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☆ Oil edges up on tighter supplies, heating oil prices
▼ + stars: | 2023-08-21 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices - dataBouyant price of heating oil lifts crude prices - analystChina economic sentiment, US rate hike risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concerns about global demand growth amid high interest rates. The September WTI contract expires on Tuesday and the more active October contract gained 78 cents to $81.44 a barrel. As well, "the dollar seems to be taking somewhat of a breather, which would be providing some support," he said. A weaker dollar makes oil purchases less expensive for holders of other currencies, sparking demand. Also supporting crude is the buoyant price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Stefano Grasso, Natalie Grover, Florence, Mohi Narayan, Shri Navaratnam, Tom Hogue Organizations: REUTERS, U.S, West Texas, Organization of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, 8VantEdge, Singapore, London, Florence Tan, New Delhi

☆ Oil edges up as China seeks to calm economic fears
▼ + stars: | 2023-08-17 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS/file photo Acquire Licensing RightsLONDON, Aug 17 (Reuters) - Oil prices crept up on Thursday after China's central bank sought to stem the rising tide of pessimism over the country's property market and wider economy. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. On a more bullish note, China made a rare draw on crude oil inventories in July, the first time in 33 months that it had dipped into storage. Data released on Wednesday showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates.

Persons: Naeem Aslam, Edward Moya, John Evans, OANDA's Moya, Natalie Grover, Katya Golubkova, David Goodman Organizations: REUTERS, Brent, . West Texas, Zaye, U.S, U.S . Federal, Thomson Locations: Zhoushan, Zhejiang province, China, U.S .

☆ Oil slips as China sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. In a surprise move, China's central bank marginally cut key interest rates on Tuesday, after a broad array of data highlighted intensifying pressure on the economy, mainly from the property sector. There are concerns China may struggle to meet its growth target of about 5% for the year without more fiscal stimulus. On Tuesday, Barclays cut its forecast for China's 2023 gross domestic product growth to 4.5%, citing a faster-than-expected deterioration in the housing market. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely, Tomasz Janowski Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, Tuesday, Barclays, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Saudi Arabia, Russia, OPEC

☆ Oil steadies as China data sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. REUTERS/Stringer /File PhotoCompanies Country Garden Holdings Co Ltd FollowLONDON, Aug 15 (Reuters) - Oil prices stabilised on Tuesday as sluggish Chinese economic figures were countered by Beijing unexpectedly cutting key policy rates for the second time in three months. China's industrial output and retail sales data on Tuesday showed the economy slowed further last month, intensifying pressure on already faltering growth and prompting authorities to cut key policy rates to shore up activity. In an effort to shore up support, the People's Bank of China (PBOC) lowered the rate on 401 billion yuan ($55.3 billion) in one-year medium-term lending facility (MLF) loans to some financial institutions by 15 basis points to 2.5%. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, Robert Carnell, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, People's Bank of China, ING Bank, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Beijing, Saudi Arabia, Russia, OPEC, Asia Pacific

☆ Oil steadies as U.S. rate hike fears subside
▼ + stars: | 2023-08-10 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Brent crude was down 23 cents to $87.32 a barrel at 1251 GMT, while West Texas Intermediate crude (WTI) was down 37 cents at $84.03. Oil prices have been boosted in recent days by extensions to output cuts by Saudi Arabia and Russia, alongside supply fears driven by the potential for conflict between Russia and Ukraine in the Black Sea region to threaten Russian oil shipments. On Thursday, OPEC said in its monthly report it expected a healthy oil market for the rest of the year, and stuck by its forecast for robust oil demand in 2024, as the outlook for world economic growth slightly improves. "The poor state of China’s manufacturing, its property sector and some stubborn world inflation stand out as issues that the oil fraternity chooses to ignore at present." Thursday's U.S. consumer prices data for July fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, WTI, John Evans, Natalie Grover, Muyu Xu, Laura Sanicola, David Goodman, Mark Potter Organizations: West Texas, Federal Reserve, Thomson Locations: North, Saudi, Russian, Saudi Arabia, Russia, Ukraine, China, London, Singapore, Washington

REUTERS/Jennifer Hiller/File PhotoSINGAPORE, Aug 4 (Reuters) - Surging U.S. crude exports in 2023 are pushing down oil prices in Europe and Asia, proving a key source of supply as producers cut output and sanctions on Russian crude disrupt trade flows. U.S. crude exports are also easing the loss of supply after Saudi Arabia deepened output cuts from July, above what major producers agreed to in June. The widening exports illustrate the increasing influence of crude from the U.S., the world's biggest oil producer, in the global market. U.S. crude exports have averaged 4.08 million barrels per day so far in 2023, up from an average of 3.53 million bpd in 2022, according to the Energy Information Administration. PRESSURE EXTENDSThe pressure exerted from the WTI Midland exports is even extending to Asian markets for Middle Eastern crude.

