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☆ US-Bound Ship From Reliance's Sikka Port Hits BPCL Crude Import Facility, Sources Say
▼ + stars: | 2024-03-11 | by ( March | At A.M. | ) www.usnews.com time to read: +1 min

By Nidhi VermaNEW DELHI (Reuters) - Oil tanker Hafnia Seine bound for the United States from Sikka port in Western India hit Bharat Petroleum Corp's (BPCL) crude import facility in an accident late on Sunday, two sources with the knowledge of the matter said on Monday. "It appears to have hit the peripheral structure of the single point mooring (SPM)," one of the sources said, adding that no vessel is scheduled to discharge at its SPM currently. BPCL has a single point mooring at Sikka to import crude for its landlocked Bina refinery in central India. The sources declined to be identified because they were not authorised to speak publicly about the matter. (Reporting by Nidhi Verma; Writing by Mohi Narayan; Editing by Jamie Freed)

Persons: Nidhi Verma, BPCL, RIL, Mohi Narayan, Jamie Freed Organizations: Nidhi Verma NEW DELHI, Bharat Petroleum, Reliance Industries, SPM Locations: United States, Western India, Jamnagar, Gujarat, Bina, India

Russian President Vladimir Putin attends a ceremony to receive diplomatic credentials from newly appointed foreign ambassadors at the Grand Kremlin Palace in Moscow, Russia, December 4, 2023. MOSCOW, Dec 5 (Reuters) - Oil output cuts agreed by the OPEC+ group will take time to kick in, the Kremlin said on Tuesday, as it confirmed that President Vladimir Putin would visit the United Arab Emirates and Saudi Arabia on Wednesday. Putin will also host Iranian President Ebrahim Raisi in Moscow the following day, Kremlin spokesman Dmitry Peskov said. Oil prices fell 2% last week after the OPEC+ announcement, but Brent crude futures were firmer on Tuesday. The visit comes after OPEC+ agreed last Thursday to voluntary supply cuts totalling about 2.2 million barrels a day, included an extension of existing Saudi and Russian voluntary cuts of 1.3 million bpd.

Persons: Vladimir Putin, Pavel Bednyakov, Putin, Ebrahim Raisi, Dmitry Peskov, Brent, Peskov, Iran's Raisi, Dmitry Antonov, Vladimir Soldatkin, Mark Trevelyan, Gareth Jones Organizations: Sputnik, Kremlin, United Arab, Palestinian, Hamas, Thomson Locations: Moscow, Russia, Ukraine, MOSCOW, OPEC, United Arab Emirates, Saudi Arabia, Saudi, United States, Gaza, Israel, Iran

☆ Oil prices set for sixth straight weekly fall as OPEC+ cuts underwhelm
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsDec 1 (Reuters) - Oil prices extended losses on Friday, and looked set for a sixth straight week of declines, as voluntary oil output cuts agreed by OPEC+ producers fell short of market expectations. Saudi Arabia, Russia and other members of OPEC+ agreed to voluntary output reduction of 900,000 bpd in addition to extending 1.3 million bpd in production cuts already in place. Delegates had earlier discussed as much as 2 million bpd in new output curbs. Goldman Sachs said its December forecast for Brent was "moderately tilted" to the downside of its previously estimated range, calling the oil producers' move a "temporary response," and "difficult to implement." Separately, Brazil said on Thursday it would join the OPEC+ next year, though such a move wouldn't bind the south America's largest country to production cuts.

Persons: Tatiana Meel, Brent, Goldman Sachs, Goldman, Laura Sanicola, Stephen Coates, Kim Coghill Organizations: REUTERS, OPEC, Brent, . West Texas, Thomson Locations: Nakhodka, Russia, Saudi Arabia, UAE, Iraq, Kuwait, Kazakhstan, Algeria, Brazil, OPEC

"Investors covered short positions ahead of the OPEC+ meeting amid worries over supply disruption from Kazakhstan," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets, after delaying the meeting from Nov. 26. The talks will be difficult and a rollover of the previous agreement is possible rather than deeper production cuts, four OPEC+ sources said. Kazakhstan's largest oilfields are cutting combined daily oil output by 56% from Nov. 27, the Kazakh energy ministry said. Meanwhile, U.S. crude oil inventories fell by 817,000 barrels last week, according to market sources citing American Petroleum Institute figures.

