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Business Recorder
7 days ago
- Business
- Business Recorder
US crude stockpiles fall as exports rise; fuel demand drops, EIA says
CHICAGO: US crude oil stockpiles fell last week as exports rose, while gasoline and distillate inventories rose, prompting some concerns about fuel demand, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.9 million barrels to 422.2 million barrels in the week ended July 11, the EIA said, compared with analysts' expectations in a Reuters poll for a 552,000-barrel draw. Crude exports rose by about 760,000 barrels per day to 3.5 million bpd, and net US crude imports fell by 395,000 bpd, the EIA said. Gasoline stocks rose by 3.4 million barrels in the week to 232.9 million barrels, the EIA said, compared with expectations for a 1 million-barrel draw.? Oil eases 1% as US fuel stock builds put focus on demand Distillate stockpiles, which include diesel and heating oil, rose by 4.2 million barrels in the week to 107 million barrels, versus forecasts for a 200,000-barrel rise. In a reflection of demand, product supplied of gasoline fell by 670,000 bpd to 8.5 million bpd, while product supplied of distillates dropped 245,000 bpd to 3.4 million bpd. '(The report is) definitely a little disappointing on the demand side,' said Phil Flynn, Price Futures Group. 'It's weighing on the sentiment a little bit.' Immediately following the data, Brent crude and US crude futures extended losses, and the contracts fell to $68.04 and $65.81 a barrel, respectively. Crude stocks at the Cushing, Oklahoma, delivery hub for US crude futures rose by 213,000 barrels, the EIA said. Refinery crude runs fell by 157,000 bpd, and refinery utilization rates fell by 0.8 percentage point to 93.9% of total capacity in the week.
Business Recorder
12-07-2025
- Business
- Business Recorder
Oil rises over as investors weigh market outlook
NEW YORK: Oil prices rose over 2% on Friday as the International Energy Agency said the market was tighter than it appears, while US tariffs and possible further sanctions on Russia were also in focus. Brent crude futures settled up $1.72, or 2.5%, at $70.36 a barrel. US West Texas Intermediate crude gained $1.88, or 2.8%, to $68.45 a barrel. For the week, Brent rose 3%, while WTI had a weekly gain of around 2.2%. The IEA said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation. Front-month September Brent contracts were trading at about a $1.20 premium to October futures. 'The market is starting to realize that supplies are tight,' said Phil Flynn, senior analyst with Price Futures Group. US energy firms this week cut the number of oil and natural gas rigs operating for an 11th straight week, energy services firm Baker Hughes said. The last time that happened was July 2020, when the COVID-19 pandemic cut demand for fuel. Short-term market tightness notwithstanding, the IEA boosted its forecast for supply growth this year, while trimming its outlook for growth in demand, implying a market in surplus. 'OPEC+ will quickly and significantly turn up the oil tap. There is a threat of significant oversupply. In the short term, however, oil prices remain supported,' Commerzbank analysts said. OPEC+ is the Organization of the Petroleum Exporting Countries plus allies including Russia. Further adding support to the short-term price outlook, Russian Deputy Prime Minister Alexander Novak said Russia will compensate for overproduction against its OPEC+ quota this year in the August-September period. Another sign of robust short-term demand was the prospect of Saudi Arabia shipping about 51 million barrels of crude oil in August to China, the biggest such shipment in more than two years. On a longer-term basis, however, OPEC cut its forecasts for global oil demand in the 2026-2029 period because of slowing Chinese demand in its 2025 World Oil Outlook, published on Thursday. Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target.
Time of India
12-07-2025
- Business
- Time of India
Oil rises over 2% as investors weigh market outlook, tariffs, sanctions
Oil prices rose over 2 per cent on Friday as the International Energy Agency said the market was tighter than it appears, while US tariffs and possible further sanctions on Russia were also in focus. Brent crude futures settled up $1.72, or 2.5 per cent, at $70.36 a barrel. US West Texas Intermediate crude gained $1.88, or 2.8 per cent, to $68.45 a barrel. For the week, Brent rose 3 per cent, while WTI had a weekly gain of around 2.2 per cent. The IEA said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation. Front-month September Brent contracts were trading at about a $1.20 premium to October futures. "The market is starting to realise that supplies are tight," said Phil Flynn, senior analyst with Price Futures Group. US energy firms this week cut the number of oil and natural gas rigs operating for an 11th straight week, energy services firm Baker Hughes said. The last time that happened was July 2020, when the COVID-19 pandemic cut demand for fuel. Short-term market tightness notwithstanding, the IEA boosted its forecast for supply growth this year, while trimming its outlook for growth in demand, implying a market in surplus. " OPEC+ will quickly and significantly turn up the oil tap. There is a threat of significant oversupply. In the short term, however, oil prices remain supported," Commerzbank analysts said. OPEC+ is the Organization of the Petroleum Exporting Countries plus allies including Russia. Further adding support to the short-term price outlook, Russian Deputy Prime Minister Alexander Novak said Russia will compensate for overproduction against its OPEC+ quota this year in the August-September period. Another sign of robust short-term demand was the prospect of Saudi Arabia shipping about 51 million barrels of crude oil in August to China, the biggest such shipment in more than two years. On a longer-term basis, however, OPEC cut its forecasts for global oil demand in the 2026-2029 period because of slowing Chinese demand in its 2025 World Oil Outlook, published on Thursday. Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target. On Thursday, both benchmark futures contracts lost more than 2 per cent as investors worried about the impact of US President Donald Trump's tariffs on global economic growth and oil demand. Trump told NBC News on Thursday that he will make a "major statement" on Russia on Monday, without elaborating. Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine and Russia's intensifying bombardment of Ukrainian cities. The European Commission is set to propose a floating Russian oil price cap this week as part of a new draft sanctions package, but Russia said it has "good experience" of tackling and minimizing such challenges.
