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☆ Oil edges up as market awaits key US inflation data
▼ + stars: | 2023-04-12 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Oil prices edged up on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve's policy on future interest rate hikes. The U.S. consumer price index is expected to show March core inflation rose 0.4% on a monthly basis (USCPF=ECI) and 5.6% year-on-year (USCPFY=ECI), according to a Reuters poll of economists. In another negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates. In addition to the inflation data, the market is waiting for more clarity on oil demand and supply with monthly reports from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency due on Thursday and Friday respectively. The U.S. Energy Information Administration on Tuesday cut its forecast for oil production by OPEC countries by 0.5 million barrels-per-day for the rest of 2023 and cut its 2023 world oil demand growth forecast by 40,000 bpd.

☆ Oil steady as market awaits key US inflation data
▼ + stars: | 2023-04-12 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Oil prices were mostly steady on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve's policy on future interest rate hikes. The U.S. consumer price index is expected to show March core inflation rose 0.4% on a monthly basis (USCPF=ECI) and 5.6% year-on-year (USCPFY=ECI), according to a Reuters poll of economists. In another negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates. In addition to the inflation data, the market is waiting for more clarity on oil demand and supply with monthly reports from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency due on Thursday and Friday respectively. The U.S. Energy Information Administration on Tuesday cut its forecast for oil production by OPEC countries by 0.5 million barrels-per-day for the rest of 2023 and cut its 2023 world oil demand growth forecast by 40,000 bpd.

☆ Oil steady after surprise build in U.S. crude stocks
▼ + stars: | 2023-04-12 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Oil prices were little changed in early trading on Wednesday after industry data showed an unexpected build in U.S. crude and gasoline inventories, offsetting concerns about tightening supply ahead of output cuts by OPEC producers. In a sign of market tightness, U.S. crude futures have flipped into backwardation, with the front month contract trading 6 cents higher than the second month. Brent crude fell 5 cents at $85.57 a barrel by 0029 GMT, while U.S. West Texas Intermediate fell 6 cents to $81.48 a barrel. Prices had risen about 2% on Tuesday on hopes that the Federal Reserve might slow its policy tightening after U.S. consumer prices data releases on Wednesday. Philadelphia Federal Reserve Bank President Patrick Harker said he feels the U.S. central bank may soon be done raising interest rates, while Minneapolis Federal Reserve Bank President Neel Kashkari said he believes inflation, now at a rate of 5% by the Fed's preferred measure, will get to "the mid-threes" by the end of this year.

Summary Dip in China consumer inflation points to weak demandU.S. inflation report due on WednesdayComing up: API data on US crude stocks at 4:30 p.m. Brent crude futures settled up $1.43, or 1.7%, to $85.61 a barrel. U.S. West Texas Intermediate futures rose $1.79, or 2.2%, to $81.53 a barrel. read moreA U.S. inflation report to be released on Wednesday is expected to help investors gauge the near-term trajectory for interest rates. OPEC output will fall by 500,000 bpd in 2023, then rise by 1 million bpd in 2024, after the group's output agreement expires, the Energy Information Administration forecast on Tuesday.

☆ Oil steady on China demand concerns with US inflation in focus
▼ + stars: | 2023-04-11 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Summary China consumer inflation drop points to weak demandU.S. inflation report due WednesdayComing up: API data on US crude stocks at 4:30 p.m. Brent crude futures slipped 18 cents, or 0.2%, to $84 a barrel by 1102 GMT, while U.S. West Texas Intermediate futures eased 12 cents, or 0.1%, to $79.62 a barrel. A U.S. inflation report to be released on Wednesday could help investors gauge the near-term trajectory for interest rates. "The short-term crude demand outlook will soon be clearer. "Wall Street should have a strong handle on the trajectory of the economy after it gets a pivotal inflation report."

Summary China consumer inflation drop spurs stimulus casePOLL-US crude, product stockpiles seen down last weekComing up: API data on US crude stocks at 4:30 p.m. ETCHENNAI, April 11 (Reuters) - Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles. Brent crude futures rose 64 cents, or 0.8%, to $84.82 a barrel at 0557 GMT, while U.S. West Texas Intermediate futures gained 67 cents, or 0.8%, to $80.41 a barrel. Crude futures also climbed as the dollar eased on expectations that the U.S. Federal Reserve is getting closer to ending its rate hike cycle. Signs of strong fuel demand in India, the world's third-biggest oil consumer, in March also supported prices.

