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Shafaq News
22-05-2025
- Business
- Shafaq News
Oil prices little changed as surprise US inventory builds cap gains
Shafaq News/ Oil prices were little changed on Thursday as investors stayed cautious, focusing on renewed Iran-U.S. nuclear talks, though unexpected builds in U.S. crude and fuel inventories raised concerns about demand from the world's largest oil consumer. Brent futures inched up 4 cents to $64.95 a barrel by 0456 GMT, while U.S. West Texas Intermediate crude gained 10 cents to $61.67. Both benchmarks fell earlier in the session after U.S. crude and fuel inventories posted surprise stock builds last week, the Energy Information Administration said on Wednesday, as crude imports hit a six-week high and gasoline and distillate demand slipped. Crude inventories rose by 1.3 million barrels to 443.2 million barrels in the week ended May 16, the EIA said. Analysts in a Reuters poll had expected a 1.3 million-barrel drawdown. 'The EIA's reported surprise stock builds will have a downward pressure particularly on WTI,' said Emril Jamil, a senior analyst at LSEG Oil Research. He added this could further incentivise more U.S. exports to Europe and Asia. Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities, said: 'While rising U.S. inventories have raised concerns, some investors expect the summer driving season starting after Memorial Day weekend to draw down stocks, limiting further downside.' Both benchmarks lost 0.7% on Wednesday after Oman's foreign minister said the fifth round of nuclear talks between Iran and the United States will take place on Friday in Rome. Prices had jumped earlier on Wednesday following a CNN report that U.S. intelligence suggests Israel is preparing to strike Iranian nuclear facilities, although it was not clear whether Israeli leaders have made a final decision. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries and an Israeli attack could upset supply from the country. 'Traders remain cautious, avoiding large positions as they assess conflicting signals over U.S.-Iran nuclear talks and a media report of potential Israeli strikes on Iranian nuclear facilities,' said Kikukawa. Priyanka Sachdeva, senior market analyst at Phillip Nova, said: 'Additionally, Ukraine suggested that it would seek harsher sanctions on Russia from the EU, which could further disrupt the flow of Russian oil barrels to global markets.' Ukraine will ask the EU next week to consider big new steps to isolate Moscow, according to a white paper, including seizing Russian assets and bringing in sanctions for some buyers of Russian oil.
Asharq Al-Awsat
22-05-2025
- Business
- Asharq Al-Awsat
Oil Extends Decline on Surprise US Inventory Builds
Oil prices fell for a third straight session on Thursday as unexpected increases in US crude and fuel inventories raised concerns about demand from the world's largest oil consumer while investors eyed renewed Iran-US nuclear talks. Brent futures edged 16 cents lower to $64.75 a barrel by 0630 GMT, while US West Texas Intermediate crude weakened 10 cents to $61.47. Both benchmarks fell earlier in the session after US crude and fuel inventories posted surprise stock builds last week, the Energy Information Administration said on Wednesday, as crude imports hit a six-week high and gasoline and distillate demand slipped. Crude inventories rose by 1.3 million barrels to 443.2 million barrels in the week ended May 16, the EIA said. Analysts in a Reuters poll had expected a 1.3 million-barrel drawdown. "The EIA's reported surprise stock builds will have a downward pressure particularly on WTI," said Emril Jamil, a senior analyst at LSEG Oil Research. He added this could further incentivise more US exports to Europe and Asia. Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities, said: "While rising US inventories have raised concerns, some investors expect the summer driving season starting after Memorial Day weekend to draw down stocks, limiting further downside." Both benchmarks lost 0.7% on Wednesday after Oman's foreign minister said the fifth round of nuclear talks between Iran and the United States will take place on Friday in Rome. Prices had jumped earlier on Wednesday following a CNN report that US intelligence suggests Israel is preparing to strike Iranian nuclear facilities, although it was not clear whether Israeli leaders have made a final decision. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries and an Israeli attack could upset supply from the country. "Traders remain cautious, avoiding large positions as they assess conflicting signals over US-Iran nuclear talks and a media report of potential Israeli strikes on Iranian nuclear facilities," said Kikukawa. Priyanka Sachdeva, senior market analyst at Phillip Nova, said: "Additionally, Ukraine suggested that it would seek harsher sanctions on Russia from the EU, which could further disrupt the flow of Russian oil barrels to global markets." Ukraine will ask the EU next week to consider big new steps to isolate Moscow, according to a white paper, including seizing Russian assets and bringing in sanctions for some buyers of Russian oil.
Business Recorder
22-05-2025
- Business
- Business Recorder
Oil prices little changed as surprise US inventory builds cap gains
TOKYO: Oil prices were little changed on Thursday as investors stayed cautious, focusing on renewed Iran-US nuclear talks, though unexpected builds in US crude and fuel inventories raised concerns about demand from the world's largest oil consumer. Brent futures inched up 4 cents to $64.95 a barrel by 0456 GMT, while US West Texas Intermediate crude gained 10 cents to $61.67. Both benchmarks fell earlier in the session after US crude and fuel inventories posted surprise stock builds last week, the Energy Information Administration said on Wednesday, as crude imports hit a six-week high and gasoline and distillate demand slipped. Crude inventories rose by 1.3 million barrels to 443.2 million barrels in the week ended May 16, the EIA said. Analysts in a Reuters poll had expected a 1.3 million-barrel drawdown. 'The EIA's reported surprise stock builds will have a downward pressure particularly on WTI,' said Emril Jamil, a senior analyst at LSEG Oil Research. He added this could further incentivise more US exports to Europe and Asia. Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities, said: 'While rising US inventories have raised concerns, some investors expect the summer driving season starting after Memorial Day weekend to draw down stocks, limiting further downside.' Both benchmarks lost 0.7% on Wednesday after Oman's foreign minister said the fifth round of nuclear talks between Iran and the United States will take place on Friday in Rome. Iraq signs mega-energy deal with Chinese oil firm Prices had jumped earlier on Wednesday following a CNN report that US intelligence suggests Israel is preparing to strike Iranian nuclear facilities, although it was not clear whether Israeli leaders have made a final decision. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries and an Israeli attack could upset supply from the country. 'Traders remain cautious, avoiding large positions as they assess conflicting signals over US-Iran nuclear talks and a media report of potential Israeli strikes on Iranian nuclear facilities,' said Kikukawa. Priyanka Sachdeva, senior market analyst at Phillip Nova, said: 'Additionally, Ukraine suggested that it would seek harsher sanctions on Russia from the EU, which could further disrupt the flow of Russian oil barrels to global markets.' Ukraine will ask the EU next week to consider big new steps to isolate Moscow, according to a white paper, including seizing Russian assets and bringing in sanctions for some buyers of Russian oil.
