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Oil Inventories

All articles tagged with #oil inventories

business4 months ago

US Sanctions Disrupt Iranian Oil Trade Amidst Nuclear Talks

Oil prices remained stable after US sanctions targeted Iranian crude exports disguised as Iraqi oil, with Brent at $68.93 and WTI at $65.42 per barrel. The US also expressed concerns over Brazil's purchases of Russian diesel. Expectations point to a decline in US oil inventories by about 3.4 million barrels last week. OPEC+ is expected to maintain current production levels in its upcoming meeting, with some analysts suggesting a potential for future production cuts due to market surplus concerns.

via Crude Oil Prices Today | OilPrice.com|
#business#iranian-crude#oil-inventories
energy7 months ago

Global Oil Market Faces Uncertainty Despite Surplus and Shifting Demand

The International Energy Agency predicts that global oil supplies will significantly exceed demand in 2025, leading to increased inventories, despite geopolitical tensions in the Middle East. Supply growth is driven by Opec+ and non-Opec+ producers, while demand growth is restrained by weak consumption in China and the US. The IEA also forecasts that oil supply will continue to outpace demand through 2030, with China's demand peaking around 2027.

via Financial Times|
#demand-forecast#energy#iea
energy2 years ago

Oil and Fuel Stocks Surge, Surpassing Expectations

The U.S. Energy Information Administration (EIA) reported a significant build in oil and fuel stocks, with oil inventories increasing by 2.9 million barrels, gasoline inventories adding 2.7 million barrels, and middle distillate stocks rising by 1.5 million barrels. This comes amid security concerns in the Red Sea, leading to rerouting of shipping routes and increased military presence in the region. Crude oil prices moved lower in response to the inventory increase.

via OilPrice.com|
#eia#energy#fuel-stocks
energy2 years ago

Crude Oil Prices Retreat from Yearly Highs

Oil prices fell after reaching their highest level in over a year, with U.S. West Texas Intermediate futures declining 2.09% to $91.72 per barrel and global benchmark Brent down 1.4% at $95.18. The drop in prices was driven by a decrease in crude stocks at the Cushing storage hub in Oklahoma, which fell to their lowest level since July 2022. The ongoing production cuts by OPEC and its allies, including Saudi Arabia and Russia, have contributed to a "pretty robust deficit" in the global oil markets. While prices are expected to remain high for the rest of the year, there are concerns about long-term demand destruction if prices reach triple digits.

via CNBC|
#crude-prices#energy#energy-markets
energy2 years ago

Oil Prices Rise as Supply Tightens and Analysts Predict Higher Prices

Oil inventories are starting to decline in certain regions as demand surpasses supply due to production cuts by OPEC leader Saudi Arabia, leading to expectations of higher oil prices in the coming months. Both the International Energy Agency (IEA) and OPEC predict that oil demand will outpace supply this year, resulting in overall inventory draws. While global oil inventories increased in May, signs of tightness are emerging, particularly in the United States. Refineries are running at higher capacities to meet rising summer demand, and a drop in Russian oil exports is also contributing to the decline in inventories. However, there are still significant crude builds in China and Japan, offsetting the drawdown in the Middle East Gulf. Overall, analysts anticipate a fall in inventories in the coming weeks before a potential build-up in the fourth quarter as refineries slow down and higher oil prices incentivize some OPEC+ members to exceed their production quotas.

via Reuters|
#demand-and-supply#energy#oil-inventories