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☆ IEA downgrades oil demand growth forecast as prices heat up on elevated Middle East tensions
▼ + stars: | 2024-04-12 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

The International Energy Agency on Friday downgraded its forecast for 2024 oil demand growth, citing "exceptionally weak" OECD deliveries, a largely complete post-Covid-19 rebound and an expanding electric vehicle fleet. In its latest monthly oil market report, the IEA said it had revised down its 2024 oil demand growth forecast by around 100,000 barrels per day (bpd) to 1.2 million bpd. The IEA's report comes amid a rebound in oil prices on elevated Middle East tensions, with energy market participants closely monitoring the prospect of supply disruptions from the oil-producing region. Asked about some of the main concerns relating to oil supply security, Bosoni replied, "We are watching, obviously, the Middle East very closely. "So, there are several tension points in the oil market today that we're watching very closely that could have major impacts ... if there would be any significant outages," she added.

Persons: CNBC's, Bosoni Organizations: The International Energy Agency, Organization of, Petroleum, Brent, U.S, West Texas Locations: Monahans , Texas, Iran, Israel, Syrian, Damascus, London, China, Europe, United States, Russia, Ukraine

☆ Oil prices head back up on Middle East jitters
▼ + stars: | 2024-04-12 | by ( ) www.cnbc.com time to read: +2 min

A view of an oil well at Arab Desert in Jebel Dukhan, Bahrain on March 4, 2024. Oil prices rose in early trade on Friday on heightened tensions in the Middle East, where Iran has promised to retaliate for a suspected Israeli air strike on its embassy in Syria, which could risk disruptions to supply from the oil producing region. Israel is keeping up its war in Gaza but is also preparing for scenarios in other areas, Prime Minister Benjamin Netanyahu said on Thursday. "The European Central Bank's decision to leave policy rates unchanged ... was expected, but accompanying statements open the door for near-term monetary easing," S&P Global Market Intelligence said in a note. However in the U.S., Federal Reserve officials signalled on Thursday no rush to cut interest rates, as sticky U.S. inflation remains a concern.

Persons: Ayatollah Ali Khamenei, Benjamin Netanyahu Organizations: Brent, U.S, West Texas, Israel, Washington, ANZ Research, Organization of, Petroleum, P Global Market Intelligence, Federal Locations: Jebel Dukhan, Bahrain, Iran, Syria, Damascus, Gaza, Israel, Tehran, Europe, U.S

☆ Oil consolidates gains amid concerns of worsening Middle East crisis
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: +2 min

Oil prices held steady in early Asian trading on Thursday after gaining a dollar a barrel in the prior session as investors braced for a worsening of the Middle East crisis, potentially involving Iran, the third-largest oil producer in OPEC. Oil prices held steady in early Asian trading on Thursday after gaining a dollar a barrel in the prior session as investors braced for a worsening of the Middle East crisis, potentially involving Iran, the third-largest oil producer in OPEC. A Bloomberg report on Wednesday said the U.S. and its allies believe major missile or drone strikes by Iran or its proxies against Israel are imminent. "The market has become increasingly concerned that the Israel-Hamas war could escalate across the Middle East, putting oil supply at risk," ANZ analyst Daniel Hynes said. Oil traders will also be looking out for a monthly oil market report from the OPEC due to be published later on Thursday, and the International Energy Agency's oil market report due on Friday.

Persons: Antony Blinken, Yoav Gallant, Daniel Hynes Organizations: Brent, U.S, West Texas, Hamas, Bloomberg, Israeli, U.S . State Department, ANZ, International Energy Locations: Iran, Gaza, Israel, Syria, U.S, United States

☆ Oil steady as U.S. crude stock build offsets Middle East uncertainty
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack is shown near the Callon Petroleum vicinity on March 27, 2024 in Monahans, Texas. Oil prices held steady in early trade on Wednesday after two straight days of losses, as worries about tighter supply due to uncertainty over Gaza ceasefire talks were offset by a bigger-than-expected build in U.S. crude inventories. Brent crude futures were flat at $89.42 per barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 2 cents to $85.25. Meanwhile, U.S. crude stocks climbed last week by 3.03 million barrels, according to market sources citing American Petroleum Institute figures. Separately, the government raised its forecast for U.S. crude oil output, expecting an increase of 280,000 bpd to 13.21 million bpd in 2024, up 20,000 bpd from an earlier forecast from the U.S. Energy Information Administration (EIA).

