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☆ Oil steady as investors weigh U.S. rate fears, firmer seasonal demand
▼ + stars: | 2024-05-24 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were stable on Friday as investors considered the latest comments from the U.S. Federal Reserve on interest rates amid sticky inflation, while signs of firming seasonal U.S. fuel demand lent support. Brent crude futures rose 2 cents at $81.38 a barrel at 0315 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 1 cent at $76.86. Both benchmarks settled at multi-month lows on Thursday, with Brent crude futures closing at their weakest point since January and U.S. crude futures hitting a three-month low. Gasoline demand in the U.S. reached its highest level since November, the Energy Information Administration (EIA) said on Wednesday. That helped support the market as U.S. drivers account for around a tenth of global oil demand, "making the upcoming driving season a pillar of the recovery in global demand growth", ANZ analysts said in a note.

Persons: Priyanka Sachdeva, Phillip Nova, Jerome Powell Organizations: U.S . Federal Reserve, Brent, U.S, West Texas, Energy Information Administration, ANZ, Organization of, Petroleum, OPEC Locations: Fort Stockton , Texas, U.S

☆ Oil rises on U.S. crude stock draw, China stimulus hopes
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Thursday after data showed U.S. crude stockpiles fell more than expected last week, while the Chinese central bank's cut in banks' reserve ratio reinforced hopes of more stimulus measures and economic recovery. "A significant drop in the U.S. oil inventories and expectations of China's economic recovery and more stimulus measures supported oil prices," said Toshitaka Tazawa, an analyst at Fujitomi Securities. U.S. crude stockpiles tumbled by 9.2 million barrels last week, the Energy Information Administration said, more than quadruple the 2.2 million-barrel draw analysts forecast in a Reuters poll. Oil prices also drew support from hopes for China's economic recovery. "Oil investors do need a concrete catalyst to propel prices any further which honestly seem (to be) missing for now, Sachdeva said.

Persons: Toshitaka Tazawa, Priyanka Sachdeva, Phillip Nova, Sachdeva Organizations: Brent, U.S, West Texas, Fujitomi Securities, Energy Information Administration Locations: U.S, China, Yemen

Brent crude futures rose 36 cents, or 0.4%, to $92.24 a barrel at 0300 GMT. Elsewhere, the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday retained its forecasts for robust growth in global oil demand in 2023 and 2024. "The oil market looks decidedly tight over the next two to three quarters as supply constraints persist amid robust demand," said analysts at ANZ Research. U.S. crude inventories rose by 4 million barrels last week, confounding analysts' expectations in a Reuters poll for a 1.9 million-barrel drop. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

Persons: Priyanka Sachdeva, Phillip Nova, refiners, buoying, Arathy Somasekhar, Leslie Adler Organizations: Kyodo, REUTERS Acquire, Rights, Brent, . West Texas, International Energy Agency, Organization of, Petroleum, ANZ Research, Reserve, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Rights SINGAPORE, Saudi Arabia, Houston, Singapore

☆ Oil hits 2023 highs on tight supply outlook
▼ + stars: | 2023-09-14 | by ( ) www.cnbc.com time to read: +2 min

The tightening oil balance will remain the dominant price driver for the rest of 2023, he added. Both benchmarks had slipped on Wednesday after a U.S. supply report showing rising crude and refined product stocks. Priyanka Sachdeva, senior market analyst at Phillip Nova, said supply fears are underpinning oil prices as producers "adamantly stick to restricted production". A day before the IEA report, the Organization of the Petroleum Exporting Countries (OPEC) issued updated forecasts of solid demand and also pointed to a 2023 supply deficit if production cuts are maintained. "The oil market looks decidedly tight over the next two to three quarters as supply constraints persist amid robust demand," ANZ Research analysts said.

