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☆ Oil eases as U.S. demand concerns outweigh fears over Middle East conflicts
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased in early trade on Thursday as concerns about a potential slowdown in the U.S. economy amid prospects for delayed interest rate cuts outweighed worries over the risk of expanding conflict in the Middle East. Oil prices eased in early trade on Thursday as concerns about a potential slowdown in the U.S. economy amid prospects for delayed interest rate cuts outweighed worries over the risk of expanding conflict in the Middle East. Israel also said it was moving forward with plans for an all-out assault on Rafah in the south. Energy Information Administration, or EIA, data on Wednesday indicated U.S. crude oil inventories unexpectedly fell last week as exports jumped, while gasoline stockpiles decreased less than forecast. "The data provided a temporary boost to oil prices, but it didn't seem to last long," Fujitomi's Tazawa said.

Persons: Toshitaka Tazawa, Fujitomi's Tazawa Organizations: Brent, U.S . West Texas, Fujitomi Securities Co Ltd, U.S . Federal Reserve, Energy Information Administration, EIA Locations: U.S, East, Iran, Israel, Gaza, Rafah

☆ Oil prices rise as supply concerns outweigh demand fears
▼ + stars: | 2023-09-22 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global oil supply outweighed fears that further possible U.S. interest rate hikes could dent fuel demand, but they were still headed for a weekly loss in four. Brent futures for climbed 21 cents, or 0.2%, to $93.51 a barrel by 0103 GMT, while U.S. West Texas Intermediate crude, or WTI, futures gained 23 cents, or 0.3%, to $89.86. The shortfall, which will force Russia's fuel buyers to shop elsewhere, caused heating oil futures to rise by nearly 5% on Thursday. The U.S. Federal Reserve on Wednesday maintained interest rates, but stiffened its hawkish stance, projecting a quarter-percentage-point increase to 5.50 to 5.75% by year-end. The Bank of England mirrored the Fed and held interest rates on Thursday after a long run of hikes, but said it was not taking a recent fall in inflation for granted.

Persons: Rishi Sunak, Brent, Toshitaka Tazawa Organizations: U.S, West Texas, of, Petroleum, Fujitomi Securities Co Ltd, U.S . Federal Reserve, Bank of England Locations: OPEC, United States, Europe, Russia

Analysts polled by Reuters prior to the data had estimated on average a draw of 3.3 million barrels. The offshore Gulf of Mexico accounts for about 15% of U.S. oil output and about 5% of natural gas production, according to the Energy Information Administration (EIA). Oil major Chevron Corp CVX.N evacuated some staff from the region, but production was continuing at the sites its operates in the Gulf of Mexico. Oil supply is expected to remain tight as analysts expect Saudi Arabia, the world's biggest oil exporter, will extend its voluntary output cut into October. However, worries about fuel demand and the mixed economic situation in China, the world's biggest oil importer, kept a lid on prices.

Persons: Lucy Nicholson, Toshitaka Tazawa, Yuka Obayashi, Trixie Yap, Christian Schmollinger, Kim Coghill Organizations: REUTERS, Brent, . West Texas, U.S, American Petroleum Institute, Reuters, Fujitomi Securities Co, Hurricane, Energy Information Administration, . Oil, Chevron Corp CVX.N, Capital, Thomson Locations: Bakersfield , California, SINGAPORE, U.S, Gulf, Mexico, Gulf of Mexico, Saudi Arabia, Asia, Gabon, China, Tokyo, Singapore

☆ Oil prices rise on large U.S. stockpile draw, hurricane jitters
▼ + stars: | 2023-08-30 | by ( ) www.cnbc.com time to read: +2 min

Malo deepwater oil platform stands in the Gulf of Mexico in the aerial photograph taken off the coast of Louisiana, on Friday, May 18, 2018. Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. Analysts polled by Reuters prior to the data had estimated on average a draw of 3.3 million barrels. Oil major Chevron Corp evacuated some staff from the region, but production was continuing at the sites its operates in the Gulf of Mexico. Official crude stockpile data from the EIA is due at 1430 GMT on Wednesday.