Persons: Turar, Hiroyuki Kikukawa, Warren Patterson, Ewa Manthey, Brent, Yuka Obayashi, Muyu Xu, Lincoln, Kim Coghill Organizations: REUTERS, Rights, Brent, . West Texas, of, Petroleum, NS, Nissan Securities, ING, Federal Reserve, American Petroleum Institute, Reuters, Weekly U.S, Thomson Locations: Mangystau, Kazakhstan, Rights TOKYO, SINGAPORE, Russia, OPEC, Kazakh

OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. "According to delegates, Saudi Arabia is demanding lower production quotas from the other OPEC+ countries. Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output. A weaker dollar typically bolsters oil demand, making dollar-denominated oil less expensive for buyers using other currencies.

Persons: Andrew Kelly, Waller, Phil Flynn, Commerzbank's Carsten Fritsch, Christopher Waller, Stephanie Kelly, Alex Lawler, Natalie Grover, Kim Coghill, David Goodman, David Gregorio Our Organizations: REUTERS, Brent, . West Texas, Organization of, Petroleum, Price Futures Group, United, Reuters, American Petroleum Institute, The U.S, Federal, Thomson Locations: Manhattan , New York City, U.S, Russia, Chicago, Angola, Nigeria, Saudi Arabia, Kuwait, United Arab Emirates

☆ Oil rises, Brent tops $80 ahead of OPEC+ meeting
▼ + stars: | 2023-11-28 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss production targets for 2024. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output. Four analysts polled by Reuters estimated that the latest round of weekly U.S. supply reports will show crude inventories fell by about 2 million barrels.

Persons: Andrew Kelly, Tamas Varga, Alex Lawler, Sudarshan, Kim Coghill, David Goodman Organizations: REUTERS, of, Petroleum, Brent, . West Texas, Reuters, American Petroleum Institute, Thomson Locations: Manhattan , New York City, U.S, OPEC, Russia, Saudi Arabia

But 18-24 months later, the acute phase of the adjustment is complete, with energy inventories comfortable and prices reverting towards long-term inflation-adjusted averages. Chartbook: Europe's energy supplies and pricesThere will undoubtedly be more shocks in future, but the disruption associated with the end of the pandemic and Russia’s invasion of Ukraine is over. Europe’s residual issue is that it has swapped relatively cheap Russian pipeline gas for relatively expensive LNG, putting its industrial competitiveness at risk, but that is a chronic problem rather than a crisis. OILIn the oil market, U.S. domestic crude and condensates production has continued to increase and surpassed its pre-pandemic peak in August 2023. Related columns:- China braces for record winter electricity demand (November 24, 2023)- Europe’s gas crisis is over, but not the painful adjustment (November 21, 2023)- Oil prices slump as fundamentals reassert themselves (November 9, 2023)- Europe's record gas stocks start to pressure prices (November 7, 2023)John Kemp is a Reuters market analyst.

Persons: John Kemp, Jan Harvey Organizations: U.S, Brent, Thomson, Reuters Locations: Europe, Asia, Ukraine, U.S, Saudi Arabia, Germany, Italy, France, Netherlands, Spain, Belgium, Poland, Northwest Europe, China, Russia, South, East Asia, Brazil

REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - Investors are increasingly pessimistic about the outlook for crude oil prices as doubts grow OPEC+ will cut production enough to offset rising non-OPEC output and a deteriorating economic outlook. But many professional money managers are more optimistic about refined fuel prices, especially U.S. gasoline and diesel, expecting low inventories will ensure prices remain stronger than crude. By contrast, the position in fuels was 114 million barrels (51st percentile), with substantial positions in U.S. gasoline (64 million barrels) and U.S. diesel (33 million barrels). The surplus had swelled from +60 bcf (+2% or +0.23 standard deviations) at the start of October despite very low prices. Related columns:- U.S. crude oil bears risk reversal from crowded trade (November 20, 2023)- U.S. gasoline stocks add to crude oil turbulence (November 17, 2023)- U.S. oil prices slide as stocks accumulate at Cushing (November 16, 2023)- Oil traders turn bearish, daring OPEC⁺ to cut again (November 14, 2023)John Kemp is a Reuters market analyst.