Persons: Brent, WTI Organizations: Brent, U.S, West Texas, Iran, Organization of, Petroleum, American Petroleum Institute, U.S . Energy Information Administration, EIA, Revolutionary Guard's Locations: Monahans , Texas, Gaza, Israel, Cairo, Iran, Hormuz, Turkey

☆ Bill Gross says this income play is ‘Better than AI.’ How you can get in on it
▼ + stars: | 2024-04-09 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Energy prices are surging, and an income-oriented play is getting some love from legendary investor Bill Gross. Better than AI," noting that these master limited partnerships have climbed by double-digits in the past 12 months. MLPs offer investors a way to bet on the exploration, transport and processing of oil and gas. Though the partnership isn't subject to federal income tax, the limited partners face taxes on the income they collect. That means MLP investors could find themselves going on extension to file returns: In that case, they could file their returns as late as Oct. 15.

Persons: Bill Gross, Gross, Stephen Ellis, Ellis Organizations: West Texas, Brent, American Pipeline, NuStar Energy, Morningstar, midstream, Enterprise Products Partners, Targa Resources, Energy, Partners, . Gas, . Enterprise Products, MLP Locations: Asia

☆ Oil prices turn higher as Middle East ceasefire hopes wane
▼ + stars: | 2024-04-09 | by ( ) www.cnbc.com time to read: +2 min

Active pump jacks increase pressure to draw oil toward the surface at the South Belridge Oil Field on Feb. 26, 2022, in unincorporated Kern County, California. Oil prices rose in early Asian trading after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tension in the Middle East. Brent crude futures rose 40 cents to $90.78 a barrel by 0032 GMT. U.S. West Texas Intermediate (WTI) crude rose 35 cents to $86.78. The market is continuing to weigh the risk of a disruption to oil supply.

Persons: Brent, Benjamin Netanyahu, Tony Sycamore, Pemex Organizations: Brent, . West Texas, IG, ANZ Locations: Kern County , California, Israel, Gaza, Cairo, Rafah, Syria, Tehran, Damascus, U.S, China, Americas, Europe

☆ Surging oil prices may challenge the Federal Reserve's inflation fight
▼ + stars: | 2024-04-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

Mounting geopolitical tensions stemming from conflict in the Middle East and Eastern Europe have helped drive oil prices to five month highs, challenging the Federal Reserve's fight against inflation. U.S. crude oil gained 4.5% this week, touching $87 a barrel on Friday before settling at $86.91. Rising energy prices may affect the timing or magnitude of interest rate cuts, he said. The Federal Reserve is focused on bringing down core inflation, which excludes volatile energy and food prices. Escalating attacks are coming against a backdrop of an already tightening global crude market.

Persons: Brent, Bart Melek, Andy Lipow, Lipow, Bob Yawger, Yawger, Netanyahu, Manish Raj, White, Biden, John Kilduff, Kilduff, Melek, Saudi Arabia doesn't Organizations: Federal, American Automobile Association, West Texas, TD Securities, Lipow Oil Associates, Mizuho Americas, Valero, Philips, Marathon Petroleum, Velandera Energy Partners, Kyiv, JPMorgan, Financial Times, Again Capital, Bank of America, Saudi Locations: East, Eastern Europe, Iran, Israel, Ukraine, Damascus, Kyiv, Ukrainian, Russia, Saudi Arabia

☆ Wall Street gets key inflation data next week amid concerns the stock market is overbought
▼ + stars: | 2024-04-05 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Economists polled by FactSet anticipate the March consumer price index will show prices rising by 0.3% on a monthly basis, less than February's 0.4% advance. Similarly, the March producer price index is expected to show an increase of 0.5%, according to FactSet consensus estimates. Monday April 8 Tuesday April 9 6 a.m. NFIB Small Business Index (March) Wednesday April 10 8:30 a.m. Consumer Price Index (CPI) (March) 8:30 a.m. Initial Claims (04/06) 8:30 a.m. Producer Price Index PPI Earnings: CarMax Friday April 12 8:30 a.m. Import Price Index (March) 10 a.m. Michigan Sentiment preliminary (April) Earnings: State Street , Wells Fargo , JPMorgan Chase , Progressive , Citigroup

