Latest news with #inventories
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
U.S. Crude Oil Inventories Post Weekly Draw
U.S. crude oil inventories fell last week amid a rise in exports, reversing some of the large stock builds seen the previous two weeks, according to data released Wednesday by the U.S. Energy Information Administration. Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 3.9 million barrels to 422.2 million barrels in the week ended July 11, and were about 8% below the five-year average for the time of year, the EIA said. Analysts surveyed by The Wall Street Journal had expected crude stockpiles to be unchanged.
Yahoo
6 days ago
- Business
- Yahoo
Morgan Stanley Unpicks Oil Market Riddle as Stockpiles Swell
(Bloomberg) -- Global oil inventories have swollen at a rapid clip in recent months, but given the bulk of the increase has been in the Asia-Pacific, prices have been able to hold their ground for now, according to Morgan Stanley. 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 While total stockpiles surged by about 235 million barrels in the five months to the end of June, just 10% of that has been in the OECD, the region that's 'critical for price formation,' analysts including Martijn Rats said in a July 15 note, which posed the question 'Is the oil market actually tight? Or not?' Global benchmark Brent has gained ground so far this month, after advances in May and June, despite the drag from the US-led trade war and a major unwind of OPEC+ supply curbs. Although there are widespread expectations for a global glut in the coming quarters, crude's near-term structure — with prompt prices above those further out — suggests current market tightness. 'What bridges this apparent contradiction is the uneven regional distribution of global inventory builds,' the analysts said. 'Most of the inventory builds have taken place in locations that have less impact on prices, whilst inventories in key pricing centers have remained unusually tight – the builds have been in the Pacific, but Brent is priced in the Atlantic.' Morgan Stanley cautioned that once the peak summer-demand season ends, a sizable surplus would be on the horizon again, although the bank still expected that only a 'modest share' would show up in OECD stockpiles. These were seen rising by no more than 165 million barrels over 12 months, returning holdings to 2017 levels, when Brent fluctuated around $65 a barrel, the analysts said. Brent price forecasts were retained at $65 a barrel in the fourth quarter, and $60 for each of the four quarters in 2026. Futures were last at $68.96. Of the stockpile builds tallied in recent months, countries outside the OECD added about 100 million barrels, with China alone accounting for 48 million barrels of that figure, Morgan Stanley said. Elsewhere, the volume of so-called oil-on-water also increased, rising by 106 million barrels. (Updates with non-OECD stockpile figures in final paragraph) 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. 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
Bloomberg
6 days ago
- Business
- Bloomberg
Morgan Stanley Unpicks Oil Market Riddle as Stockpiles Swell
Global oil inventories have swollen at a rapid clip in recent months, but given the bulk of the increase has been in the Asia-Pacific, prices have been able to hold their ground for now, according to Morgan Stanley. While total stockpiles surged by about 235 million barrels in the five months to the end of June, just 10% of that has been in the OECD, the region that's 'critical for price formation,' analysts including Martijn Rats said in a July 15 note, which posed the question 'Is the oil market actually tight? Or not?'
Yahoo
6 days ago
- Business
- Yahoo
US oil futures pare losses despite API showing 19M jump in US crude inventories
-- U.S. crude oil futures were slightly higher from post-settlement levels Tuesday even as the American Petroleum Institute reported a massive surprise increase in weekly domestic crude inventories. Crude Oil WTI Futures, the U.S. benchmark, recently traded at $66.81 a barrel following the report after settling down $0.46, or 0.7%, at $66.52 barrel. U.S. crude inventories rose by about 19.1M barrels for the week ended Jul. 11, compared with a build of 7.1M barrels reported by the API for the previous week and expectations for an decline of about 2M barrels. Gasoline stockpiles decreased by 4.53M barrels, while distillate inventories -- the class of fuels that includes diesel and heating oil -- fell by about 2.4M barrels. The official government inventory report is due Wednesday at 10:30 a.m. EDT (1430 GMT). Related articles US oil futures pare losses despite API showing 19M jump in US crude inventories Victoria's Secret Exposed: The Warning Sign Behind the Stock's 52% Collapse These Under-the-Radar Stocks Offer Better Risk-Reward Ratio Than Nvidia Sign in to access your portfolio
Yahoo
12-07-2025
- Business
- Yahoo
Smaller-Than-Expected Build in EIA Inventories Lifts Nat-Gas Prices
August Nymex natural gas (NGQ25) on Thursday closed up sharply by +0.123 (+3.83%). Aug nat-gas prices on Thursday settled sharply higher due to a smaller-than-expected build in weekly inventories. The EIA reported that nat-gas inventories rose by +53 bcf in the week ended July 4, below expectations of +61 bcf. Forecasts for hotter temperatures in the West also gave nat-gas prices a boost after forecaster Vaisala said above-normal temperatures are expected to persist in the West July 20-24. The Golden Rule of Grains: Why "Imaginary Fundamentals" Are Crushing Corn & Soybeans Nat-Gas Prices Tumble on Cooler US Temps and Building Inventories Crude Oil Gains on Energy Demand Optimism Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! On Wednesday, nat-gas prices tumbled to a 6-week low due to cooler US weather forecasts after Vaisala said that forecasts shifted cooler in the Midwest for July 14-18 and weather outlooks shifted cooler for the eastern half of the US for July 19-23. The cooler temperatures should reduce nat-gas demand from electricity providers to power air conditioning. Lower-48 state dry gas production on Thursday was 106.3 bcf/day (+4.1% y/y), according to BNEF. Lower-48 state gas demand on Thursday was 76.8 bcf/day (-8.7% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Thursday were 15.5 bcf/day (+4.0% w/w), according to BNEF. An increase in US electricity output is positive for nat-gas demand from utility providers. The Edison Electric Institute reported Wednesday that total US (lower-48) electricity output in the week ended July 5 rose +1.0% y/y to 93,747 GWh (gigawatt hours), and US electricity output in the 52-week period ending July 5 rose +2.4% y/y to 4,247,938 GWh. Thursday's weekly EIA report was bullish for nat-gas prices since nat-gas inventories for the week ended July 4 rose +53 bcf, below the consensus of +61 bcf and right on the 5-year average for the week. As of July 4, nat-gas inventories were down -6.0% y/y, but were +6.1% above their 5-year seasonal average, signaling adequate nat-gas supplies. As of July 8, gas storage in Europe was 61% full, compared to the 5-year seasonal average of 71% full for this time of year. Baker Hughes reported last Thursday that the number of active US nat-gas drilling rigs in the week ending July 4 fell by -1 to 108 rigs, slightly below the 15-month high of 114 rigs posted on June 6. In the past nine months, the number of gas rigs has risen from the 4-year low of 94 rigs reported in September 2024. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published 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
