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SPR stocks drew for a seventh week in a row, falling by 2.4 million last week to 359.59 million barrels, their lowest since September 1983, due to last year's congressionally mandated release. Inventories at the Cushing, Oklahoma, delivery hub for U.S. crude futures (USOICC=ECI) rose by 1.5 million barrels last week, the EIA said. Brent and U.S. crude futures were trading just over 0.2% higher at $75.11 per barrel and $71.05 per barrel, respectively, by 10:39 a.m. Gasoline stocks (USOILG=ECI) fell by 1.4 million barrels in the week to 218.3 million barrels, the EIA said, compared with analysts' forecasts for a 1.1 million-barrel drop. U.S. crude oil imports rose 24% to 6.9 million barrels, while exports also climbed nearly 50% to 4.3 millions barrels.

However, an 18.9% year-on-year rise in China's oil refinery throughput in April to the second-highest level on record helped to keep a floor under crude prices. The IEA raised its forecast for global oil demand this year by 200,000 bpd to a record 102 million bpd. It said China's recovery after the lifting of COVID-19 curbs had surpassed expectations, with demand reaching a record 16 million bpd in March. In another bullish development, the U.S. Department of Energy on Monday said it would buy 3 million barrels of crude oil for delivery in August in a move to begin refilling the Strategic Petroleum Reserve. Meanwhile, U.S. commercial crude stocks fell by about 1.3 million barrels last week, according to analysts polled by Reuters.

The data defied expectations from eight analysts polled by Reuters for a 900,000-barrel drawdown in crude inventories and a 1.2 million-barrel drop in gasoline stocks. U.S. government data on oil inventories is due on Wednesday. Media reported that Russia's Energy Ministry said the nation's oil output reduction almost reached targeted levels in April. Saudi Arabia, which pledged to cut production by 500,000 bpd from May, has informed buyers in Asia that it will supply full crude oil volumes requested for June. The wildfires forced oil and gas producers to shut in at least 319,000 barrels of oil equivalent per day (boepd), or 3.7% of the country's production.

Brent crude dropped 16 cents to $77.28 a barrel at 0008 GMT, while U.S. West Texas Intermediate (WTI) crude dipped 20 cents to $73.51, paring gains from the previous session. In a possible sign of weakening demand, U.S. crude inventories rose by about 3.6 million barrels in the week ended May 5, while gasoline stockpiles rose by 399,000 barrels, the American Petroleum Institute reported on Tuesday according to market sources. The data defied expectations from eight analysts polled by Reuters for a 900,000-barrel drawdown in crude inventories and a 1.2 million-barrel drop in gasoline stocks. U.S. government data on oil inventories is due on Wednesday. The wildfires forced oil and gas producers to shut in at least 319,000 barrels of oil equivalent per day (boepd), or 3.7% of the country's production.

[1/3] An Air France aircraft, operated with sustainable aviation fuel (SAF) produced by TotalEnergies, is refueled before its first flight from Nice to Paris at Nice airport, France, October 1, 2021. Sustainable aviation fuel, or SAF, is typically made using biomass-based feedstocks such as soybean oil and used cooking oil. Honeywell said its process can reduce greenhouse gas emissions by 88% compared with traditional petroleum-based jet fuel. SAF is typically two to four times costlier than petroleum-based jet fuel. The United States produces around 24.7 billion gallons of petroleum-based jet fuel annually.

Summary Oil rallies after three straight weekly declinesGoldman Sachs says demand fears 'overblown'US inflation data and OPEC report in focus this weekSINGAPORE, May 8 (Reuters) - Oil prices rose over 2% on Monday as U.S. recession fears eased and some traders saw crude's three-week slide on demand worries as overdone. Brent crude was up $1.57, or 2.1%, at $76.87 a barrel by 11:19 a.m. EDT (1519 GMT). Brent had finished last week with a decline of about 5.3% while U.S. crude plunged by 7.1% even after Friday's rebound. "The market is less worried about a banking crisis that could lead to a recession and hurt demand," said Phil Flynn, an analyst at Price Futures Group. OPEC's latest monthly oil market report is due on Thursday, providing an updated reading on the demand and supply outlook.