Persons: Stocks, we're, Ross Mayfield, Baird, Mayfield, FactSet, David Einhorn, CNBC's Scott Wapner, he's, Michelle Bowman, Bank's Tom Hainlin, Hainlin, Jamie Myers, JPMorgan Chase Organizations: Federal Reserve, Investors, Treasury Bond, Dow Jones, Nasdaq, . West Texas, Treasury, Fed, Investment Group, Investors Intelligence, American Association of, Walmart, Citigroup, JPMorgan, Index, Treasury Budget NSA, Air Lines, Price Index, Progressive Locations: U.S, Wells Fargo, Michigan

☆ Oil prices bound for second weekly gain on geopolitical tension, supply concerns
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended gains on Friday and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over tightening supply, and optimism about global fuel demand growth as economies improve. Oil prices extended gains on Friday and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over tightening supply, and optimism about global fuel demand growth as economies improve. Heavy oil supply has also tightened globally after Mexico and the United Arab Emirates cut exports of these grades. This comes amid solid global oil demand growth of 1.4 million barrels per day (bpd) in the first quarter, JP Morgan analysts said in a note. "Our high-frequency demand indicators estimate that total oil consumption in March averaged 101.2 million bpd, 100,000 bpd above our published estimates," they said.

Persons: Brent, Daniel Hynes, Soni Kumari, WTI, Israel, JP Morgan Organizations: . West Texas, ANZ, NATO, of, Petroleum, United, Investors Locations: Europe, Brent, Israel, Syria, Russia, OPEC, Mexico, United Arab Emirates, U.S

☆ Oil prices rise on concerns of lower supply, signs of U.S. economic growth
▼ + stars: | 2024-04-04 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose in early Asian trade on Thursday on concerns of lower supply as major producers are keeping output cuts in place and on signs of stronger economic growth in the U.S., the world's biggest oil consumer. Brent futures for June rose 15 cents, or 0.2%, to settle at $89.51 a barrel at 0037 GMT. U.S. West Texas Intermediate (WTI) futures for May rose 15 cents, or 0.2%, to $85.59 a barrel. The comments were positive for oil because they indicated solid U.S. economic growth, said Rob Haworth, senior investment strategist for U.S. Bank's asset management group. In the Middle East, Iran has vowed revenge against Israel for an attack on Monday that killed high-ranking Iranian military personnel.

Persons: Brent, Jerome Powell, Rob Haworth, Israel Organizations: . West Texas, Oil, Organization of Petroleum, oversupply Locations: Los Angeles , California, U.S, Israel, Gaza, Iran, Russia, East

☆ 3 things rattling markets this week
▼ + stars: | 2024-04-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The S&P 500 tumbled the first two trading days of the new quarter and is down 0.8% for the week after paring back some of its losses on Wednesday. Some Fed officials revealed at the central bank’s policy meeting last month that they see fewer rate cuts than the three they forecast last December for 2024. Traders see a 63% expectation that the Fed cuts rates in June, a drop from more than 70% a week earlier, according to the CME FedWatch Tool. “With Middle East tensions on the rise, OPEC+ supply side measures have pushed crude oil volatility down,” BofA strategists wrote in a Wednesday report. “Adding to a complex backdrop, we now estimate that improving economic growth expectations have helped push global oil markets into a deficit.”The price of gold has also climbed this week.

Persons: New York CNN — Stocks, “, ”, Brent Schutte, Jerome Powell, •, Loretta Mester, Raphael Bostic, Brent, Michael Shvartsman, Gerald Shvartsman, Donald Trump’s, Matt Egan, “ Michael, ” Damian Williams, Bruce Garelick, ” Williams, ” Read, Joe Biden, Sean Lyngaas, China Nicholas Burns, Antony Blinken, Read Organizations: CNN Business, Bell, New York CNN —, Treasury, FactSet, Northwestern Mutual Wealth Management, Hawkish, San Francisco Fed, Stanford University, Wednesday, • Cleveland Fed, Atlanta Fed, CNBC, Traders, Organization of, Petroleum, West Texas, Brent, Bank of America, Trump Media, Trump Media & Technology Group, DWAC, Southern, of, Acquisition Corporation, “, Microsoft, US, Department of Homeland Security, CNN Locations: New York, OPEC, Florida, of New York, Washington, China

☆ The rally in oil cannot be ignored — here's what it means for stock market investors
▼ + stars: | 2024-04-04 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

U.S. oil prices have climbed to their highest level since late October, as the rally in the key commodity becomes something equity investors cannot afford to look past. In other words, the latest ISM Manufacturing report serves to support the view that the U.S. economy is doing much better than many believed it would just a few months ago. Oil trading at its highest levels since late October has implications for stock market investors. The Fed's preferred measure of inflation may be the core personal consumption expenditures price index, which removes the impact of food and energy prices, but consumers still pay for energy. The rise in energy prices — particularly at the gas pump — can result in a decrease of discretionary dollars left for other purchases.

