Latest news with #Staunovo
CNBC
02-06-2025
- Business
- CNBC
U.S. crude oil rises about 4% after OPEC+ increases output at steady rate
U.S. crude oil futures rose about 4% on Monday after OPEC+ increased production at a steady rate, easing investor fears that the group might boost output even faster. West Texas Intermediate futures rose $2.53, or 4.16%, to $63.32 per barrel. Global benchmark Brent was up $2.34, or 3.73%, at $65.12 per barrel. The eight producers in OPEC+, led by Saudi Arabia, agreed to increase production by 411,000 barrels per day in July, the third consecutive month the group has boosted output at that rate. "There were market concerns of a faster unwind process," said Giovanni Staunovo, commodity analyst at UBS, told clients in a note Saturday. "For now, the oil market remains tight, indicating it can absorb additional barrels," Staunovo said.
Business Recorder
21-05-2025
- Business
- Business Recorder
Oil prices dip after bearish US government report on crude supplies
NEW YORK: Oil prices dipped on Wednesday after the U.S. government released bearish data on crude and fuel supplies ahead of the start of the summer driving season in the United States, a period of higher demand. Prices had earlier increased about 1% following reports Israel could be preparing to strike Iranian nuclear facilities raised fears of a supply disruption in the Middle East. Brent futures fell 8 cents to $65.30 a barrel by 10:52 a.m. EDT (1452 GMT). U.S. West Texas Intermediate crude dipped 3 cents to $62.00. U.S. crude, gasoline and distillate inventories all posted surprise builds in the week ended May 16, according to the latest data from the Energy Information Administration on Wednesday. Crude inventories rose by 1.3 million barrels, while gasoline stocks rose by about 800,000 barrels and distillate stockpiles added about 600,000 barrels. 'The EIA report saw builds for crude, gasoline and distillate, which market participants didn't like,' said Giovanni Staunovo, an analyst at UBS. The data caused oil futures to turn negative after finding support earlier in the session from news that U.S. intelligence suggests that Israel is preparing to strike Iranian nuclear facilities, CNN reported on Tuesday, citing multiple U.S. officials. Oil prices ease on geopolitical uncertainty It was not clear whether Israeli leaders have made a final decision, CNN added, citing the officials. 'Such an escalation would not only put Iranian supply at risk, but also in large parts of the broader region,' ING commodities strategists said. Considering Iran exports more than 1.5 million barrels per day (bpd), fears of supply disruptions have helped to drive prices higher, said UBS's Staunovo. Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC) and an Israeli attack could upset flows from the country. There are also concerns that Iran could retaliate by blocking oil tanker flows through the Strait of Hormuz, through which Saudi Arabia, Kuwait, Iraq and the United Arab Emirates export crude oil and fuel. 'If tensions were to escalate, we're likely looking at temporary trade shifts or a supply hit of around 500,000 barrels a day - something OPEC+ could offset fairly quickly,' Rystad Energy analyst Priya Walia said. The U.S. and Iran have held several rounds of talks this year over Iran's nuclear programme while U.S. President Donald Trump has revived a campaign of stronger sanctions on Iranian crude exports. Despite the discussions, U.S. officials and the Iranian Supreme Leader Ayatollah Ali Khamenei made comments on Tuesday indicating both sides remain far from a resolution. Kazakhstan's oil production, meanwhile, has risen by 2% in May, an industry source said on Tuesday, defying OPEC+ pressure to reduce output.
CNBC
14-05-2025
- Business
- CNBC
Oil falls as traders note jump in US crude stockpiles
Oil prices fell on Wednesday as traders eyed a potential jump in U.S. crude inventories, while OPEC lowered its oil supply growth forecast for producers outside OPEC+. Brent crude futures fell 23 cents, or 0.35%, to $66.40 a barrel by 10:15 a.m. ET. U.S. West Texas Intermediate (WTI) crude slipped 19 cents, or 0.3%, to $63.48. OPEC on Wednesday trimmed its forecast for growth in oil supply from the United States and other producers outside the wider OPEC+ group this year. Supply from countries outside OPEC+ will rise by about 800,000 barrels per day in 2025, down from last month's forecast of 900,000 bpd, the Organization of the Petroleum Exporting Countries said on Wednesday. "Definitely, the crude build in the API numbers was not of help. That said, the API report also contained supportive elements such as large refined product draws," said UBS analyst Giovanni Staunovo. Crude stocks were up by 4.3 million barrels in the week ended May 9, market sources said, citing American Petroleum Institute figures, while gasoline inventories fell by 1.4 million barrels and distillate stocks dropped by 3.7 million barrels. The fall in gasoline inventories comes as countries get ready to enter the Northern Hemisphere summer driving season. Roth Capital Markets analysts in a note late on Tuesday said that the draw in products shown in API data was positive for the oil complex in the longer term as it shows that the oil market was under-supplied. Official weekly inventory data from the U.S. Energy Information Administration is due on Wednesday at 10:30 a.m. EDT. U.S. crude oil and gasoline stocks likely fell last week, distillate inventories likely rose and gasoline stocks potentially decreased, an extended Reuters poll found ahead of the data. Broadly, both crude benchmarks were trading close to two-week highs touched in the previous session. "Oil had a good rally in recent we are probably seeing some profit taking," Staunovo added. However, upside in prices was limited as concerns about demand remained. Chicago Fed president Austan Goolsbee said on Wednesday that data showing temperate consumer inflation in April does not necessarily reflect the impact of rising U.S. import tariffs, and more data was needed to understand the direction of prices and the economy.