CNA
22-05-2025
- Business
- CNA
Oil prices little changed as surprise US inventory builds cap gains
TOKYO :Oil prices were little changed on Thursday as investors stayed cautious, focusing on renewed Iran-U.S. nuclear talks, though unexpected builds in U.S. crude and fuel inventories raised concerns about demand from the world's largest oil consumer. Brent futures inched up 4 cents to $64.95 a barrel by 0456 GMT, while U.S. West Texas Intermediate crude gained 10 cents to $61.67. Both benchmarks fell earlier in the session after U.S. crude and fuel inventories posted surprise stock builds last week, the Energy Information Administration said on Wednesday, as crude imports hit a six-week high and gasoline and distillate demand slipped. Crude inventories rose by 1.3 million barrels to 443.2 million barrels in the week ended May 16, the EIA said. Analysts in a Reuters poll had expected a 1.3 million-barrel drawdown. "The EIA's reported surprise stock builds will have a downward pressure particularly on WTI," said Emril Jamil, a senior analyst at LSEG Oil Research. He added this could further incentivise more U.S. exports to Europe and Asia. Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities, said: "While rising U.S. inventories have raised concerns, some investors expect the summer driving season starting after Memorial Day weekend to draw down stocks, limiting further downside." Both benchmarks lost 0.7 per cent on Wednesday after Oman's foreign minister said the fifth round of nuclear talks between Iran and the United States will take place on Friday in Rome. Prices had jumped earlier on Wednesday following a CNN report that U.S. intelligence suggests Israel is preparing to strike Iranian nuclear facilities, although it was not clear whether Israeli leaders have made a final decision. Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries and an Israeli attack could upset supply from the country. "Traders remain cautious, avoiding large positions as they assess conflicting signals over U.S.-Iran nuclear talks and a media report of potential Israeli strikes on Iranian nuclear facilities," said Kikukawa. Priyanka Sachdeva, senior market analyst at Phillip Nova, said: "Additionally, Ukraine suggested that it would seek harsher sanctions on Russia from the EU, which could further disrupt the flow of Russian oil barrels to global markets."
Zawya
17-04-2025
- Business
- Zawya
Singapore fuel oil stockpiles climb on strong Mideast inflows
SINGAPORE - Onshore fuel oil stockpiles at key trading hub Singapore rose for a second straight week, supported by strong inflows of Middle Eastern supply, data showed on Thursday. Residual fuel inventories were at 22.9 million barrels (about 3.6 million metric tons) in the week to April 16, based on Enterprise Singapore data. [O/SING1] The inventories were up 3.9% week-on-week, holding above typical weekly averages and reaching their highest in 17 weeks. The top three supply origins recorded for the week were Iraq, the United Arab Emirates, and Kuwait. Middle Eastern supply arriving in the broader Asia region had surged last month, while western supply and regional supply also firmed, ship-tracking data showed. Attractive high-sulphur fuel prices had attracted more incoming barrels during then, even though volumes for April have tapered off slightly compared to March, trade sources said. Meanwhile, outflows of fuel oil from Singapore onshore tanks were mostly headed to the Philippines and China, excluding movements to storage facilities in Malaysia. The high-sulphur fuel oil spot market remained under pressure in recent days, while the low-sulphur fuel oil market was rangebound. [FUEL/A] "Singapore's onshore residual stocks have been above 3 million tons since mid-March, buoyed by strong arrivals in March and softer maritime fuel demand," said Emril Jamil, a senior analyst at LSEG Oil Research. "The build-up in onshore stocks and weaker demand has dampened ex-wharf high-sulphur bunker premiums," he added. Week to Apr. 16, Fuel oil (in metric tons) Total Imports Total Exports Net Imports BAHRAIN 57,917 0 57,917 BRAZIL 8,698 0 8,698 CHINA 0 19,998 -19,998 ESTONIA 51,248 0 51,248 INDIA 33,280 319 32,961 INDONESIA 45,586 0 45,586 IRAQ 237,435 0 237,435 JAPAN 48,147 0 48,147 KUWAIT 82,602 0 82,602 MALAYSIA 69,493 93,394 -23,901 NETHERLANDS 1,616 0 1,616 PHILIPPINES 0 73,719 -73,719 THAILAND 67,074 0 67,074 UNITED ARAB EMIRATES 102,050 0 102,050 UNITED STATES 0 13,858 -13,858 VIETNAM 15,400 10,974 4,427 TOTAL 820,546 212,262 608,284 (Data from Enterprise Singapore) (Reporting by Jeslyn Lerh; Editing by Sonia Cheema)
