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(Reuters) U.S. crude oil stockpiles fell last week, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.7 million barrels to 429.3 million barrels in the week ended Aug. 2, the EIA said, compared with analysts’ expectations in a Reuters poll for a 700,000-barrel draw. Crude stocks …
US Crude Stockpiles Fall, Fuel Inventories Rise, EIA Says Read More »
(Reuters) – The U.S. Energy Information Administration on Tuesday forecast tighter supply and demand balances for U.S. oil markets this year, while also lowering its outlook for crude prices, according to its Short-Term Energy Outlook. The EIA lifted its forecast for 2024 U.S. oil demand by 100,000 bpd to 20.5 million bpd. It left its …
EIA Sees Tighter U.S. Oil Market for 2024, Lowers Price Outlook Read More »
The U.S. Department of Energy said on Monday it had finalized a contract to purchase 4.65 million barrels of crude oil for the Strategic Petroleum Reserve, for delivery to the Bayou Choctaw site in Louisiana during the last three months of the year. Exxon Mobil will supply 3.9 million barrels of the contract, while Macquarie Commodities …
U.S. Buys 4.65 Million Barrels for Emergency Oil Stockpile Read More »
By John Kemp (Reuters) – U.S. crude oil inventories have depleted faster than normal over the last four weeks – squeezing hedge funds running short positions, keeping spot prices firm and the futures curve in a steep backwardation. But with most short positions now repurchased this source of support has melted away and both spot prices …
U.S. Crude Oil Prices Retreat Amid Doubts About Further Stock Draw Read More »
(Reuters) – Oil prices steadied on Wednesday after trading higher as industry data showed a bigger-than-expected draw in U.S. crude stockpiles, with gains capped by economic headwinds from China and the euro zone. Brent crude futures inched up 7 cents, or 0.08%, to $86.31 per barrel at 0925 GMT. U.S. West Texas Intermediate crude futures …
Oil Prices Steady After Large U.S. Crude Inventory Draw Read More »
Investors purchased petroleum for the third week running as bearishness triggered by the OPEC+ meeting at the start of June waned and fund managers anticipated a big depletion of inventories in the third quarter. Hedge funds and other money managers purchased the equivalent of 86 million barrels in the six major petroleum futures and options …
Oil Bulls Advance Cautiously as Stocks Expected to Fall: Kemp Read More »
Crude markets have exhibited an increasing disconnect this month between rising spot prices and calendar spreads on the one hand and swelling inventories on the other. But futures markets are forward-looking and traders appear to be anticipating a much tighter supply situation that would underpin the higher prices and spreads over the next few months. …
Oil Traders Expect Large Inventory Draw in Third Quarter: Kemp Read More »
U.S. crude stocks and gasoline inventories rose while distillate inventories fell in the week ending June 21, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.6 million barrels to 460.7 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.9 million-barrel draw. Crude stocks at the …
U.S. Crude Stocks and Gasoline Inventories Rise, Distillate Inventories Fall, EIA Says Read More »
(Reuters) – Electric utilities in the U.S. are increasingly turning to batteries to shift power from periods of low prices to high-priced ones, according to an analysis from the U.S. Energy Information Administration. The strategy, referred to as arbitrage, involves utilities charging batteries by buying electricity during low-cost periods and then selling that electricity when …
U.S. crude oil, gasoline and distillate inventories fell last week, the Energy Information Administration said on Thursday. Crude inventories fell by 2.5 million barrels in the week ending June 14 to 457.1 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.2 million-barrel draw. Stocks at the Cushing, Oklahoma, …
U.S. Crude and Fuels Stocks Fell Last Week – EIA Said Read More »
