Showing posts with label Oil Price Report. Show all posts
Showing posts with label Oil Price Report. Show all posts

Feb 26, 2021

Oil Price Report (Morning Edition): Prices Fall on a Rising U.S. Dollar.

 cnbc.com

Oil prices fall on rising U.S. dollar, expectations for supply gains

Reuters

An aerial view of a crude oil storage facility is seen on May 5, 2020 in Cushing, Oklahoma.

Oil prices fell on Friday as a collapse in bond prices led to gains in the U.S. dollar and expectations grew that with oil prices back above pre-pandemic levels, more supply is likely to come back to the market.

U.S. West Texas Intermediate (WTI) crude futures dropped $1.32, or 2%, to trade at $62.20 per barrel, giving up all of Thursday's gains.

Brent crude futures for April fell 97 cents, or 1.45%, to $65.91 a barrel, following a 16 cent loss on Thursday. The April contract expires on Friday. The more active May contract fell 32 cents, or 0.5%, to $65.79.

"Bonds are selling off reasonably aggressively and the U.S. dollar has firmed this morning. That's providing a bit of a headwind for crude oil this morning," said Lachlan Shaw, National Australia Bank's head of commodity research.

A stronger greenback makes U.S.-dollar priced oil more expensive for those buying crude in other currencies.

Despite the drop in prices on Friday, both Brent and WTI are on track for gains of about 20% this month, as markets have grappled with supply disruptions in the United States, while optimism has built for demand to improve with vaccine rollouts.

Investors are betting that next week's meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, will result in more supply coming back to the market, given the recent jump in prices and expectations that demand will improve as pandemic lockdowns ease heading into the northern hemisphere summer.

"The stakes at play this time around are particularly large (for OPEC+) insofar as oil prices have more than recovered to pre-pandemic levels, global inventories are continuing to trend down, and vaccine rollouts are accelerating," Shaw said.

"The market's probably right to think at this price level and given what the fundamentals are doing, there'll be more supply coming into the market over time."

U.S. crude prices also face headwinds from the loss of refinery demand after several Gulf Coast facilities were shuttered during the winter storm last week.

There is about 4 million barrels per day of capacity still shut and it may take until March 5 for all of the shut capacity to resume though there is risk of delays, analysts at J.P. Morgan said in a note this week.

"The greater concern to U.S. crude oil market participants should be the recovery of refinery demand," the analysts said.

"As refiners assessed the damage to their facilities, it became clear that the road to recovery would be weeks rather than days."

Feb 15, 2021

Oil Price Report: Oil rose pushs it by Winter Storm on ( Midmorning Prices)

 cnbc.com

Oil hits pandemic high as winter storm pushes demand and poses production risk

Thomas Franck

Silhouette of Permian Basin pumpjacks taken at dusk, north of Midland, Texas, U.S. in late 2019.

Freezing weather in regions across the U.S. sparked another rally in energy prices and put West Texas Intermediate crude on pace to settle above $60 a barrel for the first time since the early days of the coronavirus pandemic.

WTI crude futures rose 67 cents, or 1.1%, to $60.14 a barrel Monday morning around 10:08 a.m. ET. The jump brings WTI crude futures up 24% so far in 2021. It touched $60.77 a barrel earlier in the session, its highest level since January 2020.

Brent crude, the international benchmark, climbed 1.3% to $63.26 after hitting its own 13-month high.

The latest pop in the energy market came as cold weather racked portions of the U.S. and fostered demand for power and fuel while simultaneously threatening to hamstring production in Texas.

"Winter storm and arctic blast of cold weather that is making its way south to Houston may have some severe impacts on the oil industry," oil analyst Andy Lipow wrote over the weekend.

"Frigid weather means that many oil wells may be shut in. Water is produced along with oil, that water can freeze up equipment," he added. "The cold air affects oil production in Canada, North Dakota, Oklahoma, Texas and elsewhere."

More than 150 million Americans are currently under some category of winter weather advisory, according to the National Weather Service. As of early Monday morning, the agency was predicting a "major winter storm" to dump heavy snow and significant ice from the southern plains and Ohio Valley into the Northeast.

Lipow, president of Texas-based Lipow Oil Associates, added that while the winter storm likely isn't as severe as the Category 5 hurricanes the Gulf Coast has come to know, odds are good refineries will slow operations and prepare for outages.

He also noted that the storm is partly to blame for a steady rise in gasoline prices over the last week.

The average per-gallon price of regular gasoline rose to $2.46 from $2.41, according to the latest weekly report from the U.S. Energy Information Administration. Analysts expect that the EIA's next weekly report, due Tuesday, will show that retail gas prices climbed further.

The recent rally in crude prices also marks an extension of the oil market's rebound since the coronavirus pandemic gutted demand for petroleum products throughout much of 2020 and sent crude prices reeling in April.

Feb 3, 2021

Oil Price Report( Morning Update)

 cnbc.com

Oil rises on falling U.S. crude stocks, demand hope on stimulus

Reuters

Oil pumping jacks, also known as "nodding donkeys," in a Rosneft Oil Co. oilfield near Sokolovka village, in the Udmurt Republic, Russia, on Friday, Nov. 20, 2020.

Oil prices rose in Asia on Wednesday after hitting their highest in about a year in the previous session, supported by an unexpected draw in U.S. crude stockpiles and an OPEC+ estimate of a global oil market deficit this year.

Market sentiment was bolstered by news that Democrats in the U.S. Congress took the first steps toward advancing President Joe Biden's proposed $1.9 trillion coronavirus aid plan without Republican support.

U.S. West Texas Intermediate (WTI) crude futures climbed 33 cents, or 0.6%, to $55.09 a barrel, for a third straight day of gains. The benchmark hit a one-year high of $55.26 on Tuesday.

Brent crude futures rose 48 cents, or 0.84%, to $57.94 a barrel, for a fourth day of gains after hitting $58.05 on Tuesday, the highest since January last year.

Analysts said the market was buoyed by the latest assessment by the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, that oil stockpiles will decline to below a five-year average by June.

That showed the producers' output cuts were succeeding in bringing the market back into balance.

