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Search resuls for: "Arathy Somasekhar Stephanie Kelly"


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☆ US crude stockpiles soar on SPR release; gasoline draws down on strong demand, EIA says
  + stars: | 2023-05-17 | by ( Arathy Somasekhar Stephanie Kelly | Arathy Somasekhar | Stephanie Kelly | ) www.reuters.com   time to read: +2 min
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.
☆ OPEC's share of oil production growth to shrink this year -EIA
  + stars: | 2023-04-11 | by ( Arathy Somasekhar Stephanie Kelly | Arathy Somasekhar | Stephanie Kelly | ) www.reuters.com   time to read: +2 min
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. official says Russia's crude output cut signals unsold oil
  + stars: | 2023-02-16 | by ( Arathy Somasekhar Stephanie Kelly | Arathy Somasekhar | Stephanie Kelly | ) www.reuters.com   time to read: +3 min
REUTERS/Sergei Karpukhin/File PhotoHOUSTON, Feb 16 (Reuters) - Russia's decision to cut crude oil production by 500,000 barrels per day reflects its inability to sell all of its oil, Ben Harris, a U.S. Treasury Department Assistant Secretary, said on Thursday. Russia's Deputy Prime Minister Alexander Novak last week said it would voluntarily cut production beginning next month following the start of Western price caps on Russian oil and oil products on Feb. 5. Poland, Latvia, Lithuania and Estonia have pushed for lowering the crude oil cap. There have been no American companies involved in trading Russian oil above the price cap, he said. Phillips 66's (PSX.N) Chief Executive Mark Lashier said the company's base assumption is that Russia's crude and oil products will find their way into the marketplace.
☆ Shale firms discount 'U.S. put' as inadequate to lift oil output
  + stars: | 2022-10-22 | by ( Arathy Somasekhar Stephanie Kelly | Arathy Somasekhar | Stephanie Kelly | ) www.reuters.com   time to read: +2 min
"That announcement was making it appear like he was throwing a bone to the oil industry," said Tricia Curtis, CEO of consultancy PetroNerds, who dismissed the offer. Register now for FREE unlimited access to Reuters.com Register"What if oil does not fall to that price: Do we just keep our reserves low?" U.S. oil prices hit $120 per barrel this year and did not trigger a production boom because of shortages and high costs for labor and equipment, said Hunter Kornfeind, oil market analyst at Rapidan Energy Group. Rebecca Babin, senior energy trader at CIBC Private Wealth, said tight oil supplies have pushed up price expectations into 2024. If the Biden administration wants to boost oil supplies, it "should change its policies around producing more oil and gas in the United States," said Frank Macchiarola, a senior vice president at trade group American Petroleum Institute.
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