Persons: Leonhard Foeger, Brent, Henry, John Kemp, Mark Potter Organizations: REUTERS, ICE, U.S ., Funds, Henry Hub, Thomson, Reuters Locations: Vienna, Austria, OPEC, NYMEX, Saudi Arabia, Louisiana, Cushing

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent crude futures were down 60 cents, or 0.7%, at $79.98 a barrel. U.S. West Texas Intermediate (WTI) crude futures lost 68 cents, or 0.9%, to $74.86. OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday, an OPEC+ source said on Monday. The Middle East crisis had impacted oil prices as investors worried about impacts on supply.

Persons: Angus Mordant, Rebecca Babin, Goldman Sachs, Arathy Somasekhar, Paul Carsten, Florence Tan, Mohi Narayan, Peter Graff, Mark Potter, Tomasz Janowski, Cynthia Osterman, David Gregorio Our Organizations: REUTERS, HOUSTON, Brent, . West Texas, Organization of, Petroleum, Reuters, Saudi, CIBC Private Wealth, ING, OPEC, United, International Energy Agency, Qatar, Hamas, U.S . Commodity Futures Trading Commission, Thomson Locations: Loving County , Texas, U.S, Saudi, Russia, OPEC, Saudi Arabia, United Arab Emirates, Iraq, Turkey, United States, Gaza, Houston, London

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent crude futures were down 60 cents, or 0.7%, at $79.98 a barrel, while U.S. West Texas Intermediate (WTI) crude futures lost 68 cents, or 0.9%, to $74.86. "We still expect an extension of the unilateral Saudi and Russia cuts through at least the first quarter of 2024," the bank added. Higher crude stockpiles in the United States have also put downward pressure on prices, analysts said. The Middle East crisis had impacted oil prices as investors worried about impacts on supply.

Persons: Angus Mordant, Rebecca Babin, Goldman Sachs, Arathy Somasekhar, Paul Carsten, Florence Tan, Mohi Narayan, Peter Graff, Mark Potter, Tomasz Janowski, Cynthia Osterman Organizations: REUTERS, HOUSTON, Brent, U.S, West Texas, Organization of, Petroleum, Reuters, Saudi, CIBC Private Wealth, ING, OPEC, United, International Energy Agency, Qatar, Hamas, Thomson Locations: Loving County , Texas, U.S, Saudi, Russia, OPEC, Saudi Arabia, United Arab Emirates, Iraq, Turkey, United States, Gaza, Houston, London

☆ Brent slips toward $80/bbl ahead of OPEC+ meeting
▼ + stars: | 2023-11-27 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

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 Photo Acquire Licensing RightsSINGAPORE, Nov 27 (Reuters) - Oil prices slipped on Monday, with Brent falling toward $80 a barrel, as investors awaited the OPEC+ meeting later this week for an agreement to curb supplies into 2024. Since then, the group has moved closer to a compromise, four OPEC+ sources told Reuters on Friday. Ahead of the OPEC+ meeting, estimated exports by OPEC countries have declined to 1.3 million barrels per day below levels in April, Goldman Sachs analysts said in a note, in line with the group's supply targets. The International Energy Agency said it expects a slight surplus in global oil markets in 2024 even if the OPEC+ nations extend their cuts into next year.

