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☆ Oil set to end turbulent 2022 modestly higher
▼ + stars: | 2022-12-30 | by ( Florence Tan | Emily Chow | ) www.reuters.com time to read: +3 min

FILE PHOTO: A view shows Chao Xing tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. Brent looked set to end the year with a 7.6% gain, after jumping 50.2% in 2021. So I think oil prices may fall to $60 next year,” he said. Oil prices cooled quickly in the second half this year as central banks across the world hiked interest rates to fight inflation, boosting the U.S. dollar. Also, China’s zero-COVID restrictions, which were only eased in December, squashed oil demand recovery hopes for the world’s No.

☆ Oil set to close higher in 2022, a turbulent year marked by tight supplies
▼ + stars: | 2022-12-30 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

FILE PHOTO: A view shows Chao Xing tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. U.S. West Intermediate crude was at $78.88 a barrel, up 48 cents, or 0.6%, after closing 0.7% lower on Thursday. Brent is set to close 2022 with a 5.76% gain after rising 50.2% in 2021. Also, China’s zero-COVID restrictions, which were only eased in December, squashed oil demand recovery hopes at the world’s No. Looking ahead on supplies, western sanctions will push Russia to divert more crude and refined products exports from Europe to Asia.

☆ Oil weakens on China uncertainty; U.S. demand keeps losses in check
▼ + stars: | 2022-12-29 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Conflicting headlines about demand from top oil importer China have buffeted traders in recent weeks. Brent crude futures for February delivery fell by $1.06, or 1.3%, to $82.20 a barrel by 11:52 a.m. EST [1652 GMT]. A weaker dollar makes oil cheaper for holders of other currencies and can boost demand. Oil prices also gained some support after inventories update for last week from the U.S. Energy Information Administration. Despite a surprise build in crude oil stocks, the report itself was positive, said Giovanni Staunovo of Swiss bank UBS, adding it showed a solid rebound in implied oil demand, resulting in large draws of refined products last week.

☆ Oil weakens on China uncertainty, U.S. demand keeps losses in check
▼ + stars: | 2022-12-29 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Conflicting headlines about demand from top oil importer China have buffeted traders in recent weeks. Brent crude futures for February delivery fell by $1.01, or 1.2%, to $82.25 a barrel by 11:52 a.m. EST [1652 GMT]. A weaker dollar makes oil cheaper for holders of other currencies and can boost demand. Oil prices also gained some support after inventories update for last week from the U.S. Energy Information Administration. Despite a surprise build in crude oil stocks, the report itself was positive, said Giovanni Staunovo of Swiss bank UBS, adding it showed a solid rebound in implied oil demand, resulting in large draws of refined products last week.

☆ Oil trims losses as softer dollar offsets Chinese demand fears
▼ + stars: | 2022-12-29 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

LONDON, Dec 29 (Reuters) - Oil prices pared losses after falling by over $2 earlier in the session, as a weaker dollar partially offset demand fears resulting from surging COVID-19 cases in China. U.S. West Texas Intermediate crude futures fell $1.07, or 1.36%, to $77.89 a barrel, after reaching session lows of $76.79. A weaker dollar makes oil cheaper for holders of other currencies and can boost demand. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. Markets, however, drew some support from Russian President Vladimir Putin's ban on exports of crude oil and oil products from Feb. 1 for five months to nations that abide by a Western price cap.

☆ Oil falls as China COVID spike dampens demand outlook
▼ + stars: | 2022-12-29 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

LONDON, Dec 29 (Reuters) - Oil prices fell by over 2% on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world's largest crude oil importer. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. Markets, however, drew some support from Russian President Vladimir Putin's ban on exports of crude oil and oil products from Feb. 1 for five months to nations that abide by a Western price cap. Germany said the ban has "no practical significance" as the country has been working since spring to replace Russian oil supplies and ensure security of supply. Russian oil pipeline operator Transneft said Kazakhstan's KazTransOil had requested an additional 1.2 million tonnes of capacity on the Druzhba pipeline for 2023 to facilitate extra oil shipments to Germany, the RIA Novosti news agency reported.