Persons: Jennifer Hiller, Brent, it's, Joel Hanley, Rohit Rathod, Adi Imsirovic, John Evans, Muyu Xu, Alex Lawler, Arathy, Florence Tan, Simon Webb Organizations: REUTERS, Midland, P, Energy Information Administration, WTI Midland, United, Dubai, Surrey Clean Energy, Gazprom Marketing, Organization of, Petroleum, Exchange, Futures, Thomson Locations: Texas, U.S, SINGAPORE, Europe, Asia, Saudi Arabia, United Arab Emirates, Midland, Dubai, Africa, Brazil, Singapore, WTI, Saudi, London, Houston

☆ Oil climbs, fuelled by tighter supplies, China stimulus
▼ + stars: | 2023-07-21 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

LONDON, July 21 (Reuters) - Oil prices rose on Friday, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China. Brent futures were up $1.02 at $80.66 a barrel by 1134 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1 to $76.65 a barrel. "Demand from China and India could therefore shift more towards other suppliers, which would push up oil prices," the analysts said. "That tightness in supply is already showing up in inventories," analysts from ANZ Bank said. "The announcement remains short on detail but notions of China buying more cars gives rise in hope for oil investor bulls," PVM analyst John Evans said.

Persons: Brent, John Evans, Natalie Grover, Arathy Somasekhar, Andrew Hayley, Louise Heavens, David Holmes Organizations: U.S, West Texas, Energy Information Administration, ANZ Bank, Thomson Locations: China, Russia, India, Saudi Arabia, U.S, London, Houston, Beijing

☆ Oil perched between demand concerns and supply strains
▼ + stars: | 2023-07-19 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

LONDON, July 19 (Reuters) - Global oil prices were little changed on Wednesday as markets weighed U.S. demand concerns against China's pledge to support economic growth. Brent futures were flat at $79.63 a barrel by 0800 GMT, while U.S. West Texas Intermediate (WTI) crude edged 10 cents lower to $75.65 per barrel. "With the Fed likely to raise interest rates for the last time in July, concerns about U.S. demand that will limit oil price gains are likely to remain," said CMC Markets analyst Leon Li. However, on the positive front, China's top economic planner pledged on Tuesday it would roll out policies to "restore and expand" consumption in the world's second-largest economy, which could boost oil demand. On the supply side, data from the American Petroleum Institute (API), an industry group, showed crude oil, gasoline and distillate inventories all fell last week.

Persons: China's, Brent, Leon Li, Claudio Galimberti, John Evans, Natalie Grover, Katya Golubkova, Trixie Yap, Jamie Freed, David Holmes Organizations: U.S, West Texas, American Petroleum Institute, Thomson Locations: China, Europe, America, Russia, London, Tokyo, Singapore

☆ Oil steadies as investors eye US crude supplies
▼ + stars: | 2023-07-18 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Summary Both benchmarks dip more than 1.5% on MondayInvestors eye US crude, product inventories dataChina's frail growth raises urgency for policy supportLONDON, July 18 (Reuters) - Oil prices were little changed on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Both benchmark contracts had fallen more than 1.5% on Monday following lacklustre economic data from China, the world’s largest oil importer, as well as the partial restart of some Libyan oilfields. Brent crude was up 26 cents at $78.76 a barrel by 1151 GMT, while U.S. West Texas Intermediate (WTI) crude rose 28 cents to $74.43 a barrel in relatively muted trading, with the contract set to expire on Thursday. Market participants were awaiting industry data later on Tuesday that is expected to show U.S. crude oil stockpiles and product inventories fell last week. Still, global supplies are expected to see a boost from the resumption of output at two of three Libyan fields that were shuttered last week.

Persons: Brent, Rong Yeap, John Evans, Evans, Natalie Grover, Stephanie Kelly, Andrew Hayley, Jason Neely, David Holmes Organizations: Investors, U.S, West Texas, Energy, Administration, IG, Thomson Locations: China, U.S, Singapore, Saudi Arabia, London, New York, Beijing

☆ Oil steadies as investors digest China gloom, eye US crude supplies
▼ + stars: | 2023-07-18 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Summary Both benchmarks dip more than 1.5% on MondayInvestors eye US crude, product inventories dataChina's frail growth raises urgency for policy supportLONDON, July 18 (Reuters) - Oil prices were little changed on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Brent crude was down 1 cent at $78.49 a barrel by 0753 GMT, while U.S. West Texas Intermediate crude edged up 1 cent to $74.16 a barrel. Both contracts fell more than 1.5% on Monday, following lacklustre Chinese data and the partial restart of some Libyan oilfields. Market participants were awaiting industry data later on Tuesday that is expected to show U.S. crude oil stockpiles and product inventories fell last week. Still, global supplies are expected to see a boost from the resumption of output at two of three Libyan fields that were shuttered last week.

