.S. output hit a record high and major oil exporters increased production.Benchmark Brent crude oil fell $1.07 to a low of $71.83 a barrel before recovering to trade around $72.35 by 1304 GMT. On Wednesday, Brent hit a three-month low of $71.19. U.S. light crude was 25 cents lower at $67.51.The U.S. dollar hit its highest level against a basket of other currencies since July 2017 on Thursday…

Hedge Funds Exit Crude Oil but Stay Bullish on Fuels

© Kalinovsky Dmitry / Adobe Stock

For all the bullish commentary about oil prices at the moment, hedge fund managers have continued to take profits after the recent rally and are trimming their net long positions rather than adding to them.Focusing on what people do rather than what they say is one of the most important lessons for any good analyst (actions always speak louder than words).Hedge funds and other money managers cut their net long position in the six most important petroleum futures…

U.S. Crude, Gasoline Inventories Drop Sharply

© W.Scott McGill/ Adobe Stock

U.S. crude stocks fell last week as refineries hiked output, while gasoline and distillate inventories dropped, the Energy Information Administration said on Wednesday.Crude inventories fell by 4.1 million barrels in the week to June 8, compared with analysts' expectations for a decrease of 2.7 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 687,000 barrels, EIA said.Refinery crude runs rose by 136,000 barrels per day, EIA data showed.

U.S. Oil Stocks Fall Sharply, Product Inventories Rise

© Gudellaphoto / Adobe Stock

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 5.9 million barrels in the week to June 15, compared with analysts' expectations for a decrease of 1.9 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.3 million barrels, EIA said.Refinery crude runs rose by 196,000 barrels per day, EIA data showed.

U.S. Crude Stocks Fall, Exports Hit Record High - EIA

© Edelweiss / Adobe Stock

U.S. crude oil stockpiles fell last week as exports hit a record high and refinery ramped up output, while gasoline inventories dropped more than expected ahead of the summer driving season, the Energy Information Administration said on Wednesday.Crude inventories fell 1.4 million barrels in the week to May 11, compared with analysts' expectations for a decrease of 763,000 barrels.Net U.S. crude imports fell 411,000 barrels per day as exports rose to a record 2.6 million bpd, benefiting of late from the widening spread between U.S.

Oil Stocks Drop by Nearly 10 mln Barrels - EIA

© endostock / Adobe Stock

U.S. crude stocks fell by nearly 10 million barrels last week as refineries hiked output, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday.Crude inventories fell by 9.9 million barrels in the last week, compared with analysts' expectations for a decrease of 2.6 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.7 million barrels, EIA said.Refinery crude runs rose by 115,000 barrels per day, EIA data showed.

Oil Climbs on Libya Force Majeure, Canada Outage

File Image (CREDIT: AdobeStock / © scanrail)

Libyan disruption cuts 850,000 bpd of oil from market; Canada outage drains U.S. crude, product inventories. Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lift U.S. crude to 3-1/2-year highs. U.S. light crude jumped 99 cents, or 1.3 percent, to $74.93 a barrel, its highest since November 2014, before easing back to $74.79, up 85 cents, by 1120 GMT. Benchmark Brent crude oil was up 70 cents at $78.00.

U.S. Crude Hits $75 as Oil Supply Risks Mount

© Natalia Bratslavsky / Adobe Stock

U.S. crude oil prices rose above $75 a barrel for the first time since 2014 on Tuesday after Iran appeared to threaten to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions."The Americans have claimed they want to completely stop Iran's oil exports," the website, president.ir, quoted Iranian President Hassan Rouhani as saying. "They don't understand the meaning of this statement, because it has no meaning for Iranian oil not to be exported…

U.S. Crude S​tockpiles Rise Unexpectedly - EIA

© artemegorov / Adobe Stock

U.S. crude oil stockpiles unexpectedly rose last week ,as imports grew and refineries cut output while gasoline inventories decreased nearly double forecasts, the Energy Information Administration said on Thursday. Crude inventories rose 1.2 million barrels in the week to June 29, compared with analysts' expectations for a decrease of 3.5 million barrels. Oil prices dropped on the news, in part because the figures were the inverse of the drop in inventories shown by industry group the American Petroleum Institute on Tuesday. U.S.