Persons: Angus Mordant, Brent, Goldman Sachs, Vivek Dhar, Florence Tan, Sonali Paul Organizations: REUTERS, Rights, Brent, U.S, West Texas, Organization of, Petroleum, Reuters, Friday, ING, OPEC, United, International Energy Agency, Commonwealth Bank, IEA, Thomson Locations: Loving County , Texas, U.S, Rights SINGAPORE, OPEC, Saudi Arabia, Russia, Saudi, United Arab Emirates, Gaza

[1/2] An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Both contracts had their first weekly gain in five weeks as OPEC+ prepares for a meeting that will have output cuts high on the agenda after recent oil price declines on demand concerns and burgeoning supply, particularly from non-OPEC producers. OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, three OPEC+ sources have told Reuters. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. Analysts say oil demand growth could weaken to about 4% in the first half of 2024 as the property sector crunch weighs on diesel use.

Persons: John Kilduff, Tony Sycamore, Brent, Craig Erlam, Tina Teng, Paul Carsten, Natalie Grover, Colleen Howe, David Goodman, Louise Heavens, Marguerita Choy Organizations: REUTERS, U.S, Brent, West Texas, Organization of, Petroleum, Reuters, OANDA, ANZ, Petrobras, Thomson Locations: Zhoushan, Zhejiang province, China, Gaza, OPEC, Wednesday's, WTI, Israel, New York, Russia, U.S, London, Beijing

☆ Oil slips 1% on concerns over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. West Texas Intermediate crude slid 75 cents, or 1%, to $76.35 after dropping as much as 5% in the previous session. In a surprise move on Wednesday, the Organization of the Petroleum Exporting Countries and allies including Russia delayed a ministerial meeting at which they were expected to discuss oil output cuts to Nov. 30. OPEC+ members Angola and Nigeria are aiming for higher oil output, officials told Reuters on Thursday. "However, it may be more difficult to bridge the gap with Angola, which has been a moodier member of the producer group since it joined in 2007."

Persons: Angus Mordant, Helima Croft, Phil Flynn, Nia Williams, Natalie Grover, Arathy, Andrew Hayley, Mark Potter, David Goodman, Alexandra Hudson, Marguerita Choy, Jonathan Oatis Organizations: REUTERS, Brent, . U.S . West Texas, U.S, Organization of, Petroleum, Producers, Reuters, Capital Markets, Price Futures Group, Thomson Locations: Loving County , Texas, U.S, ., Russia, OPEC, Angola, Nigeria, Saudi Arabia, Chicago, British Columbia, London, Houston, Beijing

☆ Oil slips 2% on growing angst over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. West Texas Intermediate crude slid $1.37, also about 1.4%, to $75.73 after dropping as much as 5% in the previous session. In a surprise move on Wednesday, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting at which they were expected to discuss oil output cuts. Angola, Congo and Nigeria are seeking to raise their 2024 supply quotas above the provisional levels agreed at the June meeting of the OPEC+ producer group. The questions over OPEC+ supply come as data showed that U.S. crude stocks jumped by 8.7 million barrels last week, much more than the 1.16 million build analysts had expected.

Persons: Angus Mordant, Helima Croft, Tamas Varga, Natalie Grover, Arathy, Andrew Hayley, Mark Potter, David Goodman, Alexandra Hudson Organizations: REUTERS, Brent, . U.S . West Texas, Organization of, Petroleum, Producers, Capital Markets, Alexandra Hudson Our, Thomson Locations: Loving County , Texas, U.S, ., Russia, OPEC, Angola, Congo, Nigeria, Saudi Arabia, London, Houston, Beijing

☆ Oil slips 1% on growing angst over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. West Texas Intermediate crude slid 86 cents, also about 1.1%, to $76.24 after dropping as much as 5% in the previous session. In a surprise move on Wednesday, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting at which they were expected to discuss oil output cuts. Angola, Congo and Nigeria were seeking to raise their 2024 supply quotas above the provisional levels agreed at the June meeting of the OPEC+ producer group, analysts said. The questions over OPEC+ supply come as data showed that U.S. crude stocks jumped by 8.7 million barrels last week, much more than the 1.16 million build analysts had expected.

