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Oil up on global economic recovery, but high U.S. gasoline stocks weigh | Reuters

Oil up on global economic recovery, but high U.S. gasoline stocks weigh | ReutersGlobal benchmark Brent crude inched higher on Wednesday on improving global economic outlook, but U.S. crude fell on rising gasoline inventories amid fears that new coronavirus outbreaks will weaken a global recovery in fuel demand.Brent crude futures were up 44 cents, or 0.7%, to $63.18 a barrel by 1:42 p.m. EDT (1742 GMT) while U.S. West Texas Intermediate crude fell 40 cents, or 0.7%, to $59.73.U.S. crude stocks ...
Tags: Travel, Energy Information Administration, Reuters, Rupert Neil Bumfrey, Mizuho Securities, Bob Yawger


Oil Slumps With U.S. Gasoline Supply Rising Most Since February - Bloomberg

Oil Slumps With U.S. Gasoline Supply Rising Most Since February - Bloomberg West Texas Intermediate for May delivery declined 83 cents to $58.50 a barrel at 12:29 p.m. in New York Brent for June settlement lost 74 cents to $62.00 a barrel Oil extended losses alongside a strengthening dollar while the biggest U.S. gasoline supply increase in two months offset a drop in crude inventories.Futures in New York furthered their decline to as much as 2% on Wednesday, in tandem with a rising ...
Tags: Travel, Europe, New York, Energy Information Administration, Tortoise, Rupert Neil Bumfrey, Brian Kessens


Oil ticks up on global economic outlook, plummeting U.S. fuel inventories | Reuters

Oil ticks up on global economic outlook, plummeting U.S. fuel inventories | ReutersOil prices rose on Wednesday on an upbeat forecast for global economic recovery and as U.S. gasoline inventories plummeted, but prices were limited due to a surge in crude oil inventories in the aftermath of last month’s Texas winter storm.Brent crude settled at $67.90 a barrel, gaining 38 cents, or 0.6%. U.S. West Texas Intermediate crude settled at $64.44 a barrel, rising 43 cents, or 0.7%.U.S. gasoline stocks d...
Tags: Travel, Texas, Energy Information Administration, Reuters, Rupert Neil Bumfrey, U S West Texas Intermediate, U S gasoline


Oil rises on economic outlook, falling U.S. fuel inventories | Reuters

Oil rises on economic outlook, falling U.S. fuel inventories | ReutersOil edged up on Wednesday, supported by an upbeat forecast for global economic recovery and OPEC+ oil output curbs as well as a sharp reduction in U.S. fuel inventories.Brent crude gained 42 cents, or 0.6%, at $67.94 a barrel by 10:47 a.m. EST (1547 GMT) and U.S. West Texas Intermediate crude rose 40 cents, or 0.6%, to $64.41 a barrel.U.S. gasoline stocks slumped by 11.9 million barrels last week and distillates, which include...
Tags: Travel, Opec, Chicago, Energy Information Administration, Reuters, Rupert Neil Bumfrey, Phil Flynn, Price Futures Group, ReutersOil


Oil Surges After Record U.S. Fuel Supply Drop From Deep Freeze - Oil Prices for Mar. 03, 2021: Brent Crude, WTI - Bloomberg

Oil Surges After Record U.S. Fuel Supply Drop From Deep Freeze Oil Prices for Mar. 03, 2021: Brent Crude, WTI - Bloomberg Oil jumped the most in more than a week after a U.S. government report showed a record drop in domestic fuel inventories from the aftermath of a deep freeze that shuttered refineries in several states.Crude futures in New York climbed 2.6% on Wednesday, snapping a three-day streak of losses. U.S. gasoline inventories tumbled last week by the most since 1990 after a pol...
Tags: Travel, New York, Opec, Energy Information Administration, Tortoise, U S Gulf Coast, Rupert Neil Bumfrey, Matt Sallee, Bloomberg Oil, Brent Crude WTI Bloomberg


Oil hovers near 13-month highs as storm hits U.S. output, Fed assures rates staying low | Reuters

