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☆ Oil rises but post weekly loss as economic uncertainty weighs
▼ + stars: | 2023-04-21 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate crude (WTI) rose 50 cents to $77.87 per barrel. Survey data from the euro zone and Britain lifted oil prices on Friday. In India, refiners' crude oil processing stayed near record peaks in March, provisional government data showed, catering to solid seasonal demand in the world's third biggest oil consumer. Oilfield services giant SLB (SLB.N) beat Wall Street estimates for first-quarter profit, as elevated crude prices and tight supplies increased demand for its services. However, economic uncertainty and the prospect of rising interest rates continued to hang over oil markets.

☆ Oil prices fall as strengthening dollar prompts weak demand concern
▼ + stars: | 2023-04-20 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

TOKYO, April 20 (Reuters) - Oil prices fell on Thursday as muted U.S. economic data and expectations of interest rate hikes pushed up the U.S. dollar, prompting fear of a stronger dollar hurting global oil demand by making it more expensive. West Texas Intermediate crude (WTI) for May delivery lost 28 cents, or 0.35%, to trade at $78.88 at 0005 GMT. "This unsettled markets, magnifying recent concerns that monetary tightening has weakened demand for oil. , , ,The crude stockpile decline was far steeper than analysts' estimate of 1.1 million barrels, and the American Petroleum Institute's estimates late on Tuesday of 2.7 million barrels. "WTI crude is back below the $80 level and it could continue drifting lower if the strong dollar trade resumes," Edward Moya, senior market analyst at OANDA, said in a client note.

☆ Oilfield firm Baker Hughes beats profit estimate
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Baker Hughes (BKR) is seen in this image provided July 21, 2020. Baker Hughes/Handout via REUTERSApril 19 (Reuters) - Oilfield technology firm Baker Hughes Co (BKR.O) beat first-quarter profit estimates on Wednesday, boosted by higher demand for its services from oil and natural gas producers looking to cash in on a recovery in China and strong prices. The average North America rig count for the quarter stood at 948, 12% higher than the previous year, as per Baker Hughes data. Baker Hughes kicks off first-quarter earnings for the oilfield services industry. Industry leader SLB (SLB.N) is expected to report quarterly results on Friday and Halliburton Co (HAL.N) on Tuesday.

West Texas Intermediate U.S. crude fell 33 cents, also 0.4%, to $80.53 a barrel. In Europe, European Central Bank officials are also wary of inflation and suggesting interest rates must keep rising. Meanwhile, the economy of top crude oil importer China grew by a faster-than-expected 4.5% in the first quarter, while the country's oil refinery throughput rose to record levels in March, data showed. ,Adding more pressure on oil benchmarks is Asian refiners continuing to seize Russian crude in April. India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations.

April 19 (Reuters) - Oil drifted lower on Wednesday as the market weighed potential interest rate hikes from the Federal Reserve that could slow growth and dampen oil consumption, offsetting falling U.S. inventories and strong Chinese economic data. The U.S. Federal Reserve likely has one more interest rate rise in store to fight inflation, Atlanta Fed President Raphael Bostic said on Tuesday. Meanwhile, the economy of top crude oil importer China grew by a faster-than-expected 4.5% in the first quarter, while the country's oil refinery throughput rose to record levels in March, data showed. ,Adding more pressure on the oil benchmarks is that Asian refiners continues to seize Russian crude in April. India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations.

☆ Oil prices edge higher on falling US inventories, China data
▼ + stars: | 2023-04-19 | by ( Laila Kearney | ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Oil prices rose in early Asian trade on Wednesday as U.S. crude inventories were seen falling and on strong Chinese economic data, signalling strengthening fuel demand. Keeping prices from moving higher were concerns that potential increases in U.S. interest rates could dampen growth in the top oil-consuming country. Prices got a lift from an industry report showing that U.S. crude stocks fell by about 2.68 million barrels in the week ended April 14, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories fell by about 1.02 million barrels, while distillate stocks fell by about 1.9 million barrels, according to the sources, who spoke on condition of anonymity because they were not authorised to speak to media. Meanwhile, the economy of top crude oil importer China grew by a faster-than-expected 4.5% in the first quarter, while the country's oil refinery throughput rose to record levels in March, data showed.

