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☆ US plans to buy 1.2 million barrels of oil for Strategic Petroleum Reserve
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

Department of Energy officials lead reporters on a tour of the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson Acquire Licensing RightsWASHINGTON, Nov 13 (Reuters) - The U.S. plans to buy 1.2 million barrels of oil to help replenish the Strategic Petroleum Reserve after it sold off the largest amount ever last year, the Energy Department said on Monday. If the purchase is finalized it will have bought back about 6 million barrels. Last month the Energy Department said it hopes to buy 3 million barrels for December delivery and another 3 million for January at the higher price. It said it expects to issue additional oil purchase solicitations for the reserve on a monthly basis through at least May 2024.

Persons: Richard Carson, Joe Biden, Joe, Biden, Timothy Gardner, Sandra Maler, Chris Reese Organizations: of Energy, Strategic Petroleum Reserve, REUTERS, Rights, Energy Department, Thomson Locations: Freeport , Texas, U.S, Ukraine, Saudi Arabia, Russia

☆ Halliburton profit beats as higher global drilling offsets weak N.America
▼ + stars: | 2023-10-24 | by ( Arunima Kumar | ) www.reuters.com time to read: +2 min

[1/2] The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson/File Photo Acquire Licensing RightsOct 24 (Reuters) - Halliburton's (HAL.N) third-quarter profit beat market expectations on Tuesday as higher international drilling and equipment demand helped overcome weakness in North America. Against this backdrop, we expect continued demand growth for oilfield services in 2024 and beyond," CEO Jeff Miller said. The company and its rival Baker Hughes (BKR.O) had in July warned of weakening North America oilfield activity. Larger rival SLB (SLB.N) on Friday beat third-quarter estimates on strong global oil drilling activity, but was hurt by North American weakness.

Persons: Richard Carson, Jeff Miller, Halliburton, Baker Hughes, Keith Mackey, Arunima Kumar, Arun Koyyur Organizations: Halliburton, REUTERS, Gulf of Mexico . Energy, HAL, RBC Capital, Thomson Locations: Houston , Texas, North America, Ukraine, Gulf of Mexico, America, Houston, Bengaluru

Hedge funds and other money managers purchased the equivalent of 41 million barrels in the six most important petroleum futures and options contracts over the seven days ending on Sept. 12. The net position in all products had fallen to 155 million barrels (71st percentile) on Sept. 12 down from 177 million (80th percentile) on Aug. 15. Short positions in NYMEX WTI slumped to just 21 million barrels on Sept. 12, the lowest for more than a year since June 2022. U.S. NATURAL GASInvestors remain ambivalent about the outlook for U.S. gas prices – torn between depleting inventories and the prospect of a warmer-than-average winter driven by a strong El Niño. The prospect of reduced consumption and slower export growth is weighing on gas prices and has kept them range bound for the last three months.

Persons: Richard Carson, bullishness, NYMEX WTI, Investors, John Kemp, David Evans Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, ICE, U.S . diesel, Fund, distillates, Thomson, Reuters Locations: Freeport , Texas, U.S, Saudi Arabia, Europe, China, distillates, Saudi, Cushing, Oklahoma, NYMEX, distillates ., East Asia, North America, Pacific

Hedge funds and other money managers purchased the equivalent of 19 million barrels in the NYMEX and ICE U.S. crude (WTI) futures and options contracts over the seven days ending on August 29. Bearish short positions in the premier NYMEX WTI contract had been reduced to just 49 million barrels, down from 136 million. Total commercial crude inventories had fallen into line with the prior ten-year average on August 25 while stocks at Cushing had depleted to almost 30% below the average. Hedge fund managers have been trying to get bullish towards U.S. gas prices, and the inventory surplus inherited from 2022 has been shrinking. Related columns:- Depleting U.S. crude inventories lift oil prices (August 31, 2023)- Prospect of strong El Niño weighs on U.S. gas prices (August 30, 2023)- Crude oil prices stalled as hedge funds sold (August 29, 2023)John Kemp is a Reuters market analyst.