"The strategy was very clear. OPEC and allies set out to cut a deal that would normalise global excess inventory through 2021 - well, they're on track," said Lachlan Shaw, head of commodity research at National Australia Bank.

OPEC+ expects output cuts will keep the market in deficit throughout this year, peaking at 2 million barrels per day in May, even though it revised down its outlook for demand growth, a document seen by Reuters on Tuesday showed.

A ministerial meeting will convene on Wednesday, although it is not expected to recommend any adjustments to oil output policy.

Further supporting the market, industry data after the market closed on Tuesday showed U.S. crude and gasoline inventories fell unexpectedly.

The American Petroleum Institute reported U.S. crude oil inventories fell by 4.3 million barrels in the week to Jan. 29, compared with analysts' expectations in a Reuters poll for a build of 446,000 barrels.

Gasoline stocks fell by 240,000 barrels, defying analysts' expectations for a build of 1.1 million barrels, while distillate inventories, which include heating oil and jet fuel, fell by 1.6 million barrels, a bigger draw than expected.

U.S. government data is due at 1530 GMT from the Energy Information Administration.

Nov 28, 2019

Energy | Oil | Oil Price Report: Oil falls as US rights bill fuels tensions with China

3-4 minutes - Source: CNBC




GP: US Oil workers Oil Boom in Texas's Permian Basin 1
Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 1, 2018.
Benjamin Lowy | Getty Images

Oil prices fell for a second day on Thursday after official data showed U.S. crude and gasoline stocks rose and President Donald Trump signed into law a bill backing protesters in Hong Kong, fueling tensions with China.
Brent crude was down 19 cents, or 0.3%, at $63.87 a barrel by 0854 GMT, having dropped 0.3% on Wednesday.
West Texas Intermediate crude fell 33 cents, or 0.6%, to $57.78, after losing 0.5% in the previous session.
China warned the United States that it would take “firm countermeasures” in response to U.S. legislation backing anti-government protesters in Hong Kong.
Investors are concerned that the move might delay further a preliminary agreement between the United States and China to put an end to their trade war that has slowed global economic growth, and consequently consumption of oil.
“The approval of the Hong Kong legislation backing protesters is likely to put the trade agreement into question as China has reiterated its threat of retaliation,” said Hussein Sayed, chief market strategist at FXTM.
“If investors suspect that the trade agreement is under real danger, expect to see a sharp sell-off in December. For now, investors are taking a wait-and-see approach.”
Crude stockpiles in the United States swelled by 1.6 million barrels last week as production rose to a record 12.9 million barrels per day (bpd) and refinery runs slowed, the Energy Information Administration said. Analysts in a Reuters poll had forecast a drop of 418,000 barrels.
Investors have also been focusing on next week’s meeting of the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, which have been withholding production to support prices.
“We expect OPEC+ to roll over its current production-cut deal, which is set to expire at the end of March, by three to six months,” UBS oil analyst Giovanni Staunovo said. “The upshot is that deeper cuts by the entire membership are unlikely.”
Reuters reported that Russia may call on OPEC+ to exclude condensate — a high-premium light oil mainly extracted during gas production — from its crude oil production numbers.
Russian Energy Minister Alexander Novak said on Thursday there was no decision yet on this issue.

“We are holding discussions, making calculations,” Novak told reporters.
In the United States, energy services company Baker Hughes reported that the country’s oil drillers reduced the number of drilling rigs for a record 12th month in a row.

Nov 5, 2019

Energy | Oil | Oil Price Report: Oil gains 1% as China pushes Trump for more tariff roll-backs

3-4 minutos - Source: CNBC




GP: Iran Salman Oil Field 190422
Workers cross walkways between zones aboard an offshore oil platform in the Persian Gulf’s Salman Oil Field, near Lavan island, Iran, on Jan. 5. 2017.
Ali Mohammadi | Bloomberg | Getty Images
Oil prices rose more than 1% on Tuesday on hopes for a U.S.-China trade agreement and optimism that Washington could roll back some of the tariffs it has imposed on Chinese imports.
Brent crude futures were up 82 cents at $62.94 a barrel after gaining 0.7% in the previous session.
U.S. crude futures were up 78 cents, or 1.3%, at $57.30 a barrel. They gained 0.6% on Monday.
China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a so-called Phase 1 deal, which would help to ease the broad economic damage inflicted by the trade dispute between the world’s two biggest oil consumers.
“If some of the existing tariffs were to be dismantled, that should restore some measure of global demand for oil as economic and trade conditions recover,” said Han Tan, market analyst at FXTM.
OPEC Secretary-General Mohammad Barkindo said the oil market outlook for 2020 may be brighter than previously forecast, appearing to downplay any need for deeper production cuts.
“Based on the preliminary numbers, 2020 looks like it will have upside potential,” Barkindo told a briefing.
The Organization of the Petroleum Exporting Countries (OPEC) also said it would supply a diminishing amount of oil in the next five years as output increases from U.S. shale deposits and elsewhere.
OPEC’s production of crude oil and other liquids is expected to decline to 32.8 million barrels per day (bpd) by 2024, the group said in its 2019 World Oil Outlook.
Investors are also awaiting U.S. inventory data due later on Tuesday.
U.S. crude oil inventories were forecast to have risen last week, while refined products stocks are likely to have declined, a preliminary Reuters poll showed on Monday.
The U.S. Federal Reserve’s interest rate cut last week, recent weakness in the dollar and improved U.S. jobs growth in October also provided support, analysts said.
“We believe that the strength in oil prices will be short-lived, given the scale of the surplus that is expected over the 1H20,” ING analyst Warren Patterson said, referring to the first half of 2020.
“The risk to this view is if OPEC+ surprises the market in December by announcing even deeper than expected cuts for 2020.”
OPEC, Russia and other producers, a group known as OPEC+, have implemented a deal to cut oil output by 1.2 million barrels per day from the start of this year.
Iranian Oil Minister Bijan Zanganeh on Monday said he expects further production cuts to be agreed at the next meeting of the group in December.

