Posts Tagged ‘crude’

WTI Tumbles After Bigger Than Expected Crude Build

Oil prices have erased the immediate gains following last night’s surprise crude draw reported by API as global growth scares accelerate and weigh on energy demand forecasts. “Demand fears are overriding supply fears,” Phil Flynn, senior market analyst at Price Futures Group Inc., said by telephone. API Crude -5.92mm (+2.25mm exp) Cushing +373k Gasoline +2.133mm Distillates […]

WTI Extends Losses After Big Build In Crude, Cushing Stocks Soar Most Since Feb

WTI has accelerated its losses overnight following API’s surprise crude build and Saudi Arabia’s claims that it has now restored production at the Abqaiq and Khurais oil processing facilities to the levels they were operating at before recent attacks. “With the oil market reassured that no material disruption to Saudi supply to its customers has […]

Iran says it will adopt maximum crude output policy if US lifts sanctions

India Today – Iran will adopt a policy of maximum crude production if the United States lifts sanctions on the country’s oil industry, Iranian Oil Minister Bijan Zanganeh said on Saturday. “Maximum production would be the Iranian Ministry of Petroleum’s policy in case (US) sanctions are eased on Iran’s oil industry,” the ministry’s official news […]

WTI Extends Gains Above $57 After Bigger Than Expected Crude Draw

WTI rebounded dramatically this morning (on headlines about talks resuming between China and US) from overnight weakness driven by a surprise crude inventory build reported by API. “Oil coat-tailed the overnight dialing down of global political tensions and the rotation out of defensive macro positioning,” Jeffrey Halley, a senior market strategist at Oanda Corp., said in […]

DOE Confirms Major Crude Draw, Oil Algos Confused As Production Hits Record High

Oil prices have extended yesterday’s gains, following last night’s surprisingly huge crude draw (reported by API) and OPEC+ saying they expect a “significant” decrease in global crude stockpiles in the second half of this year after they trimmed output more than planned. “Oil markets are broadly balanced at the moment, benefiting from the typical seasonal acceleration in […]

WTI Slides After Crude Inventories Drawdown Less Than Hoped

Oil prices held on to gains overnight after a surprisingly large crude draw reported by API (though crude is down about 18% from its late April highs as the trade war between the U.S. and China, the world’s biggest economies, weighs on demand.). “The drawdown will certainly help support sentiment,” said Daniel Hynes, a senior commodity […]

WTI Erases Tariff-Delay Gains, Crude Inventories Show Surprise Build

Oil prices have plunged overnight, erasing the spike gains from yesterday’s trade-tariff-delay headlines thanks to API reporting a surprise crude (and gasoline) build as well as ugly German GDP data. “Yesterday was an eye opener on how much global growth fear hides in oil prices,” said Norbert Ruecker, head of economics at Julius Baer Group Ltd. […]

Oil Prices Plunge After Surprise Crude, Gasoline Build

Oil prices have plunged overnight (back near 7-month lows) as global growth fears accelerate (despite a bigger than expected crude draw from API) as traders wait to see if official DOE data confirms the API print. “The bearish and deteriorating global macro situation seems to have the upper hand, pushing oil lower and lower,” said Bjarne […]

Chevron Has Spilled 800,000 Gallons of Crude Oil and Water Into a California Canyon Since May

Olivia Rosane, EcoWatch Waking Times California officials ordered Chevron Friday “to take all measures” to stop a release that has spilled around 800,000 gallons of water and crude oil into a dry creek bed in Kern County, KQED reported. The order, issued by the new acting head of the state’s Division of Oil, Gas and Geothermal Resources (DOGGR) Jason Marshall, […]

WTI Fails To Extend Gains Despite Huge Crude Draw

Oil prices have extended their gains overnight after the much bigger than expected crude draw suggested by API, and helped by an uber-dovish Powell and a re-emergence of tensions with Iran (Trump threatening more sanctions imminently). “The crude draws reported by the API yesterday were much larger than the market was expecting,” said Warren Patterson, a […]

