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☆ Oil ticks up as US inflation cools, but set to end March lower
▼ + stars: | 2023-03-31 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent futures , which have risen nearly 6% this week, were up 26 cents, or 0.3% at $79.53 a barrel by 10:56 a.m. EDT (1456 GMT). West Texas Intermediate crude (WTI) rose 37 cents, or 0.5% to $74.74, having gained about 8% so far this week. If those levels hold, oil prices will record their second straight week of gains, but Brent and WTI were also set for losses of about 5% and 3%, respectively. Oil prices were also buoyed after producers shut in or reduced output at several oilfields in the semi-autonomous Kurdistan region of northern Iraq following a halt to the northern export pipeline. OPEC pumped 28.90 million barrels per day (bpd) this month, a Reuters survey found, down 70,000 bpd from February.

LONDON, March 31 (Reuters) - Oil prices ticked up on Friday with U.S. inflation data showing some signs of slowing price rises, but on the month oil was on course for its weakest performance since November. Oil prices have broadly recouped these losses as worries about a global banking crisis have abated after banks in the U.S. and Europe were rescued. While the inflation data showed signs of cooling, it remained elevated, which could lead to the Federal Reserve raising interest rates one more time this year. Oil prices were buoyed after producers shut in or reduced output at several oilfields in the semi-autonomous Kurdistan region of northern Iraq following a halt to the northern export pipeline. Also sending a bullish signal was data showing U.S. crude oil stockpiles fell to a two-year low.

☆ China's demand comeback to help oil weather banking crisis: Reuters poll
▼ + stars: | 2023-03-31 | by ( Bharat Gautam | ) www.reuters.com time to read: +2 min

A survey of 45 economists and analysts forecast benchmark Brent crude would average $86.49 a barrel this year, down from February's estimate of $89.23. "The dip in oil prices is more of a blip at the moment, rather than a sustained move below $80 per barrel". Most analysts polled by Reuters expect oil prices to stay below $90 on fears of a recession in developed economies stemming from interest rate increases to bring down inflation. "Oil demand in China should pick up a bit further over the year. Reuters GraphicsAlong with China, prices will also hinge on potentially declining Russian oil production due to Western sanctions, with a combination of the two likely tightening global supplies, analysts said.

LONDON, March 31 (Reuters) - Oil prices dipped on Friday, with benchmarks heading for their weakest monthly performances since November, ahead of key U.S. inflation data which could give clues on future interest rate moves and the strength of the dollar. U.S. West Texas Intermediate (WTI) crude fell 44 cents, or 0.5%, to $73.93, having gained about 7% so far this week. Markets are now waiting for U.S. personal consumption expenditures (PCE) inflation figures, tracked closely by the Federal Reserve, which are due at 1230 GMT. Also sending a bullish signal was data showing U.S. crude oil stockpiles fell to a two-year low. With oil prices recovering from recent lows, the Organization of the Petroleum Exporting Countries and allies led by Russia are likely to stick to their existing deal to cut oil output at a meeting on Monday, sources said.

BEIJING, March 31 (Reuters) - Oil prices ticked down in Asian trade on Friday as bullish sentiment about Chinese demand and potential Middle Eastern supply disruptions was tempered by uncertainty over U.S. economic data to be released later in the day. U.S. West Texas Intermediate (WTI) crude fell by 22 cents, or -0.3%, to $74.15, having gained about 8% this week. Markets are now waiting for U.S. spending and inflation data on Friday and the resulting impact on the U.S. dollar. "Disappointing data may cause concerns about Fed policy again and cap the recent gains," she added. The U.S. Energy Information Administration said U.S. crude oil stockpiles fell unexpectedly in the week to March 24 to a two-year low.