U.S. West Texas Intermediate crude (WTI) fell $1, or 1.5%, to $67.60 a barrel. WTI in early trading on Thursday fell to a session low of $63.64 a barrel, the lowest since December 2021. On Wednesday afternoon, the Fed raised interest rates by a quarter of a percentage point. The move weighed on oil prices, as higher rates could slow economic growth and hit energy consumption. Investors awaited developments from the European Central Bank, which is set to raise interest rates for the seventh meeting in a row on Thursday as its long fight against stubborn inflation continues.

WTI's session low was $67.95 a barrel, lowest since March 24. On Wednesday afternoon, the Fed raised interest rates by a quarter of a percentage point, pressuring oil prices as traders worried that slower economic growth could hit energy demand. "The Fed going into a pause mode should be very supportive for the price of oil," said Phil Flynn, an analyst at Price Futures Group. Also pressuring oil prices, government data showed U.S. gasoline inventories (USOILG=ECI) unexpectedly rose by 1.7 million barrels last week. In China, data over the weekend showed April manufacturing activity fell unexpectedly in the world's largest energy consumer and top buyer of crude oil.

Both benchmarks fell 5% during the previous session, when they also recorded their biggest one-day percentage declines since early January. "The Federal Reserve is expected to deliver another quarter-point increase later today as part of its long-running battle against inflation," PVM Oil analyst Stephen Brennock said. Oil prices extended losses after government data showed U.S. gasoline inventories (USOILG=ECI) unexpectedly rose by 1.7 million barrels last week, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel drop. U.S. crude inventories (USOILC=ECI) fell by 1.3 million barrels in the week, compared with forecasts for a 1.1 million-barrel drop. China is the world's largest energy consumer and top buyer of crude oil.

REUTERS/Kevin Lamarque/File PhotoNEW YORK, May 1 (Reuters) - The U.S. government could delay a decision on giving electric vehicle (EV) manufacturers tradable credits under a renewable fuel scheme, due to concern about legal challenges to the plan, two sources familiar with the matter said. Most credits generated under the RFS are for blending liquid fuels such as ethanol made from corn into gasoline. Adding credits for power generated from renewable gas and then used for charging EVs would take the program in a new direction. The EPA initially proposed adding EVs to the program when it outlined the mandates for blending biofuels for 2023-2025. The delay in finalizing the EV credit program may mean more volume is available for other renewable fuel pools under the 2023-2025 mandate, including blending for renewable diesel and sustainable aviation fuel (SAF).

The Environmental Protection Agency (EPA) last year recommended adding EVs to the U.S. Renewable Fuel Standard (RFS), which incentivizes oil refiners to blend biofuels. The EPA under the Biden administration is now testing the legal limits of the liquid fuel program by extending it to EVs. The EPA has proposed granting EV manufacturers tradable credits based on the amount of renewable electricity that makes it on the grid. Renewable gas producers and EV manufacturers like Tesla have been jockeying to gain the most benefits from the new credits. The November proposal foresaw EV manufacturers could generate as many as 600 million credits in 2024 and 1.2 billion of them by 2025.

Oil prices dropped almost 4% on Wednesday as jitters about a U.S. economic downturn overshadowed a larger-than-expected fall in U.S. crude inventories. The OPEC+ group of leading oil producers does not see the need for further oil output cuts but is always able to adjust its policy, Novak said. Data on Thursday showed U.S. economic growth slowed by more than expected in the first quarter, although jobless claims fell in the week ending April 22. Oil prices were also pressured as weak risk sentiment spread from the banking sector after First Republic Bank's continued slump. Analysts see weak refinery margins as a major contributor to the recent oil price decline, with oil broker PVM's Tamas Varga pointing to heating oil and gasoil as "the main possible culprit for the outsized weakness".