Persons: St, Toshitaka Tazawa Organizations: Chevron Corp, Brent, . West Texas, U.S, greenback, American Petroleum Institute, Reuters, Fujitomi Securities Co, Hurricane, Energy Information Administration, Oil Locations: Malo, Gulf of Mexico, Louisiana, U.S, Gulf, Mexico

TOKYO, May 30 (Reuters) - Oil prices rose on Tuesday as the expectations the debt ceiling deal in U.S., the world's biggest oil user, will spur more demand but fears of further interest rate rises and that OPEC+ will leave output quotas unchanged capped gains. U.S. President Joe Biden and House of Representatives Speaker Kevin McCarthy over the weekend forged an agreement to suspend the $31.4 trillion debt ceiling and cap government spending for the next two years. The U.S. House Rules Committee said it will meet on Tuesday afternoon to discuss the debt ceiling bill, which needs to pass a divided Congress before June 5. Saudi Energy Minister Abdulaziz bin Salman last week warned short-sellers betting that oil prices will fall to "watch out," in a possible signal that OPEC+ may further cut output. In April, Saudi Arabia and other members of OPEC+ announced further oil output cuts of around 1.2 million barrels per day (bpd), bringing the total volume of cuts by OPEC+ to 3.66 million bpd, according to Reuters calculations.

TOKYO, May 16 (Reuters) - Oil prices rose for a second day on Tuesday, supported by U.S. plans to purchase oil for its Strategic Petroleum Reserve (SPR) and by raging wildfires in Canada that fuelled supply worries. The U.S. Department of Energy said on Monday it would buy 3 million barrels of crude oil for the SPR for delivery in August, and asked that offers be submitted by May 31. China's oil refinery throughput in April rose 18.9% from a year earlier to the second-highest level on record, data showed on Tuesday. Oil prices on Tuesday also drew support from supply worries stemming from wildfires in Canada. "With so much uncertainty surrounding the macro environment, the lack of any strong signals from the physical market is likely to see oil prices remain under pressure," said ANZ analysts.

TOKYO, May 16 (Reuters) - Oil prices rose for a second day early on Tuesday, as U.S. plans to purchase oil for the Strategic Petroleum Reserve (SPR) lent support while raging wildfires in Canada fuelled supply worries. Brent crude futures rose 31 cents, or 0.4%, to $75.54 a barrel by 0043 GMT, while U.S. West Texas Intermediate crude was at $71.38 a barrel, up 27 cents, or 0.4%. Both benchmarks rose more than 1% on Monday, reversing a 3-session losing streak. The U.S. Department of Energy said on Monday it would buy 3 million barrels of crude oil for the SPR for delivery in August, and asked that offers be submitted by May 31. Oil prices on Tuesday, however, drew support from supply worries stemming from wildfires in Canada.

☆ Oil prices extend gains on U.S. plans to refill reserve, Canada's wildfires
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose for a second day early on Tuesday, as U.S. plans to purchase oil for the Strategic Petroleum Reserve, or SPR, lent support while raging wildfires in Canada fueled supply worries. Brent crude futures rose 31 cents, or 0.4%, to $75.54 a barrel by 0043 GMT, while U.S. West Texas Intermediate crude was at $71.38 a barrel, up 27 cents, or 0.4%. Both benchmarks rose more than 1% on Monday, reversing a 3-session losing streak. The U.S. Department of Energy said on Monday it would buy 3 million barrels of crude oil for the SPR for delivery in August, and asked that offers be submitted by May 31. Oil prices on Tuesday, however, drew support from supply worries stemming from wildfires in Canada.

☆ Oil falls as investors cautious about U.S. recession risk
▼ + stars: | 2023-04-13 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

[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 PhotoSINGAPORE, April 13 (Reuters) - Oil prices retreated on Thursday after rising for two sessions, with investors still showing lingering concern over a possible U.S. recession and weaker oil demand. The Biden administration plans to refill the U.S. Strategic Petroleum Reserve soon, and hopes to do it at lower oil prices, U.S. Energy Secretary Jennifer Granholm said on Wednesday. Still, the oil market was jolted higher two weeks ago after the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia agreed to curtail output. As a result, the global oil market could see tightness in the second half of 2023, which would push prices higher, said Fatih Birol, executive director of the International Energy Agency.

[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 PhotoTOKYO, April 13 (Reuters) - Oil prices eased in early trading on Thursday after rising for the previous two sessions as investors remained cautious due to lingering concerns over a U.S. recession and weaker oil demand. Brent crude fell 19 cents, or 0.2%, at $87.14 a barrel by 0116 GMT, while U.S. West Texas Intermediate slid 16 cents, or 0.2%, to $83.10. However, the Fed's staff assessing the potential fallout of banking stress projected a "mild recession" later this year. Markets on Wednesday 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.