Nov 1, 2019

Energy | Oil | Oil Price Report ( 11/1/19): Oil gains 3.7%, but ends the week lower

4minutos - Source: CNBC




GP: US Oil workers Oil Boom in Texas's Permian Basin 1
Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 1, 2018.
Benjamin Lowy | Getty Images
Oil prices rose nearly 4% on Friday on signs of progress in U.S.-China trade talks and stronger-than-expected economic data in both countries, including U.S. employment and Chinese manufacturing activity numbers. But the move higher was not enough to recover losses earlier in the week and oil ended the week lower.
Brent crude gained $2.12, or 3.6%, to settle at $61.74. West Texas Intermediate crude rose $2.02 or 3.73% to settle at $56.20 a barrel.
Both benchmarks fell earlier in the week after in hike in U.S. crude inventories, especially at the Cushing, Oklahoma, delivery hub for WTI, and as the trade war between the world’s two biggest economies has weighed on prices, fanning fears that slowing economic growth could dent demand for oil.
Worries about global economic growth and oil demand eased after U.S. Commerce Secretary Wilbur Ross said on Friday the initial “phase one” trade pact with China is likely to be signed around mid-November.
President Donald Trump and U.S. negotiators are “very optimistic” on a trade deal with China, White House adviser Larry Kudlow said on Friday in an interview with Fox Business Network.
“The market has been driven lower this week on fears of slowing demand growth because of uncertainty regarding U.S.-China trade relations and a sizeable expected build in crude stocks,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut.
“I think today’s action is a reversal of that, and you’re probably also seeing some weekend covering.”
U.S. crude prices also received some support after a leak in North Dakota forced TC Energy Corp to shut its 590,000-barrel-per-day (bpd) Keystone pipeline that brings Canadian crude from northern Alberta to refineries in the U.S. Midwest.
The pipeline also flows to Cushing, where the outage is expected to drain inventories.
Prices were also supported by expansion in China’s factory activity at the fastest pace since 2017, raising optimism over the health of the world’s second-largest economy. U.S. jobs growth also slowed less than expected in October.
“With the positive jobs report and the Fed recently lowering interest rates, I think it definitely eases some concerns around U.S. economic growth,” McGillian said. “Worries about economic growth are largely in Europe and Asia.”
A Reuters survey, however, showed that oil prices were expected to remain under pressure this year and next. The poll of 51 economists and analysts forecast Brent crude would average $64.16 a barrel in 2019 and $62.38 next year.
Another Reuters survey found output from the Organization of the Petroleum Exporting Countries recovered in October from an eight-year low, with a rapid recovery in Saudi production from attacks on its oil infrastructure in September offsetting losses in Ecuador and voluntary curbs under an international supply pact. Graphic: Oil production in U.S. vs. OPEC png - https://fingfx.thomsonreuters.com/gfx/editorcharts/OIL-PRICES/0H001QXG396C/eikon . p n g
On Wednesday, government data showed that U.S. crude inventories rose by 5.7 million barrels last week, dwarfing expectations for an increase of just 494,000 barrels.
U.S. crude production soared nearly 600,000 barrels per day in August to a record 12.4 million, buoyed by a 30% increase in Gulf of Mexico output, government data released on Thursday showed.

Oct 30, 2019

Energy | Oil | Oil Price Report: Oil falls more than 1% as US inventory rises, trade war weighs

3minutos - Source: CNBC




GP: US Oil Workers Oil Boom in Texas's Permian Basin 191030
Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 1, 2018.
Benjamin Lowy | Getty Images
Oil prices fell on Wednesday as worries about a possible delay in resolving the U.S.-China trade war, which has hurt global oil demand, competed with a price-supporting drop in U.S. crude inventories.
According to the US Energy Information Administration, US crude inventories increased by 5.7 million barrels from the previous week. US inventories are now at 438.9 million barrels, which is about 1% above the five year average for this time of year, the EIA said.
Brent crude was down 70 cents, at $60.90 a barrel. U.S. West Texas Intermediate (WTI) crude was down 92 cents, or 1.7%, at $54.62 a barrel.
The United States and China were continuing to work on an interim trade agreement, but it may not be completed in time for U.S. and Chinese leaders to sign it next month, a U.S. administration official said.
“Selling came courtesy of the fading optimism over trade and a Fed rate cut. Risk assets were dealt a blow as market players worried that the U.S. and China would delay settling their trade differences,” PVM analyst Stephen Brennock said.
However, U.S. crude inventories fell by 708,000 barrels in the week ended Oct. 25 to 436 million, compared with analysts’ expectations for an increase of 494,000 barrels, according to the American Petroleum Institute, an industry group.
Still, crude stocks at the delivery point for WTI at Cushing, Oklahoma were up 1.2 million barrels compared to the previous week, dragging on futures prices for the benchmark.
“Stocks at the WTI delivery hub have been trending higher since late September, which has put pressure on the prompt WTI time spreads, with the December/January spread this month having shifted from backwardation to a contango,” Dutch bank ING said in a note.
Investors are also awaiting the outcome of the Federal Reserve’s two-day policy meeting this week. The Fed looks set later on Wednesday to nudge along a U.S. economy that is being hampered by slowing investment and weak growth overseas. It would be the third cut this year.
A rate cut would help support oil prices as a stronger economy typically implies higher demand for crude, while falling inventories suggest the market is coming into balance.
The Organization of the Petroleum Exporting Countries and other producers including Russia have cut oil output since January to support prices.
The U.S. government’s Energy Information Administration issues its weekly inventory report at 10:30 a.m. EDT.