Business Times
11-07-2025
- Business
- Business Times
Oil rises over 2% as investors weigh market outlook, tariffs, sanctions
[NEW YORK] Oil prices rose over 2 per cent on Friday (Jul 11) as the International Energy Agency (IEA) said the market was tighter than it appears, while US tariffs and possible further sanctions on Russia were also in focus. Brent crude futures settled up US$1.72, or 2.5 per cent, at US$70.36 a barrel. US West Texas Intermediate (WTI) crude gained US$1.88, or 2.8 per cent, to US$68.45 a barrel. For the week, Brent rose 3 per cent, while WTI had a weekly gain of around 2.2 per cent. The IEA said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation. Front-month September Brent contracts were trading at about a US$1.20 premium to October futures. 'The market is starting to realise that supplies are tight,' said Phil Flynn, senior analyst with Price Futures Group. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up US energy firms this week cut the number of oil and natural gas rigs operating for an 11th straight week, energy services firm Baker Hughes said. The last time that happened was July 2020, when the Covid-19 pandemic cut demand for fuel. Short-term market tightness notwithstanding, the IEA boosted its forecast for supply growth this year, while trimming its outlook for growth in demand, implying a market in surplus. 'Opec+ will quickly and significantly turn up the oil tap. There is a threat of significant oversupply. In the short term, however, oil prices remain supported,' Commerzbank analysts said. Opec+ is the Organization of the Petroleum Exporting Countries plus allies including Russia. Further adding support to the short-term price outlook, Russian Deputy Prime Minister Alexander Novak said Russia will compensate for overproduction against its Opec+ quota this year in the August-September period. Another sign of robust short-term demand was the prospect of Saudi Arabia shipping about 51 million barrels of crude oil in August to China, the biggest such shipment in more than two years. On a longer-term basis, however, Opec cut its forecasts for global oil demand in the 2026 to 2029 period because of slowing Chinese demand in its 2025 World Oil Outlook, published on Thursday. Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary Opec+ output target. On Thursday, both benchmark futures contracts lost more than 2 per cent as investors worried about the impact of US President Donald Trump's tariffs on global economic growth and oil demand. Trump told NBC News on Thursday that he will make a 'major statement' on Russia on Monday, without elaborating. Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine and Russia's intensifying bombardment of Ukrainian cities. The European Commission is set to propose a floating Russian oil price cap this week as part of a new draft sanctions package, but Russia said it has 'good experience' of tackling and minimising such challenges. REUTERS
Time of India
10-07-2025
- Business
- Time of India
Oil prices rise on strong gasoline demand, Red Sea attacks
Oil prices rose on Wednesday as investors weighed strong US gasoline demand data, attacks on shipping in the Red Sea, and a forecast for lower US oil production. Brent crude futures were up 38 cents, or 0.54 per cent , to $70.53 a barrel by 1:25 p.m. EDT. US West Texas Intermediate crude was up 43 cents, or 0.63 per cent , to $68.76 a barrel. US crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 7.1 million barrels to 426 million barrels in the week ended July 4, the EIA said, compared with analysts' expectations in a Reuters poll for a draw of 2.1 million barrels. Gasoline demand rose 6 per cent to 9.2 million bpd last week, the EIA said. "The crude price rally is based on the EIA report showing good gasoline demand and tight supply going forward, and so oil prices are creeping higher," said Phil Flynn, senior market analyst with Price Futures Group. "Demand seems to be solid and not slowing down," he added. After months of calm in the Red Sea, attacks in the major global shipping lane were renewed in the past week. Rescuers pulled six crew members alive from the Red Sea on Wednesday and 15 were still missing from the second of two ships sunk in recent days in attacks claimed by Yemen's Iran-aligned Houthi militia after months of calm. Oil prices also were supported by an EIA forecast on Tuesday that the US will produce less oil in 2025 than previously expected, as declining prices have prompted US producers to slow activity. On Tuesday, US President Donald Trump said he would announce a 50 per cent tariff on copper, aiming to boost US production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. Trump made the announcement as he delayed a deadline for some tariffs to August 1, spurring hopes among major trade partners that deals to ease duties could still be reached, though many remain uncertain. Elsewhere, OPEC+ oil producers were set for another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members, and the United Arab Emirates' move to a larger quota, five sources said. On Saturday, OPEC+ approved a supply increase of 548,000 barrels per day for August. "Oil prices have stayed surprisingly resilient in the face of accelerated OPEC+ supply additions," said Suvro Sarkar, energy sector team lead at DBS Bank. UAE Energy Minister Suhail al-Mazrouei said on Wednesday that oil markets were absorbing OPEC+ production increases without building inventories, which means they are thirsty for more oil. "You can see that even with the increases for several months we haven't seen a major buildup in inventories, which means the market needed those barrels," he said.
