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☆ How Trump policies may boost and burden energy stocks and crude oil, all at the same time
▼ + stars: | 2024-11-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

While oil stocks tend to follow the direction of crude prices, the energy sector has gained 3.6% since election day, slightly outpacing the S & P 500. Conflicting signals The crude futures market and the oil and gas stocks appear to be taking different messages from Trump's victory. Since the election, natural gas stocks have been big winners on the prospect of more pipeline permitting. The oilfield services companies are also major beneficiaries under a Trump administration, West said. Oil surplus headwind More ominously, an oil and gas production boom under Trump would lower crude oil prices and likely act as a headwind for the industry.

Persons: Donald Trump's, Brent, Andrew Dittmar, Trump, Dittmar, Biden, James West, EQT, Kinder Morgan, West, Baker Hughes, Halliburton, Lee Zeldin, Zeldin, Russia —, Morgan Stanley, Wells, Roger Read, Darren Woods, I'm, Woods, CNBC's Organizations: West Texas Intermediate, Enverus Energy Intelligence, Republican, White, American Petroleum Institute, Oil, Gas, ETF, Interior Department . Offshore drillers, Noble Corporation, Evercore ISI, Pipeline, Williams Companies, Cheniere Energy, Industries, Trump, SLB, New, New York GOP, Environmental Protection Agency, Fox News, Biden, EPA, " Companies, Investors, Department of Energy, CNBC, Exxon Mobil, Exxon, Chevron, White House, Capitol, ISI Locations: China, Gulf of Mexico, Tidewater, Transocean, Gulf, Trump, New York, U.S, Saudi Arabia, Russia, Wells Fargo

☆ Oil prices steady on shrinking U.S. crude inventories
▼ + stars: | 2024-10-30 | by ( ) www.cnbc.com time to read: +1 min

Oil prices stabilized on Wednesday on industry data showing a surprise drop in U.S. crude and gasoline inventories, following two previous sessions of losses on the prospect of hostilities easing in the Middle East. U.S. crude oil and fuel stocks fell last week, market sources said on Tuesday, citing American Petroleum Institute figures. Crude stocks dipped by 573,000 barrels in the week ended Oct. 25, the sources said on condition of anonymity. Gasoline inventories lost 282,000 barrels, and distillate stocks fell by 1.46 million barrels, the sources said. On Monday, prices lost about 6% after Israel's retaliatory strike on Iran over the weekend missed Tehran's oil infrastructure.

Persons: Benjamin Netanyahu Organizations: Brent, . West Texas, American Petroleum Institute, Reuters, U.S, Israeli Locations: Midland , Texas, Lebanon, Iran

☆ Oil inches up after surprise drop in U.S. crude stockpiles
▼ + stars: | 2024-10-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose in early Asian trade on Thursday, paring sharp losses over the past two sessions, after industry data showed an unexpected drop in U.S. crude stockpiles last week. It's coming, we know that but we don't know when," Sycamore said, adding that both factors bring upside risks for crude oil. In the U.S., crude oil and fuel stocks fell last week, market sources said, citing American Petroleum Institute figures on Wednesday, against expectations of a build-up in crude stockpiles. Crude stocks fell by 1.58 million barrels in the week ended Oct. 11, the sources said on condition of anonymity. Gasoline inventories fell by 5.93 million barrels, and distillate stocks fell by 2.67 million barrels, they said.