ETSINGAPORE, April 11 (Reuters) - Oil prices rose on Tuesday on expectations that inventories in the U.S., the world's biggest crude consumer, are expected to fall and on signs that demand in emerging markets remains healthy. Signs of strong fuel demand in India, the world's third-biggest oil consumer, in March also supported prices. On the U.S. supply front, industry data on U.S. crude stockpiles is due on Tuesday. Oil prices fell on Monday after rising for three straight weeks, after U.S. jobs data pointed to a tight labor market, heightening expectations of another Federal Reserve rate hike that could curb oil demand. Rate hike expectations boosted the U.S. dollar index on Monday and Tuesday, which weighed on oil prices as dollar strength makes oil more expensive for other currency holders.

ETApril 11 (Reuters) - Oil prices edged higher on Tuesday as market participants weighed supply cuts from OPEC+ that would tighten the global market against concerns about further interest rate hikes potentially hurting demand. Investors were awaiting a slate of reports on inflation, oil demand and supply due this week that could give the market direction. Rate hike expectations boosted the U.S. dollar index on Monday and Tuesday, which weighed on oil prices as dollar strength makes oil more expensive for other currency holders. In U.S. supply, industry data on U.S. crude stockpiles is due Tuesday. Also coming up are monthly reports from OPEC on Thursday and the International Energy Agency on Friday, which will update oil demand and supply forecasts.

The buying came as OPEC+ announced cuts totalling more than 1 million barrels per day on April 2 and after fund managers had already purchased 61 million barrels the previous week. Purchases centred on crude, in both Brent (+73 million barrels) and NYMEX and ICE WTI (+60 million barrels), with small sales of European gas oil (-2 million) and U.S. diesel (-3 million) and no change in U.S. gasoline. CRUDE SQUEEZEWith its surprise announcement, OPEC+ successfully squeezed the shorts in crude petroleum, with bearish positions reduced to the lowest for 11 weeks since late January. Since March 21, funds have purchased a total of 174 million barrels of crude, the fastest rate since December 2019 and before that September 2017. Bearish short positions were cut by 113 million barrels while fund managers added 61 million barrels of new bullish long positions.

The U.S. dollar rose after U.S. jobs data pointed to a tight labor market, heightening expectations of another Federal Reserve rate hike. Dollar strength makes oil more expensive for other currency holders and can weigh on demand. Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand. In global financial markets, a U.S. inflation report to be released on Wednesday could help investors to gauge the near-term trajectory for interest rates. Also coming up are monthly reports from OPEC on Thursday and the International Energy Agency on Friday, which will update oil demand and supply forecasts.

☆ Oil edges higher as tighter supply looms, growth concerns weigh
▼ + stars: | 2023-04-10 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"I am in the latter camp and still see prices moving higher from here as we go through the year." Adding to tightness in supply has been a shutdown of Iraq's northern exports. A deal was signed last week to restart the flows, but as of Thursday they hadn't resumed. Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand. Also coming up are monthly reports from OPEC on Thursday and the International Energy Agency on Friday, which will update oil demand and supply forecasts.

☆ Oil steadies as tighter supply balances growth concerns
▼ + stars: | 2023-04-10 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Brent crude slipped 3 cents to $85.09 a barrel by 0816 GMT, while U.S. West Texas Intermediate crude gained 8 cents to $80.78. "I am in the latter camp and still see prices moving higher from here as we go through the year." Adding to tightness in supply has been a shutdown of Iraq's northern exports. Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand. In global financial markets, a U.S. inflation report to be released on Wednesday could help investors gauge the near-term trajectory for interest rates.

Companies Baker Hughes Co FollowApril 10 (Reuters) - Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand. The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers led by Saudi Arabia. Following the announcement, the world's top oil exporter raised its May crude prices to term customers in Asia and the United States. Separately, investors are watching the progress of talks between Iraq and Kurdistan to restart northern oil exports which could bring more sour crude to the global market. Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.