Oil hovers near 13-month highs as storm hits U.S. output, Fed assures rates staying low | Reuters Oil prices extended gains for a fourth session on Thursday to reach the highest levels in more than 13 months, underpinned by an assurance that U.S. interest rates will stay low, and a sharp drop in U.S. crude output last week due to the storm in Texas.Brent crude futures for April gained 37 cents, 0.6%, to $67.41 a barrel by 0718 GMT, while U.S. West Texas Intermediate crude for April was at $63.54...
Tags: Travel, Texas, Energy Information Administration, Fed, Reuters, Reuters Oil, U S Federal Reserve, Rupert Neil Bumfrey, Texas Brent


Oil rises after data shows slump in U.S. output amid Texas freeze | Reuters

Oil rises after data shows slump in U.S. output amid Texas freeze | Reuters Oil prices climbed on Wednesday to fresh 13-month highs after U.S. government data showed a drop in crude output after a deep freeze disrupted production last week.U.S. crude oil production dropped last week by more than 10%, or 1 million barrels per day, during the rare winter storm in Texas, equaling the largest weekly fall ever, the Energy Information Administration said. Refinery crude inputs dropped to the lowest si...
Tags: Travel, Texas, Chicago, Houston, EIA, Energy Information Administration, Reuters, Reuters Oil, Rupert Neil Bumfrey, Phil Flynn


Oil up above $56 on lower U.S. stockpiles, drop in new Chinese COVID-19 cases | Reuters

Oil up above $56 on lower U.S. stockpiles, drop in new Chinese COVID-19 cases | Reuters Oil rose above $56 a barrel on Wednesday after industry data showed U.S. crude inventories fell unexpectedly and as concerns eased about a resurgence in coronavirus cases in China, the world’s second-biggest oil user.Industry group the American Petroleum Institute (API) said U.S. crude inventories fell by 5.3 million barrels. Analysts had expected them to rise. Official inventory figures are due at 1530 GMT f...
Tags: Travel, China, US, Opec, Energy Information Administration, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, American Petroleum Institute API, Stephen Brennock, PVM Brent


Shale Boom: U.S. Imports of #Saudi Crude Won’t Stay Zero for Long - Bloomberg

Shale Boom: U.S. Imports of Saudi Crude Won’t Stay Zero for Long - Bloomberg In the final week of 2020, the U.S. imported no crude from Saudi Arabia for the first time in 35 years. But it's not quite the historic moment it might seem at first sight.As recently as 2017, the desert kingdom was regularly sending more than 1 million barrels a day of its crude across the Atlantic and Pacific Oceans to the U.S. Within the space of four years that market has all but disappeared, as the shale industry b...
Tags: Travel, Saudi Arabia, Nigeria, Iran, Atlantic, Jimmy Carter, West Africa, Energy Information Administration, Rupert Neil Bumfrey, Long Bloomberg


Oil extends gains after surprise #Saudi output cut and U.S. crude draw | Reuters

Oil extends gains after surprise Saudi output cut and U.S. crude draw | Reuters Oil prices extended gains on Wednesday, rising to their highest since late February, after Saudi Arabia announced a big voluntary production cut, and as U.S. crude inventories declined in the latest week.Brent crude was up 88 cents, or 1.7%, to $54.48 a barrel at 11:24 a.m. EST (1524 GMT). Earlier in the session, it hit a high of $54.63 a barrel, a level not seen since Feb. 26, 2020.U.S. West Texas Intermediate (WTI)...
Tags: Travel, Saudi Arabia, Energy Information Administration, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil gains 2% after draws in U.S. product inventories | Reuters

Oil gains 2% after draws in U.S. product inventories | Reuters Oil prices rose more than 2% on Wednesday, boosted by draws in U.S. inventories of crude, gasoline and distillates that lifted investors’ hopes for some return in fuel demand.Brent crude futures rose $1.12, or 2.2%, to settle at $51.20 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.1, or 2.3%, to settle at $48.12 a barrel.U.S. crude inventories fell by 562,000 barrels in the week to Dec. 18 to 499.5 million ...
Tags: Travel, EIA, Energy Information Administration, Reuters, Reuters Oil, Rupert Neil Bumfrey


Oil prices edge higher after U.S. crude stockpile draw | Reuters

Oil prices edge higher after U.S. crude stockpile draw | Reuters Oil prices edged higher on Wednesday, buoyed by U.S. government data that showed crude stockpiles fell last week and by optimism about a coronavirus relief package in the United States.Brent crude futures rose 32 cents to settle at $51.08 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 20 cents to settle at $47.82 a barrel.U.S. crude inventories fell by 3.1 million barrels in the week to Dec. 11, the Energy Informat...
Tags: Travel, United States, Energy Information Administration, Reuters, Reuters Oil, Mizuho, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, Bob Yawger