Persons: Tony Sycamore, Sycamore Organizations: Brent, U.S, West Texas, Organization of, Petroleum, International Energy Agency, China NPC, IG, Investors, American Petroleum Institute, Reuters, Energy Information Administration, U.S . Department of Energy, European Central Bank Locations: Almetyevsk, Tatarstan, Russia, Israel, Iran, China, Sydney, Beijing, U.S

☆ Oil prices rise on Israel-Iran conflict fears and U.S. storm
▼ + stars: | 2024-10-10 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose in early Asian trade on Thursday on concerns about potential supply disruptions in the Middle East, with Israel planning to strike oil-producer Iran, and on spikes in fuel demand as a major storm barreled into Florida. The world's largest oil producer and consumer has been hit by a second major storm, Hurricane Milton, which made landfall on Florida's west coast, spawning tornadoes and threatening surges of seawater. The storm has already driven up demand for gasoline in the state, with about a quarter of fuel stations selling out of supplies, which has helped support crude prices. Further underpinning prices, investors remained wary of a potential escalation in tensions between Israel and Iran, with Israeli Defense Minister Yoav Gallant promising an Israeli strike against Iran would be "lethal, precise and surprising". Even with threats to the oil-producing Middle Eastern region top of mind, weak demand continues to underpin the fundamental outlook.

Persons: Iran, Hurricane Milton, Yoav Gallant, Joe Biden, Benjamin Netanyahu, Israel's Organizations: Brent, U.S . West Texas, Israeli, U.S . Energy, Administration, Reuters, American Petroleum Institute Locations: Israel, Florida, U.S, Hurricane, Florida's, Iran, China, North America

☆ Oil prices steady after sliding on potential Israel-Hezbollah ceasefire
▼ + stars: | 2024-10-09 | by ( ) www.cnbc.com time to read: +2 min

Oil prices steadied in Asian trading on Wednesday, as traders weighed uncertainty surrounding developments in the Middle East conflict against continued bearish fundamentals. Brent crude futures rose 11 cents, or 0.14%, to $77.29 a barrel by 02:23 GMT. Prices had plunged more than 4% in the previous session on a possible Hezbollah-Israel ceasefire, but markets remain wary of a potential Israeli attack on Iran's oil infrastructure. Hezbollah officials on Tuesday appeared to back off from a truce in Gaza as a condition for a ceasefire in Lebanon. The U.S. EIA on Tuesday downgraded its 2024 forecast for global oil demand growth by 20,000 barrels per day (bpd), to 103.1 million bpd, because of weaker industrial production and manufacturing growth in the U.S. and China.

Persons: Hezbollah's, Naim Qassem, Hurricane Milton, Tony Sycamore Organizations: Brent, . West Texas, Macquarie, Reuters, American Petroleum Institute, U.S, EIA, IG . Florida Locations: Israel, Iran, Gaza, Lebanon, U.S, China, Hurricane, Coast, Tampa

☆ Oil edges lower after rallying to highest in over a month on Middle East war risk
▼ + stars: | 2024-10-08 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack (L) operates as another (R) stands idle in the Inglewood Oil Field on January 28, 2022 in Los Angeles, California. Oil prices edged lower in early Asian trading hours on Tuesday as traders booked profits after prices rallied to their highest in over a month on Monday amid fears that the Middle East could be on the brink of a region-wide war. Israel has sworn to retaliate and is weighing its options, with Iran's oil facilities considered a possible target. However, some analysts believe that an attack on Iranian oil infrastructure is unlikely and have warned that oil prices could face considerable downward pressure if Israel focuses on any other target. U.S. crude oil inventories are expected to rise by 1.9 million barrels in the week ended Oct. 4, according to a preliminary Reuters poll.

Persons: Israel, Hurricane Milton Organizations: Inglewood Oil Field, . West Texas, Organization of Petroleum, ANZ Bank, American Petroleum Institute, Energy, Administration Locations: Inglewood, Los Angeles , California, Middle, Iran, Haifa, Israel, Lebanon, Gaza, Hurricane, Florida, U.S . Gulf of Mexico, .

☆ Oil prices rise on escalating attacks in the Middle East
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: +2 min

Storage tanks and oil processing facilities operate at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Oct. 1, 2018. Oil prices rose on Wednesday on fears conflict in the Middle East could turn into a wider war and disrupt oil supply from the key producing region after Iran fired ballistic missiles at Israel. Iran's oil output rose to a six-year high of 3.7 million barrels per day in August, ANZ added. "Iran accounts for about 4% of global oil output, but an important consideration will be whether Saudi Arabia increases production if Iranian supplies were disrupted." "Any suggestion that production hikes will proceed could offset concerns of supply disruptions in the Middle East," ANZ's note said.