☆ Oil steady as investors weigh tighter supply vs. growth outlook
▼ + stars: | 2023-04-10 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Companies Baker Hughes Co FollowSINGAPORE, April 10 (Reuters) - Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand. The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers led by Saudi Arabia. Following the announcement, the world's top oil exporter raised its May crude prices to term customers in Asia and the United States. Separately, investors are watching the progress of talks between Iraq and Kurdistan to restart northern oil exports which could bring more sour crude to the global market. Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.

☆ Oil edges higher on prospect of tighter supplies
▼ + stars: | 2023-04-10 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Companies Baker Hughes Co FollowSINGAPORE, April 10 (Reuters) - Oil prices nudged higher in early Asian trade on Monday, supported by the prospect of tighter supplies from OPEC+ producers from May, but concerns about the global economic outlook capped gains. The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers. Following the announcement, top exporter Saudi Arabia raised its May crude prices to term customers in Asia and the United States. Separately, investors are watching the progress of talks between Iraq and Kurdistan to restart northern oil exports which could bring more sour crude to the global market. Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil more expensive for investors holding other currencies.

☆ Oil prices ease as weak economic data clouds demand prospects
▼ + stars: | 2023-04-05 | by ( Katya Golubkova | ) www.reuters.com time to read: +1 min

TOKYO, April 6 (Reuters) - Oil prices eased in early Asian trade on Thursday after weak U.S. job openings data signalled cooling economic conditions which may hit demand. The data offset market's reaction to earlier OPEC+ cuts and the recent reduction of U.S. crude and fuel stockpiles. "Crude oil's rally paused as it battled the headwinds created by the weak economic data. U.S. crude inventories fell 3.7 million barrels last week, about 1.5 million barrels more than forecast, government data showed. Gasoline and distillate stocks also fell more than expected, drawing down by 4.1 million barrels and 3.6 million barrels, respectively.

☆ Oil prices stable as economic fears balance OPEC+ cuts, U.S. stock draw
▼ + stars: | 2023-04-05 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

[1/2] Flames emerge from flare stacks at Nahr Bin Umar oil field, north of Basra, Iraq March 9, 2020. REUTERS/Essam Al-Sudani/File PhotoLONDON, April 5 (Reuters) - Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of U.S. crude inventory declines and OPEC's voluntary output cuts announcement. Bullish sentiment continued after voluntary cuts pledged by the Organization of Petroleum Exporting Countries and allies including Russia, a group known as OPEC+. However, weak manufacturing activity in the U.S. and China - the two biggest oil consumers - have capped oil oil price gains. Record Russian diesel flows to the Middle East in March, and the sluggish performance of middle distillates contracts have "acted acted as a brake on any attempt to push crude oil prices meaningfully higher," Varga said.

Companies United States of America FollowApril 5 (Reuters) - Oil prices rose on Wednesday, boosted by expectations of U.S. crude inventory declines as well as the latest output cut targets set by the OPEC+ producer alliance. The rises came as an industry report showed U.S. crude stocks fell by about 4.3 million barrels in the week ended March 31. However, weak manufacturing activity in the U.S. and China - the two biggest oil consumers - have kept oil prices from moving up further, despite the prospect of tighter supply following the OPEC+ cuts. Traders will be looking for cues on broader economic trends from the U.S. non-farm payrolls data due later this week, analysts say. Reporting by Laila Kearney in New York; Editing by Gerry Doyle and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Oil edges up as OPEC cuts, U.S. inventories brighten outlook
▼ + stars: | 2023-04-05 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Companies United States of America FollowApril 5 (Reuters) - Oil prices rose in early Asian trade on Wednesday on anticipated U.S. crude inventory declines and OPEC+'s latest output cut targets. Gasoline inventories fell by about 4 million barrels, while distillate stocks fell by about 3.7 million barrels, according to the sources, who spoke on condition of anonymity because they were not authorised to speak to the media. The latest targets set by the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, also helped oil prices. Keeping oil prices from moving higher were concerns about demand, with U.S. job openings in February falling to the lowest level in nearly two years and U.S. manufacturing activity in March slumping. Weak manufacturing activity in China last month also added to crude oil demand concerns.