Oct 17, 2019

Energy | Oil | Oil Price Report: Oil reverses early losses, gains 1% as dollar falters

3minutos - Source: CNBC




GP: Iran Oil Tanker 190121
The oil tanker ‘Devon’ prepares to transfer crude oil from Kharg Island oil terminal to India in the Persian Gulf, Iran, on March 23, 2018.
Ali Mohammadi | Bloomberg | Getty Images
Oil rose 1% on Thursday, boosted by a weaker dollar and the announcement that the United Kingdom and the European Union had reached a deal on Brexit. Industry data did show a larger-than-expected build-up in U.S. inventories.
Global benchmark Brent crude oil settled  52 cents higher at $59.94. U.S. WTI crude oil was up 65 cents, or 1.2%, to settle at $53.99.
U.S. crude inventories soared by 9.3 million barrels to 434.9 million barrels in the week to Oct. 11, the U.E. Energy Information Administration said.
Analysts had estimated U.S. crude inventories rose by around 2.8 million barrels last week.
“The U.S. sanctions imposed on the Chinese shipping company COSCO are seriously denting demand for imported crude oil... This has a profound impact on U.S. crude oil inventories as reflected in last nights API report,” said Tamas Varga, an analyst at PVM Oil Associates.
“U.S. refinery maintenance is not helping to reverse the current trend and further builds in U.S. crude oil inventories can be expected in the next few weeks.”
The United States imposed sanctions on COSCO Shipping Tanker (Dalian) Co and subsidiary COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co for allegedly carrying Iranian crude oil.
Adding to concerns about the global economy - and therefore oil demand - data from the United States showed retail sales in September fell for the first time in seven months. Earlier data showed a moderation in job growth and services sector activity.
Still, the new Brexit deal helped limit the fall in oil prices. Prime Minister Boris Johnson said that Britain and the EU had agreed a “great” new Brexit deal and urged lawmakers to approve it at the weekend.
European Commission President Jean-Claude Juncker also said Britain and the EU had agreed a deal.
However, the Northern Irish party Johnson needs to help ratify any agreement has refused to support the deal.
Hopes of a potential U.S.-China trade deal also supported crude prices. China’s commerce ministry said on Thursday that China hoped to reach a phased agreement with Washington as early as possible, and make progress on canceling tariffs on each others’ goods.

Oct 16, 2019

Energy | Oil | Oil Price Report: Oil moving higher, but weaker economic outlook weighs

2-3 minutos - Source: CNBC




GP: Oil refinery at Corio silhouetted at sunset 190923
Richard I’Anson | Lonely Planet Images | Getty Images
Oil moved higher on Wednesday, but concerns about weaker demand for fuel due to slower economic growth and forecasts of a further rise in U.S. crude inventories continued to weigh.
Signs from the Organization of the Petroleum Exporting Countries that further curbs to oil supply could come in December lent support, as did wider market optimism about a potential Brexit deal.
Brent crude, the global benchmark, gained 43 cents, to reach $59.15 a barrel. U.S. crude gained 43 cents to $53.24.
“Prices are under pressure from increasing pessimism about the global economy and subsequent demand-side concerns,” Stephen Brennock of oil broker PVM said.
In a bearish signal for demand, the International Monetary Fund said on Tuesday the U.S.-China trade war would cut 2019 global growth to its slowest since the 2008-2009 financial crisis.
“Prices remain under pressure,” said Craig Erlam, analyst at OANDA. “Oil inventory today from API may be notable albeit unlikely to have any major impact on the broader trend.”
The American Petroleum Institute (API) reports its weekly U.S. inventory numbers at 2030 GMT, ahead of Wednesday’s government stocks data. Analysts estimate U.S. crude inventories rose by around 2.8 million barrels last week.
British and European Union officials resumed talks to clinch a Brexit deal on Wednesday just a few hours after late-night negotiations wound up, but it was far from clear they would reach an agreement before a leaders’ summit on Thursday.
Analysts have said any agreement that avoids a no-deal Brexit should boost economic growth and, in turn, oil demand.
Providing more price support, OPEC Secretary-General Mohammad Barkindo has said an option for OPEC and its allies is to implement deeper cuts in oil production.
OPEC, Russia and other producers have a deal to cut oil output by 1.2 million barrels per day until March 2020. They meet on Dec. 5-6 in Vienna to review the decision.
On Tuesday, Barkindo said OPEC would do what it could with allied producers to sustain oil market stability beyond 2020, in a signal the producers would continue to cooperate.

Sep 4, 2019

Energy I Oil I Oil Price Report: Oil prices jump 4.3% on positive economic data from China

3-4 minutes - Source: CNBC




Reusable: Oil rig Rio de Janeiro Petrobras 150703
A Petrobras oil platform floats in the Atlantic Ocean near Guanabara Bay in Rio de Janeiro.
Getty Images
Oil prices rose more than 4% on Wednesday, boosted by a wider market pickup on positive news from China, after three days of losses due to fears about a weakening global economy.
Brent futures were up 4.14%, at $60.66 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 4.3%, to $56.26.
That put WTI on track for its biggest daily percentage increase since July 10.
Stock indexes worldwide rebounded as easing geopolitical concerns and upbeat economic data from China brought buyers back to the equities market.
A private survey showed that activity in China’s services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in more than a year.
In addition, investor risk appetite was further revived after Hong Kong withdrew the contentious extradition bill at the heart of recent protests.
China is the world’s second-largest oil consumer and largest importer.
In the United States, crude stockpiles were expected to have declined for a third straight week, a Reuters poll showed, ahead of weekly data from the American Petroleum Institute (API) on Wednesday, and the government on Thursday. Both reports are delayed a day due to the U.S. Labor Day holiday.
Some analysts, however, noted overall fundamentals of the oil market remained discouraging.
“Oil prices however remain focused on the trade war and the longer we dont see a date scheduled for a face-to-face meeting between Chinese and U.S. officials, the greater the odds we could see a retest of the summer lows,” Edward Moya, senior market analyst at OANDA in New York, said in a report.
U.S. President Donald Trump warned on Tuesday he would be “tougher” on Beijing in a second term if trade talks dragged on, compounding market fears that trade disputes between the two countries could trigger a U.S. recession.
U.S. data released on Tuesday showed manufacturing activity contracted in August for the first time in three years, while euro zone activity shrank for a seventh month.
“Crude oil remains troubled by reports that production from OPEC, Russia and the U.S. all rose last month. This (comes) at a time when the strength of demand growth, due to trade war pessimism, has increasingly been called into question,” Saxo Bank commodity strategist Ole Hansen said.
BP Plc’s <BP.L> Chief Financial Officer Brian Gilvary told Reuters that global oil demand is expected to grow by less than 1 million barrels per day (bpd) in 2019 as consumption slows.
But supply looks set to stay constrained as Russian officials and sources from the Organization of the Petroleum Exporting Countries indicated the countries would remain committed to their agreement to rein in production despite a shake-up in Saudi Arabia’s oil industry.
In a possible sign of tension easing in the energy-rich Gulf, Iranian state television reported on Wednesday that Tehran would free seven crew members of the detained British-flagged tanker Stena Impero.
The vessel was seized two weeks after Britain detained an Iranian tanker off the territory of Gibraltar which was released in August.