U.S. West Texas Intermediate crude futures (WTI) gained 98 cents, or 1.4%, to $72.31 a barrel. "The OPEC upgrade in Chinese oil demand outlook also lent support, though investors were still concerned over a cascading financial crisis after the recent collapse of U.S. banks," he said, noting that whether WTI can stay above $70 a barrel is being closely watched. The Organization of the Petroleum Exporting Countries (OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs, although it left total global demand steady, citing potential downside risks for world growth. China's demand recovery is bullish for oil prices, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore. U.S. crude oil inventories rose by about 1.2 million barrels in the week ended March 10, in line with a Reuters poll, while fuel stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.

TOKYO, March 15 (Reuters) - Oil prices rebounded more than 1% on Wednesday, recovering from the previous day's plunge, as a stronger OPEC outlook on China's demand helped offset bearish global investor sentiment in the wake of the recent U.S. bank failures. The Organization of the Petroleum Exporting Countries (OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs, although it left the global demand total steady, citing potential downside risks for world growth. China's demand recovery is bullish for oil prices, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore. "The consensus is that the oil supply-demand balance will tighten in the second half, driven by China rebound, unless a severe global recession hits," he added. Meanwhile, U.S. crude oil inventories rose by about 1.2 million barrels in the week ended March 10, in line with a Reuters poll, while fuel stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.

☆ Oil prices bounce back, helped by stronger OPEC outlook for China
▼ + stars: | 2023-03-15 | by ( Yuka Obayashi | ) www.reuters.com time to read: +2 min

TOKYO, March 15 (Reuters) - Oil prices rose in early Asia trade on Wednesday, recovering from the previous day's plunge, as a stronger OPEC outlook on China's demand helped offset bearish global investor sentiment in the wake of the recent U.S. bank failures. Brent crude futures climbed 62 cents, or 0.8%, to $78.07 a barrel by 0058 GMT. U.S. West Texas Intermediate crude futures (WTI) gained 70 cents, or 1.0%, to $72.03 a barrel. "The oil market has bounced back on its own after the recent sharp losses," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd, adding some investors had taken advantage of the slide to hunt for bargains. Meanwhile, U.S. crude oil inventories rose by about 1.2 million barrels in the week ended March 10, while fuel stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.

[1/2] Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/FilesFeb 17 (Reuters) - Oil prices were on track for weekly losses of 2.5% as strong U.S. economic data heightened concerns that the Federal Reserve would further tighten monetary policy to tackle inflation, a move that could hit fuel demand. Data showed that the U.S. producer price index (PPI) rose 0.7% in January, after declining 0.2% in December. "Crude oil prices were also lower due to risk-off trades following the selloff on Wall Street following the PPI data and a strong U.S. dollar," Teng said. Oil prices have seesawed over the past weeks between fears of a recession hitting the United States amid inflation-fighting rate hikes and hopes for a pick-up in demand in China, the world's top oil importer.

[1/2] Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/FilesFeb 17 (Reuters) - Oil prices were on track for weekly losses as strong U.S. economic data heightened concerns that the Federal Reserve would further tighten monetary policy to tackle inflation, a move that could hit fuel demand even as crude stockpiles grow. Data showed that the U.S. producer price index (PPI) rose 0.7% in January, after declining 0.2% in December. "Crude oil prices were also lower due to risk-off trades following the selloff on Wall Street following the PPI data and a strong U.S. dollar," Teng said. Oil prices have seesawed over the past weeks between fears of a recession hitting the United States amid inflation-fighting rate hikes and hopes for a pick-up in demand in China, the world's top oil importer.

Summary OPEC says Chinese oil demand to rebound in 2023 after dropU.S. shale oil output set to rise in Feb to record -EIARussia sees sanctions impact on oil products -senior sourceJan 18 (Reuters) - Oil prices rose on Wednesday, extending the previous session's gains, driven by optimism that the lifting of China's strict COVID-19 curbs will lead to a recovery in fuel demand in the world's top oil importer. U.S. West Texas Intermediate (WTI) crude futures rose 68 cents, or 0.85%, to $80.56, having risen 0.4% on Tuesday. China's economic growth slowed sharply to 3% in 2022, missing the official target of "around 5.5%" and marking its second-worst performance since 1976. But OPEC kept its 2023 global demand growth forecast unchanged at 2.22 million bpd. Russia, meanwhile, expects Western sanctions to have a significant impact on its oil product exports and its production, likely leaving it with more crude oil to sell, said a senior Russian source with knowledge of the nation's outlook.