Persons: Brent, —, Jim Cramer, Jim Cramer's, Jim, Frederic J, Brown Organizations: West Texas, Coterra Energy, Energy, Organization of Petroleum, PMI, Manufacturing, Reuters, Federal Reserve, Fed, Bank of, CNBC, Afp, Getty Locations: U.S, Russia, OPEC, China, Ukraine, Ukrainian, Russian, Iranian, Syria, Iran, Taft, Kern County , California

☆ Oil gains as market buffeted by supply worries
▼ + stars: | 2024-04-03 | by ( ) www.cnbc.com time to read: +2 min

Oil wells are seen at an oil facility by the Highway 5 near Bakersfield in California, U.S. on Nov. 27, 2022. Oil prices extended gains on Wednesday as a larger than expected fall in U.S. crude inventories and escalating geopolitical tensions raised investor worries about tighter supplies. U.S. crude oil inventories fell by 2.3 million barrels last week, higher than the 1.5 million barrel drop forecast by analysts in a Reuters poll. Russia, among the top three global oil producers and one of the largest exporters of oil products, has been contending with Ukrainian attacks on oil refineries and has also attacked Ukrainian energy infrastructure. The U.S. dollar also edged down against a basket of currencies on Wednesday, helping support demand for dollar-denominated commodities like oil.

Persons: Brent, WTI, Israel, Pemex Organizations: U.S, West Texas, Reuters, The U.S Locations: Bakersfield, California, U.S, Brent, Ukrainian, Russia, Iran, Damascus, Dos Bocas

☆ Oil prices climb to five-month high on escalating Middle East tensions and fresh supply threats
▼ + stars: | 2024-04-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on Tuesday, March 5, 2019. Oil prices on Tuesday rose to their highest level since October as investors closely monitored fresh supply threats amid an escalating conflict in the Middle East and a Ukrainian drone strike on a major Russian oil refinery. International benchmark Brent crude futures for June delivery traded at $88.58 per barrel at 1:15 p.m. London time, up $1.2 per barrel from the previous session. U.S. West Texas Intermediate (WTI) futures with May expiry stood at $84.97 per barrel, roughly $1.3 per barrel higher. PVM's Varga warned that the potential for direct Iranian involvement in the Israel-Hamas war could spark a "region-wide conflict with plausible impact on oil supply."

Persons: Tatneft PJSC, Brent, Tamas Varga, Israel, PVM's Varga, Rustam Minnikhanov, Minnikhanov, Russia —, — CNBC's Elliot Smith Organizations: Oil Refining, Petrochemical, Brent, . West Texas, Sky News, Organization of, Petroleum Locations: Nizhnekamsk, Tatarstan, Russia, Ukrainian, London, haven't, Iran, Syrian, Damascus, Tehran, Israel, Ukraine, Moscow, OPEC

☆ Oil gains on upbeat manufacturing data, escalating Middle East tensions
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: +2 min

The May contract for U.S. West Texas Intermediate (WTI) crude futures rose 32 cents to $84.03 a barrel. Stronger than expected U.S. and Chinese manufacturing data is lifting prices, Tony Sycamore, a market analyst with IG, wrote in a note. U.S. futures could rise as high as the mid-$90s if they break a technical resistance level of $84.00 a barrel, Sycamore said. The last time the prompt-month WTI contract reached the $95 per barrel level was in August 2022. Iran's involvement could see its oil supply under threat," ANZ analysts wrote in a note.

Persons: Brent, Tony Sycamore, Sycamore Organizations: U.S . West Texas, IG, ANZ, of Petroleum, Ministerial Locations: China, U.S, Syria

☆ Oil holds onto gains as investors bet on tighter supply
▼ + stars: | 2024-04-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged down slightly on Monday, holding on to most of their recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and upbeat Chinese manufacturing data. Brent crude fell 17 cents, or 0.2%, to $86.83 a barrel by 0017 GMT after rising 2.4% last week. Drone attacks knocked out several Russian refineries, which is expected to reduce Russia's fuel exports. In Europe, oil demand was firmer than expected, rising 100,000 bpd on year in February, Goldman Sachs analysts said, versus its forecast of a 200,000 bpd contraction in 2024. Investors are also scouring U.S. economic data for signs of when the Federal Reserve will cut interest rates this year which will support the global economy and oil demand.