SINGAPORE, Dec 29 (Reuters) - Oil prices dipped on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world's largest crude oil importer. Brent futures for February fell 26 cents, or 0.3%, to $83.00 a barrel by 0430 GMT, while U.S. crude fell 26 cents, or 0.3%, to $78.70 a barrel. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. However, that comes as an Arctic freeze has forced some oil refining facilities offline, backing up crude supplies. Markets, however, drew some support from Russian President Vladimir Putin's ban on exports of crude oil and oil products from Feb. 1 for five months to nations that abide by a Western price cap.

☆ Oil prices ease, China COVID spike hurts demand outlook
▼ + stars: | 2022-12-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Dec 29 (Reuters) - Oil prices ticked down on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand in the world's second-biggest oil consumer. Brent futures for February delivery fell 42 cents, or 0.5%, to $82.84 a barrel, by 0123 GMT, while U.S. crude fell 50 cents, or 0.6%, to $78.46 per barrel. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. Also weighing on prices, pipeline operator TC Energy said it was working to restart the portion of the Keystone pipeline that was forced shut after a leak earlier this month. Germany said the ban has "no practical significance" as the country has been working since spring to replace Russian oil supplies and ensure security of supply.

☆ 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.

☆ Costs and uncertainty cloud oil outlook, says Dallas Fed
▼ + stars: | 2022-12-29 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

The index was at 57.7 in the second quarter of this year, the highest reading in the survey's history. U.S. shale oil growth has also showed signs of slowing. Some 32% of executives polled said cost inflation and supply chain bottlenecks were the biggest drags on oil and gas production growth, while 27% cited maturing oilfields. Overall, executives polled were less optimistic about the future with the company outlook index falling by 20 points to 13.1, below the series average. The outlook uncertainty index jumped to 40.1 from 35.7 the prior quarter.

☆ Oil settles lower in light trading on China demand concerns
▼ + stars: | 2022-12-28 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

China has said it will stop requiring inbound travellers to quarantine from Jan. 8, a major step towards relaxing stringent curbs on its borders. Market participants noted that trading volumes this week are expected to be lighter than usual as the end of the year approaches, creating more volatility in oil prices. "My sense is the general risk-off mood has weighed on the oil prices, in a market with thin liquidity," said UBS analyst Giovanni Staunovo. "Next year brings immense uncertainty and plenty of potential upside risk for prices from the China reopening to lower Russian output and further OPEC+ cuts," Erlam said. U.S. crude oil inventories fell last week while gasoline and distillate stocks rose surprisingly, according to market sources citing American Petroleum Institute figures on Wednesday.

☆ Oil hits three-week high as China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

A weaker dollar makes oil cheaper for holders of other currencies and tends to support risk assets. Oil also drew support from worries over supply disruption because of winter storms in the United States, said Kazuhiko Saito, chief analyst at Fujitomi Securities. "But the U.S. weather is forecast to improve this week, which means the rally may not last too long," he said. Concern over a possible production cut by Russia also provided price support. Russia might cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.

☆ Oil rises in thin trade on concerns over U.S. storm impact
▼ + stars: | 2022-12-27 | by ( Yuka Obayashi | ) www.reuters.com time to read: +1 min

TOKYO, Dec 27 (Reuters) - Oil prices rose in light trade on Tuesday on concerns that winter storms across the United States are affecting logistics and production of petroleum products and shale oil. Airlines had cancelled nearly 2,700 U.S. flights as of Saturday afternoon after the weather snarled airport operations around the country. Frigid cold and blowing winds on Friday knocked out power and cut energy production across the United States, driving up heating and electricity prices. Concerns over a possible production cut by Russia were also behind today's rally. Russia may cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.

☆ Oil rises $3/bbl after Russia signals output cut due to price cap
▼ + stars: | 2022-12-23 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude settled at $83.92, up by $2.94 or 3.6%, while U.S. West Texas Intermediate (WTI) crude settled at $79.56 a barrel, up $2.07, or 2.7%. Russia may cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday. "The potential cut from Russia could be giving the bulls more fuel," said Eli Tesfaye, senior market strategist at RJO Futures. Both crude oil demand and output could slump over the next few days due to shut-ins from a massive winter storm that cascaded across a broad swath of the United States. Several of the largest U.S. refineries shut down due to the extreme cold while output shut in Texas and North Dakota.

