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☆ Morning Bid: Oil price relapse
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +4 min

Although oil prices have not yet reversed all their gains from OPEC move, Brent is down more than 5% over the past week and the year-on-year deflation in oil prices is running at 24%. And there's also signs oil loading from Russia's western ports this month is rising to the highest since 2019 -= despite Moscow's pledge to cut output. Tesla (TSLA.O) shares dropped 2% after the electric-vehicle maker's sixth U.S. price cut this year. Helped by the oil price retreat, 2-year U.S. Treasury yields fell back almost 10 basis points to 4.19%. VIX and bear marketsShare price performance, earnings and sales for TeslaReuters GraphicsReuters GraphicsBy Mike Dolan, <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>.

☆ Oil prices fall as strengthening dollar prompts weak demand concern
▼ + stars: | 2023-04-20 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

TOKYO, April 20 (Reuters) - Oil prices fell on Thursday as muted U.S. economic data and expectations of interest rate hikes pushed up the U.S. dollar, prompting fear of a stronger dollar hurting global oil demand by making it more expensive. West Texas Intermediate crude (WTI) for May delivery lost 28 cents, or 0.35%, to trade at $78.88 at 0005 GMT. "This unsettled markets, magnifying recent concerns that monetary tightening has weakened demand for oil. , , ,The crude stockpile decline was far steeper than analysts' estimate of 1.1 million barrels, and the American Petroleum Institute's estimates late on Tuesday of 2.7 million barrels. "WTI crude is back below the $80 level and it could continue drifting lower if the strong dollar trade resumes," Edward Moya, senior market analyst at OANDA, said in a client note.

☆ Oil rises 2% on lower-than-expected US inflation data
▼ + stars: | 2023-04-12 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +4 min

Prices rose about 2% on Tuesday. The CPI rose 6% year-on-year in February. Markets shrugged off a small build in U.S. crude oil stocks, attributing it in part to a congressionally mandated release of oil from the U.S. emergency reserve and lower exports at the start of the month. Meanwhile, the global oil market could see tightness in the second half of 2023, which would push oil prices higher, said Fatih Birol, executive director of the International Energy Agency. In a negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates.

☆ Low-Carbon Electricity Expected to Cover New Power Demand in 2023
▼ + stars: | 2023-04-12 | by ( Dieter Holger | ) www.wsj.com time to read: +4 min

A surge of clean electricity is set to cover new power demand globally this year, bringing within reach the Paris-aligned sustainable energy goals set by the International Energy Agency. Historically, rising electricity demand has been met by burning more fossil fuels, such as coal and gas, but from 2023 additional renewable energy capacity should be available to supply almost all new power demand, said London-based environmental nonprofit Ember on Wednesday. Last year’s record high of 12.4 billion metric tons of greenhouse gases from the global power sector is likely to be the peak. The share of global electricity generated by low-carbon emission sources—including wind, solar, biomass and nuclear—reached a record high of 39%. The nonprofit’s data covers 78 countries representing 93% of global electricity demand.

☆ Oil edges up as market awaits key US inflation data
▼ + stars: | 2023-04-12 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Oil prices edged up on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve's policy on future interest rate hikes. The U.S. consumer price index is expected to show March core inflation rose 0.4% on a monthly basis (USCPF=ECI) and 5.6% year-on-year (USCPFY=ECI), according to a Reuters poll of economists. In another negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates. In addition to the inflation data, the market is waiting for more clarity on oil demand and supply with monthly reports from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency due on Thursday and Friday respectively. The U.S. Energy Information Administration on Tuesday cut its forecast for oil production by OPEC countries by 0.5 million barrels-per-day for the rest of 2023 and cut its 2023 world oil demand growth forecast by 40,000 bpd.

☆ Oil steady as market awaits key US inflation data
▼ + stars: | 2023-04-12 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Oil prices were mostly steady on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve's policy on future interest rate hikes. The U.S. consumer price index is expected to show March core inflation rose 0.4% on a monthly basis (USCPF=ECI) and 5.6% year-on-year (USCPFY=ECI), according to a Reuters poll of economists. In another negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates. In addition to the inflation data, the market is waiting for more clarity on oil demand and supply with monthly reports from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency due on Thursday and Friday respectively. The U.S. Energy Information Administration on Tuesday cut its forecast for oil production by OPEC countries by 0.5 million barrels-per-day for the rest of 2023 and cut its 2023 world oil demand growth forecast by 40,000 bpd.

