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☆ Oil holds gains on China rebound, even as U.S. crude stocks rise
▼ + stars: | 2023-03-02 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

However a tenth consecutive week of crude stock builds in the United States capped the market's gains. U.S. crude inventories (USOILC=ECI) rose by 1.2 million barrels in the week ending Feb. 24 to 480.2 million barrels, their highest level since May 2021, the Energy Information Administration reported. Record exports of U.S. crude oil, however, kept the build smaller than in recent weeks, with shipments rising to 5.6 million barrels per day (bpd) last week, according to the EIA. Meanwhile, crude oil processed by Indian refiners reached record levels in January, provisional government data on Wednesday showed, as the country boosted imports of Russian barrels that Western countries shunned. Refinery throughput in the world's third-largest oil importer and consumer reached 5.39 million barrels per day for January, the highest since Reuters records going back to 2009.

☆ Oil prices rise as China factory gains boost demand outlook
▼ + stars: | 2023-03-01 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

Brent crude oil for May was up 24 cents, 0.3%, to 83.69 a barrel at 0214 GMT. Oil prices continue to be supported by expectations for a strong rebound in demand in China, the world's second-largest crude consumer. U.S. oil inventories rose by 6.2 million barrels in the week ended Feb. 24, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Still, gasoline inventories declined by 1.8 million barrels and distillate fuels, including diesel and jet fuel, dropped by 340,000 barrels, according to the API data. In February, OPEC pumped 28.97 million barrels per day (bpd), a Reuters survey found, up by 150,000 bpd from January.

☆ Oil rises on China growth hopes
▼ + stars: | 2023-02-28 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Brent crude futures for April , due to expire on Tuesday, were up by 87 cents, or 1.1%, to $83.32 per barrel by 1059 GMT. U.S. West Texas Intermediate (WTI) crude futures gained $1.18, or 1.6%, to $76.89 a barrel. JPMorgan's oil analysts maintained their 2023 average price forecast on Brent crude futures at $90 per barrel. The market will be looking to the latest U.S. oil stocks data due from the American Petroleum Institute industry group on Tuesday and the government's Energy Information Administration on Wednesday for further demand indicators. Distillate inventories, which include diesel and heating oil, were expected to have decreased by about 500,000 barrels last week.

Brent crude futures for April , due to expire on Tuesday, were up by 39 cents to $82.84 per barrel by 0718 GMT. Likewise, U.S. West Texas Intermediate (WTI) crude futures gained 61 cents to $76.29 a barrel. Brent and WTI futures were both on track, however, for monthly losses of around 2.2% and 3.8% respectively, with WTI likely to hit a four-month streak of declines. JPMorgan's oil analysts maintained their 2023 average price forecast on Brent crude futures at $90 per barrel. Seven analysts polled also estimated that gasoline stocks rose by about 700,000 barrels.

Brent crude futures for April , due to expire on Tuesday, gained 14 cents to $82.59 per barrel by 0443 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 21 cents to $75.89 a barrel. Brent and WTI futures were both on track for monthly losses of around 2.2% and 3.8% respectively, with WTI likely to hit a four-month streak of declines. JPMorgan's oil analysts maintained their 2023 average price forecast on Brent crude futures at $90 per barrel. A preliminary Reuters poll showed analysts expected crude stocks grew by 400,000 barrels in the week to Feb. 24, which would mark the tenth consecutive week of builds.

☆ Oil steadies after fall on fear of rate hikes, rising inventories
▼ + stars: | 2023-02-28 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

"The stronger than expected inflation numbers raised concerns about further hikes in interest rates, which has already curbed demand in the U.S.," ANZ analysts said in a client note. The possibility that slower-growing wages might help limit inflation, however, kept crude from moving lower. The market will be looking out for the latest U.S. oil stocks data due from the American Petroleum Institute industry group on Tuesday and the government's Energy Information Administration on Wednesday for further demand indicators. A preliminary Reuters poll showed analysts expected crude stocks grew by 400,000 barrels in the week to Feb. 24, which would mark the tenth consecutive week of builds. Helping to put a floor on prices, distillate inventories, which include diesel and heating oil, were expected to have decreased by about 500,000 barrels last week.