Oil steadies despite massive build in U.S. crude stocks | Reuters

Oil steadies despite massive build in U.S. crude stocks | Reuters Oil prices settled little changed on Wednesday as investors weighed an unexpected jump in U.S. crude stockpiles against optimism that a fast rollout of a coronavirus vaccine would fuel a recovery in global oil demand.Prices fell 1% early in the session as data showed U.S. crude inventories rose by 15.2 million barrels to 503.2 million barrels last week, according to the Energy Information Administration, compared with analysts’ ex...
Tags: Travel, New York, United States, United Kingdom, Energy Information Administration, Reuters, Reuters Oil, U S Food and Drug Administration, Rupert Neil Bumfrey, John Kilduff, Again Capital LLC


America’s Biggest Oil Storage Hub is Filling to the Brim Again - Bloomberg

America’s Biggest Oil Storage Hub is Filling to the Brim Again - Bloomberg Oil tanks in America’s most important crude storage hub are filling to the brim once again, quickly approaching the critical levels reached in May after prices crashed.Stockpiles at Cushing, Oklahoma, the delivery point for West Texas Intermediate futures, stood at 61.6 million barrels as of Nov. 13, or about 81% of capacity, according to the most recent U.S. government data. That’s 3.83 million barrels shy of the levels ...
Tags: Travel, America, Bloomberg, Energy Information Administration, Cushing Oklahoma, Cushing, Rupert Neil Bumfrey, Wood Mackenzie Ltd, Bloomberg Oil, Biggest Oil Storage Hub, Hillary Stevenson


Column: U.S. oil inventories offer hope, and a warning, to OPEC+ - Kemp | Reuters

Column: U.S. oil inventories offer hope, and a warning, to OPEC+ - Kemp | Reuters U.S. petroleum inventories are gradually normalising as output curbs by OPEC+ and processing restraint by refiners push the oil market back towards balance.But with stocks of crude and distillates still well above the five-year average, OPEC+ and refiners will need to maintain their disciplined approach until at least March to avoid renewed downward pressure on prices.U.S. stocks of crude and petroleum products out...
Tags: Travel, Opec, Energy Information Administration, Rupert Neil Bumfrey, OPEC Kemp


Oil edges higher after U.S. crude, fuel stockpiles draw down | Reuters

Oil edges higher after U.S. crude, fuel stockpiles draw down | Reuters:Oil prices edged higher on Wednesday, supported by U.S. government data that showed crude and fuel inventories dropped last week, though concerns about the ongoing coronavirus pandemic capped gains. Brent crude LCOc1 rose 5 cents to settle at $41.77 a barrel. U.S. West Texas Intermediate crude CLc1 gained 13 cents to settle at $39.93 a barrel.U.S. crude, gasoline and distillate inventories all fell last week, Energy Informati...
Tags: Travel, Chicago, Energy Information Administration, Eci, Reuters, Rupert Neil Bumfrey, Phil Flynn, Price Futures Group, USOILG


Global Crude Oil News and Analysis for WTI, Brent Prices on September 11, 2020 - Bloomberg

Global Crude Oil News and Analysis for WTI, Brent Prices on September 11, 2020 - Bloomberg:Oil headed for its first back-to-back weekly losses since April’s price rout as swelling U.S. stockpiles added to signs that the global energy demand recovery will take longer than previously anticipated.Futures in New York were steady near $37 a barrel and are down around 6% this week. U.S. crude inventories rose for the first time in seven weeks and stockpiles at the storage hub at Cushing reached the hi...
Tags: Travel, Asia, Europe, New York, Opec, Bloomberg, Energy Information Administration, Platts, Saudi Aramco, Cushing, Rupert Neil Bumfrey, Global Crude Oil News


U.S. crude stocks drop nine million bbls, record fall in output amid hurricane - EIA - Reuters