Persons: Brent, Rong Yeap, John Evans, Natalie Grover, Stephanie Kelly, Andrew Hayley, Lincoln, Jason Neely Organizations: Investors, U.S, West Texas, IG, Energy, Administration, Saudi, Thomson Locations: China, Singapore, U.S, London, New York, Beijing

☆ Oil slides more than 1% as Chinese GDP dents demand hopes
▼ + stars: | 2023-07-17 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. "China data was always looked forward to with a degree of hope; well, for bulls anyway," John Evans of oil broker PVM said in a report. Oil briefly rose after a Reuters news alert on Saudi Arabia extending a voluntary output cut. Oil also came under pressure on Monday from the resumption of output at two of the three Libyan fields that were shut last week. Reporting by Alex Lawler Additional reporting by Florence Tan and Mohi Narayan Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Warren Patterson, ING's, Brent, John Evans, PVM, Oil, Alex Lawler, Florence Tan, Mohi Narayan, David Goodman Organizations: . West Texas, Thomson Locations: China, Saudi Arabia, Libya, Nigeria, Moscow

Brent crude futures fell $1.31, or 1.7%, to $80.05 a barrel by 11:18 a.m. EDT (1518 GMT). U.S. West Texas Intermediate crude futures fell $1.34, or 1.7%, to $75.55 a barrel. A stronger greenback reduces oil demand, making crude more expensive for investors holding other currencies. Oil prices remained on course for a weekly gain of more than 2%, after supply disruptions in Libya and Nigeria heightened concerns that the markets will tighten in coming months. Separately, Shell suspended loadings of Nigeria's Forcados crude oil owing to a potential leak at a terminal.

Persons: Brent, Dollar, John Kilduff, John Evans, Shariq Khan, Natalie Grover, Sudarshan, Katya Golubkova, David Evans, Mark Potter, Louise Heavens, David Gregorio Our Organizations: Brent, . West Texas, Again, U.S, Shell, Thomson Locations: BENGALURU, Libya, Nigeria, Bengaluru, London, Singapore, Tokyo

☆ Brent oil hovers above $81 after supply disruptions
▼ + stars: | 2023-07-14 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

On Thursday some oilfields in Libya were shut down because of a local tribe's protest against the kidnapping of a former minister. Separately, Shell suspended loadings of Nigeria's Forcados crude oil owing to a potential leak at a terminal. With the "market in thrall of a ‘tightening’ narrative", any more outages will push the oil price to levels that not even the most ardent bull would have predicted for the second half of the year, Evans added. Both Brent and WTI futures were down slightly at 1207 GMT, with Brent 9 cents lower at $81.27 a barrel and WTI down 11 cents at $76.78. Saudi Arabia and Russia, the world's biggest oil exporters, this month agreed to deepen oil cuts in place since November last year, providing further support to crude prices.

Persons: John Evans, thrall, Evans, Brent, Craig Erlam, Natalie Grover, Sudarshan Varadhan, Katya Golubkova, David Evans, Mark Potter Organizations: Shell, Brent, International Energy Agency, Organization of, Petroleum, National Australia Bank, U.S ., U.S . Federal, OANDA, Thomson Locations: Libya, Nigeria, China, Saudi Arabia, Russia, London, Singapore, Tokyo

☆ Gene-editing companies are growing thanks to fast-paced science, even as biotech faces a downturn
▼ + stars: | 2022-10-12 | by ( Andrew Dunn | ) www.businessinsider.com time to read: +8 min

CRISPR companies are faring better by producing faster and more dramatic clinical results. A layoff tracker from Fierce Biotech counts at least 90 drug companies that have laid off staff in 2022. Gene-editing biotechs have avoided the brunt of the downturn because of fast clinical successIntellia Therapeutics is developing CRISPR-based gene-editing medicines that could cure diseases. Just in the past month, CRISPR Therapeutics moved into a swanky new headquarters in Boston that can house up to 1,000 people. BeamTo be sure, 2022 hasn't been smooth sailing for the CRISPR companies.

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