☆ Here’s the inflation breakdown for March 2023 — in one chart
▼ + stars: | 2023-04-12 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

But swings in gasoline and other energy mask price pressures that, while easing, remain under the surface, economists said. "It's improving and the economy is cooling, but it's still far from tepid," Diane Swonk, chief economist at KPMG, said of inflation. What drove inflation in March 2023Housing was a "notable" inflation driver in March and over the past year, according to the BLS. The shelter index increased 8.2% in the last year, accounting for over 60% of the total increase in consumer prices after stripping out the volatile energy and food categories. "It signals the food inflation fever has been broken," Zandi said.

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.

☆ U.S. power demand seen sliding 1% in 2023 on milder weather
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

Less demand coupled with more electricity generation from cheap renewable power sources and lower natural gas prices is forecast to slash wholesale power prices this year, the EIA said. As capacity for renewables like solar and wind ramp up and as natural gas prices ease, the EIA said it expects coal-fired power generation to be 17% less in the spring of 2023 than in the spring of 2022. The share of total generation supplied by natural gas is seen remaining at about the same this year at 39%. The nuclear share of generation is seen rising slightly to 20% this year from 19% in 2022. Reporting by Laila Kearney in New York; Editing by Jonathan Oatis and Mark PorterOur Standards: The Thomson Reuters Trust Principles.

☆ Renewable Diesel Booms Despite Concern Over Effect on Food Prices
▼ + stars: | 2023-04-07 | by ( Bob Henderson | ) www.wsj.com time to read: 1 min

Annual production of renewable diesel tripled in the past few years and is projected to keep climbing. U.S. production of renewable diesel hit 5 million gallons a day for the first time in January, according to recent U.S. Energy Information Administration data, continuing a two-year boom. The biofuel is a key part of federal and state government plans to mitigate climate change by cutting carbon emissions. Production has swelled since 2021. Incentives from the Environmental Protection Agency and the state of California, combined with pandemic-depressed demand for conventional fuels, motivated many energy companies to start retooling refineries to make renewable diesel.

☆ Oil prices stable as economic fears balance OPEC+ cuts, U.S. stock draw
▼ + stars: | 2023-04-05 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

[1/2] Flames emerge from flare stacks at Nahr Bin Umar oil field, north of Basra, Iraq March 9, 2020. REUTERS/Essam Al-Sudani/File PhotoLONDON, April 5 (Reuters) - Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of U.S. crude inventory declines and OPEC's voluntary output cuts announcement. Bullish sentiment continued after voluntary cuts pledged by the Organization of Petroleum Exporting Countries and allies including Russia, a group known as OPEC+. However, weak manufacturing activity in the U.S. and China - the two biggest oil consumers - have capped oil oil price gains. Record Russian diesel flows to the Middle East in March, and the sluggish performance of middle distillates contracts have "acted acted as a brake on any attempt to push crude oil prices meaningfully higher," Varga said.

Companies United States of America FollowApril 5 (Reuters) - Oil prices rose on Wednesday, boosted by expectations of U.S. crude inventory declines as well as the latest output cut targets set by the OPEC+ producer alliance. The rises came as an industry report showed U.S. crude stocks fell by about 4.3 million barrels in the week ended March 31. However, weak manufacturing activity in the U.S. and China - the two biggest oil consumers - have kept oil prices from moving up further, despite the prospect of tighter supply following the OPEC+ cuts. Traders will be looking for cues on broader economic trends from the U.S. non-farm payrolls data due later this week, analysts say. Reporting by Laila Kearney in New York; Editing by Gerry Doyle and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

But manufacturers across the eurozone have reported business activity has been falling for nine months since June 2022 according to purchasing managers’ surveys. U.S. manufacturers have reported business activity has been falling for five months since November 2022 according to the Institute for Supply Management (ISM)’s purchasing survey. But the deficit had narrowed from 63 million barrels (-15% or -2.05 standard deviations) at the end of June 2022, according to data from Euroilstock. U.S. distillate fuel oil inventories were 18 million barrels (-14% or -1.08 standard deviations) below the prior 10-year seasonal average on March 31. In Singapore, distillate inventories have risen in 12 of the 15 most recent weeks by a total of 3 million barrels, according to data from Enterprise Singapore.

