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☆ Oil prices dip on weak demand, strong dollar
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: +3 min

File: A Repsol Oil Operations oil drilling rig pounds into the desert searching through thousands of feet for and oil reserve in El-Sharara, Libya. Oil prices edged lower on Wednesday, weighed down by concerns over tepid demand and a stronger dollar even though escalating geopolitical tensions limited the losses. Gasoline inventories, however, increased by 7.2 million barrels, stoking concerns over fuel demand in the world's top oil consumer. A stronger U.S. dollar also weighed on oil prices as demand from buyers in other currencies ebbs as they have to pay more for dollar-denominated oil. Elsewhere, U.S.'s third-largest oil-producing state of North Dakota brought some oil output back online after weather-related disruption, the state's pipeline authority said.

Persons: Vikas Dwivedi Organizations: Operations, Brent, . West Texas, American Petroleum Institute, The Energy Information Administration, U.S . Department of Energy, Federal Reserve, Macquarie, U.S, Houthi, Sharara, Jan Locations: El, Sharara, Libya, Russia, Ukraine, Yemen, Britain, U.S, Iran, Red, Iraq, Iraqi, North Dakota

☆ Oil prices dip on demand worries as U.S. gasoline stocks surge
▼ + stars: | 2024-01-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices edged lower Wednesday as U.S. gasoline stocks rose significantly, suggesting demand might be faltering in the world's largest economy. U.S. crude oil inventories tumbled by 6.67 million barrels for the week ending Jan. 19, but gasoline stocks surged by 7.18 million barrels, according to the American Petroleum Institute. Rising gasoline stocks are a signal that demand might be weakening as supply returns to the market after disruptions in Libya and North Dakota. Geopolitical risk is largely already factored into prices, according to Dwivedi. The market is waiting for the Energy Information Agency to release the latest weekly U.S. crude supply data at 10:30 am ET.

Persons: Brent, Vikas Dwivedi, Tamas Varga Organizations: West Texas Intermediate, American Petroleum Institute, U.S, Macquarie, PVM Oil Associates, Energy Information Agency Locations: Libya, North Dakota

☆ Oil prices fall as investors monitor supply threats, Libya production restart
▼ + stars: | 2024-01-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

A Repsol Oil Operations oil drilling rig pounds into the desert searching through thousands of feet for and oil reserve in El-Sharara, Libya. Oil prices fell on Tuesday as investors monitored the war in Ukraine, the conflict in the Middle East and the restart of production at a major oilfield in Libya. The West Texas Intermediate contract for March fell $1.27, or 1.61%, to trade at $73.56 a barrel. Oil prices rallied about 2% on Monday after a suspected Ukrainian drone strike against a major Russian fuel terminal on the Baltic Sea highlighted the geopolitical threats to crude supplies. The potential threats to crude supplies have been tempered by Libya restarting production at the Sharara oilfield, which was shut down for about two weeks due to protests.

Persons: Brent, John Evans Organizations: Operations, The West Texas Intermediate, PVM Oil Associates, Houthi Locations: El, Sharara, Libya, Ukraine, The, Ukrainian, Baltic, U.S, Britain, Yemen, Red

☆ Oil prices steady as investors weigh Libya oilfield restart, Mideast tensions
▼ + stars: | 2024-01-22 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

A Repsol Oil Operations oil drilling rig pounds into the desert searching through thousands of feet for and oil reserve in El-Sharara, Libya. Oil prices were little changed on Monday as the market weighed the reopening of a key oilfield in Libya against ongoing tensions in the Middle East. Libya's National Oil Corporation resumed full production at the Sharara oilfield on Sunday after protests shut down output for two weeks. "The sentiment is sourer this morning because the force majeure on Libya's Sharara oil field has been lifted," Tamas Varga with PVM Oil Associates wrote in a note. OPEC, on the other hand, has presented a stronger outlook with oil demand forecast to grow by 2.2 million barrels per day, while production outside OPEC will grow by 1.3 million barrels per day.

Persons: Brent, Tamas Varga Organizations: Operations, The West Texas Intermediate, National Oil Corporation, PVM Oil Associates, U.S, U.S . Central Command, Houthi, International Energy Agency Locations: El, Sharara, Libya, The, Iran, Iraq, U.S, Syria, Gaza

☆ Oil slips; investors eye Mideast developments
▼ + stars: | 2024-01-15 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures fell 31 cents, or 0.4%, to $77.98 a barrel by 0124 GMT after settling up 1.1% on Friday. The U.S. later said it shot down a missile fired at one of its ships from Houthi militant areas of Yemen. "As the Middle East conflict is currently not affecting oil production, the geopolitical risk premium priced in oil prices now appears modest based on the implied volatility of options," Goldman Sachs analysts said in a note. "While unlikely to materialize in our view, we estimate that oil prices would rise 20% in the first month of a Strait of Hormuz interruption, and may temporarily double in a less likely extended disruption." In Libya, people protesting against perceived corruption threatened to shut down two more oil and gas facilities after shutting the 300,000 barrel-per-day Sharara field on Jan. 7.

Persons: Joe Biden, Goldman Sachs, Martin Luther King Organizations: U.S, . West Texas, British Locations: Yemen, Red, Iran, Gaza, United States, Strait, Hormuz, Libya, U.S

☆ Oil prices fall 1% after surprise US storage build
▼ + stars: | 2024-01-10 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell nearly a dollar a barrel on Wednesday after a surprise jump in U.S. crude stockpiles raised worries about demand in the largest oil market. Global benchmark Brent crude oil futures settled 79 cents, or 1%, to $76.80 a barrel. Early in the session, both contracts had risen by more than a dollar before the U.S. Energy Information Administration reported a surprise build in crude oil stockpiles and larger-than-expected jumps in storage of gasoline and distillates. Gasoline stocks rose by 8 million barrels while distillate stocks jumped by 6.5 million barrels, the EIA reported. Europe's weak economic outlook also added to oil demand concerns.