☆ Oil climbs on expected drop in Russian exports, offsets U.S. storm impact
▼ + stars: | 2022-12-23 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

On Thursday, oil prices on both sides of the Atlantic settled lower as flights were scrapped. However, heating oil demand could be boosted as the extreme weather is expected to cause power outages. Brent and WTI are on track to post a second weekly gain, supported by expectations of an eventual rebound in oil demand at the world's No. However, surging COVID-19 cases in the mainland, concerns about further rate hikes globally and recession curbing fuel consumption limited oil price gains. "The oil market's biggest wildcard is China and optimism is still strong that the reopening will continue and eventually lead to more demand," Moya said.

☆ Oil rallies on tight U.S. stocks as winter blast hits
▼ + stars: | 2022-12-22 | by ( Sonali Paul | ) www.reuters.com time to read: +1 min

MELBOURNE, Dec 22 (Reuters) - Oil prices rose for a fourth straight day on Thursday with U.S. crude, heating oil and jet fuel stocks seen tight just as a chilly blast hits the United States and travel is set to soar for the holiday season. At the same time there was a decline in distillate stocks, which include heating oil and jet fuel, which defied expectations for a build. Jet fuel consumption is also expected to pick up with a post-COVID boom in travel for the end-of-year holiday season. "On our numbers...the crude market is finely balanced," said National Australia Bank's head of commodity research Baden Moore. A softer U.S. dollar has also buoyed oil prices, as crude becomes cheaper for buyers holding other currencies.

☆ Oil prices rise over $2 on drawdown in U.S. crude stocks
▼ + stars: | 2022-12-21 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude futures for February delivery were up by $2.23, or 2.8%, at $82.22 a barrel by 12:20 p.m. U.S. West Texas Intermediate (WTI) crude futures gained $2.03, or 2.7%, to $78.26. U.S. crude inventories fell by 5.89 million barrels, according to data from the U.S. Energy Information Administration (EIA), compared with estimates for a drop of 1.66 million barrels. Distillate inventories fell by 242,000 barrels, according to EIA data, compared with analyst estimates for a build of 336,000 barrels. Overall, Russian oil exports fell by 11% month on month for Dec. 1-20 after the European Union's embargo on Russian oil came into force, the Kommersant daily reported.

Brent crude futures were up 93 cents, or 1.15%, at $80.92 a barrel by 1040 GMT. U.S. crude inventories fell by about 3.1 million barrels in the week to Dec. 16, said market sources, citing data from the American Petroleum Institute. Worries about surging COVID-19 cases in China as the country begins dismantling its zero-COVID policy kept oil prices from moving higher. Overall, Russian oil exports fell by 11% month on month for Dec. 1-20 after the European Union's embargo on Russian oil came into force, the Kommersant daily reported. Reporting by Shadia Nasralla and Dmitry Zhdannikov; Additional reporting by Isabel Kua in Singapore Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices little changed as U.S. crude drawdown offsets China COVID worries
▼ + stars: | 2022-12-21 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

Companies United States of America FollowSINGAPORE, Dec 21 (Reuters) - Oil prices were little changed on Wednesday as a larger-than-expected draw in U.S. crude stocks offset worries about rising COVID-19 cases in top oil importer China. Gasoline inventories rose by about 4.5 million barrels, while distillate stocks rose by 828,000 barrels, according to the sources, who spoke on condition of anonymity. "A larger-than-expected draw in U.S. inventories, coupled with U.S. plans to refill their Strategic Petroleum Reserve have supported oil prices," said Serena Huang, head of APAC analysis at Vortexa. Oil prices were boosted by these comments which suggest that OPEC+ may continue to keep supply tight to support oil prices, CMC Markets analyst Tina Teng said. Growing worries about a surge in COVID-19 cases in China as the country begins dismantling its strict zero-COVID policy kept oil prices from moving higher.

☆ Oil prices up as U.S. crude stocks seen falling, dollar eases
▼ + stars: | 2022-12-21 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

SummarySummary Companies API shows U.S. crude stocks down, fuel inventories up -sourcesU.S. dollar easesSurging COVID-19 cases in China limit gainsDec 21 (Reuters) - Oil prices rose in early Asian trade on Wednesday as U.S. crude stocks were seen falling last week, while the dollar weakened, making oil less expensive for non-American buyers. Brent crude futures rose 8 cents to $80.07 per barrel by 0126 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 6 cents to $76.29. U.S. crude oil inventories fell by about 3.1 million barrels in the week ended Dec. 16, according to market sources citing American Petroleum Institute figures. Gasoline inventories rose by about 4.5 million barrels, while distillate stocks rose by 828,000 barrels, according to the sources, who spoke on condition of anonymity. Oil prices, which came close to the all-time high of $147 a barrel in March after Russia invaded Ukraine, have unwound most of their 2022 gains.