BEIJING, March 31 (Reuters) - Oil prices were very slightly down in Asian morning trade on Friday as bullish sentiment about Chinese demand and potential Middle Eastern supply disruptions was tempered by uncertainty over U.S. economic data on Friday. Markets are now waiting for U.S. spending and inflation data on Friday and the resulting impact on the U.S. dollar. Industrial activity in China has become a key determinant of prices in recent weeks after its ending of coronavirus-related restrictions, amid weaker global demand. Oil prices are set to cap a second straight week of gains after the largest bank failure after the 2008 financial crisis spooked traders and roiled markets. The U.S. Energy Information Administration said U.S. crude oil stockpiles fell unexpectedly in the week to March 24 to a two-year low.

SINGAPORE, March 31 (Reuters) - Oil prices climbed in early Asian trade on Friday as sentiment was boosted by an expansion in factory activity in China, the world's second largest crude consumer, and as concerns grew about Middle Eastern supply. U.S. West Texas Intermediate (WTI) crude rose 17 cents, or 0.23%, to $74.54, having gained about 8% this week. China's manufacturing activity rose in March at a slower pace compared with a record breaking expansion in February, but still exceeded expectations by economists in a Reuters poll. Industrial activity in China has become a key determinant of prices in recent weeks following its ending of coronavirus-related restrictions, amid weaker global demand. The U.S. Energy Information Administration said U.S. crude oil stockpiles fell unexpectedly in the week to March 24 to a two-year low.

Also supporting prices was a Wednesday report from the U.S. Energy Information Administration that U.S. crude oil stockpiles fell unexpectedly in the week to March 24 to a two-year low. These factors offset bearish sentiment after a lower than expected cut to Russian crude oil production in the first three weeks of March. The 300,000 bpd production decline compared with targeted cuts of 500,000 bpd, or about 5% of Russian output, sources familiar with the data told Reuters. Meanwhile, OPEC+ is likely to stick to its existing deal on reduced oil output at a meeting on Monday, five delegates from the producer group told Reuters. "If all goes as expected, and we manage to avoid a recession, oil prices will dance around $75-$85/bbl in the coming months," FGE analysts said in a note.

☆ Oil steadies as U.S. crude draw offset by Russian supplies, stronger dollar
▼ + stars: | 2023-03-30 | by ( Laila Kearney | ) www.reuters.com time to read: +1 min

Companies United States of America FollowMarch 29 (Reuters) - Oil steadied in early Asian trade on Thursday as a surprise draw in U.S. crude oil stockpiles that supported prices was offset by a smaller-than-expected cut to Russian supplies and stronger dollar. West Texas Intermediate U.S. crude fell 6 cents, or 0.1%, to $72.91 a barrel. Helping to support prices, U.S. crude oil stockpiles fell unexpectedly last week as refineries ramped up production after maintenance season and imports fell to a two-year low, the U.S. Energy Information Administration said on Wednesday. Crude inventories (USOILC=ECI) fell by 7.5 million barrels in the week to March 24 to 473.7 million barrels, compared with analysts' expectations in a Reuters poll for a 100,000-barrel rise. Meanwhile, reports about Russian crude production falling by around 300,000 barrels a day in the first three weeks of March, less than the targeted cuts of 500,000 bpd, and strength in the U.S. dollar, erased oil price gains.

☆ Oil dips on profit taking, markets debate supply tightness
▼ + stars: | 2023-03-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude closed 37 cents, or 0.5%, lower at $78.28 a barrel, while West Texas Intermediate crude fell 23 cents, or 0.3%, to $72.97. On the supply side, worries of tightness after an unexpected draw in U.S. oil stockpiles and a halt to some Iraqi Kurdistan oil exports were partially offset by a smaller-than-expected output cut in Russia. U.S. crude oil stockpiles fell unexpectedly last week, the Energy Information Administration said, as refineries ramped up operations after maintenance season and U.S. imports fell to a two-year low. Supply concern were, however, eased by reports that Russian oil production fell by around 300,000 bpd in the first three weeks of March, less than the targeted cuts of 500,000 bpd. A stronger greenback hurts oil demand as crude becomes more expensive for buyers who hold foreign currencies.