Persons: Rob Haworth, Haworth, Luis de Guindos, majeure Organizations: U.S . West Texas, Brent, U.S . Energy Information Administration, U.S, Bank Asset Management, EIA, European Central Bank, National Oil Corporation Locations: Nolan , Texas, U.S, Israel

☆ Oil slides as Saudi price cuts counter Middle East worries
▼ + stars: | 2024-01-08 | by ( ) www.cnbc.com time to read: +2 min

In an aerial view, oil storage tanks at the Enterprise Sealy Station are seen on August 28, 2023 in Sealy, Texas. Oil prices fell by more than 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East. On Sunday rising supply and competition with rival producers prompted Saudi Arabia to cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. A Reuters survey on Friday found that OPEC oil output rose in December as increases in Iraq, Angola and Nigeria offset continuing cuts by Saudi Arabia and other members of the wider OPEC+ alliance. "However, that doesn't take into account the fact that geopolitical tensions in the Middle East are undeniably rising again, which will mean limited downside."

Persons: John Evans, Tony Sycamore, Antony Blinken, Vandana Hari Organizations: Enterprise, Brent, West Texas, PVM, Reuters, West, Vanda Insights, Libya's National Oil Corporation Locations: Sealy , Texas, Saudi Arabia, Yemeni, Red, Asia, Iraq, Angola, Nigeria, OPEC, Saudi, Gaza, West Bank, Lebanon, Syria

☆ Oil prices rise more than 3% as U.S. warns Houthis against Red Sea attacks, OPEC pledges unity
▼ + stars: | 2024-01-03 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Oil rose more than 3% on Wednesday as the U.S. warned Houthi militants against further attacks in the Red Sea and OPEC pledged to remain united in supporting prices. This comes a day after Danish shipping giant Maersk halted all shipping through the Red Sea until further notice due to repeated Houthi attacks on vessels. German shipping company Hapag-Lloyd confirmed Wednesday that it would continue to avoid the Red Sea. Oil prices have been volatile this week, with U.S. crude and the global benchmark settling more than 1% lower on Tuesday despite Maersk's decision to continue avoiding the Red Sea due to attacks by the Houthis. OPEC and its allies issued a statement Wednesday pledging to remain united in the group's "efforts to maintain oil market stability going forward."

Persons: Brent, Lloyd, John Kirby, Kirby, Amrita Sen, We've, we're, Sen Organizations: Houthi, Reuters, The West Texas Intermediate, CMA, CNBC, Maersk, Security, OPEC, Traders, CNBC PRO Locations: Sea, Libya, Yemen, Iran, The U.S, United States, U.S, China . U.S

2 oil consumer, while Libya resumed production on the weekend. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. "Apparent oil demand grew at a strong pace year on year, but the market seems focused on the headline (GDP) numbers," Patterson said. "They are stockpiling crude at low prices, and waiting for recession to hit the West before going full on with stimulus," Grasso said. Reporting by Florence Tan and Mohi Narayan; Editing by Tom Hogue and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: China's, Warren Patterson, ING's, Patterson, Stefano Grasso, Grasso, El, Vandana Hari, Hari, Florence Tan, Mohi Narayan, Tom Hogue, Sonali Paul Organizations: Brent, U.S . West Texas, National Bureau, Statistics, Shell, Vanda Insights, Thomson Locations: China, Libya, U.S, Beijing, 8VantEdge, Singapore, Nigerian, Russia, Moscow, Saudi Arabia

☆ Oil slips on weak China GDP data, resumption of Libya output
▼ + stars: | 2023-07-17 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

2 oil consumer as Libya resumed production over the weekend. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. "Apparent oil demand grew at a strong pace year on year, but the market seems focused on the headline (GDP) numbers," Patterson said. "They are stockpiling crude at low prices, and waiting for recession to hit the West, before going full on with stimulus," Grasso said. In Russia, oil exports from western ports are set to fall by some 100,000-200,000 bpd next month from July, a sign Moscow is making good on a pledge for fresh supply cuts in tandem with OPEC leader Saudi Arabia, two sources said on Friday.

Persons: Warren Patterson, ING's, Patterson, Stefano Grasso, Grasso, El, Florence Tan, Sonali Paul, Tom Hogue Organizations: Brent, U.S . West Texas, National Bureau, Statistics, Shell, Thomson Locations: China, SINGAPORE, Libya, U.S, Beijing, 8VantEdge, Singapore, Nigerian, Russia, Moscow, Saudi Arabia

☆ Oil slips after Libya resumes output, China data eyed
▼ + stars: | 2023-07-17 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Prices softened after both benchmarks last week notched a third straight week of gains and touched their highest levels since April when output was shut at oilfields in Libya and Shell halted exports of a Nigerian crude, tightening supply. Two of the three Libyan oilfields shut on Thursday, the Sharara and El Feel oilfields with a total production capacity of 370,000 barrels per day (bpd), resumed on Saturday evening, four oil engineers and oil ministry said. Output was halted in protest against the abduction of a former finance minister. There is also some nervousness among traders ahead of another big week ahead for economic data from China, the UK and Japan, he added. Reporting by Florence Tan; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Tony Sycamore, BoE, Sycamore, Florence Tan, Sonali Paul Organizations: Libya, Brent, West Texas, Shell, Federal Reserve, Market, Thomson Locations: China, SINGAPORE, Libya, Nigerian, El, Russia, Moscow, Saudi Arabia, U.S, Japan

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