Persons: Brent, Israel, Benjamin Netanyahu, Joe Biden Organizations: U.S, West Texas, Organization of, Petroleum, ANZ Research, ANZ, Israel, . Security, American Petroleum Institute Locations: Saudi, Ras Tanura, Saudi Arabia, Iran, Israel, Lebanon, Tehran, OPEC, Russia, U.S

☆ Oil prices steady as China stimulus hopes fade, U.S. crude stockpiles fall
▼ + stars: | 2024-09-25 | by ( ) www.cnbc.com time to read: +2 min

General view of the Towers and oil platforms of the State oil Company of Venezuela, Venezuelan oil Company SA. Oil prices steadied on Wednesday after rising in the previous session on fading excitement for the economic stimulus in China, the world's biggest crude importer, though an industry report showing falling U.S. crude and fuel inventories supported the market. Analysts, however, warned that more fiscal help was needed to boost confidence in the world's second-largest economy, which reduced the initial impact on oil prices from the announcement. Still, declining U.S. crude oil and fuel stockpiles provided some support for the market, which has generally risen since prices fell to their lowest since 2021 on Sept. 10. U.S. oil stockpiles dropped by 4.34 million barrels last week while gasoline inventories fell by 3.44 million barrels and distillate stocks fell by 1.12 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Ibrahim Qubaisi, Israel, Qubaisi Organizations: State, Company, Venezuelan, Company SA, Brent, . West Texas, China, American Petroleum Institute, Hezbollah, Wednesday, Israel, Gulf Locations: Venezuela, China, U.S, East, Iran, Lebanon, Israel, Florida, Texas , Louisiana, Mississippi

☆ Oil prices steady, with investors focusing on Fed decision
▼ + stars: | 2024-09-18 | by ( ) www.cnbc.com time to read: +2 min

Oil prices steadied on Wednesday, after rising in the previous two sessions, as investors await the U.S. Federal Reserve's anticipated interest rate cut, with the potential for more violence in the Middle East supporting the market. "Markets have calmed down as concerns over hurricane damage and escalating tensions in the Middle East have been factored in," said Mitsuru Muraishi, an analyst at Fujitomi Securities. "Now, investors are focusing on the Fed's rate cuts which could revitalize U.S. fuel demand and weaken the dollar," he said, predicting that oil prices are likely to maintain a bullish tone after Brent hit its lowest since 2021 last week. Traders kept bets the Fed will start an expected series of interest rate cuts with a half-percentage-point move downward on Wednesday, an expectation that may itself put pressure on central bankers to deliver just that. Oil stockpiles rose by 1.96 million barrels in the week ended Sept. 13, according to market sources citing the API figures, but gasoline and distillate stocks both rose by about 2.3 million barrels.

Persons: Hurricane Francine, Mitsuru Muraishi, Brent, Biden Organizations: U.S, U.S . Federal, Brent, Fujitomi Securities, Traders, Strategic Petroleum Reserve, American Petroleum Institute, Reuters, U.S . Energy Locations: U.S ., U.S, Israel, Lebanon, Beirut

☆ Oil strengthens as fall estimated in U.S. crude inventories
▼ + stars: | 2024-08-14 | by ( ) www.cnbc.com time to read: +2 min

Oil prices climbed on Wednesday on estimates about shrinking U.S. crude and gasoline inventories as the market watched for a possible widening of the Middle Eastern war, which could curtail global oil supplies. U.S. crude oil and gasoline inventories were expected to have fallen last week, while distillate stocks rose, according to market sources, citing American Petroleum Institute data on Tuesday. Gasoline inventories eased by 3.69 million barrels, and distillates rose by 612,000 barrels. A broadening conflict in the region could affect crude supplies from Iran and neighboring producer countries, analysts said, tightening inventories and supporting prices. Keeping oil prices from moving even higher, the International Energy Agency (IEA), meanwhile, kept its 2024 global oil demand growth forecast unchanged on Tuesday but trimmed its 2025 estimate, citing the impact of a weakened Chinese economy on consumption.