Aug 28, 2019

Energy | Oil Price Report: Oil rises 1.5% on steep drop in US crude inventories

2-3 minutes - Source: CNBC




Reusable: Texas oil production fracking worker cleans off truck 150204
A truck used to carry sand for fracking is washed in a truck stop in Odessa, Texas.
Getty Images
Oil prices were up more than 1% on Wednesday after data showing a steep fall in U.S. crude stockpiles helped ease worries about weakening oil demand caused by the trade war between Washington and Beijing.
Brent crude futures were up 1.7% to $60.52 a barrel. WTI crude futures rose 1.5%, to $55.75 a barrel.
Although the two benchmarks recorded their biggest daily gains in eleven sessions on Wednesday, they are headed for monthly losses of around 7% and 4%, respectively, weighed down by trade barriers between the world’s two biggest oil consumers.
U.S. crude oil inventories fell last week by 10 million barrels, compared with analysts’ expectations for a decrease of 2.1 million barrels, as imports slowed, the Energy Information Administration said.
Gasoline stocks fell by 2.1 million barrels, compared with analysts’ expectations in a Reuters poll for a 388,000-barrel drop.
“It was an incredibly bullish report, one of the more bullish we’ve had in a while, with draws across the board and of course the massive crude oil drop, which was generated by another drop in imports,” said John Kilduff, a partner at Again Capital in New York. That draw down was likely due to a drop in Saudi exports to the U.S, Kilduff said.
U.S. President Donald Trump said on Monday that he believed China was sincere about wanting to reach a trade deal, while Chinese Vice Premier Liu He said China was willing to resolve the dispute through “calm” negotiations.
On Tuesday, however, concerns resurfaced after China’s foreign ministry said it had not heard of any recent telephone call between the United States and China on trade, and that it hoped Washington could create conditions for talks.
Crude prices have fallen about a fifth from 2019 highs hit in April, partly because of worries that the trade war is hurting the global economy and could dent oil demand.
Morgan Stanley on Wednesday lowered its price outlook for the rest of the year for Brent to around $60 per barrel from $65 and for U.S. crude to $55 per barrel from $58 as it downgraded its demand growth forecast for this year and next.

Aug 27, 2019

Energy I Oil I Oil Price Report: Oil turns lower as stock market weakens on trade deal uncertainty

3 minutes - Source: CNBC




GP: Tullow Oil 190812 EU
The Tullow Oil Prof. John Evans Atta Mills Floating Production Storage and Offloading vessel docked at the Sembcorp Marine Tuas shipyard in Singapore.
Nicky Loh | Bloomberg | Getty Images
Oil prices were steady to soft on Tuesday, paring earlier gains along with the stock market lower as China dampened optimism for a trade deal with the United States.
Brent crude was down 3 cents a barrel at $58.67. The global benchmark hit a session high of $59.44.
U.S. West Texas Intermediate crude was up 22 cents at $53.86 a barrel after earlier touching a high of $54.57.
“Oil is following the stock market lower on trade uncertainty,” said Phil Flynn, an analyst at Price Futures Group in Chicago.
U.S. President Donald Trump said on Monday that he believed China was sincere about wanting to reach a deal, while Chinese Vice Premier Liu He said China was willing to resolve the dispute through “calm” negotiations.
On Tuesday, however, concerns about trade resurfaced after China’s foreign ministry that it had not heard of any recent telephone call between the United States and China on trade, and said it hopes Washington can stop its wrong actions and create conditions for talks.
Crude oil prices have fallen by about 20% from 2019 highs reached in April, partly because of worries that the U.S.-China trade war is hurting the global economy, which could dent demand for oil.
China’s Commerce Ministry last week said it would impose additional tariffs of 5% or 10% on 5,078 products originating from the United States, including crude oil, agricultural products and small aircraft.
In retaliation, Trump said he was ordering U.S. companies to look at ways to close operations in China and make products in the United States.
“A relative sense of calm has been restored, but it is simply impossible to know how long it will last,” said oil broker PVM’s Tamas Varga.
“Any market optimism will only prevail when the ink has dried on a new U.S.-China trade agreement”.
The measures are prompting reactions from Chinese companies, with Sinopec seeking a tariff exemption for importing U.S. oil in the coming months, sources told Reuters.
Meanwhile, U.S. crude oil and gasoline inventories were expected to have fallen last week, while distillate stockpiles were seen higher, a Reuters poll showed on Monday.
The expected draw in inventories amid strong refining runs is lending strength to crude prices and putting a floor on any downward movement due to trade tensions, said Bob Yawger, director of energy futures at Mizuho in New York.

Aug 26, 2019

Energy | Oil | Oil Price Report: Oil steadies as US-Iran optimism faces US-China trade deal hopes

