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CNA
24-07-2025
- Business
- CNA
Crude finishes with 1% gain on supply concerns and US crude draws
HOUSTON :Oil prices rose 1 per cent on Thursday as U.S. crude draws and expected cuts to Russian gasoline exports overwhelmed news that oil major Chevron will gain U.S. approval to renew production in Venezuela. Brent crude futures settled at $69.18 a barrel, up 67 cents or 0.98 per cent. U.S. West Texas Intermediate crude futures finished at $66.03 a barrel, up 78 cents, or 1.20 per cent. Crude fell in early afternoon trade on news that U.S. President Donald Trump's administration was preparing to allow limited oil operations in sanctioned OPEC nation Venezuela. Earlier in the session, WTI had been up more than a dollar and Brent crude came near that level. "The news about Chevron being able to go back into Venezuela and get oil going again just took the knees out of the market," said John Kilduff, partner at Again Capital LLC. Even so, Kilduff said the market did not expect the Trump administration would open up Venezuela to other U.S. oil companies. "This is a unique one-off," he added. Oil rebounded late in the session on news Russia was planning to cut gasoline exports to all but a few allies and nations like Mongolia, with which it has supply agreements. "Russia looking to cut off gasoline exports gave the market a boost," said Phil Flynn, senior analyst with Price Futures Group. "The market was looking for a reason to go higher." Also lifting futures was the previous day's report of a U.S. crude inventory draw and hopes for a trade deal between the U.S. and the European Union that would lower tariffs. U.S. Energy Information Administration data showed crude inventories fell last week by 3.2 million barrels to 419 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. "The U.S. crude inventory draw and the trade efforts are adding some support to prices," said Janiv Shah, an analyst at Rystad. On Wednesday, two European diplomats said the EU and the U.S. were moving toward a trade deal that could include a 15 per cent U.S. baseline tariff on EU imports and possible exemptions. That could pave the way for another major trade agreement following a deal with Japan.
Business Recorder
14-05-2025
- Business
- Business Recorder
Crude oil climbs more than $1 on tariff cuts
HOUSTON: Crude oil futures climbed more than $1 a barrel on Tuesday, lifted by a temporary cut in US-China tariffs and a better than expected inflation report. Brent crude futures rose $1.11, or 1.71%, to $66.07 a barrel by 1443 GMT. US West Texas Intermediate (WTI) crude was up 95 cents, or 1.53%, at $62.90. The two benchmarks rose by about 4% or more in the previous session after the US and China agreed on sharp reductions to tariffs for at least 90 days, which also boosted Wall Street stocks and the dollar. 'We didn't participate as much as other markets did yesterday in the China boom, so we're catching up today,' said John Kilduff, partner with Again Capital LLC. 'Also the data this morning gives the Fed room to potentially begin making some moves.' A US Labor Department report on Tuesday said inflation in April was 2.3%, the smallest year-over-year gain in four years, leading Wall Street firms like JP Morgan Chase and Barclays to cut forecasts of a US recession in the coming months. The lower inflation number is expected to encourage the US Federal Reserve to keep interest rates unchanged in the short term, which would encourage consumer spending. Fears of the impact of tariffs lifting prices were expected to lead to an increase in rates charged by the US central bank for lending money. The Organization of the Petroleum Exporting Countries and its allies, called OPEC+, are planning to boost oil exports in May and June, which is seen as possibly limiting oil's upside. OPEC has raised oil output by more than previously expected since April, with May output likely to increase by 411,000 barrels per day. Meanwhile, sources told Reuters that Saudi Arabia's crude oil supply to China will hold steady in June after hitting its highest level in more than a year in the previous month after an OPEC+ decision to increase output. It is the second-largest crude supplier to China behind Russia. Elsewhere, signs broadly point to demand for refined fuel remaining strong. 'Despite the deteriorating outlook for crude demand, positive signals from the fuel markets cannot be overlooked,' JP Morgan analysts said in a note. 'Although international crude prices have declined by 22% since their peak on January 15, both refined product prices and refining margins have remained stable.' Reduced refining capacity - mostly in the US and Europe - is tightening gasoline and diesel balances, increasing reliance on imports and raising susceptibility to price spikes during maintenance and unplanned outages, they added.