U.S. crude stocks drop nine million bbls, record fall in output amid hurricane - EIA - Reuters:U.S. crude oil and fuel stockpiles fell sharply last week as Hurricane Laura shut offshore production and refining facilities, the Energy Information Administration said on Wednesday.Crude inventories fell by 9.4 million barrels in week to Aug. 28 to 498.4 million barrels, according to data, compared with analysts’ expectations in a Reuters poll for a 1.9 million-barrel drop.That was driven by a record...
Tags: Travel, Energy Information Administration, Reuters, Rupert Neil Bumfrey, Laura Laura, EIA Reuters, Hurricane Laura


Crude rises 2% after draw in U.S. oil stocks spurs demand hope - Reuters

Crude rises 2% after draw in U.S. oil stocks spurs demand hope - Reuters:Crude prices rose more than 2% on Wednesday after government data showed U.S. oil inventories fell across the board, bolstering hopes that fuel demand in the world’s biggest economy will withstand the coronavirus pandemic.Brent crude LCOc1 was up 95 cents, or 2.1%, at $45.44 a barrel by 11:02 a.m. EDT (1502 GMT), after falling around 1% on Tuesday.West Texas Intermediate CLc1 oil was up $1.00, or 2.5%, at $42.61 a barrel, h...
Tags: Travel, Energy Information Administration, Reuters, Rupert Neil Bumfrey


Oil prices just under five-month highs, supported by weaker dollar - Reuters

Oil prices just under five-month highs, supported by weaker dollar - Reuters:Oil prices slipped just below five-month highs on Thursday, with support from a weak dollar .DXY and falling U.S. crude inventories undermined by bearish sentiment about fuel demand.Brent crude LCOc1 fell 7 cents to $45.10 a barrel by 0802 GMT, while U.S. crude CLc1 was down 25 cents at $41.94.The two benchmarks rose to their highest since March 6, completing a four-day rally, after the Energy Information Administration...
Tags: Travel, Energy Information Administration, Reuters, Rupert Neil Bumfrey


Oil prices mixed as coronavirus concerns undercut support from lower U.S. crude stocks - Reuters

Oil prices mixed as coronavirus concerns undercut support from lower U.S. crude stocks - Reuters:Oil prices were mostly flat on Thursday, as a boost from lower-than-expected U.S. crude stocks that lifted the market to five-month highs in the previous session gave way to fuel demand concerns amid rising coronavirus infections.U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 3 cents, or 0.1%, to $42.16 a barrel by 0436 GMT, while Brent crude LCOc1 futures rose 9 cents or nearly 0.2% to ...
Tags: Travel, Energy Information Administration, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil edges up after sharp U.S. crude inventory drop - Reuters

Oil edges up after sharp U.S. crude inventory drop - Reuters:Oil prices rose on Wednesday after a steep drop in U.S. crude inventories, but another record day for coronavirus cases worldwide kept gains in check. Brent crude futures LCOc1 settled at $43.75 a barrel, up 53 cents, or 1.2%. U.S. West Texas Intermediate crude futures CLc1 settled at $41.27 a barrel, gaining 23 cents, or 0.6%.U.S. crude oil inventories fell by 10.6 million barrels last week to 526 million barrels, the Energy Informati...
Tags: Travel, EIA, Energy Information Administration, Reuters, Rupert Neil Bumfrey


Oil prices gain on sharp U.S. crude inventory drop - Reuters

Oil prices gain on sharp U.S. crude inventory drop - Reuters:Oil prices edged up on Wednesday after a steep drop in U.S. crude inventories, but another record day for COVID-19 cases worldwide kept gains in check.Brent crude futures LCOc1 gained 35 cents to $43.57 a barrel by 10:57 a.m. EDT (1457 GMT). U.S. West Texas Intermediate crude futures CLc1 were up 18 cents to $41.22.U.S. crude oil inventories fell by 10.6 million barrels last week to 526 million barrels, the Energy Information Administr...
Tags: Travel, EIA, Energy Information Administration, Reuters, Rupert Neil Bumfrey


Oil inches up, but concerns over demand recovery cap gains - Reuters

Oil inches up, but concerns over demand recovery cap gains - Reuters:Oil prices edged higher on Thursday, although gains were capped by a surprise build in U.S. crude oil inventories, while a persistent surge in new coronavirus cases continued to dampen a recovery in fuel demand.U.S. crude and distillate inventories rose unexpectedly and fuel demand slipped in the most recent week, the Energy Information Administration said on Wednesday, as a sharp rise in coronavirus cases starts to hit U.S. co...
Tags: Travel, Energy Information Administration, Reuters, Rupert Neil Bumfrey