WTI Tumbles After Smaller-Than-Expected Crude Draw

Oil prices are up modestly overnight, after yesterday’s worst post-OPEC reaction since 2014, as API’s notable crude draw sparked optimism for this morning’s official inventory data. “Clearly, there is no getting away from economic bearishness and cooling demand fundamentals,” PVM Oil Associates Ltd. analyst Stephen Brennock wrote in a report. “This morning, however, has provided a reprieve […]

WTI Spikes After Biggest Crude Inventory Draw In Almost 3 Years

Oil prices have accelerated their gains overnight to 4-week highs after API reported a bigger-than-expected crude draw and mid-east tensions remain high. “This is the market’s reaction to the unexpectedly pronounced fall in U.S. crude-oil stocks,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “Apart from crude-oil stock trends, the focus here is also […]

China slams US for ‘crude interference’ in Hong Kong

China has denounced as “crude interference” proposed US legislation for the annual certification of Hong Kong’s autonomy. US lawmakers on Thursday introduced the so-called Hong Kong Human Rights and Democracy Act, which would require the US secretary of state to issue an annual certification of Hong Kong’s autonomy. Under the proposed bill, Hong Kong risks […]

WTI Extends Losses After Crude Inventories Hit Highest Since July 2017

Oil prices extended their losses overnight after API surprised with notable builds in crude and gasoline (and at Cushing) – sending WTI to a $51 handle – and not helped as US-China tensions show no sign of abatement. “U.S. crude stocks have been rising almost uninterrupted since mid-March,” said Bjarne Schieldrop, Oslo-based chief commodities analyst at […]

Indian tea exporters worried as India stops crude imports from Iran

Tasnim – There is uncertainty among Indian tea exporters as New Delhi has stopped importing crude oil from Iran, a report said. The exporters are worried over payments against their orthodox tea exports and are eager to know the amount of money (rupees) lying with the Indian government against the import of oil from Iran, […]

Flow of Crude Oil Halted as Drones Target Major Saudi Pipeline

By Staff, Agencies Two pumping stations on a major Saudi oil pipeline were targeted by drones Tuesday, halting the flow of crude along it, Saudi Energy Minister Khalid al-Falih said. He said targeting the pipeline from the oil-rich Eastern Province to the Red Sea took place early Tuesday. Earlier on Tuesday, Yemeni Ansarullah revolutionary movement […]

Iranian heavy crude oil price rises $4.35 per barrel in April: OPEC

MNA – Iranian heavy oil price increased $4.35, according to OPEC’s latest monthly report to reach $68.5 in April. As the same report confirmed, the average price of Iranian crude oil in 2017, stood at $49.60 per barrel and in 2018 at $64.25 per barrel. In the first four months of 2019, the prices hovered […]

WTI Pops After Surprise Crude Draw

Oil rallied overnight from a five-week low as concern over supply losses from Iran to Russia overrode an API-reported rise in American stockpiles and trade-war fears. “There are concerns about the broad economic environment,” said Michael Tran, a commodity strategist at RBC Capital Markets LLC in New York. “Clearly, the biggest risk to the oil market […]

China ramps up crude oil imports despite Washington’s clampdown on Iran

RT – Oil imports by China unexpectedly surged in April to a record despite refinery maintenance outages and tepid domestic fuel demand, according to data from the Chinese General Administration of Customs. Imports amounted to 43.73 million tons of crude or 10.64 million barrels per day (bpd), customs data showed. That compared with 9.26 million […]

U.S. Crude Oil Posts Longest Losing Streak in Over 34 Years, Falling for 10th Day

U.S. Crude Oil Posts Longest Losing Streak in Over 34 Years, Falling for 10th Day November 9th, 2018 Via: CNBC: U.S. crude prices fell Friday for a 10th consecutive session, sinking deeper into bear market territory and wiping out the benchmark’s gains for the […]

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