Yahoo
14-05-2025
- Business
- Yahoo
Crude oil climbs more than $1.60 a barrel on tariff cuts, economic outlook
By Erwin Seba HOUSTON (Reuters) - Crude oil futures climbed more than $1.60 a barrel on Tuesday, lifted by a temporary cut in U.S.-China tariffs and a better-than-expected inflation report. Brent crude futures settled at $66.63 a barrel, up $1.67, or 2.57%. U.S. West Texas Intermediate (WTI) crude finished at $63.67, up $1.72 or 2.78%. The two benchmarks rose by about 4% or more in the previous session after the U.S. and China agreed on sharp reductions to their import tariffs for at least 90 days, which also boosted stocks on Wall Street and the dollar. "We didn't participate as much as other markets did yesterday in the China boom, so we're catching up today," said John Kilduff, a partner with Again Capital LLC. "Also the data this morning gives the Fed room to potentially begin making some moves." The U.S. Labor Department reported on Tuesday that the Consumer Price Index rose 2.3% in the 12 months through April, the smallest year-over-year gain in four years, leading Wall Street firms like JPMorgan Chase and Barclays to cut their forecasts of a U.S. recession in the coming months. The tamer inflation reading will likely be greeted with some relief by the Federal Reserve, which has kept its benchmark interest rate unchanged since last cutting it in December. The U.S. central bank has paused its rate cuts amid concerns that the trade war could reignite inflation. "All the numbers are bullish today," said Phil Flynn, senior analyst with Price Futures Group. "The inflation number, the economic data are very supportive." The Organization of the Petroleum Exporting Countries and its allies, a group called OPEC+, are planning to boost oil exports in May and June, which is seen as possibly limiting oil's upside. OPEC has raised oil output by more than previously expected since April, with its May output likely to increase by 411,000 barrels per day. Meanwhile, sources told Reuters that Saudi Arabia's crude oil supply to China will hold steady in June after hitting its highest level in more than a year in the previous month after an OPEC+ decision to increase output. The kingdom is the second-largest crude supplier to China behind Russia. Elsewhere, signs broadly point to demand for refined fuel remaining strong. "Despite the deteriorating outlook for crude demand, positive signals from the fuel markets cannot be overlooked," JPMorgan analysts said in a note. "Although international crude prices have declined by 22% since their peak on January 15, both refined product prices and refining margins have remained stable." Reduced refining capacity - mostly in the U.S. and Europe - is tightening gasoline and diesel balances, increasing reliance on imports and raising susceptibility to price spikes during maintenance and unplanned outages, they added.
The Star
13-05-2025
- Business
- The Star
Crude oil climbs on tariff cuts, economic outlook
Brent crude futures settled at US$66.63 a barrel, up US$1.67, or 2.57%. US West Texas Intermediate (WTI) crude finished at US$63.67, up US$1.72 or 2.78%. HOUSTON: Crude oil futures climbed more than US$1.60 a barrel on Tuesday, lifted by a temporary cut in US-China tariffs and a better-than-expected inflation report. Brent crude futures settled at US$66.63 a barrel, up US$1.67, or 2.57%. US West Texas Intermediate (WTI) crude finished at US$63.67, up US$1.72 or 2.78%. The two benchmarks rose by about 4% or more in the previous session after the US and China agreed on sharp reductions to their import tariffs for at least 90 days, which also boosted stocks on Wall Street and the dollar. "We didn't participate as much as other markets did yesterday in the China boom, so we're catching up today," said John Kilduff, a partner with Again Capital LLC. "Also the data this morning gives the Fed room to potentially begin making some moves." The U.S. Labor Department reported on Tuesday that the Consumer Price Index rose 2.3% in the 12 months through April, the smallest year-over-year gain in four years, leading Wall Street firms like JPMorgan Chase and Barclays to cut their forecasts of a US recession in the coming months. The tamer inflation reading will likely be greeted with some relief by the Federal Reserve, which has kept its benchmark interest rate unchanged since last cutting it in December. The US central bank has paused its rate cuts amid