The United States has stepped up heavy crude oil imports, with the May volumes hitting the highest in two years, according to customs data cited by Reuters. The ramp-up in imports comes amid rising demand for fuels during driving season and calls by President Biden on refiners to crank up their output of gasoline and … Read more
Crude oil prices moved little today after the US Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to June 10. This compared with a build of 2 million barrels for the previous week. In fuels, the EIA estimated a mixed picture. Gasoline inventories, according to the EIA, … Read more
Oil demand growth is set to accelerate next year, with global demand averaging a record 101.6 million barrels per day (bpd) and exceeding pre-COVID levels, the International Energy Agency (IEA) said on Wednesday in its first outlook for 2023. “While higher prices and a weaker economic outlook are moderating consumption increases, a resurgent China will … Read more
In its largest hike since 1994, the Federal Reserve raised rates by three-quarters of a percentage point, or 75 basis points, with oil prices responding by drawing down just under 1%. Wall Street had largely anticipated a 75-basis point hike, and oil prices were down 1% on Wednesday, ahead of the Fed meeting, regaining some … Read more
The American Petroleum Institute (API) reported a build this week for crude oil of 736,000 barrels, while analysts predicted a draw of 1.2 million barrels. The small build comes as the Department of Energy released 7.7 million barrels from the Strategic Petroleum Reserves in Week Ending June 10. US crude inventories have shed some 74 … Read more
Russia said on Thursday it had added the equivalent of $9.4 billion to its government emergency reserve fund, with the money coming from extra oil and gas revenues the country has received so far in 2022. The Russian government can easily tap the rainy-day fund and has been actively doing so since the invasion of … Read more
After long being deeply discounted for years because of a lack of pipelines, Canadian heavy crude is finally trading like a “North American” grade, moving in tandem with US sour crudes sold on the Gulf Coast after Enbridge Inc. expanded its Line 3 pipeline late last year. Unfortunately for Canadian producers, the Gulf is awash … Read more
Crude oil prices rose further after the Energy Information Administration reported today an inventory draw of 5.1 million barrels for the week to May 27. This compared with a draw of 1 million barrels for the previous week. At 414.7 million barrels, US crude oil inventories are some 15 percent below the five-year average for … Read more
As in many parts of the world, gasoline prices in the UK hit a fresh record high on Tuesday amid rallying oil prices after the partial EU ban on Russian oil imports that is set to further tighten global fuel markets. The latest average UK price of unleaded gasoline hit $2.18 (£1.73) per liter (a … Read more
Rising energy prices and boxing Russian crude oil out of the global market risks a global recession, Bank of America’s head of global commodities and derivatives research Francisco Blanch warned in a recent research note. “Can the global economy continue to expand with tightening oil supplies? Our estimates suggest that the world can handle a … Read more
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