Big gas producers including Chesapeake Energy Corp (CHK.O) and Comstock Resources Inc (CRK.N) are reducing their drilling. "About a third of U.S. gas production is associated gas - produced from oil wells," said Jacques Rousseau, a managing director at research firm ClearView Energy Partners LLC. Gas from the Permian also has climbed to record highs every month this year. PRODUCTION REMAINS STICKYU.S. gas production remains on track to hit 100.67 billion cubic feet per day (bcfd) this year, up from last year's record 98.09 bcfd, according to the U.S. government. Despite low gas prices, U.S. drillers have 160 rigs seeking gas up 16% from a year ago, according to data from Baker Hughes Co (BKR.O).

BEIJING, March 31 (Reuters) - Oil prices ticked down in Asian trade on Friday as bullish sentiment about Chinese demand and potential Middle Eastern supply disruptions was tempered by uncertainty over U.S. economic data to be released later in the day. U.S. West Texas Intermediate (WTI) crude fell by 22 cents, or -0.3%, to $74.15, having gained about 8% this week. Markets are now waiting for U.S. spending and inflation data on Friday and the resulting impact on the U.S. dollar. "Disappointing data may cause concerns about Fed policy again and cap the recent gains," she added. The U.S. Energy Information Administration said U.S. crude oil stockpiles fell unexpectedly in the week to March 24 to a two-year low.

BEIJING, March 31 (Reuters) - Oil prices were very slightly down in Asian morning trade on Friday as bullish sentiment about Chinese demand and potential Middle Eastern supply disruptions was tempered by uncertainty over U.S. economic data on Friday. Markets are now waiting for U.S. spending and inflation data on Friday and the resulting impact on the U.S. dollar. Industrial activity in China has become a key determinant of prices in recent weeks after its ending of coronavirus-related restrictions, amid weaker global demand. Oil prices are set to cap a second straight week of gains after the largest bank failure after the 2008 financial crisis spooked traders and roiled markets. The U.S. Energy Information Administration said U.S. crude oil stockpiles fell unexpectedly in the week to March 24 to a two-year low.

SINGAPORE, March 31 (Reuters) - Oil prices climbed in early Asian trade on Friday as sentiment was boosted by an expansion in factory activity in China, the world's second largest crude consumer, and as concerns grew about Middle Eastern supply. U.S. West Texas Intermediate (WTI) crude rose 17 cents, or 0.23%, to $74.54, having gained about 8% this week. China's manufacturing activity rose in March at a slower pace compared with a record breaking expansion in February, but still exceeded expectations by economists in a Reuters poll. Industrial activity in China has become a key determinant of prices in recent weeks following its ending of coronavirus-related restrictions, amid weaker global demand. The U.S. Energy Information Administration said U.S. crude oil stockpiles fell unexpectedly in the week to March 24 to a two-year low.

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.

☆ Oil steadies as U.S. crude draw offset by Russian supplies, stronger dollar
▼ + stars: | 2023-03-30 | by ( Laila Kearney | ) www.reuters.com time to read: +1 min

Companies United States of America FollowMarch 29 (Reuters) - Oil steadied in early Asian trade on Thursday as a surprise draw in U.S. crude oil stockpiles that supported prices was offset by a smaller-than-expected cut to Russian supplies and stronger dollar. West Texas Intermediate U.S. crude fell 6 cents, or 0.1%, to $72.91 a barrel. Helping to support prices, U.S. crude oil stockpiles fell unexpectedly last week as refineries ramped up production after maintenance season and imports fell to a two-year low, the U.S. Energy Information Administration said on Wednesday. Crude inventories (USOILC=ECI) fell by 7.5 million barrels in the week to March 24 to 473.7 million barrels, compared with analysts' expectations in a Reuters poll for a 100,000-barrel rise. Meanwhile, reports about Russian crude production falling by around 300,000 barrels a day in the first three weeks of March, less than the targeted cuts of 500,000 bpd, and strength in the U.S. dollar, erased oil price gains.

☆ Oil gains for 3rd day on Kurdish supply concerns, easing banking fears
▼ + stars: | 2023-03-29 | by ( ) www.cnbc.com time to read: +2 min

Oil wells are seen at an oil facility by the Highway 5 near Bakersfield in California, United States on November 27, 2022. Brent crude futures rose 42 cents, or 0.5%, to $79.07 a barrel at 0046 GMT. A drawdown in U.S. crude oil inventories last week also lent support. U.S. crude oil inventories fell by about 6.1 million barrels in the week ended March 24, according to market sources citing American Petroleum Institute figures on Tuesday. Analysts had expected U.S. crude oil stockpiles to have risen last week, while distillate and gasoline inventories were seen down.

