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U.S. Crude Stockpiles Fall More than Expected on Strong Refiner Demand – EIA

Conventional Energy, Latest, Oil, US News / By

(Reuters) – U.S. crude oil stockpiles fell more than expected last week on strong demand from refineries, while gasoline and distillate inventories rose to multi-year highs, the Energy Information Administration (EIA) said on Thursday. Crude inventories fell by 2.5 million barrels to 429.9 million barrels in the week ended Jan. 12, the EIA said, compared …

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In First Look at 2025, OPEC Expects Robust Oil Demand Growth

Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC, US News / By

Summary OPEC sees oil demand rising by 1.85 mbpd in 2025 Sticks to 2024 oil demand growth forecast of 2.25 mbpd IEA to publish updated forecasts on Thursday LONDON, Jan 17 (Reuters) – OPEC on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and said 2025 will see …

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IEA Raises 2024 Oil Demand Forecast But Lags OPEC View

CDN and International News, Conventional Energy, Latest, Oil, Tri-Pinned / By

Summary Raises demand growth projection by 180,000 bpd World supply growth in 2024 to exceed demand growth IEA demand forecast remains lower than OPEC’s projection Sees supply surplus in Q2 if OPEC+ unwinds cuts LONDON, Jan 18 (Reuters) – The International Energy Agency (IEA) has again raised its 2024 global oil demand growth forecast, though …

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U.S. Crude Prices Firm at Gulf Coast as Takeaway Capacity Tightens

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(Reuters) – Record crude output from the top U.S. oilfield and busy crude pipelines to export hubs are boosting the price of the country’s flagship crude at the Gulf Coast, analysts and traders said. West Texas Intermediate crude at Magellan’s East Houston terminal (MEH), on average this month traded at a 45-cent premium per barrel …

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Extreme Challenges: North Dakota Oil Production Falls by up to 700,000 Bpd on Extreme Cold

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Oil production in North Dakota was estimated to have dropped by more than half its typical output because of extreme cold and related operations challenges, the state’s pipeline authority said on Wednesday. The state’s oil output fell by 650,000 to 700,000 barrels per day (bpd), according to the North Dakota Pipeline Authority. In October, the …

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OPEC May Need Further Supply Curbs to Balance Market, says Mercuria Chief

Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

OPEC may need to cut production further to keep oil prices at current levels in the face of stuttering demand growth and high U.S. output, the CEO of commodities trader Mercuria Energy Group said on Wednesday. U.S. crude production will climb to record levels over the next two years, the U.S. Energy Information Administration (EIA) …

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Aramco CEO Predicts Tighter Oil Markets, Sees Red Sea Risks

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Summary Nasser says Red Sea attacks may cause tanker shortage Global oil demand to grow by 1.5 mln bpd in 2024 Oil stocks getting depleted as demand grows OPEC’s spare capacity main source to meet demand DAVOS, Switzerland, Jan 17 (Reuters) – Global oil markets will cope with Red Sea disruptions in the short run, …

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Oil Falls as China’s Economic Recovery Disappoints, Dollar Strengthens

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Summary China Q4 GDP grows 5.2% vs poll’s 5.3% China’s 2023 refinery throughput hits record high Dollar near 1-mth high as Fed rate cut expectations ease (Reuters) – Oil fell more than $1 on Wednesday as economic growth in China, the world’s second-largest crude user, slightly missed expectations, raising concerns about future demand, while U.S. …

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Deep Freeze Hits U.S. Oil Industry From North Dakota to Texas

Conventional Energy, Latest, Natural Gas, Oil, Pinned Primary, US News / By

Summary Texas refineries report malfunctions as equipment freezes Some refineries performing overhauls planned months ago HOUSTON, Jan 16 (Reuters) – A severe winter storm shut a U.S. Gulf Coast refinery in Texas on Tuesday, triggered malfunctions at others and halved North Dakota oil production as it dumped snow and rain across a broad swath of …

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U.S. Oil Output Due to Drop in February for Fifth Straight Month, EIA Says

Conventional Energy, Energy Topics & Technology, Latest, Natural Gas, Oil, Shale, US News / By

U.S. oil output from top shale-producing regions is due to decline in February for the fifth consecutive month, the U.S. Energy Information Administration (EIA) said in a monthly report on Tuesday. Oil output is set to fall to 9.68 million barrels per day (bpd) next month, driven by declines in the Eagle Ford and Bakken …

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