Asian buyers have bought a substantial amount of cheap US crude on the spot market, suggesting that demand for Middle Eastern grades will be lower in the immediate future, Bloomberg reports, citing traders. According to them, South Korean and Indian refiners had bought some 16 million barrels of US crude on the spot market so … Read more
Crude prices fell on Friday morning, erasing some gains as traders remain cautious to go long on crude again. August 12th, This week has been quite tumultuous in the oil markets, starting off with a pervasive feeling of demand gloom yet recording a weekly gain in the end, greatly aided by flat US inflation data … Read more
At least two other oil majors shuttered their Gulf of Mexico platforms on Friday following a leak in the Fourchon booster station, shutting down the flow of crude through the Amberjack Pipelines. On Thursday, Shell halted production at its Mars, Ursa, and Olympus platforms, which can produce 410,000 bpd. Shell did not provide an estimate … Read more
Oil prices have given up in recent weeks all the gains they had made since the Russian invasion of Ukraine as market fears of recession intensified. There are signs of slowing economic growth, which could dent oil demand. But oil market participants and analysts are struggling to estimate how much demand could suffer in a … Read more
Biden’s “hard-won”, post Saudi fist-bump OPEC output boost of 100K barrels may end up being not only the smallest on record, but also the shortest. In its latest monthly report, OPEC revealed that it expects global oil markets to tip into surplus this quarter as it downgraded the outlook for demand and bolstered estimates for … Read more
The American Petroleum Institute (API) reported a surprise build this week for crude oil of 2.156 million barrels, while analysts predicted a draw of 400,000 barrels. The build comes as the Department of Energy released 5.3 million barrels from the Strategic Petroleum Reserves in weekend August 5, to 464.6 million barrels. US crude inventories have … Read more
China’s crude oil imports rose slightly in July amid a general improvement in commodity imports during that month, Bloomberg reported, citing official data released by Beijing on Sunday. Crude oil imports stood at 37.33 million tons last month, the data showed, although an increase from a four-year low booked earlier in the year was still … Read more
US West Texas Intermediate crude oil futures are trading lower on Friday shortly after the release of a strong US Non-Farm Payrolls report that suggests the US is not in a recession and that the Fed is likely to continue on its aggressive rate hiking path. Prices have come under pressure this week as the … Read more
Russia’s share of the Indian oil market is growing at the expense of Saudi imports, Bloomberg has reported, noting Russian oil has been selling at a sizeable discount to Saudi crude. Russia became the second-biggest oil supplier to India in June, after Iraq, which remained the biggest oil supplier to the subcontinent. India and China … Read more
The US crude oil benchmark dipped early on Thursday to the lowest level in months, falling below $90 a barrel for the first time since Russia invaded Ukraine at the end of February. As of 10:30 am ET on Thursday, the US benchmark WTI Crude had fallen by 1.16% on the day and traded at … Read more