March 28 - Crude prices moved in a narrow range in early Asian trade on Tuesday after rallying in the previous session, with oil markets focused on developments in the banking crisis as well as on supply concerns and indications of strengthening demand. Brent crude futures fell 2 cents to $78.10 a barrel at 0018 GMT. Prices rose in the previous session after Turkey stopped pumping crude from Kurdistan via a pipeline following an arbitration decision that confirmed Baghdad's consent was needed to ship the oil. Oil prices also drew support from indications of strong Chinese demand. U.S. crude oil stockpiles were seen rising about 200,000 barrels last week, a preliminary Reuters poll showed on Monday.

☆ Oil prices soften; banking crisis and Chinese demand in focus
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in early Asian trade on the prospect that a stalled Iran nuclear deal and Moscow's new mobilization campaign would restrict global supplies. Crude prices retreated on Tuesday after rallying the previous session, with markets focused on developments in the banking crisis and indications of strengthening demand in China. Oil prices were also likely to continue drawing support from indications of recovering Chinese demand. "China's manufacturing and services PMIs will be a major economic driver to oil prices as positive data is most likely to further improve the demand outlook," Teng said. U.S. crude oil stockpiles were seen rising about 200,000 barrels last week, a preliminary Reuters poll showed on Monday.

Working stocks in underground storage amounted to 1,900 billion cubic feet on March 17, according to the U.S. Energy Information Administration (EIA), the highest for the time of year since 2020 and before that 2017. Stocks were 242 billion cubic feet (+15% or +0.54 standard deviations) above the prior ten-year seasonal average (“Weekly natural gas storage report”, EIA, March 23). The seasonal storage surplus was a total transformation from a deficit of 263 billion cubic feet (-8% or -0.98 standard deviations) on Jan. 1 and 427 bcf (-13% or -1.52 standard deviations) on Sept. 9. But liquefied natural gas (LNG) exports increased to a record 3,866 billion cubic feet, an even faster increase of 8.6% compared with 2021. Related columns:- U.S. gas prices near record low amid over-production (Feb. 22)- U.S. gas prices slump to maximise power burn (Feb. 10)- U.S. gas prices slump on production surplus (Jan. 12)John Kemp is a Reuters market analyst.

☆ Oil drops as oversupply concerns overshadow demand hopes
▼ + stars: | 2023-03-23 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude futures fell 46 cents, or 0.6%, to $76.23 a barrel by 2:15 p.m. EDT (1815 GMT), while the U.S. West Texas Intermediate crude futures slid by 57 cents, or 0.8%, to $70.33 a barrel. Oil benchmarks were slightly higher before the news on hopes that a lower dollar and higher gasoline prices would spur more demand for the commodity. A weaker greenback makes dollar-denominated oil more attractive to holders of foreign currencies, lifting demand. Higher gasoline demand will encourage refiners to use more crude oil to turn it into the road transportation fuel, Mizuho analyst Robert Yawger said. Also supportive, Goldman Sachs on Thursday said demand from China, the world's biggest oil importer, continued to surge across the commodity complex, with oil demand topping 16 million barrels per day.

☆ Oil crawls up as dollar weakens, gasoline demand surges
▼ + stars: | 2023-03-23 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude futures rose 15 cents, or 0.2%, to $76.84 a barrel by noon EDT (1600 GMT), while the U.S. West Texas Intermediate crude futures were up by 6 cents, or 0.1%, to $70.96 a barrel. A weaker greenback makes dollar-denominated oil more attractive to holders of foreign currencies, lifting demand. Further support for crude oil came from RBOB gasoline futures trading at a 10-day high on Thursday after the U.S. Energy Information Administration said stockpiles of the product fell by the most last week since September 2021. Higher gasoline demand will encourage refiners to use more crude oil to turn it into the road transportation fuel, Mizuho analyst Robert Yawger said. Also supportive, Goldman Sachs said on Thursday that demand from China, the world's biggest oil importer, continued to surge across the commodity complex, with oil demand topping 16 million barrels per day.

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