Latest news with #JoshYoung
Reuters
2 days ago
- Business
- Reuters
US crude stocks fall, gasoline and distillate inventories rise as refining activity increases, EIA says
June 11 (Reuters) - U.S. crude stocks fell last week as refining activity picked up, driving gasoline and distillate inventories higher, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 3.6 million barrels to 432.4 million barrels in the week ended June 6, the EIA said, compared with analysts' expectations in a Reuters poll for a 2 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI), opens new tab fell by 403,000 barrels in the week, the EIA said. Crude futures fell following the report, despite the larger than expected draw, but were still trading in positive territory. Brent crude was trading at $67.99 a barrel, up $1.1 at 10:57 a.m. EDT (1457 GMT), while U.S. West Texas Intermediate (WTI) futures were at $66.27 a barrel, up $1.27 at that time. Refinery crude runs (USOICR=ECI), opens new tab rose by 228,000 barrels per day (bpd) in the week ended, the EIA said, while utilization rates (USOIRU=ECI), opens new tab rose by 0.9 percentage points to 94.3%.Net inputs of crude oil to refineries rose last week to its highest level since December 2019, according to the data. "Utilization is picking up seasonally, and refining margins are still signalling reasonably strong demand," said Josh Young, chief investment officer at Bison Interests. U.S. gasoline stocks (USOILG=ECI), opens new tab rose by 1.5 million barrels in the week to 229.8 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 0.9 million-barrel build. Distillate stockpiles (USOILD=ECI), opens new tab, which include diesel and heating oil, rose by 1.2 million barrels in the week to 108.9 million barrels, versus expectations for a 0.8 million-barrel rise, the EIA data showed. The four-week average product supplied for distillate fuel fell last week to 3.458 million bpd, its lowest since April 2024. Net U.S. crude imports (USOICI=ECI), opens new tab rose last week by 451,000 bpd, EIA said. The U.S. did not receive any imports of crude from Saudi Arabia for the first time since January 2021, according to the data.
Yahoo
23-04-2025
- Business
- Yahoo
US crude stockpiles post surprise build as imports jump, EIA says
By Stephanie Kelly NEW YORK (Reuters) -U.S. crude oil stockpiles rose unexpectedly last week as imports jumped, while both gasoline and distillate inventories fell more than expected, the Energy Information Administration said on Wednesday. Crude inventories rose by 244,000 barrels to 443.1 million barrels in the week ended April 18, the EIA said, compared with analysts' expectations in a Reuters poll for a 770,000-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 86,000 barrels last week, the EIA said. Net U.S. crude imports rose by 1.14 million barrels per day to 2 million bpd, the EIA said, the largest weekly increase since November 2024. Brent crude futures and U.S. West Texas Intermediate crude futures pared some losses after the data, despite the surprise build. The benchmarks were last down around 2% on the day. Refinery crude runs rose by 325,000 bpd and utilization rates rose by 1.8 percentage points to 88.1% of total capacity, the EIA said. Despite some gains in utilization rates, fuel stocks fell by more than expected. U.S. gasoline stocks fell by 4.5 million barrels in the week to 229.5 million barrels, the EIA said, compared with analysts' expectations for a 1.4 million-barrel draw. Distillate stockpiles, which include diesel and heating oil, fell by 2.4 million barrels in the week to 106.9 million barrels, the lowest since November 2023. Analysts had forecast a 30,000-barrel drop, the data showed. "We saw another bullish products inventory decline during build season," said Josh Young, chief investment officer at Bison Interests. "It doesn't seem to reflect potential demand decline from Trump's tariff/trade war, yet." The four-week average for product supplied of jet fuel rose to 1.86 million bpd, the highest since December 2019. Sign in to access your portfolio
Reuters
23-04-2025
- Business
- Reuters
US crude stockpiles post surprise build as imports jump, EIA says
NEW YORK, April 23 (Reuters) - U.S. crude oil stockpiles rose unexpectedly last week as imports jumped, while both gasoline and distillate inventories fell more than expected, the Energy Information Administration said on Wednesday. Crude inventories rose by 244,000 barrels to 443.1 million barrels in the week ended April 18, the EIA said, compared with analysts' expectations in a Reuters poll for a 770,000-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI), opens new tab fell by 86,000 barrels last week, the EIA said. Net U.S. crude imports (USOICI=ECI), opens new tab rose by 1.14 million barrels per day to 2 million bpd, the EIA said, the largest weekly increase since November 2024. Brent crude futures and U.S. West Texas Intermediate crude futures pared some losses after the data, despite the surprise build. The benchmarks were last down around 2% on the day. Refinery crude runs (USOICR=ECI), opens new tab rose by 325,000 bpd and utilization rates (USOIRU=ECI), opens new tab rose by 1.8 percentage points to 88.1% of total capacity, the EIA said. Despite some gains in utilization rates, fuel stocks fell by more than expected. U.S. gasoline stocks (USOILG=ECI), opens new tab fell by 4.5 million barrels in the week to 229.5 million barrels, the EIA said, compared with analysts' expectations for a 1.4 million-barrel draw. Distillate stockpiles (USOILD=ECI), opens new tab, which include diesel and heating oil, fell by 2.4 million barrels in the week to 106.9 million barrels, the lowest since November 2023. Analysts had forecast a 30,000-barrel drop, the data showed. "We saw another bullish products inventory decline during build season," said Josh Young, chief investment officer at Bison Interests. "It doesn't seem to reflect potential demand decline from Trump's tariff/trade war, yet." The four-week average for product supplied of jet fuel rose to 1.86 million bpd, the highest since December 2019.
