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☆ A top oil analyst explains Europe’s new fuel sanctions on Russia and how that impacts global energy markets
▼ + stars: | 2023-02-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The flow of crude oil is seen in a container while an oilfield worker works on a drilling rig at an oil well operated by Venezuela's state oil company PDVSA Carlos Garcia Rawlins/ReutersMatt Smith is the lead oil analyst at Kpler. Phil Rosen: This week the EU has new sanctions and a price cap kicking in on Russian oil products, such as diesel. MS: They're one of the leading producers and leading exporters in the world, so we shouldn't expect that to change. What will influence this is how long this war goes on, and how detrimental that is to its energy industry. Demand for cardboard boxes has dropped to levels not seen since the 2008 financial crisis.

☆ EIA data shows surprise U.S. crude stock build in latest week
▼ + stars: | 2022-12-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Dec 29 (Reuters) - U.S. crude oil inventories rose unexpectedly last week as imports climbed and exports fell, the Energy Information Administration (EIA) said on Thursday. Oil stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) fell by 195,000 barrels in the last week, EIA said. Net U.S. crude imports (USOICI=ECI) rose by 1.33 million barrels per day, EIA said. U.S. oil product supplied last week rose to its highest since Dec. 2021, according to Wednesday's EIA petroleum status report. Distillate stockpiles (USOILD=ECI), which include diesel and heating oil, rose by 300,000 barrels in the week to 120.2 million barrels, versus expectations for a 2 million-barrel drop, the EIA data showed.

☆ China's Covid reopening may not produce a strong rebound in energy demand, says Kpler's Matt Smith
▼ + stars: | 2022-12-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's Covid reopening may not produce a strong rebound in energy demand, says Kpler's Matt SmithKpler's Lead Oil Analyst Matt Smith, lead oil analyst at the Americas at Kepler, joins CNBC's 'Squawk Box' to break down his expectations for global energy prices in 2023 and more.

☆ Oil drops on China uncertainty; U.S. demand limits decline
▼ + stars: | 2022-12-29 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

Brent crude futures for February delivery fell by a dollar to settle at $82.26, down 1.2%. U.S. crude oil inventories rose unexpectedly last week as imports climbed and exports fell, the Energy Information Administration (EIA) said on Thursday. Despite the surprise build in crude oil stocks, the report itself was "positive" and showed a "solid rebound" in implied oil demand, resulting in large draws of refined products, said Giovanni Staunovo of Swiss bank UBS. A weaker dollar makes oil cheaper for holders of other currencies. Shutdown of the line hit supplies in the U.S. and briefly lifted oil prices, although there was little change to either benchmark after settlement.

☆ Our 2023 base case for Brent is $90, Dan Yergin says
▼ + stars: | 2022-12-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOur 2023 base case for Brent is $90, Dan Yergin saysDan Yergin of S&P Global says a real recession could lead oil prices to drop to around $70, while China's reopening could lead them to surge to $121.

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☆ Oil drops by over $2 per barrel, bogged down by recession fears
▼ + stars: | 2022-12-16 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures fell by $2.17, or 2.7% to $79.04 a barrel. U.S. West Texas Intermediate crude futures slipped $1.82, or 2.4%, to $74.29 a barrel. The U.S. Federal Reserve indicated it will raise interest rates further next year, even as the economy slips toward a possible recession. On Thursday, the Bank of England and the European Central Bank raised interest rates to fight inflation. However, while the Keystone outage is supportive for prices of heavier crude oil grades, it is "doing nothing" for lighter global benchmarks, such as WTI and Brent, said Matt Smith, lead oil analyst at Kpler.

☆ Oil drops below $80 as demand doubt deepens
▼ + stars: | 2022-12-06 | by ( ) www.cnbc.com time to read: +3 min

Global oil prices slid below $80 per barrel for the first time since January on Tuesday, extending a downward trend as growing concerns about global demand offset any bullish effects from an EU-led price cap on Russian oil sales. Brent crude futures settled down 4.03%, to $79.35 a barrel, their lowest since Jan. 4. West Texas Intermediate crude (WTI) fell 3.48%, to $74.26 after hitting its lowest level this year. The U.S. dollar index edged lower on Tuesday but was still buoyed by bets on higher interest rates, following the biggest rally in two weeks on Monday. U.S. crude oil stocks are forecast to have fallen last week.

☆ Analysis: Russian oil revenues could weather EU ban, G7 price cap
▼ + stars: | 2022-12-02 | by ( Olesya Astakhova | ) www.reuters.com time to read: +7 min

Looking ahead to 2023, one of the main variables will be the ceiling G7 countries and the EU agree on importing Russian oil. Some of the biggest importers of Russian oil, including China and India, are not part of the initiative. The more Russian oil that is lost to world markets, the greater the likely impact on prices. "If the price cap is around $60 per barrel, Russia will continue to export its oil comfortably." Beyond the price cap and European import ban, Russia's oil sector may also be affected by COVID-19 restrictions in China, an increasingly important buyer of its crude.

☆ U.S. crude turns positive, Brent pares losses on output on OPEC+ rumors
▼ + stars: | 2022-11-28 | by ( Nia Williams | ) www.reuters.com time to read: +3 min

The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, will meet on Dec. 4. In October, OPEC+ agreed to reduce its output target by 2 million barrels per day through 2023. "Inventories are still near record lows and this probably increases the odds of an OPEC production cut." However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.

☆ Oil turns positive in output rumours ahead of OPEC+ meeting
▼ + stars: | 2022-11-28 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

☆ America is facing a dramatic diesel shortage that could get even worse
▼ + stars: | 2022-11-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

But trucks continued to deliver goods around the country, so diesel demand stayed elevated. With European nations weaning off Russian energy, competition has increased in the diesel market due to the influx of buyers. Markets are panicking, so diesel prices will climb higher and higher, which will spark behavioral changes in consumers and producers. "Higher prices make the profitability of refining diesel go much higher," he said. The mechanism to do that is simply through diesel prices rising."

The coming end of SPR releases could shift market dynamics again in a year of high volatility following Russia's invasion of Ukraine in February. In March the White House announced it would release 180 million barrels from the U.S. strategic reserve to help quell high prices. Foreign buyers have turned to discounted Russian barrels, tempering Canadian crude exports. "When the SPR releases finish, these refiners will look to lean harder again on Canadian barrels or seaborne imports." That system ships the bulk of Canadian crude exports to the United States.

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