Persons: Brent, Alexander Novak, Goldman Sachs Organizations: . West Texas, of, Petroleum, bbl, Federal Reserve Locations: New Mexico, U.S, OPEC, Russian, Europe, 2024Q4

☆ Oil prices advance as investors reassess U.S. inventories data
▼ + stars: | 2024-03-28 | by ( ) www.cnbc.com time to read: +1 min

Global oil prices edged up on Thursday, recovering from two consecutive sessions of decline, as investors reassessed the latest U.S. crude oil and gasoline inventories data and returned to buying mode. In the prior session, oil prices were under pressure after U.S. crude oil and gasoline inventories rose unexpectedly last week driven by a rise in crude imports and sluggish gasoline demand, according the Energy Information Administration data. "We... expect U.S. inventories to rise less than normal in reflection of a global oil market in a slight deficit. This will likely hand support to the Brent crude oil price going forward," Bjarne Schieldrop, chief commodities analyst at SEB Research, said in a note. Lower interest rates support oil demand.

Persons: Brent, Bjarne Schieldrop Organizations: Brent, . West Texas, Energy, Administration, American Petroleum Institute, SEB Research, U.S . Federal Reserve, Fed, European Central Bank, JPMorgan Locations: Midland , Texas

☆ Oil prices fall for a second day as U.S. crude inventories increase
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell for a second day on Wednesday after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week. Brent crude futures for May dropped 74 cents, or 0.9%, to $85.51 a barrel at 0420 GMT. U.S. crude oil inventories rose by 9.3 million barrels in the week ended March 22, according to market sources citing American Petroleum Institute figures on Tuesday. Earlier this month, OPEC+ members agreed to extend their output cuts of about 2.2 million barrels per day to the end of June. Highlighting that Iraq is among the OPEC+ members that have admitted to overproducing in recent months, analysts at ANZ said in a report on Wednesday, "traders are also watching OPEC members for any sign they may be altering their stance on production quotas."

Persons: Rong Yeap, overproducing Organizations: Brent, . West Texas, IG, American Petroleum Institute, of, Petroleum, Ministerial, Reuters, ANZ Locations: U.S, Singapore . U.S, Russia, OPEC, Iraq

☆ Oil prices edge down as Russia lifts supplies, jet fuel demand stirs caution
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged down early on Tuesday after gaining in the previous trading session, due in part to the prospect of rising supply from Russia as well as the possibility of slower-than-expected downstream demand in sectors such as jet fuel. The Brent crude oil futures contract for May delivery slipped 16 cents to $86.73 a barrel as at 0300 GMT, whereas that for U.S. West Texas Intermediate (WTI) fell 13 cents to $82.03. Regarding Russia, supply concern stemming from increased exports following Ukrainian attacks on the country's oil infrastructure continued to pressure prices downward. Global jet fuel prices are likely to be "higher by 5.4% over our previous forecast to USD111/bbl as soft demand is expected to give way to peak summer travel and stronger prices", BMI analysts wrote in a client note. "However, a global economic slowdown will temper consumption of air travel and weigh on jet fuel prices limiting price upside," they added.

Persons: JP Morgan Organizations: Brent, U.S . West Texas, U.S ., Global, bbl, BMI Locations: Russia, Saudi Arabia, Iraq, China

☆ Oil prices rise on tighter supply, geopolitical risks
▼ + stars: | 2024-03-18 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Brent crude oil futures for May delivery inched up 3 cents to $85.37 a barrel by 0045 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 10 cents to $81.14. Lower interest rates would stimulate demand in the U.S., supporting oil prices.

Persons: firming, Benjamin Netanyahu, Olaf Scholz, Tony Sycamore, Sycamore Organizations: Brent, U.S . West Texas, ANZ, U.S, U.S . Federal, IG, International Energy Agency Locations: Kasnodar, East, U.S ., U.S, Red, Brent

☆ Oil dips on profit taking after price crosses $85
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: +2 min

Brent crude oil futures for May fell 41 cents, or 0.5%, to $85.01 a barrel at 1234 GMT, after crossing $85 a barrel for the first time since November on Thursday. The International Energy Agency on Thursday raised its view on 2024 oil demand growth for a fourth time since November as Houthi attacks disrupt Red Sea shipping. World oil demand will rise by 1.3 million bpd in 2024, the IEA said in its latest report, up 110,000 bpd from last month. Also supporting oil prices, Ukraine struck Russian oil refineries in a second day of heavy drone attacks on Wednesday, causing a fire at Rosneft's biggest refinery in one of the most serious attacks against Russia's energy sector in recent months. Lower interest rates cut consumer borrowing costs, which can boost economic growth and demand for oil.