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoSummarySummary Companies U.S. dollar, interest rate concerns pressure oilG7 coalition to keep Russian oil price cap at $60/bbl -sourceBaghdad, KRG take step toward resuming Iraq oil exportsChina's Q1 GDP data expected to support oil pricesSINGAPORE, April 17 (Reuters) - Oil prices turned lower on Monday as the U.S. dollar strengthened and as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes. The U.S. dollar has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies. "The dollar is a little bit stronger, and that seems to be putting a little bit of pressure on oil here," Price Futures Group analyst Phil Flynn said. In Saudi Arabia, crude oil exports in February fell to 7.455 million bpd from 7.658 million bpd in January, official data showed on Monday.

Summary Dip in China consumer inflation points to weak demandU.S. inflation report due on WednesdayComing up: API data on US crude stocks at 4:30 p.m. Brent crude futures settled up $1.43, or 1.7%, to $85.61 a barrel. U.S. West Texas Intermediate futures rose $1.79, or 2.2%, to $81.53 a barrel. read moreA U.S. inflation report to be released on Wednesday is expected to help investors gauge the near-term trajectory for interest rates. OPEC output will fall by 500,000 bpd in 2023, then rise by 1 million bpd in 2024, after the group's output agreement expires, the Energy Information Administration forecast on Tuesday.

Total non-OPEC liquid fuels production is expected to grow by 1.9 million barrels per day (bpd) in 2023 and by 1 million bpd in 2024, the EIA said in its Short Term Energy Outlook. OPEC output will fall by 500,000 bpd in 2023, then rise by 1 million bpd in 2024, after the group's output agreement expires, EIA forecast. U.S. crude production set to rise 5.5% to 12.54 million bpd this year and another 1.7%, to 12.75 million bpd, in 2024. Liquid fuels consumption will rise by 1.4 million bpd in 2023 and by 1.8 million bpd in 2024, EIA said. U.S petroleum and other liquid fuels consumption would tick up 0.5% to 20.4 million bpd in 2023 and rise 1.6% to 20.7 million bpd in 2024, EIA added.

ETSINGAPORE, April 11 (Reuters) - Oil prices rose on Tuesday on expectations that inventories in the U.S., the world's biggest crude consumer, are expected to fall and on signs that demand in emerging markets remains healthy. Signs of strong fuel demand in India, the world's third-biggest oil consumer, in March also supported prices. On the U.S. supply front, industry data on U.S. crude stockpiles is due on Tuesday. Oil prices fell on Monday after rising for three straight weeks, after U.S. jobs data pointed to a tight labor market, heightening expectations of another Federal Reserve rate hike that could curb oil demand. Rate hike expectations boosted the U.S. dollar index on Monday and Tuesday, which weighed on oil prices as dollar strength makes oil more expensive for other currency holders.

ETApril 11 (Reuters) - Oil prices edged higher on Tuesday as market participants weighed supply cuts from OPEC+ that would tighten the global market against concerns about further interest rate hikes potentially hurting demand. Investors were awaiting a slate of reports on inflation, oil demand and supply due this week that could give the market direction. Rate hike expectations boosted the U.S. dollar index on Monday and Tuesday, which weighed on oil prices as dollar strength makes oil more expensive for other currency holders. In U.S. supply, industry data on U.S. crude stockpiles is due Tuesday. Also coming up are monthly reports from OPEC on Thursday and the International Energy Agency on Friday, which will update oil demand and supply forecasts.

Oil prices jumped over 6% on Monday, with U.S. crude futures topping $80 per barrel. The U.S. pumped nearly 12.5 million bpd in January, according to the latest government data. U.S. cash crude prices strengthened on Monday, with Mars Sour gaining 50 cents to trade at a $1.40 discount to U.S. crude futures . U.S. seaborne crude exports last month hit 4.74 million bpd, the highest monthly total since at least January 2020, Vortexa data showed. "This development should bode well for already strong U.S. crude exports with increased medium- and heavy-sour Canadian crude exports from the U.S. in order to supply a global market which is already short on sour crude," said Rohit Rathod, senior oil market analyst at Vortexa.