☆ Oil prices rise as investors move focus from OPEC+ cuts to demand outlook
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +3 min

Companies Goldman Sachs Group Inc FollowBEIJING, April 4 (Reuters) - Oil prices posted gains in Asian trade on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors' attention shifting to demand trends and the impact of higher prices on the global economy. The latest pledges bring the total volume of cuts by OPEC+ to 3.66 million bpd including a 2 million barrel cut last October, according to Reuters calculations - equal to about 3.7% of global demand. "In the short term, demand is expected to rise for the summer driving season, but higher oil prices may intensify inflationary pressures and prolong interest rate hikes in many countries, which could dampen demand," he said. The OPEC+ production curbs led most analysts to raise their Brent oil price forecasts to around $100 per barrel by year-end. "But for anything more than that something has to change dramatically from the demand side of the equation," he added.

☆ Oil prices surge, markets narrow odds on Fed hike
▼ + stars: | 2023-04-03 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Brent oil futures jumped $5.16 to $85.05 a barrel on news output would be cut by around 1.16 million barrels per day, while U.S. crude climbed $4.88 to $80.55. The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday. Goldman Sachs lifted its forecast for Brent to $95 a barrel by the end of the year and to $100 for 2024. The rise in oil prices is bad news for Japan's trade balance given it imports most of its energy. The lift in the dollar and yields nudged gold prices down nearly 0.5% to $1,958 an ounce .

☆ Oil prices jump in blow to global inflation hopes
▼ + stars: | 2023-04-03 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

Brent oil futures jumped $4.30 to $84.19 a barrel on news output would be cut by around 1.16 million barrels per day, while U.S. crude climbed $4.17 to $79.84. The change comes before a virtual meeting of an OPEC+ ministerial panel, which includes Saudi Arabia and Russia. "That means that oil markets may potentially see around 1% of global oil supply or more being curtailed from May." The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday. The rise in oil prices is bad news for Japan's trade balance given it imports most of its energy.

☆ Oil soars more than $5 per barrel
▼ + stars: | 2023-04-02 | by ( Florence Tan | ) www.reuters.com time to read: +1 min

SINGAPORE, April 3 (Reuters) - Oil prices jumped more than $5 a barrel on Monday's open, jolted by a surprise announcement by OPEC+ to cut production further in an effort to support market stability. Brent crude hit the highest in nearly a month at the open, trading at $85.56 a barrel by 2249 GMT, up $5.67, or 7.1%. U.S. West Texas Intermediate crude touched its highest since late January and was at $81.08 a barrel, up $5.41, or 7.2%. The group known as OPEC+ had been expected to maintain its earlier decision to cut output by 2 million bpd until December. Goldman estimated the output reduction could provide a 7% boost to oil prices, contributing to higher Saudi and OPEC+ oil revenues.

☆ Oil jumps $5 per barrel
▼ + stars: | 2023-04-02 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

SINGAPORE, April 3 (Reuters) - Oil prices jumped about $5 a barrel on Monday's open, jolted by a surprise announcement by OPEC+ to cut production further in an effort to support market stability. Brent crude hit the highest in nearly a month at the open, trading at $84.95 a barrel by 0039 GMT, up $5.06, or 6.3%. U.S. West Texas Intermediate crude touched its highest since late January and was at $80.47 a barrel, up $4.80, or 6.3%. Goldman estimated the output reduction could provide a 7% boost to oil prices, contributing to higher Saudi and OPEC+ oil revenues. Analysts at the National Australia Bank said the OPEC+ production cuts and demand recovery from top crude importer China could drive oil prices above $100 a barrel through third quarter.

☆ Oil settles 1% higher on tightening supplies, cooling US inflation
▼ + stars: | 2023-03-31 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

The most actively traded Brent futures, for June delivery, settled up $1.29, or 1.6%, at $79.89 a barrel. Brent futures for May delivery, which expired upon settlement, gained 50 cents, or 0.6%, to settle at $79.77 a barrel. West Texas Intermediate crude (WTI) for May delivery settled higher by $1.30, or 1.8%, at $75.67 a barrel, gaining about 9% for the week. Signs that inflation is slowing tend to support oil prices as this could point to less aggressive interest rate hikes from the Fed, lifting investor demand for risk assets like commodities and equities. Brent settled lower for the third quarter in a row, the first time that has happened since 2015.

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