☆ Oil exports from Russia's western ports hit 4-yr high in April
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

Russian crude exports and transit from the ports of Primorsk, Ust-Luga and Novorossiisk in April will rise above 10 million tonnes, up from 9.7 million tonnes in March, which is a day longer. It was unclear if Russia's high exports mean it has lowered its output cuts. Seasonal maintenance on Russian refineries in April could explain the high crude exports as the state's domestic market needs less oil, the sources added. Urals crude exports from Primorsk in April will reach some 4.4 million tonnes, while Ust-Luga will load 3.0 million tonnes of Russia's Urals and Kazakstan's KEBCO crude oil grades, the three sources told Reuters on condition of anonymity. Russia's Urals oil keeps flowing to Asia in April, while softer freight rates help the grade's sellers to reach far-away costumers, accoding to Reuters souces.

[1/2] The logo of Baker Hughes (BKR) is seen in this image provided July 21, 2020. Baker Hughes/Handout via REUTERSApril 19 (Reuters) - Oilfield firm Baker Hughes Co (BKR.O) beat first-quarter profit estimates on Wednesday, as stronger oil prices supported demand for its equipment and services. Shares of Baker Hughes were up 1.4% in pre-market trading at $29.90 each. Revenue from Baker's Oilfield Services & Equipment business rose 19% year-over-year, while sales in its Industrial & Energy Technology business grew by 18%. Baker Hughes kicks off first-quarter earnings for the oilfield services industry.

☆ Oil slips on economy worries, despite upbeat China data
▼ + stars: | 2023-04-18 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Crude was also pressured by the Iraq federal government and Kurdistan Regional Government (KRG) taking a step towards a resumption in northern oil exports from the Turkish port of Ceyhan after they were halted last month. Brent crude fell by 18 cents, or 0.2%, to $84.58 a barrel by 1336 GMT, giving up early gains. "As things stand, it's all systems go in China, much to the relief of those betting on higher oil prices," said Stephen Brennock of oil broker PVM. But the prospect of another increase to U.S. interest rates, which has been supporting the U.S. dollar, remained a drag on sentiment. Analysts expect U.S. crude inventories to fall by about 2.5 million barrels and also forecast declines in gasoline and distillates.

☆ Oil prices steady as strong China data offsets US rate worries
▼ + stars: | 2023-04-18 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

2 oil consumer China offset concerns that possible increases in U.S. interest rates could dampen growth in the top consuming country. China's economy grew by a faster-than-expected 4.5% in the first quarter while oil refinery throughput rose to record levels in March, data showed. The dollar eased on Tuesday after the upbeat China data. Most traders, however, believe that the recent crude price rally is in need of a correction, said Dennis Kissler, senior vice president of trading at BOK Financial. Crude prices posted gains for the last four weeks, a streak not seen since June 2022.

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoSummarySummary Companies U.S. dollar, interest rate concerns pressure oilG7 coalition to keep Russian oil price cap at $60/bbl -sourceBaghdad, KRG take step toward resuming Iraq oil exportsChina's Q1 GDP data expected to support oil pricesSINGAPORE, April 17 (Reuters) - Oil prices turned lower on Monday as the U.S. dollar strengthened and as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes. The U.S. dollar has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies. "The dollar is a little bit stronger, and that seems to be putting a little bit of pressure on oil here," Price Futures Group analyst Phil Flynn said. In Saudi Arabia, crude oil exports in February fell to 7.455 million bpd from 7.658 million bpd in January, official data showed on Monday.