4 minutes - Source: CNBC




RT: Oil tanker Front Altair file photo
Undated handout archive photo by the Norwegian shipowner Frontline of the crude oil tanker Front Altair, released June 13, 2019.
NTB Scanpix | Reuters
Oil prices steadied on Monday after France’s president lifted hopes for a deal between the United States and Iran, while optimism for easing U.S.-China trade tensions supported prices.
Brent crude fell 53 cents to $58.82 a barrel, after earlier hitting a session high of $60.17. U.S. West Texas Intermediate (WTI) crude futures slipped 38 cents to $53.80 a barrel, after reaching $55.26 a barrel.
Prices fell after French President Emmanuel Macron said preparations were underway for a meeting between Iranian President Hassan Rouhani and U.S. President Donald Trump in the coming weeks to find a solution to a nuclear standoff.
“The prospect for talks between President Trump and President Rouhani is a tantalizing, bearish element for oil prices,” said John Kilduff, founder of Again Capital. “Any thawing in the U.S.-Iran relationship would naturally expect to involve easing of sanctions on Iran, resulting in increased oil sales. The market can barely handle current supply levels.”
Trump last year abandoned Iran’s 2015 nuclear deal with world powers, arguing that he wanted a bigger deal that not only limited Iran’s atomic work, but also reined in its support for proxies in Syria, Iraq, Yemen and Lebanon, and curbed its ballistic missile program.
Trump also tightened sanctions on Iran in May to try to choke off its oil exports.
“Now the market is pondering the possibility that we’ll see a flood or Iranian oil come onto the market if there’s progress made,” said Phil Flynn, an analyst at Price Futures Group in Chicago. “We have to be admittedly cautious because we’ve heard of deals one minute only to be tweeted down the next minute.”
Buoying prices, Trump said he believed China was seeking a trade deal after he said Beijing contacted U.S. officials overnight to say it wanted a return to talks.
“Anything is possible. I can say we are having very meaningful talks, much more meaningful I would say than any time frankly,” Trump said later on Monday.
Chinese Foreign Ministry spokesman Geng Shuang said he had not heard about a phone call between the two sides.
China’s top negotiator, Vice Premier Liu He, had earlier said Beijing was willing to solve the impasse through “calm” negotiations and opposed an escalation.
Concerns for the global economy have increased as trade tensions between Beijing and Washington mounted in recent days. Oil prices have fallen about 20% from a 2019 high reached in April in part because of worries that the U.S.-China trade conflict is hurting the global economy and therefore could dent demand for oil.
China’s Commerce Ministry said last week it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States, including crude oil, agricultural products and small aircraft.
In retaliation, Trump said he was ordering U.S. companies to look at ways to close operations in China and make products in the United States.
SEB analyst Bjarne Schieldrop said the oil market was worried about “the secondary global growth effects of an upwards spiralling trade war between China and the U.S..”
“The second concern for the oil market is that ... China is now ready to wrestle with the U.S. in the global space of oil.
—CNBC’s Patti Domm contributed to this report.

Aug 22, 2019

Energy I Oil I Oil Price Report: Oil slips below $60, Jackson Hole summit in focus

3 minutes - Source: CNBC




RT: Petrobras oil tanks Brazil 190725
People pass in front of tanks of Brazil’s state-run Petrobras oil company in Brasilia, July 25, 2019.
Ueslei Marcelino | Reuters
Oil slipped below $60 a barrel on Thursday despite a drop in U.S. crude inventories and OPEC-led supply cuts as worries about the global economy weighed on crude prices.
Brent crude fell 45 cents to $59.85 a barrel  while U.S. West Texas Intermediate crude shed 42 cents to $55.26.
Traders on Thursday parsed through commentary from Federal Reserve officials delivered from Jackson Hole, Wyoming. Both Kansas City Federal Reserve President and Philadelphia President told CNBC they don’t believe further interest rate cuts are needed, fostering fears that the central bank won’t come to the rescue if the U.S. economy decelerates.
Still, the losses were limited given inventories data.
“Today prices are basically unchanged in the same relatively small range,” said Olivier Jakob of Petromatrix. “The focus now is going to be on Jackson Hole, I think, to the end of the week.”
U.S. crude inventories fell by 2.7 million barrels last week, more than analysts expected. Still, the U.S. Energy Information Administration also said gasoline and distillate inventories rose.
The price of Brent is up by 12 percent this year, supported by supply cuts led by the Organization of the Petroleum Exporting Countries, and export cuts in Iran and Venezuela which are under U.S. sanctions.
Iran on Wednesday said if its oil exports are cut to zero, international waterways would not have the same security as before, cautioning Washington against raising pressure on Tehran.
Still, lingering fears about slowdown in economic growth amid the U.S.-China trade dispute and Brexit has been pressuring prices and forecasters such as the International Energy Agency have been lowering forecasts for world oil demand.
U.S. President Donald Trump on Wednesday said he was “the Chosen One” to address trade imbalances with China, even as congressional researchers warned his tariffs would reduce U.S. economic output by 0.3% in 2020.
The Jackson Hole speech is important for oil as signals from the Fed on monetary easing affect the U.S. dollar. A weaker U.S. currency tends to support oil prices, and the dollar eased on Thursday against a basket of currencies.
Analysts warned markets could be volatile.
“With positioning in equities, bonds and energy all heavily weighted to this outcome, the resulting correction from a lack of Powell love could be both ugly and emotional,” said Jeffrey Halley, analyst at OANDA.

Aug 21, 2019

Energy | Oil | Oil Price Report: Oil steadies as US crude stocks draw but fuel inventories rise

3 minutes - Source: CNBC




RT: Oil drilling rig oil worker Midland, Texas 190219
A worker watches as a pice of drill pipe is lifted onto a drilling rig near Midland, Texas February 12, 2019.
Nick Oxford | Reuters
Oil futures steadied on Wednesday after U.S. government data showed a drawdown in domestic crude stocks but rises in refined product inventories, while lingering worries about the global economy weighed on the market.
Brent crude rose 1.1% to $60.69 a barrel, down from a session high of $61.41. U.S. West Texas Intermediate (WTI) crude fell 0.1% to $56.05 a barrel, after hitting $57.13 a barrel.
Prices pared gains after data from the Energy Information Administration showed bigger-than-expected builds in U.S. fuel inventories last week. Gasoline stocks rose by 312,000 barrels, while distillate supplies grew by 2.6 million barrels.
Crude stockpiles decreased 2.7 million barrels, a bigger drawdown than the 1.9 million barrels that analysts had forecast.
“It looks like gasoline demand has peaked for the season, and will only trend lower from here,” said John Kilduff, partner at energy hedge fund Again Capital Management in New York.
Tensions between the United States and Iran remained in focus. Iranian President Hassan Rouhani said that if Iran’s oil exports are cut to zero, international waterways would not have the same security as before, cautioning Washington against tightening pressure on Tehran.
The comment coincided with a remark by Iranian Foreign Minister Mohammad Javad Zarif that Tehran might act “unpredictably” in response to U.S. policies under President Donald Trump.
Uncertainty over the global economic outlook amid the U.S.-China trade war capped gains in the oil markets.
“Crude oil remains stuck, with the relief rally in recent days not removing the fear that recession risks could still send the market lower again,” said Ole Hansen, head of commodity strategy at Saxo Bank.
Traders were also watching this week’s annual U.S. central bank seminar in Jackson Hole, Wyoming, where comments from Federal Reserve Chief Jerome Powell will be in focus.
“Market players continued to fret over recession fears and sluggish oil demand forecasts,” said Stephen Brennock of oil broker PVM. “A reprieve, however, may be on the cards tomorrow ... expectations are running high that hints of impending monetary stimulus will be plentiful.”

