Latest news with #BrentFutures
Zawya
2 days ago
- Business
- Zawya
Kuwait crude oil gain 95 cents Mon. to $64.56 pb
RELATED TOPICS OIL COMMODITIES KUWAIT GCC GCC COUNTRIES OIL KUWAIT-- Kuwait crude oil gained 95 cents during Monday's trading to reach USD 64.56 per barrel compared with 63.61 pb last Friday, Kuwait Petroleum Corporation (KPC) said Tuesday. Brent futures rose USD 1.85 to USD 64.63 pb and West Texas Intermediate increased by 1.73 to USD 62.52 pb. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
Zawya
29-05-2025
- Business
- Zawya
KPC: Kuwait crude oil down 17 cents to $64.09 pb
KUWAIT -- The Kuwaiti crude oil fell 17 cents during Wednesday's trading to hit USD 64.09 per barrel (pb), compared with USD 64.26 pb the day before, Kuwait Petroleum Corporation (KPC) said Thursday. Brent futures rose by 81 cents to USD 64.90 pb and West Texas Intermediate went up by 95 cents to USD 61.84 pb. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
Reuters
21-05-2025
- Business
- Reuters
US crude, fuel inventories post surprise stock builds, EIA
HOUSTON, May 21 (Reuters) - U.S. crude stocks, gasoline and distillate inventories rose in the week ending May 16, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.3 million barrels to 443.2 million barrels in the week ended May 16, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI), opens new tab fell by 457,000 barrels. Crude futures pared gains after the data, with Brent futures briefly turning negative following the surprise build in crude stocks. Refinery crude runs (USOICR=ECI), opens new tab rose by 89,000 barrels per day (bpd). Refinery utilization rates (USOIRU=ECI), opens new tab rose by 0.5 percentage points to 90.7% in the week. U.S. gasoline stocks (USOILG=ECI), opens new tab rose by 816,000 barrels to 225.5 million barrels, the EIA said, compared with analysts' expectations for a 520,000-barrel draw. U.S. gasoline futures turned negative after the data. Distillate stockpiles (USOILD=ECI), opens new tab, which include diesel and heating oil, rose by 580,000 barrels in the week to 104.1 million barrels, versus expectations for a 1.4 million-barrel drop, the EIA data showed. U.S. heating oil futures turned negative following the data. Net U.S. crude imports (USOICI=ECI), opens new tab rose last week by 110,000 bpd, the EIA said.
Zawya
09-05-2025
- Business
- Zawya
Kuwait crude oil down $1.48 to $62.57 pb
KUWAIT:The Kuwaiti crude oil price fell USD 1.48 during Thursday's trading down to USD 62.57 per barrel (pb), compared with USD 64.05 pb the day before, Kuwait Petroleum Corporation (KPC) said Friday. Brent futures rose by USD 1.72 to USD 62.84 pb and West Texas Intermediate went up by USD 1.84 to USD 59.91 pb. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
Reuters
07-05-2025
- Business
- Reuters
Oil market 'smile' suggests Saudi Arabia's output shift was well timed
Summary Companies OPEC+ agreed another accelerated oil output hike for June Oil market shows tight immediate balances Driving season boosts demand, can absorb extra OPEC+ oil New oil from Brazil, Guyana to hit market by end 2025 LONDON, May 7 (Reuters) - The oil market appears to be telling Saudi Arabia that its shift to pumping more oil after five years of cutting output was well timed. The kingdom has in recent weeks pushed fellow OPEC+ members to produce more oil despite fears about an economic slowdown, a marked change in policy that helped oil prices settle at a four-year low on Monday. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. But despite OPEC+ agreeing to raise output by a cumulative near one million barrels per day (bpd) between April and June, the oil market is still reflecting a perception of tight supply over the next few months of peak summer demand. That has pushed the futures curve, which reflects forward prices, into a rare "smile" shape, a structure Morgan Stanley analysts said was last seen only briefly in February 2020. Brent futures' most prompt July contract was trading at a 74 cent per barrel premium to the October contract late on Wednesday, a market structure known as backwardation, which indicates immediate tight supply. However, from November, prompt prices flip to a discount to forward prices, a structure known as contango, indicating oversupply and the likelihood that summer 2025 might be the last gasp of a tight oil market. Having backwardation and contango together is unusual and gives the chart its "smile". Energy Aspects analyst Richard Price said the structure was a result of tight prompt supply coupled with expectations of U.S. President Donald Trump's trade wars slowing economic activity later in the year. OPEC+ cited low stocks and healthy prompt demand when it agreed on Saturday to raise output for July. Global oil inventories stood near the bottom of their historical five-year range at 7.647 billion barrels, according to the International Energy Agency's latest available data for February, down from 7.709 billion barrels a year earlier. Meanwhile, refiners' appetite for crude is rising ahead of the July-August peak driving season. "Refinery maintenance in the Atlantic basin will start to taper off, increasing oil demand (for refining)... Summer driving should provide some support," BNP Paribas analyst Aldo Spanjer said. Global oil demand will rise by 1.3 million barrels per day in the third quarter of 2025 from the second quarter to average 104.51 million bpd, the IEA said in its latest report in April. The 1 million bpd increases already announced by OPEC+ and the possibility of a further 0.4 million barrels per day in July, almost fully match the predicted rise in demand. HIGHER SUPPLY OUTLOOK OPEC's decision to add more barrels to the market did change the shape of the 'smile', but the fact that the structure did not flip into contango reflects a balance between supply and demand, said an executive at a major trading house. At the start of last week, eight consecutive monthly Brent contracts were backwardated through to January 2026, double the current four. The four-month Brent spread was more than twice as wide at $1.85 a barrel. Outside of OPEC+, new projects coming online in Brazil and Guyana should boost supply towards the end of 2025, the IEA said in its monthly report in April. Robust supply growth combined with slowing demand would result in a rapid market weakening towards the end of 2025, Morgan Stanley said.