Organizations: Brent, . West Texas, American Petroleum Institute, Energy, Administration, U.S . Navy, International Energy Agency Locations: Stanton , Texas, U.S, Iran, Tehran, Israel

☆ Oil prices near multimonth lows, edge higher on Middle East tensions
▼ + stars: | 2024-08-07 | by ( ) www.cnbc.com time to read: +2 min

Oil prices crept higher on Wednesday, though Brent still languished near seven-month lows, pressured by concerns over weak demand and fears of recession in the United States. The threat of conflict escalating in the Middle East and endangering oil production has supported prices since Tuesday. Brent crude futures were up 45 cents, or 0.6%, to $76.93 a barrel at 0823 GMT. U.S. crude oil, gasoline and distillate inventories rose last week, according to market sources citing American Petroleum Institute figures on Tuesday. But both oil benchmarks broke a three-session declining streak on Tuesday, as tensions in the Middle East stoked supply concerns.

Persons: Brent, Tamas Varga, Antony Blinken, Daniel Hynes Organizations: Brent, . West Texas, PVM, American Petroleum Institute, U.S . Energy, Administration, ANZ Locations: United States, U.S, Iran, Gaza

☆ U.S. crude oil rebounds more than 1% after sell-off
▼ + stars: | 2024-07-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

An oil pump jack is shown in a field in Stanton, Texas, on June 27, 2024. U.S. crude oil futures rebounded more than 1% Wednesday, breaking a three-day losing streak as an industry report pointed to falling U.S. crude inventories and as wildfires in Canada raise the risk of supply disruptions. The American Petroleum Institute reported that U.S. crude oil stocks fell by 3.86 million barrels for the week ended July 19, according to reports. It is the fourth consecutive week of inventory declines. U.S. crude oil fell nearly 2% on Tuesday, the third consecutive day of losses, amid renewed hopes that Gaza cease-fire negotiations could de-escalate Middle East tensions, and as gasoline demand in the U.S. has largely disappointed so far this summer.

Persons: Goldman Sachs Organizations: American Petroleum Institute, Department, Energy Locations: Stanton , Texas, Canada, Alberta, Gaza, U.S

☆ Oil prices rise as U.S. crude and fuel inventories seen shrinking
▼ + stars: | 2024-07-24 | by ( ) www.cnbc.com time to read: +1 min

Falling U.S. crude inventories caused oil prices to rebound on Wednesday after several days of decline, while expectations for a nearing ceasefire deal in the Middle East kept prices from continuing to climb. U.S. crude oil, gasoline and distillate inventories fell last week, according to market sources citing the American Petroleum Institute, a trade organization. Gasoline inventories fell by 2.8 million barrels and distillates shed 1.5 million barrels. That would be the first time crude stocks in the United States fell for four weeks in a row since September 2023. Prices also suffered on continued concern that economic softening in China, which is the world's biggest crude importer, would weaken global oil demand.

Persons: pumpjack, WTI, Brent, Joe Biden Organizations: Brent, . West Texas, American Petroleum Institute, Hamas, U.S Locations: Bakersfield, Kern County , California, USA, United States, Israel, Egypt, Qatar, China

☆ Oil prices rise on bigger-than-expected drop in U.S. crude stocks
▼ + stars: | 2024-07-18 | by ( ) www.cnbc.com time to read: +1 min

Oil prices ticked higher on Thursday, buoyed by a bigger-than-expected weekly decline in U.S. crude stocks. Brent futures rose 13 cents, or 0.2%, to $85.21 a barrel by 0023 GMT, while U.S. West Texas Intermediate crude rose 31 cents, or 0.4%, to $83.16. Lower interest rates often spark buying and boost oil demand. The European Central Bank, meanwhile, is all but certain to keep interest rates unchanged on Thursday, but signaled that its next move is likely to be a cut. A weaker dollar can boost demand for oil by making greenback-denominated commodities like oil cheaper for holders of other currencies.