Aug 20, 2019

Energy | Oil | Oil Price Report: Oil falls but losses capped by hopes of easing trade tensions

2-3 minutes - Source: CNBC




Reusable: Oil worker 130728
Andrew Burton | Getty Images
Oil prices fell on Tuesday on persistent concerns over future demand, but losses were capped by optimism U.S.-China trade tensions will ease and hopes major economies will take stimulus measures to ward off a possible economic slowdown.
Brent crude was down 51 cents at $59.23 a barrel by 1339 GMT, while U.S. crude was down 73 cents at $55.48 a barrel. Both contracts had traded in positive territory earlier in the session.
The United States said it would extend a reprieve that permits China’s Huawei Technologies to buy components from U.S. companies, signalling a slight softening of the trade conflict between the world’s two largest economies.
“The U.S.-China trade spat has been at the centre of the oil market demise, which has sent the global economy to the brink of recession and negatively impacted oil demand forecasts,” Stephen Innes, managing partner at VM Markets, said in a note.
Concerns over the overall level of demand for oil continue to weigh on crude prices. The Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd and indicated the market would be in slight surplus in 2020.
A rally in equity markets around the world on growing expectations that global economies will take action against slowing growth also gave oil prices a floor.
China’s new lending reference rate was set slightly lower on Tuesday after the central bank announced interest rate reforms designed to reduce corporate borrowing costs, while in Germany there were also positive moves.
Germany’s coalition government said it would be prepared to ditch its balanced budget rule and take on new debt to counter a possible recession.
“China’s announcement of key interest rate reforms over the weekend has driven expectations of an imminent reduction in corporate borrowing costs,” Cantor Fitzgerald said in a note.
Traders were also watching for signs of tension in the Middle East after the United States described as unfortunate the release of an Iranian tanker at the centre of a confrontation between Iran and Washington, warning Greece and Mediterranean ports against helping the vessel.

Aug 16, 2019

Energy I Oil I Oil Price Report I Oil rises alongside equities, but weak OPEC outlook caps gains

3-4 minutes - Source: CNBC




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A Petrobras oil platform floats in the Atlantic Ocean near Guanabara Bay in Rio de Janeiro.
Getty Images
Oil prices on Friday rebounded from a two-day drop, alongside equities as expectations of further stimulus by central banks helped to ease recession concerns.
But oil’s gains were capped after the Organization of the Petroleum Exporting Countries trimmed its global oil demand forecast in a downbeat outlook for the rest of 2019 as economic growth slows. The cartel also highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to restrain supplies.
“OPEC killed the golden goose,” said Bob Yawger, director of futures at Mizuho in New York. “We’ve had some little rallies back into the green, as market tries to follow equities higher, but the fundamentals in the report are so bearish that it caps the rallies.”
Brent crude was up 32 cents, or 0.6%, at $58.56 a barrel, after falling 2.1% on Thursday and 3% the previous day. U.S. crude rose 4 cents to $54.51 a barrel, having dropped 1.4% in the previous session and 3.3% on Wednesday.
Before the OPEC monthly report release, Brent touched a session high of $59.50 and U.S. crude traded at $55.67 as investors expect further interest rate cuts from the Federal Reserve and moves by the European Central Bank next month to fight softening growth.
For the week, the oil benchmarks were unchanged even as Wall Street’s three main indexes were on track to rack up their third consecutive week of losses, as investors worried about the risk of recession and U.S.-China trade tensions.
BNP Paribas cut its forecast for 2019 for U.S. crude by $8 to $55 per barrel and for Brent by $9 to $62 per barrel, citing slowing economy amid the trade dispute.
Earlier this week, data releases included a surprise drop in industrial output growth in China to a more than 17-year low, and a fall in exports that sent Germany’s economy into reverse in the second quarter.
The price of Brent is still up nearly 10% this year helped by supply cuts led by OPEC and its allies such as Russia, a group known as OPEC+. In July, OPEC+ agreed to extend oil output cuts until March 2020 to prop up prices.
“At what point will further output cuts be needed at the back end of this year from OPEC and Russia to keep things going the way they are?” said Phin Ziebell, senior economist at National Australia Bank.
A Saudi official indicated this month that more steps may be coming, saying Saudi Arabia was committed to do “whatever it takes” to keep the market balanced next year.
OPEC’s efforts have been undermined by worries about the economy , as well as rising U.S. stockpiles of crude and higher output of U.S. shale oil. 

Aug 13, 2019

Oil | Oil Price Report: Oil soars 4% on easing US-China trade tensions

3-4 minutes - Source: CNBC




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A worker grabs a nozzle at a PTT gas station in Bangkok, Thailand, January 5, 2016.
Athit Perawongmetha | Reuters
Oil prices rose almost 5% on Tuesday after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months.
The Chinese products include laptops and cellphones. The tariffs had been scheduled to start next month.
“The U.S.-China trade war has caused energy demand growth to take a big hit. Any glimmer of hope revives the prospects for a more positive demand landscape,” said John Kilduff, partner at energy hedge fund Again Capital Management in New York.
Brent futures were up 4.5%, at $61.20 a barrel, while U.S. West Texas Intermediate (WTI) crude was up 4%, at $57.10.
That put Brent futures on track for their biggest daily percentage gain since December.
The Chinese Ministry of Commerce said in a statement on Tuesday that U.S. and Chinese trade officials spoke on the phone and agreed to talk again within two weeks.
“The possibility that the United States and China can get the trade talks on track ... is raising hopes that they might actually get some type of deal,” said Phil Flynn, analyst at Price Futures Group in Chicago.
“That’s why we are seeing this big rebound in prices,” Flynn said.
Before the U.S. announcement about the tariff delay, Brent futures were still trading about 20% below the 2019 high they hit in April.
Oil prices seesawed earlier in the day, caught between demand worries and rising global supplies and expectations for deeper production cuts from leading producers.
U.S. oil output from seven major shale formations was expected to rise by 85,000 barrels per day (bpd) in September to a record 8.77 million bpd, the Energy Information Administration forecast in a report.
Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), last week said it planned to keep its crude exports below 7 million bpd in August and September to help drain global oil inventories.
“Saudi Arabia and its Gulf allies standing firm on their commitment to the OPEC+ output-cut agreement has supported prices,” said Abhishek Kumar, head of analytics at Interfax Energy in London.
OPEC and its allies, known as OPEC+, have agreed to cut 1.2 million bpd of production since Jan. 1.
In the United States, meanwhile, analysts forecast crude stockpiles fell by 2.8 million barrels last week, according to a Reuters poll.
“If we get the drawdown in (U.S.) inventory that most people are looking for, that is going to get the market a lot tighter,” said Flynn at Price Futures.
The American Petroleum Institute (API), an industry group, was due to release its inventory report at 4:30 p.m. EDT (2030 GMT) on Tuesday, followed by U.S. government data on Wednesday morning.