Also supporting prices was a Wednesday report from the U.S. Energy Information Administration that U.S. crude oil stockpiles fell unexpectedly in the week to March 24 to a two-year low. These factors offset bearish sentiment after a lower than expected cut to Russian crude oil production in the first three weeks of March. The 300,000 bpd production decline compared with targeted cuts of 500,000 bpd, or about 5% of Russian output, sources familiar with the data told Reuters. Meanwhile, OPEC+ is likely to stick to its existing deal on reduced oil output at a meeting on Monday, five delegates from the producer group told Reuters. "If all goes as expected, and we manage to avoid a recession, oil prices will dance around $75-$85/bbl in the coming months," FGE analysts said in a note.

"Economic risks were being flagged out in the Fed meeting, while higher-than-expected U.S. crude oil stockpiles also dampened some optimism around demand outlook," said Yeap Jun Rong, market strategist at IG. However, the weakness in the dollar has been a bright spot in aiding to drive some resilience in oil prices, with some room left for upside in oil prices amid dip-buying seen at the start of this week, Yeap added. Meanwhile, U.S. crude oil stockpiles rose unexpectedly last week to their highest in nearly two years, latest data from the Energy Information Administration (EIA) showed. Crude inventories (USOILC=ECI) rose by 1.1 million barrels in the week to March 17 to 481.2 million barrels, the highest since May 2021. Gross exports of crude oil and oil products hit a new high just shy of 12 million barrels per day, way above any other country's supply levels, the analysts added, citing EIA data.

SummarySummary Companies Oil prices drop after three sessions of gainsU.S. Fed, with eye on inflation, signals pauseNo 'blanket insurance' for all U.S. bank deposits -YellenMarch 23 (Reuters) - Oil prices fell on Thursday following three sessions of gains, after U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises. Brent crude futures fell 80 cents, or 1%, to $75.89 a barrel by 00:09 GMT, while U.S. West Texas Intermediate crude (WTI) dropped 84 cents, or 1.2%, to $70.06. Both crude benchmarks had settled on Wednesday at their highest close since March 14. The bank crises have caused volatile trade in riskier assets like oil over the last week as investors awaited the Fed's decision on rate hikes on Wednesday. The central bank's policy-setting committee raised interest rates by another quarter of a percentage point in a unanimous decision, lifting its benchmark interest rate to the 4.75% to 5.00% range.

Oil prices rebounded as Wall Street posted gains. Earlier, Brent and WTI fell about $3 a barrel to the lowest since December 2021, with WTI sinking below $65 a barrel at one point. After the deal was announced, the U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks. "There's a lot of fear-based movement (in oil prices)," Price Futures Group analyst Phil Flynn said. Some executives are calling on the central bank to pause its monetary policy tightening but be ready to resume raising rates later.

The U.S. West Texas Intermediate crude contract for April was down 28 cents at $66.46 before its expiry on Tuesday. "There's a lot of fear-based movement (in oil prices)," Price Futures Group analyst Phil Flynn said. "We're not moving at all on supply and demand fundamentals, we're just moving on the banking concerns." On Monday, the S&P 500 and the Dow Jones gained, helping lift oil prices off the day's lows. The group agreed in October to cut oil production targets by 2 million barrels per day until the end of 2023.

Oil futures have fallen over 8% since last Friday as the collapse of SVB Financial (SIVB.O) and peer Signature Bank (SBNY.O) prompted concerns of a wider banking crisis. Investors in the oil market, including oil producers, have rushed to buy put options, used to either bet on or protect against downside movement. For U.S. crude futures options open interest, the ratio of puts to calls is the highest since August 2022. The discount of later-dated oil futures contracts to the front-month contract tightened on Wednesday, indicating that market participants were less confident in short-term demand. That short-term uncertainty should buoy put buying, Price Futures Group's Flynn said.

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