U.S. Crude Inventories Drop by Nearly 13 mln barrels - EIA

© ???? ??????? / Adobe Stock

U.S. crude stocks fell by nearly 13 million barrels last week as refineries cut output, while gasoline stocks decreased and distillate inventories rose, the Energy Information Administration said on Wednesday.Crude inventories fell by 12.6 million barrels in the week to July 6, compared with analysts' expectations for an decrease of 4.5 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.1 million barrels, EIA said.Refinery crude runs fell by 1,000 barrels per day, EIA data showed.

Big Crude Oil Margins Should Boost US Refiner Earnings

© Oleksii Fadieiev / Adobe Stock

U.S. refiners ran full-tilt in the second quarter, fueled by cheap domestic crude and fat margins that should boost earnings, though their heavy activity could eventually saturate the market with gasoline, sapping profits down the road.U.S. independent refiners, including Phillips 66 and Marathon Petroleum Corp, are expected to announce strong results due to the heavy discounts for U.S. and Canadian crude, along with strong fuel demand and lower costs to comply with the nation's biofuel laws…

U.S. Crude, Gasoline Inventories Rise Unexpectedly - EIA

© rCarner/ Adobe Stock

U.S. crude oil stockpiles climbed unexpectedly last week as net imports jumped, while gasoline stocks also posted a surprise build, the Energy Information Administration said on Wednesday.Crude inventories rose 5.8 million barrels in the week to May 18, compared with analysts' expectations for a decrease of 1.6 million barrels.Inventories rose in part due to a sharp 1.4 million-barrels-per-day hike in net crude imports. Exports fell 818,000 bpd last week to 1.7 million bpd…

Oil Tumbles as Hedge Funds Quit Crude: Kemp

File Image (CREDIT: AdobeStock / © Kasto)

Hedge fund managers were busy reducing bullish positions in petroleum well before OPEC and its allies indicated in the middle of last week that they would consider relaxing output curbs. Hedge funds and other money managers reduced their net long position in the six major petroleum futures and options contracts in each of the five weeks to May 22 by a total of 108 million barrels. The reduction has been concentrated in crude, where net long positions in Brent and WTI were cut by 169 million barrels over those five weeks (https://tmsnrt.rs/2LBbW8l).

Crude Stocks Unexpectedly Rise; Gasoline Also Builds - EIA

© Tomasz Zajda/ Adobe Stock

U.S. crude stocks rose surprisingly last week as refineries hiked output, while gasoline stocks increased and distillate inventories rose, the Energy Information Administration said on Wednesday.Crude inventories rose by 2.1 million barrels in the week to June 1, compared with analysts' expectations for a decrease of 1.8 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 955,000 barrels, EIA said.Refinery crude runs rose by 214,000 barrels per day, EIA data showed.

U.S. Oil Inventories Up Unexpectedly - EIA

© artemegorov/ Adobe Stock

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 Wednesday.Crude inventories rose by 2.2 million barrels in the week to April 20, compared with expectations for a decrease of 2 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 459,000 barrels, EIA said.Refinery crude runs fell by 328,000 barrels per day, EIA data showed.

Hedge Funds Trim Crude Positions, but Boost Fuels: Kemp

File Image (CREDIT: AdobeStock / © Redindie)

For all the bullish chatter, hedge fund managers have become cautious about increasing their exposure to crude oil, though they are becoming increasingly optimistic about the outlook for refined fuels again. Hedge funds and other money managers cut their combined net long position in the six most important futures and options contracts linked to petroleum by six million barrels in the week to April 24. Net length was reduced in NYMEX and ICE WTI (-17 million barrels), Brent (-7 million) and European gasoil (-2 million) but increased in U.S.

U.S. Crude Stocks Post Surprise Build of 6 mln Barrels - EIA

© garytog / Adobe Stock

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 Wednesday.Crude inventories rose by 6.2 million barrels in the week to April 27, compared with expectations for an increase of 739,000 barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 416,000 barrels, EIA said.Refinery crude runs fell by 60,000 barrels per day, EIA data showed.

U.S. Crude, Refined Product Stockpiles Drop Sharply - EIA

© christian42/ Adobe Stock

U.S. crude oil, gasoline and distillate stockpiles fell more than expected last week, as crude imports dropped sharply, the Energy Information Administration said on Wednesday.Crude inventories fell by 2.2 million barrels in the week to May 4, compared with analyst expectations for a decrease of 719,000 barrels.The decline in inventories came as net crude imports dropped by nearly 1 million barrels per day to 5.4 million bpd, the lowest one-week figure since…

Cookie Settings