☆ Oil prices extend gains on optimism over China's fuel demand recovery
▼ + stars: | 2023-01-18 | by ( Yuka Obayashi | ) www.reuters.com time to read: +3 min

Summary OPEC says Chinese oil demand to rebound in 2023 after dropU.S. shale oil output set to rise in Feb to record -EIARussia sees sanctions impact on oil products -senior sourceTOKYO, Jan 18 (Reuters) - Oil prices rose on Wednesday, extending the previous session's gains, driven by optimism that a relaxation of China's strict COVID-19 curbs will lead to a recovery in fuel demand in the world's top oil importer. China's gross domestic product expanded 3% in 2022, missing the official target of "around 5.5%" and marking its second-worst performance since 1976. But OPEC kept its 2023 global demand growth forecast unchanged at 2.22 million bpd. "Growing hopes that China's fuel demand will pick up after a recent shift in its COVID-19 policy lent support to oil prices," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd."OPEC's optimistic outlook on China's demand also supported the market sentiment," he said, predicting a bullish tone for this week. Russia, meanwhile, expects Western sanctions to have a significant impact on its oil product exports and its production, likely leaving it more crude oil to sell, said a senior Russian source with knowledge of the nation's outlook.

☆ Oil rises in thin trade on concerns over U.S. storm impact
▼ + stars: | 2022-12-27 | by ( Yuka Obayashi | ) www.reuters.com time to read: +1 min

TOKYO, Dec 27 (Reuters) - Oil prices rose in light trade on Tuesday on concerns that winter storms across the United States are affecting logistics and production of petroleum products and shale oil. Airlines had cancelled nearly 2,700 U.S. flights as of Saturday afternoon after the weather snarled airport operations around the country. Frigid cold and blowing winds on Friday knocked out power and cut energy production across the United States, driving up heating and electricity prices. Concerns over a possible production cut by Russia were also behind today's rally. Russia may cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, are set to hold a meeting on Dec. 4. Analysts at Eurasia Group suggested in a note on Monday that weakened demand out of China could spur OPEC+ to cut output. OPEC+ started to lower its output target by 2 million barrels per day (bpd) in November, aiming to shore up oil prices. read moreMarkets are also assessing the impact of an upcoming Western price cap on Russian oil. read moreThe price cap is due to come into effect on Dec. 5, when an EU ban on Russian crude also takes effect.

☆ Oil prices slide on concerns over China's demand
▼ + stars: | 2022-11-29 | by ( Yuka Obayashi | Jack Graham | ) www.reuters.com time to read: +2 min

Summary Investors also eye on next OPEC+ output meeting on Dec. 4EU fails to agree on Russian oil price cap, say diplomatsTOKYO, Nov 29 (Reuters) - Oil prices dropped in early trade on Tuesday, weighed down by concerns about slowing fuel demand in top crude importer China amid strict COVID-19 curbs. "Bearish moods toward oil prices are spreading in Asia due to concerns about a decline in China's demand while the rare protests over the weekend also raised fears over the impact on Chinese economy," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd. Analysts at Eurasia Group suggested in a note on Monday that weakened demand out of China could spur OPEC+ to cut output. Markets are also assessing the impact of an upcoming Western price cap on Russian oil. read moreThe price cap is due to come into effect on Dec. 5, when an EU ban on Russian crude also takes effect.

☆ Oil prices extend losses on fears aggressive Fed rate hike will curb demand
▼ + stars: | 2022-09-21 | by ( Yuka Obayashi | ) www.reuters.com time to read: +3 min

Pumpjacks are seen during sunset at the Daqing oil field in Heilongjiang province, China August 22, 2019. Brent crude futures dropped 26 cents, or 0.3%, to $90.36 a barrel by 0040 GMT after falling $1.38 the previous day. Gasoline inventories rose by about 3.2 million barrels, while distillate stocks rose by about 1.5 million barrels. API/U.S. crude oil and distillate stockpiles were expected to have risen last week, while gasoline inventories were seen lower, according to an extended Reuters poll. The shortfall highlights underlying tightness of supply in the market, even as recession fears drag prices lower.

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