☆ Oil slips as recession fears loom over economic data
▼ + stars: | 2023-04-17 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

SINGAPORE, April 17 (Reuters) - Oil prices turned lower on Monday as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes, though Chinese GDP data was expected to augur well for demand growth. Both contracts notched their fourth weekly gain in a row last week, the longest such streak since mid-2022. "The oil complex continues to digest ongoing signs of a U.S. economic cool-down." Earnings from U.S. companies could also provide clues for the Fed's policy path and the dollar's trajectory. The greenback has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies.

☆ Oil steady as market awaits Chinese GDP data
▼ + stars: | 2023-04-17 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Companies Vanda Pharmaceuticals Inc FollowSINGAPORE, April 17 (Reuters) - Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world's second-largest oil consumer. "Crude prices have defaulted to tracking the daily mood in the broader financial markets" as fears over possible recession continue to cloud the horizon, she added. Further tightening supplies, oil exports from northern Iraq to the Turkish port of Ceyhan remain at a standstill almost three weeks after an arbitration case ruled Ankara owed Baghdad compensation for unauthorised exports. Rising costs for Middle Eastern crude supplies, which meet more than half of Asia's demand, are already squeezing refiners' margins, prompting them to secure supplies from other regions. The greenback has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies.

☆ Oil steady as market awaits China GDP data
▼ + stars: | 2023-04-17 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

SINGAPORE, April 17 (Reuters) - Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world's second-largest oil consumer. Further tightening supplies, oil exports from northern Iraq to the Turkish port of Ceyhan remain at a standstill almost three weeks after an arbitration case ruled Ankara owed Baghdad compensation for unauthorised exports. "Weaker refinery margins remain a feature, with the weakness predominantly driven by middle distillates. Stronger crude prices will not be helping margins for refiners either," ING analysts said in a note. The greenback has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies.

☆ Oil holds above $80/bbl on OPEC+ cuts, traders eye China recovery
▼ + stars: | 2023-04-17 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, April 17 (Reuters) - Oil prices edged up on Monday, supported by OPEC+'s plans to cut more output, while investors eyed Chinese economic data for signs of a demand recovery by the world's No. However, the IEA warned in its monthly report that the output cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and a global economic recovery. Rising costs for Middle East crude supplies, which meet more than half of Asia's demand, are already squeezing refiners' margins, prompting them to secure supplies from other regions. The greenback has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies. "(That) means some of the supportive tailwinds for crude oil demand from expectations of Fed rate cuts are starting to fade," he added.

Purchases over the three most recent weeks totalled 225 million barrels, among the largest increases over any three-week period in the last decade. As a result, fund managers held a combined position of 515 million barrels (34th percentile for all weeks since 2013) on April 11, up from just 289 million barrels (6th percentile) on March 21. But the pace of buying slackened noticeably last week as most of the short positions that existed in late March had been closed out. By April 11, total shorts had been reduced to just 125 million barrels (7th percentile) as bearish investors were squeezed out of the market. Fund short positions in NYMEX WTI were reduced to 24 million barrels, the lowest for almost six months, and down from 127 million barrels three weeks earlier.

☆ Oil holds above $80 per barrel on OPEC+ cuts, traders eye China recovery
▼ + stars: | 2023-04-17 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Summary IEA warns supply cuts could stunt economic recoveryGlobal oil supply to fall by 400,000 bpd by year end -IEAWorld demand to climb by 2 mln bpd in 2023, IEA saysBEIJING, April 14 (Reuters) - Oil prices edged lower on Friday after the West's energy watchdog warned that output cuts announced by OPEC+ producers could exacerbate an oil supply deficit and hurt consumers. OPEC on Thursday flagged downside risks to summer oil demand as part of the backdrop for the 1.16 million barrels per day (bpd) cut. In its benchmark monthly report on Friday, the International Energy Agency (IEA) said the OPEC+ decision could hurt consumers and global economic recovery. "Consumers confronted by inflated prices for basic necessities will now have to spread their budgets even more thinly," the IEA said in its monthly oil report. At the same time, world oil demand is set to grow by 2 million bpd in 2023 to a record 101.9 million bpd, driven in most part by stronger Chinese consumption, it said.