Persons: Angus Mordant, Helima Croft, Tamas Varga, Natalie Grover, Arathy, Andrew Hayley, Mark Potter, David Goodman Organizations: REUTERS, Brent, . U.S . West Texas, Organization of, Petroleum, Producers, Capital Markets, Thomson Locations: Loving County , Texas, U.S, ., Russia, OPEC, Angola, Congo, Nigeria, Niger, Saudi Arabia, London, Houston, Beijing

☆ Oil down more than 1% as uncertainty swirls over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. In a surprise move, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting where they were expected to discuss oil output cuts. Producers were struggling to agree on output levels and hence possible reductions ahead of the meeting originally set for Nov. 26, OPEC+ sources said. Analysts said that Angola, Congo and Nigeria were seeking to raise their 2024 supply quotas above the provisional levels agreed at the OPEC+ June meeting. U.S. oil rigs remained unchanged at 500 in the week to Nov. 22, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Wednesday.

Persons: Angus Mordant, Baker Hughes, Brent, Helima Croft, RBC's Croft, Arathy Somasekhar, Andrew Hayley, Sonali Paul, Muralikumar Organizations: REUTERS, OPEC, . U.S . West Texas, Trade, Organization of, Petroleum, Producers, RBC Capital Markets, ING Bank, U.S . Coast Guard, Thomson Locations: Loving County , Texas, U.S, ., United States, Russia, OPEC, Angola, Congo, Nigeria, Niger, Saudi Arabia, Gulf of Mexico, Houston, Beijing

☆ Oil edges lower in choppy trade as OPEC+ delays meeting
▼ + stars: | 2023-11-22 | by ( Nicole Jao | ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. The delay stoked concerns that more production could come online from oil producers in the coming months, said Dennis Kissler, senior vice president of trading at BOK Financial. A rise in inventories also pressured prices lower on Wednesday morning, he said. U.S. crude oil inventories rose by 8.7 million barrels last week on higher imports, the Energy Information Administration (EIA) said. To support prices, OPEC and its allies will need to not only extend, but increase cuts, said John Evans of oil broker PVM in a note.

Persons: Angus Mordant, Dennis Kissler, John Evans, Nicole Jao, Paul Carsten, Ahmad Ghaddar, Laura Sanicola, Colleen Howe, Jason Neely, Marguerita Choy, David Gregorio, Deepa Babington Organizations: REUTERS, . West Texas, U.S, Organization of, Petroleum, BOK, Energy Information Administration, U.S ., greenback, Reuters, International Energy, Thomson Locations: Loving County , Texas, U.S, Brent, OPEC, Saudi Arabia, Russia

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 Photo Acquire Licensing RightsSummaryCompanies OPEC+ meeting delayed to Nov. 30Brent falls below $80Eyes on whether OPEC+ cuts will be rolled over or deepenedLONDON, Nov 22 (Reuters) - Oil prices tanked 4% on Wednesday as OPEC+ producers unexpectedly delayed a meeting on output planned for Sunday, raising questions about the future course of crude production cuts. OPEC+ delayed its ministerial meeting to Nov. 30 from Nov. 26 as previously scheduled, OPEC said in a statement, a surprise development that gave no reason for the postponement. Earlier on Wednesday, Bloomberg News reported that the OPEC+ meeting could be delayed for an unspecified period of time after Saudi Arabia expressed its dissatisfaction with other members about their output numbers. Analysts had predicted before the delay that OPEC+ was likely to extend or even deepen oil supply cuts into next year.