Aug 12, 2019

Oil | Oil Price Report: Oil rises 0.8% despite fears of a global economic downturn

3 minutes - Source: CNBC




RT: Oil drilling rig oil workers Midland, Texas 190219 1
A drilling crew secures a stand of drill pipe into the mouse hole on a drilling rig near Midland, Texas February 12, 2019.
Nick Oxford | Reuters
Oil prices rose on Monday despite worries about a global economic slowdown and the ongoing U.S.-China trade war, which has reduced demand for commodities such as crude.
International benchmark Brent crude futures were at $58.53 a barrel, up 0.02% from their previous settlement. U.S. West Texas Intermediate (WTI) futures were at $54.93 per barrel, up 0.8% from their last close.
Both benchmarks had fallen earlier in the day, with Brent hitting a session low of $57.88 and WTI a session low of $53.54.
“What we have noticed recently is a different perception of risk in different geographies,” said Emily Ashford, executive director of energy research at Standard Chartered.
“Often the price reactions during Asia or London trading are reversed during U.S. trading. Prices seem to be following that pattern today.”
The third quarter is fundamentally the strongest season for oil demand as drivers take to the roads for summer holidays, but the trade dispute between the United States and China has weakened demand and pressured oil prices.
U.S. President Donald Trump said on Friday he was not ready to make a deal with China and even called a September round of trade talks into question.
Germany’s Ifo economic institute said its quarterly survey of nearly 1,200 experts in more than 110 countries showed that its measures for current conditions and economic expectations have worsened in the third quarter.
However, Kuwait’s Oil Minister Khaled al-Fadhel said fears of a global economic downturn were “exaggerated” and global crude demand should pick up in the second half, helping to gradually reduce oil inventories.
OPEC members continue to cut production to drain global oil stocks, with the Saudis cutting more than their agreed quota, but analysts said more reductions were needed to support prices due to a fall in demand and non-OPEC supply growth next year.
“If OPEC cuts are merely extended through 2020, prices are going to fall further from current levels,” Bernstein Energy said in a note on Monday.
“We believe that OPEC needs to cut by a further one million barrels per day in 2020 if they are to defend oil prices at $60 a barrel.”
The International Energy Agency (IEA) said on Friday mounting signs of an economic slowdown had caused global oil demand to grow at its slowest pace since the financial crisis of 2008.
India’s imports of crude oil have also stalled in recent months, tallying with weaker economic growth in the country.

Jun 20, 2019

Energy I Oil I Oil Price Report I Oil prices jump more than 5% after Trump says Iran made a 'very big mistake'

Thomas Franck



Oil jumped as much as 6% on Thursday after Iran shot down a U.S. military drone, prompting President Donald Trump to blast Tehran on Twitter and fueling concerns of a conflict between the two countries.
U.S. West Texas Intermediate crude rose $2.79, or 5.19%, to $56.55 a barrel as of 12:58 p.m. ET, down from a 6% surge around 10 a.m. ET. Brent crude, the global benchmark, was up $2.32 — a 3.7% increase — at $64.16 a barrel.
Trump took to Twitter Thursday morning to criticize what U.S. officials say was Iran’s attack on a U.S. surveillance drone earlier in the day, saying that Tehran made a “very big mistake.”
Trump said later Thursday that the public will “find out” about whether the U.S. plans to retaliate with a military strike, but said he finds it “hard to believe it was intentional.”
The drone downing came amid a standoff between Washington and Tehran, stemming from the Trump administration’s decision to withdraw from the 2015 Iran nuclear agreement. Prior to the drone attack over the Strait of Hormuz, the U.S. accused Iran of recent attacks on oil tankers in the Persian Gulf region.
The strained relationship has sent crude prices soaring since more than 20% of the world’s oil output comes from the Middle East. Any threats to the free flow of oil through key chokepoint the Strait of Hormuz could dampen crude supplies.
Also supporting oil were expectations that the U.S. Federal Reserve could cut interest rates at its next meeting, stimulating growth in the world’s largest oil-consuming country.
“If we didn’t have the U.S. resource endowment, oil would absolutely be over $100. Pre-Permania, oil would be above $100” says RBC head of global commodities strategy, Helima Croft.
“We have a drone shot down, we have President Trump now tweeting Iran made a big mistake. I think the market may be waking up to the degree of risk entailed by these incidents,” Croft said.
U.S. President Donald Trump speaks during a Cabinet meeting at the White House in Washington, D.C., U.S., on Thursday, June 21, 2018.
Bloomberg | Bloomberg | Getty Images
Also boosting oil on Thursday was a larger-than-expected decline in U.S. crude inventories and the potential for prolonged supply restraints by the Organization of the Petroleum Exporting Countries.
After surging to near two-year highs, U.S. crude stocks fell by 3.1 million barrels last week, compared with analyst expectations for a draw of 1.1 million barrels, the Energy Information Administration said on Wednesday.
OPEC and its allies including Russia agreed this week to meet on July 1-2, ending a month of wrangling about the timing of the meeting.
The coalition known as OPEC+ will discuss whether to extend throughout 2019 a deal on cutting 1.2 million barrels per day of production. The deal expires at the end of this month.
— Reuters and CNBC’s Patti Domm contributed reporting.

Source: CNBC

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