Sunday, September 23, 2018

Heating Oil News

Hedge Funds Continue Selling Oil, Especially Fuels: Kemp

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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

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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…

Oil Up as U.S. Sanctions on Iran Expected to Tighten Supply

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Oil prices rose on Tuesday with revived U.S. sanctions against major crude exporter Iran expected to tighten global supply.Brent crude oil futures were up 75 cents to $74.50 per barrel at 1337 GMT and U.S. West Texas Intermediate (WTI) crude futures were up 32 cents at $69.33 a barrel.A first batch of U.S. sanctions against Iran, which shipped out almost 3 million barrels per day (bpd) of crude in July, officially came into effect at 12:01 a.m. U.S. Eastern time (0401 GMT) on Tuesday.The reimposed sanctions target Iran's U.S.

U.S. Crude Stockpiles Fall Less Than Expected - EIA

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U.S. crude stocks fell last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday.Crude inventories fell by 1.4 million barrels in the last week, compared with analysts' expectations for a decrease of 3.3 million barrels."The report was negative for prices with the smaller-than-expected drawdown in crude oil inventories and the decent sized rise in refined product inventories," said John Kilduff, a partner at Again Capital Management in New York.

U.S. Crude Oil Stockpiles Rise Unexpectedly in Week - EIA

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U.S. crude stocks rose unexpectedly last week, while gasoline stocks decreased and distillate inventories grew, the Energy Information Administration said on Wednesday.Crude inventories rose by 6.8 million barrels in the last week, compared with analysts' expectations for an decrease of 2.5 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.64 million barrels, EIA said.Refinery crude runs rose by 383,000 barrels per day, EIA data showed.

U.S. Crude Stockpiles Fall More Than Expected - EIA

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U.S. crude stocks fell more than forecast last week, while gasoline and distillate inventories dropped unexpectedly, the Energy Information Administration said on Wednesday.Crude inventories fell by 2.6 million barrels in the week to Aug. 24, compared with analysts' expectations for a decrease of 686,000 barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 58,000 barrels, EIA said.Refinery crude runs fell by 326,000 barrels per day, EIA data showed.

Oil Falls as Refined Products' Stocks Rise

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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 oil inventories fell by 4.3 million barrels to 401.49 million barrels <C-STK-T-EIA> in the week to Aug. 31, the lowest since February 2015, U.S.

Oil Climbs on Libya Force Majeure, Canada Outage

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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

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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

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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

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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

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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 Stockpiles Fell More Than Expected Last Week - EIA

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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. Refinery utilization rates rose by 1 percentage points.Gasoline stocks rose by 1.3 million barrels…

U.S. Crude Inventories Down 6 mln barrels - EIA

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U.S. crude stocks fell last week, while gasoline and distillate inventories also declined, the Energy Information Administration said on Wednesday.Crude inventories fell by 6.1 million barrels in the week to July 20, compared with analysts' expectations for a decrease of 2.3 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.1 million barrels, EIA said.Refinery crude runs rose by 46,000 barrels per day, EIA data showed. Refinery utilization rates fell by 0.5 percentage points.Gasoline stocks fell by 2.3 million barrels…

Fuel Markets Confirm Global Growth Slowdown: Kemp

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If the global economy starts to grow more slowly, the impact will show up first in the price of refined fuels such as road diesel, marine gasoil and jet fuel that play a central role in the freight transport system.Middle distillate fuels are principally burned in the high-powered engines used in trucks, railroads, ships, barges and aircraft to move freight around the world, as well as in factories, on farms and at mines and oilfields.Mid-distillates account for more than a third of the oil used around the world every day…

U.S. Crude, Gasoline Stockpiles Fell Last Week - EIA

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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. Refinery utilization rates fell by 2.2 percentage points.Gasoline stocks fell by 1.7 million barrels…

U.S. Crude Oil Stockpiles Decline More Than Expected Last Week

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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. Refinery utilization rates rose by 0.3 percentage points.Gasoline stocks rose by 1.8 million barrels…

U.S. Crude Inventories Rise Unexpectedly as Imports Jump - EIA

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U.S. crude stocks rose last week as imports jumped, while gasoline stocks decreased and distillate inventories rose, the Energy Information Administration said on Wednesday.Crude inventories rose by 3.8 million barrels in the week to July 27, compared with analysts' expectations for a decrease of 2.8 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.3 million barrels, EIA said.Refinery crude runs rose by 195,000 barrels per day, EIA data showed.

U.S. Crude Stockpiles Fall More Than Expected in Week - EIA

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U.S. crude stocks fell last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday.Crude inventories fell by 5.8 million barrels in the last week, compared with analysts' expectations for an decrease of 1.5 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub rose by 772,000 barrels, EIA said.Refinery crude runs fell by 89,000 barrels per day, EIA data showed. Refinery utilization rates remained unchanged.Gasoline stocks rose by 1.2 million barrels…

Freight Fuel Market Moves Back Towards Balance: Kemp

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The market for freight fuels is moving close to balance, after tightening significantly in 2017 and the first quarter of 2018, contributing to the recent stabilisation in crude oil prices.OECD stocks of middle distillate fuels, including road diesel, marine gasoil and jet fuel, totalled 513 million barrels at the end of June, according to the International Energy Agency (“Oil Market Report”, August 2018).Stocks have fallen compared with the slump years of 2015…