Persons: Brent Organizations: U.S, West Texas, U.S . Energy, Administration, American Petroleum Institute, Federal, European Central Bank Locations: Brent, United States, Europe, China

☆ WTI gains more than 2% on big U.S. storage withdrawal, weaker dollar
▼ + stars: | 2024-07-17 | by ( ) www.cnbc.com time to read: +2 min

West Texas oil prices climbed about 2.4% on Wednesday on a bigger-than-expected weekly drop in U.S. crude stockpiles and as a weaker U.S. dollar overshadowed signs of slower economic growth in China. On Tuesday, Brent closed at its lowest since June 14 and WTI at its lowest since June 21. A weaker U.S. dollar also helped support oil prices after it fell to a 17-week low against a basket of other major currencies. A weaker dollar can boost demand for oil by making greenback-denominated commodities like oil cheaper for holders of other currencies. Also supporting crude prices was rising geopolitical risk, said George Khoury, global head of education and research at CFI, adding that tensions in the Middle East and Europe could continue to fuel risks.

Persons: Brent, WTI, George Khoury, Rystad, Svetlana Tretyakova Organizations: Huntington Beach , California ., U.S, West Texas, Energy Information Administration, American Petroleum Institute, CFI Locations: Huntington Beach , California, Huntington Beach , California . West Texas, China, Brent, United States, East, Europe, Liberia, Red Sea, Iran, Yemen, Beijing

☆ Oil rebounds as U.S. stockpiles drop, interest rate cut outlook brightens
▼ + stars: | 2024-07-10 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rebounded on Wednesday following three days of declines after an industry report showed U.S. crude and fuel stockpiles fell last week, indicating steady demand, and the outlook for interest rate cuts improved. U.S. West Texas Intermediate (WTI) crude rose 26 cents to $81.67 a barrel, after falling 1.1% in the previous session. Following Powell's comments investors continued to put a nearly 70% probability on a Fed rate cut in September. The outlook for higher oil prices was also supported by a U.S. Energy Information Administration (EIA) report on Tuesday showing global oil demand will outpace supply next year, reversing a prior forecast for a surplus. In Texas, oil and gas companies restarted some operations on Tuesday after Hurricane Beryl lashed the state, while some facilities sustained damage and power had not been fully restored.

Persons: WTI, Hurricane Beryl, Brent, Jerome Powell, Beryl Organizations: Brent, . West Texas, American Petroleum Institute, U.S . Federal, ANZ, U.S . Energy Information Administration Locations: Maricopa, Kern County , California, Texas, Hurricane, U.S

☆ Oil edges lower after industry group reports jump in U.S. stockpiles
▼ + stars: | 2024-06-26 | by ( ) www.cnbc.com time to read: +1 min

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. Oil prices fell in early Asian trade on Wednesday after an industry group reported a surprise jump in U.S. stockpiles, fueling concerns about weaker-than-expected demand in the top oil consuming nation. Brent crude oil futures fell 19 cents, or 0.2%, to $84.82 a barrel by 0023 GMT. The American Petroleum Institute reported U.S. crude oil stocks rose by 914,000 barrels in the week ended June 21, according to market sources briefed on the data. API reported a 3.84 million barrel jump in U.S. gasoline stocks last week, the sources said, compared with analysts' expectation of a 1 million barrel decline.