☆ Oil gains for 3rd day on Kurdish supply concern, easing banking fears
▼ + stars: | 2023-03-29 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Crude exports of 450,000 barrels per day (bpd) from Iraq's semi-autonomous northern Kurdistan region were halted on Saturday following an arbitration decision that confirmed Baghdad's consent was needed to ship the oil. "The longer the stoppage continues, the tighter the supply outlook will become," said Stephen Brennock of oil broker PVM. On Wednesday, Norwegian oil firm DNO said it had begun shutting down production at its fields in Kurdistan. We can see that risk sentiment has recovered to some extent, which pushed (the) global stock markets and crude oil rebound," said CMC Markets analyst Leon Li. Attention will focus on official U.S. inventory data from the Energy Information Administration at 1430 GMT to see if it confirms the crude stock decline.

☆ Oil prices climb in relief rally as banking concerns ease
▼ + stars: | 2023-03-27 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

SINGAPORE, March 27 (Reuters) - Oil prices climbed in early trade on Monday as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. The rise in oil prices was more a relief rally and part of a correction after a 16% fall in the prior two weeks, he added. Prices were also supported after President Vladimir Putin said he will station tactical nuclear weapons in Belarus, escalating geopolitical tensions in Europe over Ukraine. Russia's Deputy Prime Minister Alexander Novak said on Friday that Moscow was very close to achieving its target of cutting crude output by 500,000 barrels per day (bpd) to around 9.5 million bpd. Despite lowering output, Russia is expected to maintain crude oil exports by cutting refinery output in April, data from industry sources and Reuters calculations showed on Friday.

☆ Iraqi Kurdistan region's oil output at risk after Turkey halts pipeline exports
▼ + stars: | 2023-03-27 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

[1/2] The Iraqi- Turkish pipeline is seen in Zakho district of the Dohuk Governorate of the Iraqi Kurdistan province, Iraq, August 28, 2016. REUTERS/Ari JalalMarch 27 (Reuters) - Oil production in Iraq's semi-autonomous Kurdistan region (KRI) is at risk after a halt in northern exports has forced firms operating there to divert crude to storage, where capacity is limited. Oil firms operating in the region have been left in limbo as they await the outcome of ongoing discussions between Ankara, Baghdad and the KRG to find a way to resume exports. The two firms hold stakes in the Tawke and Peshkabir fields, which produced 107,000 bpd of oil last year. Production at the Khurmala oil field run by Kurdish group Kar is currently unaffected at around 135,000 bpd and heading into tank, a source familiar with the field operations told Reuters.

West Texas Intermediate U.S. crude futures fell 70 cents, or 1%, to $69.26 a barrel. Brent futures rose 2.8% in the week while U.S. crude futures rose 3.8%. The dollar rose 0.6% against other currencies, which also pressured oil, making crude more expensive to holders of other currencies. Goldman Sachs said commodities demand was surging in the world's biggest oil importer, with oil demand topping 16 million bpd. That means Russia aims to produce 9.7 million bpd between March and June, according to Novak, a much smaller output cut than Moscow previously indicated.

☆ Oil falls as US holds off refilling strategic reserve
▼ + stars: | 2023-03-24 | by ( Yuka Obayashi | ) www.reuters.com time to read: +2 min

TOKYO, March 24 (Reuters) - Oil prices fell on Friday, extending the previous day's losses, on worries about potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years. The White House said in October it would buy back oil for the SPR when prices were at or below about $67-$72 per barrel. Deputy Prime Minister Alexander Novak said a previously announced cut of 500,000 barrels per day (bpd) in Russia's oil production would be from an output level of 10.2 million bpd in February, the RIA Novosti news agency reported. That would mean Russia is aiming to produce 9.7 million bpd between March and June, when the production cut will be in force, according to Novak - a much smaller reduction in output than Moscow previously indicated. On the supportive side, Goldman Sachs said commodities demand was surging in China, the world's biggest oil importer, with oil demand topping 16 million bpd.