Persons: Angus Mordant, Brent, Rong Yeap, John Evans, Paul Carsten, Ahmad Ghaddar, Laura Sanicola, Colleen Howe, Jason Neely Organizations: REUTERS, Brent, . West Texas, OPEC, Wednesday, Bloomberg News, Reuters, Organization of, Petroleum, IG, International Energy, Thomson Locations: Loving County , Texas, U.S, Saudi Arabia, Russia, OPEC, London

☆ Oil retreats on caution ahead of OPEC+ meeting
▼ + stars: | 2023-11-21 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Brent crude futures fell 51 cents, or 0.6%, to $81.81 a barrel by 0746 GMT, while U.S. West Texas Intermediate crude futures were at $77.32 a barrel, down 51 cents, or 0.7%. Both contracts climbed about 2% on Monday after three OPEC+ sources told Reuters that the group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, was set to consider whether to make additional oil supply cuts when it meets on Nov. 26. "Market participants have started to price in an extension of the current quantum oil supply cut into 2024 or even deeper cuts in the upcoming OPEC+ meeting," he added. OPEC+ is likely to extend or even deepen oil supply cuts into next year, eight analysts have predicted. Weekly stockpile reports from the American Petroleum Institute and the Energy Information Administration are due later on Tuesday and Wednesday, respectively.

Persons: Kelvin Wong, Helima Croft, Florence Tan, Yuka Obayashi, Sonali Paul, Jacqueline Wong Organizations: cnsphoto, REUTERS, Walmart Inc, SINGAPORE, Brent, U.S, West Texas, Reuters, Organization of, Petroleum, RBC Capital, Traders, Walmart, American Petroleum Institute, Energy Information Administration, Thomson Locations: Zhoushan, Zhejiang province, China, Singapore, OPEC, Saudi Arabia, U.S, Tokyo

"Going forward, the market will focus on U.S. and Chinese economic indicators and U.S. crude oil inventory levels to assess global demand trend," Ueno said, adding that investors will also consider a weakening U.S. dollar, which will provide support for oil prices. The oil market has dropped almost 20% since late September as crude output in the U.S., the world's top producer, held at record highs, while the market was concerned about demand growth, especially from China, the No. U.S. crude and gasoline stockpiles likely rose last week, while distillates inventories were seen dropping, a preliminary Reuters poll showed on Monday. A weekly report from the American Petroleum Institute is due later on Tuesday, and from the Energy Information Administration is due on Wednesday. On the supply side, the OPEC+ are likely to extend or even deepen oil supply cuts into next year, eight analysts have predicted.

Persons: Brent, Tsuyoshi Ueno, Ueno, Goldman Sachs, Yuka Obayashi, Stephen Coates Organizations: cnsphoto, REUTERS, Walmart Inc, OPEC, West Texas, Reuters, Organization of, Petroleum, NLI Research, Traders, Walmart, American Petroleum Institute, Energy, Administration, Thomson Locations: Zhoushan, Zhejiang province, China, Russia, U.S, OPEC, timespreads

Oil prices have dropped by almost 20% since late September while prompt inter-month spreads for Brent and WTI slipped into contango last week. "In light of last week's obliteration of oil bulls, some kind of response was forthcoming from the (OPEC) producer group," said Tamas Varga of oil broker PVM. Investors are also keeping an eye on Russian crude oil trade after Washington imposed sanctions on three ships that have sent Sokol crude to India. U.S. energy companies last week added oil and gas rigs for the first time in three weeks, energy services business Baker Hughes said on Friday. The oil and gas rig count serves as an early indicator of future output.

Persons: Leonhard Foeger, Brent, WTI, Tamas Varga, Sokol, Baker Hughes, Paul Carsten, Florence Tan, Emily Chow, David Goodman Organizations: REUTERS, . West Texas, Reuters, of, Petroleum, Moscow, IIR Energy, Thomson Locations: Vienna, Austria, Israel, Russia, Brent, Washington, India, U.S, East, Gaza, London

☆ Oil extends gains on expectations of further OPEC+ supply cuts
▼ + stars: | 2023-11-20 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

SummaryCompanies Brent, WTI prices rise nearly 1%OPEC+ set to consider whether to make more supply cuts -sourcesUS adds oil, gas rigs, first time in three weeks -Baker HughesSINGAPORE, Nov 20 (Reuters) - Oil futures edged higher on Monday, extending gains on expectations of OPEC+ deepening supply cuts to shore up prices, which have fallen for four weeks on easing concern of Middle East supply disruption amid the Israel-Hamas conflict. Both contracts settled 4% higher on Friday after three OPEC+ sources told Reuters that the producer group, made up of the Organization of the Petroleum Exporting Countries and their allies including Russia, is set to consider whether to make additional oil supply cuts when it meets on Nov. 26. Oil prices have dropped by almost 20% since late September while prompt inter-month spreads for Brent and WTI slipped into contango last week. In a contango market, prompt prices are lower than those in future months, signalling sufficient supply. Investors are also eyeing disruption in Russian crude oil trade after Washington imposed sanctions on three ships that have sent Sokol crude to India.

