Latest news with #TheTankTiger
Yahoo
23-05-2025
- Business
- Yahoo
Oil Set for Weekly Dip on OPEC+ Output Plans
Crude oil prices were set for a weekly decline today, following a report that OPEC+ was planning to add another 411,000 barrels daily to its output in July in an extension of its accelerated rollback of output controls. At the time of writing, Brent crude was trading at $64.06 per barrel, with West Texas Intermediate at $60.80 per barrel. Both were down by some 2% from Monday. According to a Reuters report, a stronger U.S. dollar contributed additionally to the weekly trend in oil prices. The dollar rally came on the back of Congress passing the 'one big, beautiful deal' for the federal budget, which features significant spending cuts, notably in the energy department and even more notably in the energy transition department. The budget bill puts an end to most transition subsidies including wind, solar, and EVs, which, according to commentators and the industry will effectively put an end to the transition in the United States. Yet the news was good for the U.S. currency as the bill also envisages substantial tax cuts, which markets took as good news. In further bearish news for crude oil prices, Reuters reported that demand for crude oil storage capacity in the U.S. had ballooned in recent weeks as traders anticipate an increase in OPEC+ supply. Citing data from storage broker The Tank Tiger, Reuters reported demand for storage had almost doubled over the past month, with June demand seen at 3 million barrels. 'We have not seen this kind of an uptick in crude storage demand since the COVID-19 pandemic,' the chief operating officer of The Tank Tiger told Reuters. In further negative news for prices, U.S. crude oil inventories booked another weekly climb, which invariably sours trader sentiment as it is automatically taken to mean weaker demand regardless of size. For last week, the EIA reported a stock build of 1.3 million barrels. By Irina Slav for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
23-05-2025
- Business
- Zawya
Oil falls on stronger US dollar, possibility of higher OPEC+ output
Oil prices slipped on Friday, weighed down by a stronger U.S. dollar and the possibility that OPEC+ will further increase its crude oil output. Brent futures fell 37 cents to $64.07 a barrel by 0015 GMT. U.S. West Texas Intermediate crude futures lost 39 cents to $60.81. Brent was down 2% on the week, and WTI was 2.7% lower. The U.S. dollar strengthened against a basket of currencies on Thursday, boosted by the passage of President Donald Trump's bill for tax and spending cuts by the House of Representatives. Oil typically trades inversely with the dollar because a stronger greenback makes the commodity more expensive for non-U.S. buyers. A Bloomberg News report that OPEC+ was considering another large production increase at a meeting on June 1 also pushed oil prices lower. Increasing output by 411,000 barrels a day (bpd) for July was among the options discussed, but no final agreement has yet been reached, the report said, citing delegates. Reuters previously reported that OPEC+ would accelerate oil hikes. A large crude oil build in the U.S. earlier in the week also weighed on oil prices. U.S. crude oil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger, as traders brace for a flood of increased supply in coming months from the Organization of the Petroleum Exporting Countries and its allies. On Friday, the market will watch for U.S. oil and gas rig count data from Baker Hughes that is used as an indicator for future supply. (Reporting by Laila Kearney; Editing by Tom Hogue)
Zawya
23-05-2025
- Business
- Zawya
US crude oil storage demand surges as traders brace for OPEC+ price war
NEW YORK - U.S. crude oil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger, as traders brace for a flood of increased supply in coming months from the Organization of the Petroleum Exporting Countries and its allies. This month, OPEC+ agreed to accelerate oil output hikes for a second consecutive month in June as the group looks to punish over-producing members. OPEC leaders are also contemplating a similar increase in July, and could bring back as much as 2.2 million barrels-per-day (bpd) of supply to the market by November, Reuters reported earlier. A secondary objective of the OPEC+ supply hikes is to win back market share from U.S. producers, who ramped up output to record levels in recent years while the OPEC+ was making deep supply cuts. Brent crude futures slumped last month to a four-year low of $58.40 a barrel on fears the coming surge in OPEC+ supply could coincide with a global economic slowdown stemming from U.S. President Donald Trump's trade war. Sliding prices sent a signal to traders to store oil until prices recover, especially as the market structure shows a glut of supply forming next year, said Steven Barsamian, chief operating officer at The Tank Tiger. Crude oil storage demand on The Tank Tiger's platform has almost