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Yahoo
14 hours ago
- Business
- Yahoo
Oil Jumps on Significant Crude, Product Inventory Slide
Crude oil inventories in the United States fell by 5.8 million barrels during the week ending June 20, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The drop brings commercial stockpiles to 415.1 million barrels, roughly 11% below the five-year average for this time of year. Crude prices were trading up ahead of the report. The American Petroleum Institute (API) on Tuesday had estimated a 4.277-million-barrel drop for the week ending June 20 after analysts had estimated a much smaller 600,000-barrel draw. At 9:44 a.m. in New York, Brent was trading at $67.57 per barrel, up 0.64% on the day, but down roughly $8 on the week. Meanwhile WTI was at $64.83 per barrel, gaining 0.71%. For total motor gasoline, the EIA reported a draw of 2.1 million barrels, with daily production staying at 10.1 million barrels. For middle distillates, inventories dipped by 4.1 million barrels, with production decreasing to 4.8 million barrels daily. Distillate inventories remain 20% below the five-year average, sustaining supply tightness. Total products supplied over the last four weeks averaged 20.0 million barrels per day, down 1.6% compared to the same period last year. Gasoline demand averaged 9.1 million barrels per day, while distillate product supplied was 3.5 million barrels—down 3.2 percent year over year. By Julianne Geiger for More Top Reads From this article on
Yahoo
16-05-2025
- Business
- Yahoo
US Oil Drillers Continue To Back Off As Prices Languish Below Breakevens
The total number of active drilling rigs for oil and gas in the United States slipped again this week, according to new data that Baker Hughes published on Friday, following a 6-rig decrease last week. The total rig count in the US fell by 6 to 578 rigs, according to Baker Hughes, down 25 from this same time last year. The number of oil rigs fell by 1 to 473 after falling by 5 during the previous week—and down by 24 compared to this time last year. The number of gas rigs also slipped by 1 this week, to 100 for a loss of 3 active gas rigs from this time last year. The miscellaneous rig count stayed the same at 3. The latest EIA data showed that weekly U.S. crude oil production rose, from 13.367 million bpd to 13.387 million bpd. The figure is 244,000 bpd down from the all-time high reached during the week of December 6, 2024. Primary Vision's Frac Spread Count, an estimate of the number of crews completing wells, fell again during the week of May 9, this time to 195, compared to 201 in the week prior. WTI is trading up on the day, but still below what the Dallas Fed Survey says is the breakeven for Permian players, with drilling activity in the basin falling by 3 this week to 282—a figure that is 30 fewer than this same time last year. The count in the Eagle Ford stayed the same again this week, at 46. Rigs in the Eagle Ford are 5 below where they were this time last year. At 12:29 p.m., ET, the WTI benchmark was trading up $0.93 per barrel (+1.51%) on the day at $62.55, and up $2 per barrel from last Friday's price. The Brent benchmark was trading up $0.90 (+1.39%) on the day at $65.43— up roughly $2 per barrel from last Friday. By Julianne Geiger for More Top Reads From this article on
Yahoo
11-04-2025
- Business
- Yahoo
Oil Rig Count Slides Amid Oil Price Turbulence
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday, following a 2 rig dip in the prior week. The total rig count in the US fell by 7 to 583 rigs, according to Baker Hughes, down 34 from this same time last year. The number of oil rigs fell by 9 to 480—down by 26 compared to this time last year. The number of gas rigs rose by 1 this week to 97 for a loss of 12 active gas rigs from this time last year. Miscellaneous rigs were rose by 1 to 6 active rigs. The latest EIA data showed that weekly U.S. crude oil production fell slightly, rising from 13.580 million bpd to 13.458 million bpd. The figure is 173,000 bpd down from the all-time high reached during the week of December 6, 2024. Primary Vision's Frac Spread Count, an estimate of the number of crews completing wells, fell during the week of April 4 to 205, compared to 209 in the week prior—still up slightly from 201 at the beginning of the year. WTI is still trading nearly $5 below what the Dallas Fed Survey says is the breakeven for Permian players, with drilling activity in the basin sliding by another 5 rigs after falling by 3 last week, landing at 289 in the country's most proflic basin—a figure that is 27 fewer than this same time last year. The count in the Eagle Ford fell by 1 to 47. Rigs in the Eagle Ford are 8 below where they were this time last year. With tariffs stacked upon tariffs and OPEC+'s plan to ramp up oil production beginning in May at a rate that is significantly more than anticipated, oil prices have traded sharply down for more than a week. At 12:35 p.m., ET, the WTI benchmark was trading up $0.61 per barrel (+0.97%) on the day at $60.54, which is more than $1 per barrel below last Friday's price. The Brent benchmark was trading up $0.60 (+0.95%) on the day at $63.93—a $1.50 per barrel decrease from last Friday. By Julianne Geiger for More Top Reads From this article on
Iraq Business
11-02-2025
- Business
- Iraq Business
Back in Iraq: "BP Puts $25bn on the Table"
By Julianne Geiger for the Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Back in Iraq: BP Puts $25B On the Table BP is about to make a big bet on Iraq -- again. After years of false starts, geopolitical chaos, and stalled negotiations, the British oil major is reportedly gearing up to invest up to $25 billion in Iraq's Kirkuk oil and gas fields. Click here to read the full report.
Yahoo
05-02-2025
- Business
- Yahoo
Oil Prices Spike As Markets Digest Trump's Iran Crackdown
Oil prices took a sharp turn today as traders weighed President Trump's latest 'maximum pressure' push against Iran. Brent crude rose to $76.34 per barrel (+0.50%), while WTI's loss from early in the day shrunk to just a 0.31% dropoff at $72.93 per barrel. While a quick glance at today's oil prices could suggest traders aren't convinced just yet that the Iran situation could have a profound effect, oil prices are indeed on the rise from their earlier downward trend—a rather quick turn, in fact. Trump's plan? Squeeze Iran's oil exports down to zero—a bold move considering Iran still ships as much as 1.3 million barrels per day, mostly to China. The White House's playbook includes fresh sanctions, tighter enforcement, and rolling back existing waivers. Translation: If the administration makes good on these threats, global supply could tighten overnight. The last time Trump went all-in on Iranian sanctions, oil prices spiked north of $80. The market remembers. This time, with Middle East tensions already simmering and OPEC+ struggling to maintain discipline, the upside risk is real. Of course, oil traders are a cynical bunch. They've seen this movie before. Crude flows tend to find a way—whether through shady ship-to-ship transfers or creative bookkeeping in Beijing. But if Washington actually gets aggressive with enforcement (hello, secondary sanctions), even China's appetite for cheap Iranian crude might take a hit. That's when Brent could break out. For now, the market is playing it cool. But don't be surprised if crude traders wake up tomorrow and suddenly decide that cutting off a key OPEC producer is, in fact, a big deal. Crude prices were trading down prior to the announcement after China responded to US tariffs on China. WTI was down nearly 3% earlier in the day, with Brent down almost 2%. By Julianne Geiger for More Top Reads From this article on Sign in to access your portfolio