Persons: Richard Carson, John Kemp, Mike Harrison Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, ICE, Cushing, U.S . diesel, U.S . Commodity Futures Trading Commission, Thomson, Reuters Locations: Freeport , Texas, U.S, Cushing, Oklahoma, Brent, Washington, Illinois, Maine

☆ US pulls back offer to buy 6 million barrels of oil for emergency reserve
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Richard CarsonWASHINGTON, Aug 1 (Reuters) - The Biden administration has pulled an offer to buy 6 million barrels of oil for the Strategic Petroleum Reserve, an Energy Department spokesperson said on Tuesday, as oil prices are expected to keep rising after a output cut from Saudi Arabia. The U.S. made the latest solicitation to buy the sour crude oil for the SPR on July 7. After the administration released a record 180 million barrels from the reserve last year to control prices after Russia's invasion of Ukraine, the Energy Department has bought back 6.3 million barrels in recent months. The person not specify what that meant, but tight oil supplies that have caused global oil prices to rise above $80 per barrel in recent weeks. The American Petroleum Institute indicated on Tuesday that U.S. crude stocks fell about 15.4 million barrels in the week that ended July 28, sources said.

Persons: Richard Carson WASHINGTON, Biden, Timothy Gardner, Leslie Adler, Cynthia Osterman, Gerry Doyle Organizations: Department of Energy, Strategic Petroleum Reserve, REUTERS, Energy Department, American Petroleum Institute, Thomson Locations: Freeport , Texas, U.S, Saudi Arabia, Ukraine

☆ Halliburton, Baker Hughes beats on profit as international demand offsets weak N.America
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson/File PhotoJuly 19 (Reuters) - Halliburton Co (HAL.N) and Baker Hughes (BKR.O) beat analysts' estimates for second-quarter profit on Wednesday on the back of strong demand for oilfield services internationally, even as domestic activity stumbled. Halliburton shares were down 2.1% in premarket trading at $37.30, while Baker Hughes' shares were down 3.5% at $33.98 as markets zoomed in on the first signs of weakness in North America. Halliburton, which gets nearly half its revenue from North America, said revenue from the region fell 2% to $2.7 billion, while that from international operations climbed 7% to $3.1 billion from first-quarter. Halliburton beat analysts' estimate by 2 cents at 77 cents per share for the three months ended June 30, while Baker Hughes topped estimates by 6 cents per share at 39 cents, according to Refinitiv data.

Persons: Richard Carson, Baker Hughes, Lorenzo Simonelli, Halliburton, Arathy Somasekhar, Arunima Kumar, Sourasis Bose, Sriraj Kalluvila Organizations: Halliburton, REUTERS, Thomson Locations: Houston , Texas, America, Ukraine, North America, Europe, Asia, Houston, Bengaluru

REUTERS/Richard Carson/File PhotoLONDON, Nov 23 (Reuters) - You can sometimes buck the market - for a time at least. Even mention government or central bank intervention in financial markets to many professionals and you elicit a tirade on such futility against forces beyond control. Against that, this year was marked by three very different examples of direct financial market intervention that appear to have succeeded in their narrow and targetted goals at least - despite many doubts whether they would or even could work. And it was at least in some part due to the SPR intervention, even if that was aided by central bank tightening and slowing world demand. All three examples of market intervention had their own dynamics and drivers.

Hedge funds and other money managers sold the equivalent of 8 million barrels in the six most important petroleum-related futures and options contracts in the week to Sept. 20. Funds have sold a total of 186 million barrels over the 16 weeks since the start of June, according to records published by ICE Futures Europe and the U.S. Commodity Futures Trading Commission. (Chartbook: https://tmsnrt.rs/3Stv0XG)The most recent week saw purchases of Brent (+6 million barrels), NYMEX and ICE WTI (+3 million) and U.S. gasoline (+2 million) but sales of U.S. diesel (-3 million) and European gas oil (-15 million). Middle distillates such as diesel and gas oil are mostly used in freight transportation, manufacturing and mining, so they are heavily geared to the business cycle. Fund managers have cut their position in mid-distillates in each of the last three weeks by a total of 39 million barrels as fears of a recession have intensified.

A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. President Joe Biden's plan announced in March of the largest release of oil from SPR in history had aimed to sell 180 million barrels by the end of October. So far, only 155 million barrels have been sold and the next sale will bring the total to 165 million barrels, the department said. The SPR holds oil in heavily-guarded former salt caverns along the Gulf of Mexico coast. Register now for FREE unlimited access to Reuters.com RegisterThere is no date set for selling a full 180 million barrels.

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