doubled from May to 3 million barrels for June, Barsamian said. Buyers have made inquiries for storage tanks across most U.S. trading hubs, including those in the country's Midwest and along its Gulf Coast. "We have not seen this kind of an uptick in crude storage demand since the COVID-19 pandemic," Barsamian said. New requests for June slowed over the past few weeks as the market recovered slightly on signs of progress in U.S. trade talks, but that only pushed the storage requests further out on the calendar. Barsamian's team is now working on a request to find storage for crude oil next January at the Cushing, Oklahoma hub, an unusually long lead-time, he said. "It shows how negative the market sentiment is if we are even getting a request that far out," he added. U.S. crude oil inventories rose unexpectedly in the past two weeks and now stand at about 443.2 million barrels, the highest since July 2024, according to data from the U.S. Energy Information Administration. (Reporting by Shariq Khan in New York; Editing by David Gregorio)
Reuters
23-05-2025
- Business
- Reuters
Oil falls on stronger US dollar, possibility of higher OPEC+ output
May 23 (Reuters) - Oil prices slipped on Friday, weighed down by a stronger U.S. dollar and the possibility that OPEC+ will further increase its crude oil output. Brent futures fell 37 cents to $64.07 a barrel by 0015 GMT. U.S. West Texas Intermediate crude futures lost 39 cents to $60.81. Brent was down 2% on the week, and WTI was 2.7% lower. The U.S. dollar strengthened against a basket of currencies on Thursday, boosted by the passage of President Donald Trump's bill for tax and spending cuts by the House of Representatives. Oil typically trades inversely with the dollar because a stronger greenback makes the commodity more expensive for non-U.S. buyers. A Bloomberg News report that OPEC+ was considering another large production increase at a meeting on June 1 also pushed oil prices lower. Increasing output by 411,000 barrels a day (bpd) for July was among the options discussed, but no final agreement has yet been reached, the report said, citing delegates. Reuters previously reported that OPEC+ would accelerate oil hikes. A large crude oil build in the U.S. earlier in the week also weighed on oil prices. U.S. crude oil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger, as traders brace for a flood of increased supply in coming months from the Organization of the Petroleum Exporting Countries and its allies. On Friday, the market will watch for U.S. oil and gas rig count data from Baker Hughes that is used as an indicator for future supply.
Yahoo
22-05-2025
- Business
- Yahoo
US crude oil storage demand surges as traders brace for OPEC+ price war
By Shariq Khan NEW YORK (Reuters) - U.S. crude oil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger, as traders brace for a flood of increased supply in coming months from the Organization of the Petroleum Exporting Countries and its allies. This month, OPEC+ agreed to accelerate oil output hikes for a second consecutive month in June as the group looks to punish over-producing members. OPEC leaders are also contemplating a similar increase in July, and could bring back as much as 2.2 million barrels-per-day (bpd) of supply to the market by November, Reuters reported earlier. A secondary objective of the OPEC+ supply hikes is to win back market share from U.S. producers, who ramped up output to record levels in recent years while the OPEC+ was making deep supply cuts. Brent crude futures slumped last month to a four-year low of $58.40 a barrel on fears the coming surge in OPEC+ supply could coincide with a global economic slowdown stemming from U.S. President Donald Trump's trade war. Sliding prices sent a signal to traders to store oil until prices recover, especially as the market structure shows a glut of supply forming next year, said Steven Barsamian, chief operating officer at The Tank Tiger. Crude oil storage demand on The Tank Tiger's platform has almost doubled from May to 3 million barrels for June, Barsamian said. Buyers have made inquiries for storage tanks across most U.S. trading hubs, including those in the country's Midwest and along its Gulf Coast. "We have not seen this kind of an uptick in crude storage demand since the COVID-19 pandemic," Barsamian said. New requests for June slowed over the past few weeks as the market recovered slightly on signs of progress in U.S. trade talks, but that only pushed the storage requests further out on the calendar. Barsamian's team is now working on a request to find storage for crude oil next January at the Cushing, Oklahoma hub, an unusually long lead-time, he said. "It shows how negative the market sentiment is if we are even getting a request that far out," he added. U.S. crude oil inventories rose unexpectedly in the past two weeks and now stand at about 443.2 million barrels, the highest since July 2024, according to data from the U.S. Energy Information Administration. [EIA/S]
