Latest news with #Oil
Yahoo
6 hours ago
- Business
- Yahoo
Oil Edges Higher With Stockpiles and Trade-War Twists in Focus
(Bloomberg) -- Oil edged higher after a three-day drop as traders tracked US stockpiles and the latest twists in the Washington-led trade wars. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say Brent rose toward $69 a barrel after shedding more than 2% over the previous three sessions, while West Texas Intermediate was near $67. US government data released on Wednesday was mixed, with an increase in distillate inventories but a decline in nationwide crude holdings. President Donald Trump said he would send letters to more than 150 countries notifying them of tariff rates, and that the levies imposed could be 10% or 15%. Investors were also tracking his stance toward Federal Reserve Chair Jerome Powell after the US leader denied a plan to remove him. Oil has ticked higher this month — building on an upward trend since May — despite concerns that Trump's tariff onslaught will hurt demand. While the market remains preoccupied with the prospect of a glut later this year as peak summer demand wanes and OPEC+ returns halted supplies, nearer-term indicators, including in the diesel market, have been supportive. 'Near term, the market is grappling with relatively low inventories of crude and diesel in Europe and the US, with diesel shortages lending immediate strength to prices,' said Zhou Mi, an analyst at a research institute affiliated with Chaos Ternary Futures Co. Still, crude may return to a bearish trend once OPEC+ supply growth translates into a build-up in oil inventories, Zhou said. In the US, distillate stockpiles remain at the lowest seasonal level since 1996 even after last week's increase. At the same time, the spread in futures between low-sulfur gasoil and Brent for September— a gauge of the profitability of making diesel — has risen about 7% this month. In the Middle East, several oil fields in the semi-autonomous Kurdistan region in northern Iraq were attacked by drones on Wednesday, adding to a spate of hits on energy installations in the area. Still, the region hasn't been shipping any crude to global markets since an export pipeline was shut over two years ago. --With assistance from Yongchang Chin. How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Forget DOGE. Musk Is Suddenly All In on AI How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The Quest for a Hangover-Free Buzz ©2025 Bloomberg L.P.
Yahoo
6 hours ago
- Business
- Yahoo
Oil Edges Higher With Stockpiles and Trade-War Twists in Focus
(Bloomberg) -- Oil edged higher after a three-day drop as traders tracked US stockpiles and the latest twists in the Washington-led trade wars. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say Brent rose toward $69 a barrel after shedding more than 2% over the previous three sessions, while West Texas Intermediate was near $67. US government data released on Wednesday was mixed, with an increase in distillate inventories but a decline in nationwide crude holdings. President Donald Trump said he would send letters to more than 150 countries notifying them of tariff rates, and that the levies imposed could be 10% or 15%. Investors were also tracking his stance toward Federal Reserve Chair Jerome Powell after the US leader denied a plan to remove him. Oil has ticked higher this month — building on an upward trend since May — despite concerns that Trump's tariff onslaught will hurt demand. While the market remains preoccupied with the prospect of a glut later this year as peak summer demand wanes and OPEC+ returns halted supplies, nearer-term indicators, including in the diesel market, have been supportive. 'Near term, the market is grappling with relatively low inventories of crude and diesel in Europe and the US, with diesel shortages lending immediate strength to prices,' said Zhou Mi, an analyst at a research institute affiliated with Chaos Ternary Futures Co. Still, crude may return to a bearish trend once OPEC+ supply growth translates into a build-up in oil inventories, Zhou said. In the US, distillate stockpiles remain at the lowest seasonal level since 1996 even after last week's increase. At the same time, the spread in futures between low-sulfur gasoil and Brent for September— a gauge of the profitability of making diesel — has risen about 7% this month. In the Middle East, several oil fields in the semi-autonomous Kurdistan region in northern Iraq were attacked by drones on Wednesday, adding to a spate of hits on energy installations in the area. Still, the region hasn't been shipping any crude to global markets since an export pipeline was shut over two years ago. --With assistance from Yongchang Chin. How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Forget DOGE. Musk Is Suddenly All In on AI How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The Quest for a Hangover-Free Buzz ©2025 Bloomberg L.P. Sign in to access your portfolio
Wall Street Journal
12 hours ago
- Business
- Wall Street Journal
Oil Rises, Aided by Unexpected Fall in U.S. Crude Inventories
0007 GMT — Oil rises in early Asian trade, aided by an unexpected fall in U.S. crude inventories. EIA data released overnight showed commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 3.9 million barrels in the week ended July 11. A WSJ survey of analysts had tipped crude stockpiles to be unchanged. Despite this decline in U.S. crude inventories, however, the recent build in oil-product stockpiles has raised worries about softening demand from summer travel, ANZ Research analyst say in a note. Front-month WTI crude oil futures are 0.5% higher at $66.71/bbl; front-month Brent crude oil futures are 0.4% higher at $68.77/bbl. (
Bloomberg
13 hours ago
- Business
- Bloomberg
Oil Edges Higher With Stockpiles and Trade-War Twists in Focus
Oil edged higher after a three-day drop as traders tracked US stockpiles and the latest twists in the Washington-led trade wars. West Texas Intermediate traded near $67 a barrel, after shedding about 3% over the previous three sessions, while global benchmark Brent closed below $69. US government data released on Wednesday was mixed, with a climb in distillate inventories but a drop in nationwide crude holdings.
Yahoo
a day ago
- Business
- Yahoo
Oil Ticks Higher as Traders Focus on Signs of Market Tightness
(Bloomberg) -- Oil ticked higher after a two-day drop, as traders assessed signs of near-term market strength ahead of US inventory figures. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say Brent rose toward $69 a barrel, while West Texas Intermediate was near $67. Crude's near-term market structure continues to point to tightness. Brent's prompt spread — the difference between its two nearest contracts — remains more than 90 cents a barrel in backwardation, a pattern that shows traders need to pay a premium to secure more immediate supply. Meanwhile, a US industry estimate showed a small build in nationwide crude inventories, with official data due later Wednesday. Traders are likely to pay close attention to shifts in distillates — a category that includes diesel — with holdings recently touching their lowest level since 2005. Oil has gained ground so far in July, after rising in May and June. The advance has come despite market jitters triggered by US President Donald Trump's aggressive bid to reshape the global trading system, as well as a series of output hikes from OPEC+. Earlier this week, Goldman Sachs Group Inc. raised its Brent forecast for this half, although it remained cautious about 2026. 'In the very near term, price risks for crude still point higher,' said Robert Rennie, head of commodity and carbon research at Westpac Banking Corp., adding that initial signs are showing that global crude inventories are increasing again on increased production. 'Thus we see the inventory story weighing on prices, adding to the 'cap' on Brent above the $70 level.' While global crude inventories have been swelling in recent months, the bulk of the accumulation has come in markets that have relatively little impact on futures prices, according to Morgan Stanley. 'The Brent futures curve remains firmly in backwardation across the first four-to-six months — a structure that usually points to market tightness,' analysts including Martijn Rats said in a note, which highlighted what they described as an uneven distribution of inventory increases. 'The builds have been in the Pacific, but Brent is priced in the Atlantic,' they said. --With assistance from Yongchang Chin. Forget DOGE. Musk Is Suddenly All In on AI Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Hims Became the King of Knockoff Weight-Loss Drugs The New Third Rail in Silicon Valley: Investing in Chinese AI How Starbucks Is Engineering a Turnaround With Warm Vibes and Cold Foams ©2025 Bloomberg L.P. Sign in to access your portfolio