Yahoo
26-03-2025
- Business
- Yahoo
US crude stockpiles fall as refining continues to rise, EIA says
By Stephanie Kelly NEW YORK (Reuters) -U.S. crude oil inventories fell last week as refiners continued to ramp up production, while gasoline and distillate stockpiles also dropped, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.3 million barrels to 433.6 million barrels in the week ended March 21, the EIA said, compared with analysts' expectations in a Reuters poll for a 956,000-barrel draw. Refinery crude runs rose by 87,000 barrels per day, while refinery utilization rates inched up by 0.1 percentage point to 87% of total capacity, increasing for a third week in a row as refiners exit seasonal maintenance. "We are seeing some pick up from increasing refinery utilization," said Josh Young, chief investment officer at Bison Interests. After the data, Brent crude futures and U.S. West Texas Intermediate crude futures were up more than 1% on the day at $73.88 a barrel and $69.93 a barrel, respectively. Prices pared some gains following the data as gasoline inventories drew less than expected and product supplied of the fuel, a proxy for demand, disappointed market participants. U.S. gasoline stocks fell by 1.4 million barrels in the week to 239.1 million barrels, the EIA said, compared with expectations for a 1.8 million-barrel draw. Product supplied of gasoline fell to 8.6 million bpd from 8.8 million bpd. "That's not very impressive," said Bob Yawger, director of Energy Futures at Mizuho. "We only have two months left to go until Memorial Day starts this summer driving season." Distillate stockpiles, which include diesel and heating oil, fell by 420,000 barrels in the week to 114.4 million barrels, versus expectations for a 1.6 million-barrel drop, the EIA data showed. U.S. product supplied of jet fuel, a proxy for demand for the aviation fuel, declined in the week to 1.4 million bpd, the lowest since February 2024, the data showed. Net U.S. crude imports rose last week by 845,000 bpd, the EIA said. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 755,000 barrels, the EIA said. Sign in to access your portfolio
Iraqi News
14-03-2025
- Business
- Iraqi News
Oil up 2% on tighter US supplies but tariff concerns loom
Oil prices rose 2% on Wednesday, as U.S. government data showed tighter-than-expected oil and fuel inventories, though investors kept an eye on mounting fears of a U.S. economic slowdown and the impact of tariffs on global economic growth. Brent futures settled $1.39, or 2%, higher at $70.95 a barrel. U.S. West Texas Intermediate crude futures gained $1.43, or 2.2%, to $67.68 a barrel. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. U.S. crude stockpiles rose by 1.4 million barrels in the latest week, U.S. government data showed on Wednesday, which was less than the 2-million barrel rise forecasters had expected. The news effectively ends Europe's best hope of developing a rival. U.S. gasoline inventories fell by 5.7 million barrels, versus expectations for a 1.9 million-barrel draw, while distillate stocks also dropped by more than expected. "This week, the oil build was smaller than expected and gasoline and diesel draws were larger than expected," said Josh Young, Chief Investment Officer, Bison Interests. "This evidences stronger demand and could see oil prices rise as a result." In recent days, crude futures have been supported by a weaker U.S. dollar and the Energy Information Administration (EIA) moving away from earlier calls of strongly oversupplied oil markets this year, said UBS analyst Giovanni Staunovo. The dollar hovered near a five-month low against other major currencies, as traders digested tit-for-tat U.S.-EU tariffs and a potential Russia-Ukraine ceasefire. The dollar index (.DXY), opens new tab, which fell 0.5% to fresh 2025 lows on Tuesday, boosted oil prices by making crude less expensive for buyers holding other currencies. However, signs of cooling inflation offered investors some respite after U.S. consumer prices increased less than expected in February. Still, U.S. President Donald Trump's aggressive tariffs on imports are expected to raise the costs of most goods in the months ahead. Some have taken effect and others have been delayed or are set to kick in later. Markets worry that tariffs could raise prices for businesses, boost inflation and undermine consumer confidence in a blow to economic growth. "Fears of a U.S. recession, weakness in U.S. stock markets and concerns over tariffs affecting key oil players such as China, introduced additional market uncertainty and these factors could continue to fuel a bearish sentiment, putting a lid on oil prices," said Hassan Fawaz, chairman and founder of brokerage GivTrade. Also on Wednesday, the Organization of the Petroleum Exporting Countries kept its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption. Source: Reuters