Persons: Brent Organizations: . West Texas, American Petroleum Institute, Reuters, U.S, Federal Reserve, ANZ Bank Locations: Cushing , Oklahoma

☆ Brent rises on Middle East war, while WTI dips ahead of inventories report
▼ + stars: | 2024-06-20 | by ( ) www.cnbc.com time to read: +1 min

Brent crude futures edged up in early trade on Thursday as Israeli tanks advanced into Gaza, while U.S. crude futures dipped on the prospect of swelling oil inventories. Brent crude futures for August delivery rose 8 cents to $85.15 a barrel by 0008 GMT. WTI crude, meanwhile, slipped ahead of the U.S. government's oil inventories report, which was delayed by a day due to the national holiday. The Energy Information Administration is due to release last week's oil stocks data at 11 a.m. EDT (1500 GMT) on Thursday. An industry report release on Tuesday showed U.S. crude stocks rose by 2.264 million barrels in the week ended June 14, market sources said, citing American Petroleum Institute figures, while gasoline inventories fell.

Organizations: del, del Peru SA Talara, Brent, . West Texas, U.S, Energy Information Administration, American Petroleum Institute Locations: del Peru, Piura, Peru, Gaza, Rafah

☆ Oil steady amid US stock build but jitters abound
▼ + stars: | 2024-06-19 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Wednesday, staying close to their highest levels in seven weeks as the market weighed concerns over escalating conflicts against demand worries following an unexpected rise in U.S. crude inventories. U.S. West Texas Intermediate crude was down 20 cents to $81.37 per barrel. U.S. crude stocks rose by 2.264 million barrels in the week ended June 14, market sources said on Tuesday, citing American Petroleum Institute figures. However, gasoline inventories fell by 1.077 million barrels, while distillates rose by 538,000 barrels, the sources said, speaking on condition of anonymity. China data this week showed May industrial output lagged expectations, but retail sales, a gauge of consumption, marked their quickest growth since February.

Persons: Ricardo Evangelista, Israel Katz, Jun Rong Organizations: Brent, . West Texas, American Petroleum Institute, Reuters, U.S . Energy, Administration, Hezbollah, U.S, IG Locations: Ukrainian, Russian, East, Israel, Iran, China, Singapore

☆ Oil prices edge up on optimistic demand outlook
▼ + stars: | 2024-06-12 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked higher on Wednesday on upbeat global demand views from the U.S. Energy Information Administration and OPEC. Oil prices ticked higher on Wednesday on upbeat global demand views from the U.S. Energy Information Administration and OPEC. U.S. crude oil stocks fell by 2.428 million barrels in the week ended June 7, according to market sources citing American Petroleum Institute figures. Inventories were expected to have fallen by slightly over one million barrels last week, a preliminary Reuters poll showed. Data from the EIA, the U.S. government's statistics arm, is expected later on Wednesday.

Organizations: U.S . Energy Information Administration, OPEC, Brent, U.S, West Texas, EIA, of, Petroleum, ANZ, American Petroleum Institute, Investors, Consumer, Federal Locations: China, U.S, Friday's

☆ Oil prices extend rally on potential U.S. crude purchase for reserve
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: +2 min

An offshore oil platform is seen at sunset on February 9, 2024 near Huntington Beach, California. Oil prices rose on Tuesday, extending the previous day's rally on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, though gains were capped by a firmer dollar. Brent crude futures climbed 28 cents, or 0.3%, to $81.91 per barrel by 0038 GMT and U.S. West Texas Intermediate crude futures rose 31 cents, or 0.4%, to $78.05. "Since WTI is near its 200-day average, we expect oil prices to remain close to current levels for a while," he said. U.S. crude oil stockpiles were expected to have fallen while product inventories likely rose last week, a preliminary Reuters poll showed on Monday.

Persons: WTI, Hiroyuki Kikukawa, Jennifer Granholm, Goldman Sachs, Brent Organizations: Brent, . West Texas, . Federal Reserve, NS, Nissan Securities, Strategic Petroleum Reserve, Energy, Reuters, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, U.S . Energy Information Administration, International Energy Agency Locations: Huntington Beach , California, U.S, .