☆ Oil drops as oversupply concerns overshadow demand hopes
▼ + stars: | 2023-03-23 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude futures fell 46 cents, or 0.6%, to $76.23 a barrel by 2:15 p.m. EDT (1815 GMT), while the U.S. West Texas Intermediate crude futures slid by 57 cents, or 0.8%, to $70.33 a barrel. Oil benchmarks were slightly higher before the news on hopes that a lower dollar and higher gasoline prices would spur more demand for the commodity. A weaker greenback makes dollar-denominated oil more attractive to holders of foreign currencies, lifting demand. Higher gasoline demand will encourage refiners to use more crude oil to turn it into the road transportation fuel, Mizuho analyst Robert Yawger said. Also supportive, Goldman Sachs on Thursday said demand from China, the world's biggest oil importer, continued to surge across the commodity complex, with oil demand topping 16 million barrels per day.

☆ Oil crawls up as dollar weakens, gasoline demand surges
▼ + stars: | 2023-03-23 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude futures rose 15 cents, or 0.2%, to $76.84 a barrel by noon EDT (1600 GMT), while the U.S. West Texas Intermediate crude futures were up by 6 cents, or 0.1%, to $70.96 a barrel. A weaker greenback makes dollar-denominated oil more attractive to holders of foreign currencies, lifting demand. Further support for crude oil came from RBOB gasoline futures trading at a 10-day high on Thursday after the U.S. Energy Information Administration said stockpiles of the product fell by the most last week since September 2021. Higher gasoline demand will encourage refiners to use more crude oil to turn it into the road transportation fuel, Mizuho analyst Robert Yawger said. Also supportive, Goldman Sachs said on Thursday that demand from China, the world's biggest oil importer, continued to surge across the commodity complex, with oil demand topping 16 million barrels per day.

[1/2] A tug boat pushes an oil barge through New York Harbor past the Statue of Liberty in New York City, U.S., May 24, 2022. Weighing on prices, U.S. crude oil stockpiles rose unexpectedly last week to their highest in nearly two years, latest data from the Energy Information Administration (EIA) showed. Crude inventories (USOILC=ECI) rose in the week to March 17 by 1.1 million barrels to 481.2 million barrels, the highest since May 2021. Also supportive, Goldman Sachs said on Thursday that demand from China, the world's biggest oil importer, continued to surge across the commodity complex, with oil demand topping 16 million barrels per day. The bank forecast Brent to reach $97 a barrel in the second quarter of 2024.

☆ Oil dips after Fed comments, U.S. crude stock build
▼ + stars: | 2023-03-23 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

"Economic risks were being flagged out in the Fed meeting, while higher-than-expected U.S. crude oil stockpiles also dampened some optimism around demand outlook," said Yeap Jun Rong, market strategist at IG. However, the weakness in the dollar has been a bright spot in promoting some resilience in oil prices, Yeap said, adding that there was still some upside room left in oil prices. Goldman Sachs said on Thursday that Chinese demand continued to surge across the commodity complex, with oil demand topping 16 million barrels per day. Crude inventories (USOILC=ECI) rose in the week to March 17 by 1.1 million barrels to 481.2 million barrels, the highest since May 2021. Gross U.S. exports of crude oil and oil products hit a new high just shy of 12 million barrels per day, way above any other country's supply levels, the analysts added, citing EIA data.