Persons: Brent, Baker Hughes, WTI, OPEC's, Jorge Leon, Leon, Tony Sycamore, Biden, Sycamore, Sokol, Florence Tan, Emily Chow, Christopher Cushing Organizations: West Texas, Reuters, Organization of, Petroleum, Rystad Energy, Monetary, . Strategic Petroleum Reserve, Thomson Locations: Baker Hughes SINGAPORE, East, Israel, Russia, Brent, Saudi Arabia, Saudi, OPEC, Washington, India, Moscow, U.S, Gaza

Chartbook: Oil and gas positionsAs in previous weeks, sales in the most recent week were led by crude (-16 million barrels), especially NYMEX and ICE WTI (-11 million), with some extra sales in Brent (-5 million). Funds held a larger position of 171 million barrels in Brent, but that was in only the 28th percentile, still significantly bearish. Funds purchased 9 million barrels over the seven days ending on Nov. 14 and had purchased a total of 25 million barrels since Oct. 17. The net position had doubled to 51 million barrels (46th percentile) on Nov. 14 up from 26 million barrels (19th percentile) four weeks earlier. Related columns:- U.S. gasoline stocks add to crude oil turbulence (November 17, 2023)- U.S. oil prices slide as stocks accumulate at Cushing (November 16, 2023)- Oil traders turn bearish, daring OPEC⁺ to cut again (November 14, 2023)- Oil prices slump as fundamentals reassert themselves (November 9, 2023)John Kemp is a Reuters market analyst.

Persons: John Kemp, Barbara Lewis Organizations: ICE, Funds, ICE WTI, Fund, Thomson, Reuters Locations: Brent, NYMEX, Saudi Arabia, Russia, bearishness, United States, Cushing

Gasoline prices are displayed at an Exxon gas station behind American flag in Edgewater, New Jersey, U.S., June 14, 2022. By September and October, gasoline stocks were increasing rather than falling as is normal at this point in the year. Gasoline margins fell by three-fourths to an average of less than $10 per barrel in October, among the lowest for a decade. In the meantime, the lower intake added to crude inventories and accelerated the pullback in crude prices and calendar spreads. Related columns:- U.S. oil prices slide as stocks accumulate at Cushing (November 16, 2023)- Oil traders turn bearish, daring OPEC⁺ to cut again (November 14, 2023)- Oil prices slump as fundamentals reassert themselves (November 9, 2023)John Kemp is a Reuters market analyst.

Persons: Mike Segar, Cushing, John Kemp, David Evans Organizations: Exxon, REUTERS, U.S . Commodity Futures Trading Commission, Thomson, Reuters Locations: Edgewater , New Jersey, U.S, Cushing

Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. The front month's discount to the second month traded at minus 15 cents on Wednesday, the widest discount since July. U.S. crude stocks rose by 3.6 million barrels last week to 421.9 million barrels, according to the U.S. Energy Information Administration (EIA), far exceeding analysts' expectations in a Reuters poll for a 1.8 million-barrel rise. U.S. crude production held steady at a record 13.2 million barrels per day (bpd). Meanwhile in Asia, China's oil refinery throughput eased in October from the previous month's highs as industrial fuel demand weakened and refining margins narrowed.

Persons: magnifier, Dado Ruvic, Brent, Stephanie Kelly, Jacqueline Wong Organizations: REUTERS, . West Texas, U.S . Energy Information Administration, Thomson Locations: China, United States, Asia, U.S

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