Organizations: Brent, . West Texas, International Energy Agency, Rosneft's, Energy Information Administration, Federal Reserve Locations: Ukraine, United States

☆ Ron Insana: A market shake-up could be around the corner as inflation remains sticky
▼ + stars: | 2024-03-15 | by ( Ron Insana | ) www.cnbc.com time to read: +4 min

Here's a question on the minds of investors amid recent hotter-than-anticipated inflation readings and this powerful rally: Are we due for a stock market scare? However, as of late, there have been some early warning signs that the declines in inflation may be slowing. Other areas have also sent up some flags that could adversely affect stocks and bonds in the short run. However, it is unwise to ignore what market signals are suggesting, at least in the short run. But in the short run, we should remain on heightened alert for changes in this year's outlook.

Persons: It's, I'm, John Maynard Keynes, Ron Insana Organizations: Federal Reserve, New York Federal Reserve, West Texas, Atlanta Federal, CNBC, Financial Partners Locations: York

☆ Oil prices underpinned by U.S. inventory data, attacks on Russian refineries
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: +2 min

This picture taken on Jan.12, 2024 shows onshore oil pumps in Tutong district in Brunei. Oil extended gains in Asian trade on Thursday after a surprise drop in U.S. crude stockpiles indicated strengthening demand, while possible supply disruptions following Ukrainian attacks on Russian refineries also underpinned prices. After seriously damaging Lukoil's refinery in Nizhny Novgorod on Tuesday, Ukraine hit refineries in the Rostov and Ryazan regions, Russian officials said. Two sources familiar with the situation told Reuters that the refinery had been forced to shut down two primary oil refining units. Gasoline inventories slid for a sixth straight week, falling by 5.7 million barrels to 234.1 million barrels, the EIA said, triple the expectations for a 1.9 million-barrel draw.

Persons: Vladimir Putin Organizations: Oil, U.S, West Texas, Rosneft's, Reuters, Energy Information Administration, EIA Locations: Tutong district, Brunei, Brent, Ukrainian, Nizhny Novgorod, Ukraine, Rostov, Ryazan, Rosneft's, Russian, Russia, U.S, Gulf

☆ Oil strategist says the market could be caught off guard by a crude spike this summer
▼ + stars: | 2024-03-13 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Investors could be caught off guard by the strength of an oil price rally this summer, according to Morgan Stanley 's Martijn Rats. Brent futures have largely been trading in a narrow $75 to $85 interval since the start of the year. "There is a view in the market that the non-OPEC producers can meet all of the demand growth this year and therefore there isn't much incremental room for OPEC oil and that means you rely on continued OPEC cuts," Rats said. "Now, they are doing that, but people think that that dynamic for now puts a little bit of a cap on the price. I think the summer could be tighter than people expect but this is the dynamic that currently exists."

Persons: Morgan Stanley, We've Organizations: Federal Reserve, Brent, U.S, West Texas Locations: London

☆ Oil prices up on strong U.S. demand, Fed signals in focus
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose on Wednesday on expectations of strong global demand, including in the world's top consumer the United States, and as even somewhat sticky U.S. inflation did not dent expectations the Fed might start cutting rates soon. The Organization of the Petroleum Exporting Countries, or OPEC, stuck to its forecast of a strong oil demand growth globally of 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025 and raised its economic growth forecast for this year. In another indication of healthy demand, U.S. crude oil inventories and fuel inventories fell last week, according to market sources citing American Petroleum Institute figures. Lower rates support oil demand. Oil prices were under pressure in the previous session after the U.S. Energy Information Administration raised domestic oil output forecast but declines were limited on expectations that OPEC+ output cuts will still slow global oil growth and on the recent wave of drone attacks on Russia, including refineries.

Persons: Brent Organizations: West Texas, of, Petroleum, American Petroleum Institute, Reserve, U.S . Energy, Administration Locations: Taft, Kern County , California, United States, Russia

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