Losses were limited by oil supply concerns after Russia halted exports to Poland via a key pipeline. That positive economic data helped global stock markets to rebound, yet shares remained near six-week lows as investors braced for interest rate hikes in the United States and Europe. Adding to global oil demand worries, rising Sino-U.S. tensions hammered equity markets in China and Hong Kong while investors awaited policy signals from the upcoming National People's Congress. On Monday, Russian oil pipeline monopoly Transneft said it started pumping oil from Kazakhstan to Germany via Poland through the Druzhba pipeline, while halting deliveries to Poland. Russia announced plans this month to cut oil exports from its western ports by up to 25% in March versus February, exceeding previously mooted production cuts of 5%.

☆ Oil slips as dollar firms, Russia pipeline halt limits slide
▼ + stars: | 2023-02-27 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Meanwhile, Russia halted supplies of oil to Poland via the Druzhba pipeline, Polish refiner PKN Orlen (PKN.WA) said on Saturday, a day after Poland said it had delivered its first Leopard tanks to Ukraine. Russian pipeline operator Transneft blamed the halt on a lack of completed paperwork for supplies for the second half of February. Russia announced plans earlier this month to cut oil exports from its western ports by up to 25% in March versus February, exceeding its previously mooted production cuts of 5%. "Russian oil output has exceeded expectations in recent months due to lax EU/US sanctions," Bank of America said in a note. Adding some downside pressure, U.S. crude oil inventories surged to the highest level since May 2021 last week, data from the Energy Information Administration (EIA) showed.

☆ Oil little changed as Russian supply cuts support prices
▼ + stars: | 2023-02-27 | by ( Sudarshan Varadhan | ) www.reuters.com time to read: +2 min

Companies Polski Koncern Naftowy Orlen SA FollowSINGAPORE, Feb 27 (Reuters) - Oil was little changed in early trade on Monday, as Russia's plans to deepen oil supply cuts continued to support prices, while increasing global inflation risks and rising crude inventories in the United States weighed. Oil prices have fallen by about a sixth in the year since Feb. 24, 2022, when Russian troops first marched into Ukraine. Two weeks after the invasion, prices surged to a record high of nearly $128 a barrel over supply concerns, but have since cooled over fears of a global economic slowdown. "China's manufacturing PMI data for February will be key to steering the oil prices for this week. A rebound in Chinese economic data will boost sentiment and improve the demand outlook," said Tina Teng, an analyst at CMC Markets.

☆ Oil gains on Russian supply cut worries, but higher U.S. inventories weigh
▼ + stars: | 2023-02-24 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

BEIJING, Feb 24 (Reuters) - Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States. Brent crude futures rose 61 cents, or 0.7%, to $82.82 per barrel by 0215 GMT. The prospect of further rate hikes supported the dollar index , which was set for a fourth straight week of gains. Oil has also been pressured by a surge in U.S. crude inventories to the highest since May 2021, as refiners ran less oil during a strong maintenance season. Crude inventories rose by 7.6 million barrels to a about 479 million barrels, data from the U.S. Energy Information Administration said.

Feb 23 (Reuters) - Oil prices rose slightly in thin Asian trade on Thursday, with WTI pausing from a six-day losing streak fed by mounting concerns that more aggressive interest rate increases by central banks could pressure economic growth and fuel demand. Brent crude futures rose 2 cents to $80.62 per barrel by 0110 GMT. West Texas Intermediate crude futures (WTI) rose 9 cents, or 0.1%, to $74.04 a barrel. U.S. crude oil and fuel inventories rose by 9.9 million barrels last week, according to market sources citing American Petroleum Institute figures on Wednesday. U.S. oil inventories have climbed every week since mid-December, stoking investor worries about demand.

Feb 23 (Reuters) - Oil prices rose slightly in thin Asian trade on Thursday, pausing from a six-day losing streak fed by mounting concerns that more aggressive interest rate increases by central banks could pressure economic growth and fuel demand. Brent crude futures rose 2 cents to $80.62 per barrel by 0110 GMT. West Texas Intermediate crude futures (WTI) rose 9 cents, or 0.1%, to $74.04 a barrel. U.S. crude oil and fuel inventories rose by 9.9 million barrels last week, according to market sources citing American Petroleum Institute figures on Wednesday. U.S. oil inventories have climbed every week since mid-December, stoking investor worries about demand.