U.S. West Texas Intermediate (WTI) crude futures rose $1, or 1.31%, to $76.19 after climbing 90 cents on Monday. Oil prices have been buoyed by U.S. plans announced last week to buy up to 3 million barrels of oil for the Strategic Petroleum Reserve after this year's record release of 180 million barrels. A weaker dollar has also supported prices, making oil cheaper for those holding other currencies. "The oil demand outlook will be key for how high crude prices can go," he said, adding that clarity on that could prove elusive given mixed signals on the reopening of China's economy. While China has been relaxing pandemic restrictions, a surge in COVID-19 cases has been bearish for oil markets because of uncertainty over the country's economic recovery, said CMC Markets analyst Tina Teng.

☆ Oil prices edge higher; China COVID surge limits gains
▼ + stars: | 2022-12-20 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

SINGAPORE, Dec 20 (Reuters) - Oil prices inched higher on Tuesday, supported by a softer dollar and a U.S. plan to restock petroleum reserves, but gains were capped by uncertainty over the impact of rising COVID-19 cases in top oil importer China. U.S. West Texas Intermediate (WTI) crude futures rose 32 cents, or 0.4%, to $75.51 a barrel, after climbing 90 cents in the previous session. Oil prices have been buoyed by a U.S. plan announced last week to buy up to 3 million barrels of oil for the Strategic Petroleum Reserve following this year's record release of 180 million barrels from the stock. A weaker greenback has also supported prices, making oil cheaper for those holding other currencies. U.S. crude oil stocks were expected to have dropped last week by about 200,000 barrels, while gasoline and distillates inventories were seen higher, a preliminary Reuters poll showed on Monday.

SINGAPORE, Dec 20 (Reuters) - Oil prices edged up on Tuesday, supported by a softer dollar and a U.S. plan to restock petroleum reserves, but gains were capped by uncertainty over the impact of rising COVID-19 cases in top oil importer China. Oil prices have been buoyed by a U.S. plan announced last week to buy up to 3 million barrels of oil for the Strategic Petroleum Reserve following this year's record release of 180 million barrels from the stock. A weaker greenback has also supported prices, making oil cheaper for those holding other currencies. While China has been relaxing pandemic restrictions, the surge in COVID-19 cases has been bearish for the oil markets due to uncertainties about the country's economic recovery, said Tina Teng, an analyst at CMC Markets. U.S. crude oil stocks were expected to have dropped last week by about 200,000 barrels, while gasoline and distillates inventories were seen higher, a preliminary Reuters poll showed on Monday.

☆ Oil climbs, but uncertainty on China COVID surge caps gains
▼ + stars: | 2022-12-20 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Dec 20 (Reuters) - Oil prices rose in early trade on Tuesday, shored up by a weaker dollar and a U.S. plan to restock its Strategic Petroleum Reserve, but gains were limited by uncertainty over the impact of rising COVID-19 cases in China, the world's top oil importer. Brent crude futures advanced 61 cents, or 0.8%, to $80.40 a barrel at 0124 GMT, adding to a 76 cent gain in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 65 cents, or 0.9%, to $75.84 barrel, after climbing 90 cents in the previous session. A weaker U.S. dollar has also buoyed prices, with the dollar index around 104.7, as it makes oil cheaper for those holding other currencies. China on Tuesday reported a jump in new confirmed coronavirus cases to 2,722 on Dec. 19, up from 1,995 a day earlier.

China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but said it plans to step up support for the economy in 2023. Brent crude gained 76 cents to settle at $79.80 a barrel, while U.S. West Texas Intermediate crude rose 90 cents to $75.19. Oil surged toward its record high of $147 a barrel earlier in the year after Russia invaded Ukraine in February. It has since unwound most of this year's gains as supply concerns were edged out by recession fears. "The prospect of further rate rises will hit economic growth in the new year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM.

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