concerns that the trade war could reignite inflation. "All the numbers are bullish today," said Phil Flynn, senior analyst with Price Futures Group. "The inflation number, the economic data are very supportive." The Organization of the Petroleum Exporting Countries and its allies, a group called Opec+, are planning to boost oil exports in May and June, which is seen as possibly limiting oil's upside. Opec has raised oil output by more than previously expected since April, with its May output likely to increase by 411,000 barrels per day. Meanwhile, sources told Reuters that Saudi Arabia's crude oil supply to China will hold steady in June after hitting its highest level in more than a year in the previous month after an Opec+ decision to increase output. The kingdom is the second-largest crude supplier to China behind Russia. Elsewhere, signs broadly point to demand for refined fuel remaining strong. "Despite the deteriorating outlook for crude demand, positive signals from the fuel markets cannot be overlooked," JPMorgan analysts said in a note. "Although international crude prices have declined by 22% since their peak on January 15, both refined product prices and refining margins have remained stable." Reduced refining capacity – mostly in the US and Europe – is tightening gasoline and diesel balances, increasing reliance on imports and raising susceptibility to price spikes during maintenance and unplanned outages, they added. — Reuters
Business Times
13-05-2025
- Business
- Business Times
Crude oil climbs more than US$1.60 a barrel on tariff cuts, economic outlook
[HOUSTON] Crude oil futures climbed more than US$1.60 a barrel on Tuesday, lifted by a temporary cut in US-China tariffs and a better-than-expected inflation report. Brent crude futures settled at US$66.63 a barrel, up US$1.67, or 2.57 per cent. US West Texas Intermediate (WTI) crude finished at US$63.67, up US$1.72 or 2.78 per cent. The two benchmarks rose by about 4 per cent or more in the previous session after the US and China agreed on sharp reductions to their import tariffs for at least 90 days, which also boosted stocks on Wall Street and the dollar. 'We didn't participate as much as other markets did yesterday in the China boom, so we're catching up today,' said John Kilduff, a partner with Again Capital LLC. 'Also the data this morning gives the Fed room to potentially begin making some moves.' The US Labor Department reported on Tuesday that the Consumer Price Index rose 2.3 per cent in the 12 months through April, the smallest year-over-year gain in four years, leading Wall Street firms like JPMorgan Chase and Barclays to cut their forecasts of a US recession in the coming months. The tamer inflation reading will likely be greeted with some relief by the Federal Reserve, which has kept its benchmark interest rate unchanged since last cutting it in December. The US central bank has paused its rate cuts amid concerns that the trade war could reignite inflation. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'All the numbers are bullish today,' said Phil Flynn, senior analyst with Price Futures Group. 'The inflation number, the economic data are very supportive.' The Organization of the Petroleum Exporting Countries and its allies, a group called Opec+, are planning to boost oil exports in May and June, which is seen as possibly limiting oil's upside. Opec has raised oil output by more than previously expected since April, with its May output likely to increase by 411,000 barrels per day. Meanwhile, sources told Reuters that Saudi Arabia's crude oil supply to China will hold steady in June after hitting its highest level in more than a year in the previous month after an Opec+ decision to increase output. The kingdom is the second-largest crude supplier to China behind Russia. Elsewhere, signs broadly point to demand for refined fuel remaining strong. 'Despite the deteriorating outlook for crude demand, positive signals from the fuel markets cannot be overlooked,' JPMorgan analysts said in a note. 'Although international crude prices have declined by 22 per cent since their peak on Jan 15, both refined product prices and refining margins have remained stable.' Reduced refining capacity - mostly in the US and Europe - is tightening petrol and diesel balances, increasing reliance on imports and raising susceptibility to price spikes during maintenance and unplanned outages, they added. REUTERS