☆ Oil drops 3% as high inflation risks stoke demand worries
▼ + stars: | 2023-02-22 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

Brent crude futures for April delivery were down $2.33, or 2.8%, to $80.72 a barrel at 2:20 p.m. EST (1920 GMT), while West Texas Intermediate (WTI) crude futures dropped by $2.31, or 3%, to $74.05 a barrel. "While better U.S. economic data should mean better oil demand, the concern is that this forces the Fed to overtighten monetary policy to bring inflation under control," said UBS analyst Giovanni Staunovo. Other U.S. economic reports, however, showed some troubling signs for the world's biggest oil consumer. According to a preliminary Reuters poll on Tuesday, analysts forecast a rise in U.S. crude inventories, feeding demand worries. Morgan Stanley raised its global oil demand growth estimate for this year by about 36%, citing growing momentum in China's reopening and a recovery in aviation.

☆ Oil falls on fuel demand woes ahead of U.S. Fed comments
▼ + stars: | 2023-02-22 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

Higher interest rates tend to lift the dollar, making dollar-denominated oil more expensive for holders of other currencies and reducing demand. Other economic reports from the United States, the world's biggest oil consumer, showed some troubling signs however. A preliminary Reuters analyst poll on Tuesday also showed a rise in U.S. crude inventories, exacerbating the demand worries. Analysts expect China's oil imports to hit a record high in 2023 to meet increased demand for transportation fuel and as new refineries come on stream. Morgan Stanley has raised its global oil demand growth estimate for this year by about 36%, citing growing momentum in China's reopening and a recovery in aviation, but flagged higher supply from Russia as an offseting factor.

☆ Oil steadies as investors await U.S. Fed Reserve comments
▼ + stars: | 2023-02-22 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude futures for April delivery were up 2 cents to $83.07 a barrel by 0242 GMT after falling 1.2% on Tuesday. read moreOther economic reports from the U.S., the world's biggest oil consumer, showed some troubling signs however. "Further rate hikes could dampen oil demand." Higher interest rates tend to lift dollar prices, making dollar-denominated oil more expensive for holders of other currencies. Expectations of tighter global supplies and rising demand from China have recently lent support to oil prices.

As a result, research on business cycles moved in other directions, and policymakers increasingly aimed to eliminate cyclical instability altogether. Oil and gas cycles have been closely correlated with each other and with U.S. manufacturing activity. On average, troughs in oil prices occur within ±3 months of a turning point in U.S. manufacturing activity, while troughs in gas prices occur within ±4 months. Some softness in manufacturing activity as well as oil and gas prices should therefore be expected at this point. If the current slowdown proves to be a mid-cycle soft patch, gas and especially oil prices are likely to rise strongly later in 2023.

Analysts expect China's oil imports to hit a record high in 2023 to meet increased demand for transportation fuel and as new refineries come on stream. China and India have become major buyers of Russian crude amid Western sanctions on Russian oil and more recently, embargoes and price caps because of the Ukraine war. In India, the world's third-biggest oil importer, crude imports rose to a six-month high in January, government data showed. Russia plans to cut oil production by 500,000 barrels per day (bpd), equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand", they wrote.

Both crude benchmarks settled $2 down on Friday for a decline of about 4% over the week after the United States reported higher crude and gasoline inventories. Analysts expect China's oil imports to hit a record high in 2023 to meet increased demand for transportation fuel and as new refineries come on stream. China and India have become major buyers of Russian crude amid Western sanctions on Russian oil and more recently, embargoes and price caps because of the Ukraine war. Russia plans to cut oil production by 500,000 barrels per day (bpd), equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand", they wrote.

☆ Oil rises on China demand hopes and supply concerns
▼ + stars: | 2023-02-20 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

LONDON, Feb 20 (Reuters) - Oil prices rose on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers and Russia's plans to rein in supply. Separately Russia plans to cut oil production by 500,000 bpd, equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products. China and India have become major buyers of Russian crude since the European Union embargo. At the same time, future oil supply shortages are likely to drive prices toward $100 a barrel by the end of the year, Goldman Sachs analysts said in a Feb. 19 note. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand", they wrote.