Business Recorder
14-05-2025
- Business
- Business Recorder
Oil falls as traders note jump in US crude stockpiles
LONDON: Oil prices fell on Wednesday as traders eyed a potential jump in U.S. crude inventories, while OPEC lowered its oil supply growth forecast for producers outside OPEC+. Brent crude futures fell 75 cents, or around 1.1%, to $65.88 a barrel by 1206 GMT. U.S. West Texas Intermediate (WTI) crude slipped 75 cents, or 1.2%, to $62.92. OPEC on Wednesday trimmed its forecast for growth in oil supply from the United States and other producers outside the wider OPEC+ group this year. Supply from countries outside OPEC+ will rise by about 800,000 barrels per day in 2025, down from last month's forecast of 900,000 bpd, the Organization of the Petroleum Exporting Countries said on Wednesday. 'Definitely, the crude build in the API numbers was not of help. That said, the API report also contained supportive elements such as large refined product draws,' said UBS analyst Giovanni Staunovo. Crude stocks were up by 4.3 million barrels in the week ended May 9, market sources said, citing American Petroleum Institute figures, while gasoline inventories fell by 1.4 million barrels and distillate stocks dropped by 3.7 million barrels. Crude oil climbs more than $1 on tariff cuts The fall in gasoline inventories comes as countries get ready to enter the Northern Hemisphere summer driving season. Roth Capital Markets analysts in a note late on Tuesday said that the draw in products shown in API data was positive for the oil complex in the longer term as it shows that the oil market was under-supplied. Official weekly inventory data from the U.S. Energy Information Administration is due on Wednesday at 10:30 a.m. EDT (1430 GMT). U.S. crude oil and gasoline stocks likely fell last week, distillate inventories likely rose and gasoline stocks potentially decreased, an extended Reuters poll found ahead of the data. Broadly, both crude benchmarks were trading close to two-week highs touched in the previous session. 'Oil had a good rally in recent days…so we are probably seeing some profit taking,' Staunovo added. However, upside in prices was limited as concerns about demand remained. Chicago Fed president Austan Goolsbee said on Wednesday that data showing temperate consumer inflation in April does not necessarily reflect the impact of rising U.S. import tariffs, and more data was needed to understand the direction of prices and the economy.
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Business Standard
14-05-2025
- Business
- Business Standard
Crude oil falls as traders consider potential jump in US crude stockpiles
Oil prices fell on Wednesday as traders eyed a potential jump in U.S. crude inventories, awaiting official weekly data later in the day and OPEC's monthly oil report. Brent crude futures fell 64 cents, or around 1%, to $65.99 a barrel by 0934 GMT. U.S. West Texas Intermediate (WTI) crude slipped 64 cents, or 1%, to $63.03. "Definitely, the crude build in the API numbers was not of help. That said, the API report also contained supportive elements such as large refined product draws," said UBS analyst Giovanni Staunovo. Crude stocks were up by 4.3 million barrels in the week ended May 9, market sources said, citing American Petroleum Institute figures, while gasoline inventories fell by 1.4 million barrels and distillate stocks dropped by 3.7 million barrels. The fall in gasoline inventories comes as countries get ready to enter the Northern Hemisphere summer driving season. Roth Capital Markets analysts in a note late on Tuesday said that the draw in products shown in API data was positive for the oil complex in the longer term as it shows that the oil market was under-supplied. Official weekly inventory data from the U.S. Energy Information Administration is due on Wednesday at 10:30 a.m. EDT (1430 GMT). U.S. crude oil and gasoline stocks likely fell last week, distillate inventories likely rose and gasoline stocks potentially decreased, an extended Reuters poll found ahead of the data. [EIA/S] OPEC is expected to release its monthly report later on Wednesday, with analysts pointing to supply numbers of secondary sources being the main focus. Broadly, both crude benchmarks were trading close to two-week highs touched in the previous session. "Oil had a good rally in recent we are probably seeing some profit taking," Staunovo added. However, upside in prices was limited as concerns about demand remained. Chicago Fed president Austan Goolsbee said on Wednesday that data showing temperate consumer inflation in April does not necessarily reflect the impact of rising U.S. import tariffs, and more data was needed to understand the direction of prices and the economy.