☆ Oil inches up on tightening supply, IEA demand outlook to come
▼ + stars: | 2023-04-14 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

BEIJING, April 14 (Reuters) - Oil prices rose in early Asian trade on Friday, after falling 1% in the previous session, as the market weighed supportive supply conditions ahead of the International Energy Agency's monthly demand outlook. A tighter supply outlook due to lower expected production in Russia supported prices. On the demand side, investor attention is focused on the IEA's monthly oil market report to be released later in the day, with the possibility the agency might downgrade the global demand outlook over faltering macroeconomic growth. The weakening greenback makes dollar-denominated oil cheaper for investors holding other currencies, boosting demand. "It looks like the rally in crude prices has finally hit a wall," OANDA analyst Edward Moya said in a note.

☆ Oil falls 1% on recession fears, OPEC summer demand warning
▼ + stars: | 2023-04-13 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. However, minutes from the Fed's last policy meeting indicated that banking sector stress could tip the economy into recession, which would weaken U.S. oil demand. Also weighing on prices, the Organization of the Petroleum Exporting Countries (OPEC) flagged downside risks to summer oil demand in a monthly report on Thursday. Oil price declines were limited, however, as OPEC kept its forecast for global oil demand growth in 2023 unchanged. Signs of a demand recovery in China, the top importer of crude oil and products, provided more support for oil prices, Yawger said.

☆ Oil prices cool off multi-month highs on recession fears
▼ + stars: | 2023-04-13 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. However, minutes from the Fed's last policy meeting indicated that banking sector stress could tip the economy into recession, which would weaken U.S. oil demand. Oil price declines were limited, however, as OPEC kept its forecast for global oil demand growth in 2023 unchanged. Signs of a demand recovery in China, the top importer of crude oil and products, provided more support for oil prices, Yawger said. The executive director of the International Energy Agency expects the move to tighten supply in the second half of the year and push oil prices higher.

☆ Oil falls as investors cautious about U.S. recession risk
▼ + stars: | 2023-04-13 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoSINGAPORE, April 13 (Reuters) - Oil prices retreated on Thursday after rising for two sessions, with investors still showing lingering concern over a possible U.S. recession and weaker oil demand. The Biden administration plans to refill the U.S. Strategic Petroleum Reserve soon, and hopes to do it at lower oil prices, U.S. Energy Secretary Jennifer Granholm said on Wednesday. Still, the oil market was jolted higher two weeks ago after the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia agreed to curtail output. As a result, the global oil market could see tightness in the second half of 2023, which would push prices higher, said Fatih Birol, executive director of the International Energy Agency.

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoTOKYO, April 13 (Reuters) - Oil prices eased in early trading on Thursday after rising for the previous two sessions as investors remained cautious due to lingering concerns over a U.S. recession and weaker oil demand. Brent crude fell 19 cents, or 0.2%, at $87.14 a barrel by 0116 GMT, while U.S. West Texas Intermediate slid 16 cents, or 0.2%, to $83.10. However, the Fed's staff assessing the potential fallout of banking stress projected a "mild recession" later this year. Markets on Wednesday shrugged off a small build in U.S. crude oil stocks, attributing it in part to a congressionally mandated release of oil from the U.S. emergency reserve and lower exports at the start of the month.

☆ Oil rises 2% on lower-than-expected US inflation data
▼ + stars: | 2023-04-12 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +4 min

Prices rose about 2% on Tuesday. The CPI rose 6% year-on-year in February. Markets shrugged off a small build in U.S. crude oil stocks, attributing it in part to a congressionally mandated release of oil from the U.S. emergency reserve and lower exports at the start of the month. Meanwhile, the global oil market could see tightness in the second half of 2023, which would push oil prices higher, said Fatih Birol, executive director of the International Energy Agency. In a negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates.

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