☆ Oil rises on China demand hopes, concerns on supply outlook
▼ + stars: | 2023-02-20 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 20 (Reuters) - Oil prices rose on Monday amid optimism over China's demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was at $76.78 a barrel, up 44 cents or 0.6%. Russia plans to cut oil production by 500,000 bpd, or around 5% of output, in March after the West imposed price caps on Russian oil and oil products. China is the world's largest crude oil importer. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand," they wrote.

☆ Oil prices little changed, nurse last week's losses on improved supplies
▼ + stars: | 2023-02-20 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

The benchmarks closed lower by about 4% last week after the United States reported higher crude and gasoline inventories. Expectations that the U.S. Federal Reserve will continue raising interest rates which could strengthen the dollar also capped oil prices. China is the world's largest crude oil importer. China, along with India, have become top buyers of Russian crude following the European Union embargo. India's Russian oil imports hit a record 1.4 million barrels per day in January, trade data showed.

[1/2] Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/FilesFeb 17 (Reuters) - Oil prices were on track for weekly losses of 2.5% as strong U.S. economic data heightened concerns that the Federal Reserve would further tighten monetary policy to tackle inflation, a move that could hit fuel demand. Data showed that the U.S. producer price index (PPI) rose 0.7% in January, after declining 0.2% in December. "Crude oil prices were also lower due to risk-off trades following the selloff on Wall Street following the PPI data and a strong U.S. dollar," Teng said. Oil prices have seesawed over the past weeks between fears of a recession hitting the United States amid inflation-fighting rate hikes and hopes for a pick-up in demand in China, the world's top oil importer.

[1/2] Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/FilesFeb 17 (Reuters) - Oil prices were on track for weekly losses as strong U.S. economic data heightened concerns that the Federal Reserve would further tighten monetary policy to tackle inflation, a move that could hit fuel demand even as crude stockpiles grow. Data showed that the U.S. producer price index (PPI) rose 0.7% in January, after declining 0.2% in December. "Crude oil prices were also lower due to risk-off trades following the selloff on Wall Street following the PPI data and a strong U.S. dollar," Teng said. Oil prices have seesawed over the past weeks between fears of a recession hitting the United States amid inflation-fighting rate hikes and hopes for a pick-up in demand in China, the world's top oil importer.

SummarySummary Companies API shows U.S. crude stocks rise - market sourcesOPEC raises 2023 oil demand growth forecastFeb 15 (Reuters) - Oil prices extends losses on Wednesday as a much bigger-than-expected surge in the U.S. crude inventories and expectations of further interest rate hikes sparked concerns over the prospect of weaker fuel demand and economic recession. U.S. crude inventories rose by about 10.5 million barrels in the week ended Feb. 10, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Gasoline stocks rose by about 846,000 barrels, while distillate stocks rose by about 1.7 million barrels, according to the sources, who spoke on condition of anonymity. "The API data put mounting pressure on the oil market as this would be the eighth week of stocks building ... Tepid demand in the U.S. market would continue to depress oil prices in the near term," said analysts from Haitong Futures. Global oil demand will rise this year by 2.32 million barrels per day (bpd), or 2.3%, OPEC said, raising the forecast from February by 100,000 bpd.

Brent crude futures fell by 82 cents, or 1%, to $85.79 per barrel by 0132 GMT, while U.S. crude futures fell by $1.04, or 1.3%, to $79.10 per barrel. The U.S. Department of Energy (DOE) said after the previous session ended that it would sell 26 million barrels of oil from the SPR, a release that had been mandated by Congress in previous years. The DOE had considered cancelling the fiscal year 2023 sale after U.S. President Joe Biden's administration last year sold a record 180 million barrels from the reserve. Ceyhan is for endpoint for pipelines that carry oil from Azerbaijan and Iraq and about 1 million barrels per day (bpd) of crude can be exported from there. Crude production in the shale basins will rise by about 75,000 bpd in March to a record 9.36 million bpd, the EIA projected.

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