Oil climbs 2% on U.S. stock draw but gains capped as OPEC+ set to ease cuts - Reuters

Oil climbs 2% on U.S. stock draw but gains capped as OPEC+ set to ease cuts - Reuters:Oil prices rose 2% on Wednesday, supported by a sharp drop in U.S. crude inventories, but further gains were limited as OPEC and its allies are set to ease supply curbs from August as the global economy gradually recovers from the coronavirus pandemic.Brent crude LCOc1 settled up 89 cents, or 2.1%, at $43.79 a barrel, and U.S. West Texas Intermediate (WTI) crude CLc1 rose 91 cents, or 2.3%, to $41.20 a barrel.P...
Tags: Travel, Opec, Energy Information Administration, Reuters, Rupert Neil Bumfrey


Oil climbs on U.S. stock draw but gains capped as OPEC+ set to ease cuts - Reuters

Oil climbs on U.S. stock draw but gains capped as OPEC+ set to ease cuts - Reuters:Oil prices rose 1% on Wednesday, supported by a sharp drop in U.S. crude inventories, but further gains were limited as OPEC and its allies are set to ease supply curbs from August as the global economy gradually recovers from the coronavirus pandemic. Brent crude was up 64 cents, or 1.5%, at $43.54 a barrel at 10:59 a.m. ET (1459 GMT), and U.S. West Texas Intermediate (WTI) crude rose 53 cents, or 1.3%, to $40.82...
Tags: Travel, Opec, Energy Information Administration, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil settles higher on improving U.S. gasoline demand - Reuters

Oil settles higher on improving U.S. gasoline demand - Reuters:Oil prices settled higher on Wednesday as U.S. gasoline consumption showed signs of a recovery, but price gains were limited by rising crude inventories and an increase in coronavirus infections.Brent crude futures settled up 21 cents at $43.29 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 28 cents to settle at $40.90 barrel.Both benchmarks were on track for a fourth session of daily percentage changes of less 1% in...
Tags: Travel, Opec, Libya, Energy Information Administration, Reuters, Rupert Neil Bumfrey


Oil falls as rise in virus cases, U.S. inventories stall recovery - Reuters

Oil falls as rise in virus cases, U.S. inventories stall recovery - Reuters:Oil prices inched lower on Wednesday, as rising U.S. crude inventories and an increase in U.S. coronavirus infections put the brakes on a price recovery sparked by easing lockdowns.Brent crude futures fell 19 cents to $42.89 a barrel by 11:23 AM EDT (1523 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 23 to at $40.39 a barrel.Both benchmarks are set for a fourth session of daily percentage changes of less 1%...
Tags: Travel, Opec, Libya, Energy Information Administration, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil rises on U.S. crude stockpile draw, global manufacturing activity - Reuters

Oil rises on U.S. crude stockpile draw, global manufacturing activity - Reuters:Oil prices rose about 1% on Wednesday following a drawdown in U.S. crude inventories from record highs and a string of positive manufacturing data, but a surge in coronavirus cases tempered gains.Brent crude LCOc1 rose 55 cents, or 1.3%, to $41.82 a barrel by 11:08 a.m. EDT (1508 GMT). U.S. crude rose 38 cents, or 1%, to $39.65 a barrel.U.S. crude inventories USOILC=ECI fell more than expected, dropping by 7.2 millio...
Tags: Travel, Energy Information Administration, Reuters, Rupert Neil Bumfrey, USOILC


Could OPEC+ Become Victim of Its Own Success Slashing Oil Output? - Bloomberg

Could OPEC+ Become Victim of Its Own Success Slashing Oil Output? - Bloomberg:With oil prices roaring back, the OPEC+ output cuts are undoubtedly doing their job.But they’re due to be reviewed in a little over a week, and the unwieldy group needs to ensure the fault lines between its de facto leaders, Saudi Arabia and Russia, don’t resurface. We all know what happened last time they couldn’t agree on the way forward.For now, the results of the collaboration are almost too good to be true. In the...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, Canada, Energy Information Administration, Alberta, Rupert Neil Bumfrey



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