Latest news with #inventories
Argaam
3 days ago
- Business
- Argaam
US crude inventories fall 2.8M barrels last week
US crude oil inventories declined more than anticipated in the week ended May 23, signaling a rebound in US energy demand ahead of Memorial Day, according to data released by the Energy Information Administration (EIA) on Wednesday. Commercial crude inventories fell by 2.8 million barrels last week, compared to expectations for a rise of 600,000 barrels. Gasoline inventories also decreased by 2.4 million barrels, while distillate stocks—including diesel and heating oil— were down by 700,000 barrels.
Wall Street Journal
3 days ago
- Business
- Wall Street Journal
U.S. Crude Oil Stockpiles Fall More Than Expected
U.S. crude oil inventories fell more than expected last week as exports increased, and gasoline stocks declined amid a seasonal pickup in demand, according to data released Thursday by the U.S. Energy Information Administration. Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 2.8 million barrels to 440.4 million barrels in the week ended May 23 and were about 6% below the five-year average for the time of year, the EIA said. Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 600,000 barrels.
Argaam
21-05-2025
- Business
- Argaam
US oil inventories rise 1.3M barrels last week
Crude oil inventories in the US rose unexpectedly in the week ended May 16, according to a report released by the Energy Information Administration (EIA). Crude oil inventories increased by about 1.3 million barrels last week, compared to expectations for a fall of about 800,000 barrels. Gasoline inventories increased by 800,000 barrels, while distillate stocks—including diesel and heating oil—rose by 600,00 barrels.
Argaam
21-05-2025
- Business
- Argaam
US oil inventories up 2.5M barrels last week
Oil tanks Crude oil inventories in the US rose more than expected in the week ended May 16, 2025, according to estimates by the American Petroleum Institute (API). However, gasoline and distillate stocks declined. Crude oil inventories increased by about 2.5 million barrels last week, compared to expectations for a fall of 1.85 million barrels. Gasoline inventories decreased by 3.24 million barrels, while distillate stocks, including diesel and heating oil, declined by 1.4 million barrels. These estimates offer mixed signals regarding energy demand trends in the world's largest economy, as investors await the official inventory data from the Energy Information Administration (EIA), due today. Brent crude futures for July delivery inched down by 0.24%, or 16 cents, at $65.38 per barrel. Meanwhile, US WTI crude futures for June delivery (expired today) fell by 0.21%, or 13 cents, to $62.56 per barrel.
Reuters
21-05-2025
- Business
- Reuters
By land and sea, rising oil stocks are bad news for prices: Bousso
LONDON, May 21 (Reuters) - Inventories of oil stored on land and at sea have risen sharply in recent weeks, an early warning sign of deteriorating market conditions that could put oil prices under pressure for years. Oil prices have dropped to about $65 a barrel from a recent high of $82 in January due to rising concerns about the potential economic impact of U.S. President Donald Trump's trade war and the surprise decision by OPEC+ to ramp up production. Yet, until now, no data has shown a marked drop in oil consumption. Refining profit margins are holding strong and demand continued to grow by nearly one million barrels per day (bpd) in the first quarter of 2025 compared with a year earlier, according to the International Energy Agency. Recent oil storage data, however, suggests conditions have started weakening as inventories are building up around the world. While this trend has multiple causes, both economic and geopolitical, it clearly suggests that demand is not keeping up with supply. In the IEA's latest report published on May 15, it said that total global oil inventories rose for a second consecutive month to 7.7 billion barrels in March. While this is still below the five-year average, the direction of travel appears clear. The energy watchdog expects oil inventories to rise by an average of 720,000 bpd this year and accelerate to 930,000 bpd next year. Meanwhile, analysis of near real-time satellite data by Kayrros showed oil stock building has accelerated in recent weeks. Global onshore inventories of crude oil rose by more than 100 million barrels to 3.127 billion barrels between mid-April and mid-May. That's the highest reading for onshore inventories since the COVID-19 pandemic, with the exception of a seasonal peak in July 2023, according to Kayrros analyst Augustin Prate. Importantly, China, the world's top oil importer, saw storage hit a record high of 1.127 billion barrels in May, the Kayrros data showed. This development may partly reflect a concerted effort by the government and refiners to stockpile while oil prices are low. But the global trend of rising onshore inventories remains bearish nonetheless. The recent increase in oil stored in tankers at sea is another negative signal. Storing oil at sea is more expensive than on land, so when floating storage volumes rise, it means producers and refiners are taking longer to find buyers and discharge cargoes, indicating slowing demand or rising supplies, or both. Under extreme market conditions, traders store oil in tankers when onshore tanks have filled up. The volume of crude, condensate oil and refined fuels that has been in floating storage on tankers for seven days or longer has risen over the past month by 14% to more than 160 million barrels, the highest in two years, according to data from analytics firm Kpler. In the case of refined products, volumes have risen to around 86 million barrels, the highest since the depths of the pandemic in late 2020. On the crude side, floating storage reached 74 million barrels this week. Iran and Russia are largely responsible for this figure, accounting for 29 and 11 million barrels, respectively, the Kpler data shows. Rising Iranian stocks could be partly explained by the recent tightening of U.S. sanctions on Iran and several of China's so-called teapot refiners and port operators, as these restrictions led to a sharp drop in buying from China, the biggest importer of Tehran's oil in recent years. And the rise in Russian crude oil in floating storage may reflect the recent drop in oil prices. Western sanctions cap Russian crude at $60 a barrel, but this price becomes a lot less attractive when global benchmarks are only slightly higher. High-frequency data obviously can change quickly, and the full oil demand picture will only be determined once official data is published by the IEA and other government agencies around the world in the coming months. But for now, the apparent acceleration in inventory increases on land and at sea suggests oil demand is falling behind the increases in supply – just as OPEC+ is preparing to increase production even more. If this trend continues, today's oil prices may have to fall quite a bit further before the market rebalances. ** The opinions expressed here are those of the author, a columnist for Reuters. ** Want to receive my column in your inbox every Thursday, along with additional energy insights and trending stories? Sign up for my Power Up newsletter here.