☆ Oil slips for sixth consecutive day on big builds in U.S. oil, fuel stocks
▼ + stars: | 2024-06-05 | by ( ) www.cnbc.com time to read: +1 min

U.S. crude oil, gasoline and distillate stocks rose last week, according to sources citing American Petroleum Institute figures. API figures showed crude stocks rose by more than 4 million barrels in the week ended May 31, against analysts' forecasts for a 2.3 million-barrel decline in a Reuters poll. Gasoline stocks also rose more than 4 million barrels, which was a much bigger build than the 2 million-barrel increase analysts had expected. Rising U.S. stocks could weigh heavily on investor sentiment around oil demand. Data for last week reflects fuel usage around the Memorial Day holiday, closely watched as it marks the start of U.S. driving season.

Persons: Tim Evans Organizations: Brent, . West Texas, American Petroleum Institute, U.S . Energy, Administration Locations: OPEC, U.S

☆ Oil prices down on demand woes as markets await U.S. crude stockpiles data
▼ + stars: | 2024-05-30 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were down on Thursday as the markets wait on the latest U.S. crude oil stockpiles data while resilient U.S. economic activity pointed to borrowing costs staying higher for longer in a potential blow to demand. This comes against analysts projection of U.S. energy firms pulling 1.9 million barrels of crude out of storage while stocking 0.4 million barrels of distillates and 1 million barrels of gasoline. "Any sign of strong demand in EIA's weekly inventory report should support crude oil prices," ANZ Research said in a note. Oil markets have been under pressure recently over expectation the Federal Reserve will keep interest rates higher for longer. Higher borrowing costs tend to tie down funds and consumption, a negative for crude demand and prices.

Persons: Brent, distillates Organizations: U.S, West Texas, American Petroleum Institute, U.S . Energy, Administration, ANZ Research, of, Petroleum, Reserve Locations: Russia, OPEC, U.S

☆ Oil rises as major producers expected to keep output cuts in place
▼ + stars: | 2024-05-29 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Wednesday on expectations major producers will maintain production cuts at a meeting this Sunday at the same time fuel consumption should begin rising with the start of the peak summer demand season. Oil prices rose on Wednesday on expectations major producers will maintain production cuts at a meeting this Sunday at the same time fuel consumption should begin rising with the start of the peak summer demand season. The Memorial Day holiday on Monday signals the start of the peak demand season in the U.S., the world's biggest oil consumer, and keeping the production cuts in place should keep prices supported as consumption rises. The data was delayed by a day by the Memorial Day holiday on Monday. Investors also awaited U.S. inflation data this week that could sway expectations for Federal Reserve interest rate cuts that could be positive for oil prices.

Persons: Daniel Hynes, Investors Organizations: Brent, . West Texas, Traders, of, Petroleum, ANZ Bank, American Petroleum Institute, Federal Reserve Locations: Russia, OPEC, U.S, Gaza, Rafah, .

☆ Oil prices rise on U.S. inventories drawdown expectations, CPI focus
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +2 min

U.S. crude oil inventories fell 3.104 million barrels in the week ended May 10, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories fell by 1.269 million barrels and distillates rose by 673,000 barrels. "Expectations of another drawdown in U.S. oil inventories should support oil prices," ANZ Research said in a note. Oil prices also found support from a softer U.S. dollar and stimulus measures from China, said independent market analyst Tina Teng, with a weaker greenback making dollar-denominated oil cheaper for investors holding other currencies. "The U.S. CPI and China's economic data are key to driving oil prices for the rest of the week," she added.

Persons: David Knox, Petra Nova, Brent, Tina Teng, Teng Organizations: NGR Energy, JX Nippon Oil & Gas Exploration Corporation, WA Parish, U.S, . West Texas, American Petroleum Institute, ANZ Research, Federal, CPI Locations: NGR, Bend County, Petra, WA, China, Fort McMurray

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