"Economic risks were being flagged out in the Fed meeting, while higher-than-expected U.S. crude oil stockpiles also dampened some optimism around demand outlook," said Yeap Jun Rong, market strategist at IG. However, the weakness in the dollar has been a bright spot in aiding to drive some resilience in oil prices, with some room left for upside in oil prices amid dip-buying seen at the start of this week, Yeap added. Meanwhile, U.S. crude oil stockpiles rose unexpectedly last week to their highest in nearly two years, latest data from the Energy Information Administration (EIA) showed. Crude inventories (USOILC=ECI) rose by 1.1 million barrels in the week to March 17 to 481.2 million barrels, the highest since May 2021. Gross exports of crude oil and oil products hit a new high just shy of 12 million barrels per day, way above any other country's supply levels, the analysts added, citing EIA data.

SummarySummary Companies Oil prices drop after three sessions of gainsU.S. Fed, with eye on inflation, signals pauseNo 'blanket insurance' for all U.S. bank deposits -YellenMarch 23 (Reuters) - Oil prices fell on Thursday following three sessions of gains, after U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises. Brent crude futures fell 80 cents, or 1%, to $75.89 a barrel by 00:09 GMT, while U.S. West Texas Intermediate crude (WTI) dropped 84 cents, or 1.2%, to $70.06. Both crude benchmarks had settled on Wednesday at their highest close since March 14. The bank crises have caused volatile trade in riskier assets like oil over the last week as investors awaited the Fed's decision on rate hikes on Wednesday. The central bank's policy-setting committee raised interest rates by another quarter of a percentage point in a unanimous decision, lifting its benchmark interest rate to the 4.75% to 5.00% range.

U.S. West Texas Intermediate (WTI) crude rose 64 cents, or 0.9%, to $70.31. The U.S. dollar fell to its lowest level since Feb. 3 against a basket of other currencies, supporting oil demand by making crude cheaper for buyers using other currencies. "The big story here is that build ... in crude, which is enough to get us to the 22-month high in crude oil storage. We just have a lot of crude oil in storage and it's not going to go away anytime soon," said Bob Yawger at Mizuho, a bank. An emergency rescue of Credit Suisse Group AG (CSGN.S) over the weekend helped revive oil prices.

U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.6%, at $69.28. Traders and analysts will be looking out for data from the U.S. Energy Information Administration on Wednesday to see whether it confirms signs of weaker crude demand. Oil prices posted their biggest declines in months last week, after high-profile U.S. bank failures beginning March 10 and a crisis at Europe's Credit Suisse. An emergency rescue of Credit Suisse over the weekend helped revive oil prices. OPEC+ officials, hedge fund managers and oil market participants have called the recent decline in oil prices speculative and insisted that increasing demand will push prices to higher levels in the coming months.

U.S. West Texas Intermediate (WTI) crude futures were down 47 cents, or 0.7%, at $69.20. Data from the American Petroleum Institute on Tuesday showed U.S. crude inventories rose by about 3.3 million barrels in the week ended March 17, sources said. Following the meeting, Chair Jerome Powell is expected to unveil new economic projections and the central bank's path for interest rate hikes. Oil prices posted their biggest declines in months last week, after high-profile U.S. bank failures beginning March 10 and a crisis at Europe's Credit Suisse culminated in an emergency rescue over the weekend. OPEC+ officials, hedge fund managers and oil market participants have called the recent decline in oil prices speculative and insisted that increasing demand will push prices to higher levels in the coming months.

☆ Oil rises 2% in retreat from 15-mth low as banking fears subside
▼ + stars: | 2023-03-22 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

"Fears of a banking crisis and a recession have eased, brightening the oil demand outlook at least for now," said Fiona Cincotta, Senior Financial Markets Analyst at City Index. Wall Street indexes also closed sharply higher on Tuesday as fears over liquidity in the banking sector abated and market participants eyed the Fed. Meanwhile, U.S. crude oil inventories rose by about 3.3 million barrels last week, according to market sources citing American Petroleum Institute figures. OPEC+ sources told Reuters the drop in prices reflects banking fears rather than supply and demand. The CEO of energy trader Gunvor, Torbjorn Tornqvist, said he expected oil prices to move higher toward year end as rising Chinese demand tightens the market further.

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