Persons: Tamas Varga, Brent, Priyanka Sachdeva, Phillip Nova Organizations: Oil, Brent, International Energy Agency, . West Texas, Organization of, Petroleum, ANZ Research, European Central Bank, Reuters, ECB Locations: Cromarty Firth, Invergordon, Scotland, Saudi Arabia, U.S

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. A bigger-than-expected draw in U.S. crude oil inventories lent muted support to oil prices. Crude inventories fell by 6.3 million barrels, triple the 2.1 million-barrel drop that analysts expected. Despite its pledge to maintain supply cuts, Russia is expected to boost its oil exports in September as Russian refineries start seasonal maintenance, Reuters calculations based on sources' data show, which is also curbing price gains. Reporting by Yuka Obayashi and Muyu Xu; Editing by Jamie Freed and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nick Oxford, Brent, Priyanka Sachdeva, Phillip Nova, Tatsufumi Okoshi, WTI, Yuka Obayashi, Muyu Xu, Jamie Freed, Miral Organizations: Midland , Texas U.S, REUTERS, Rights, U.S, West Texas, Investors, Nomura Securities, Energy, Thomson Locations: Midland , Texas, Rights TOKYO, SINGAPORE, Saudi Arabia, Russia, China

☆ Oil dips as demand concerns mount; eyes on US inflation data
▼ + stars: | 2023-08-10 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

U.S. crude inventories (USOILC=ECI) rose by 5.9 million barrels in the last week to 445.6 million barrels, compared with analysts' expectations in a Reuters poll for a 0.6 million-barrel rise, U.S. Energy Information Administration data showed on Wednesday. U.S. crude oil exports fell by 2.9 million barrels per day last week, the steepest fall on record, to 2.36 million barrels per day (bpd), according to the data. Concerns over LNG supply drove European gas prices to a nearly 2-month high on Wednesday and buoyed the demand outlook for diesel as alternative fuel. However, oil prices remained supported by supply tightness worries as tensions between Russia and Ukraine in the Black Sea region could threaten shipment of Russian oil. Top exporter Saudi Arabia's plans to extend its voluntary production cut of 1 million barrels per day for another month to include September.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Phil Flynn, Priyanka Sachdeva, Phillip Nova, Jun Rong, Muyu Xu, Laura Sanicola, Muralikumar Organizations: West Texas, U.S . Energy, Price Futures, Index, CPI, Woodside Energy Group, IG, Saudi, Thomson Locations: North, China, U.S, ., United States, Chevron, Russia, Ukraine, Saudi Arabia, Singapore, Washington

☆ Oil rebounds on strong China refinery data but economic outlook caps gains
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: +2 min

Oil rebounded on Thursday after the previous day's plunge, as data showed a jump in refinery runs at the world's top crude importer China, though a weak economic backdrop capped gains. China's oil refinery throughput in May rose 15.4% from a year earlier, data showed on Thursday, hitting its second highest total on record. But a weak economic outlook capped price gains on Thursday, as China's industrial output and retail sales growth in May missed forecasts. The somber Chinese data weighed on oil prices, said Priyanka Sachdeva, a market analyst at Phillip Nova. A high-for-longer rate outlook may lead to further growth pressures and keep oil demand conditions in check, said Yeap Jun Rong, a market strategist at IG.

Persons: refiners, Priyanka Sachdeva, Phillip Nova, Sachdeva, Yeap Jun Rong, Yeap Organizations: Brent, . West Texas, U.S . Federal Reserve, IG, European Central Bank, Bank of England Locations: China

The data defied expectations from eight analysts polled by Reuters for a 900,000-barrel drawdown in crude inventories and a 1.2 million-barrel drop in gasoline stocks. U.S. government data on oil inventories is due on Wednesday. Media reported that Russia's Energy Ministry said the nation's oil output reduction almost reached targeted levels in April. Saudi Arabia, which pledged to cut production by 500,000 bpd from May, has informed buyers in Asia that it will supply full crude oil volumes requested for June. The wildfires forced oil and gas producers to shut in at least 319,000 barrels of oil equivalent per day (boepd), or 3.7% of the country's production.

Companies Credit Suisse Group AG FollowMarch 16 - Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse (CSGN.S) was thrown a financial lifeline by Swiss regulators. As of 0427 GMT, Brent crude futures were up 58 cents or 0.8% to $74.27 per barrel. West Texas Intermediate crude futures (WTI) rose 51 cents, also 0.8%, to $68.12 a barrel. OPEC's rosier outlook for China oil demand also supported oil prices, said Lim Tai An, analyst at Phillip Nova Pte. Higher interest rates can lead to depressed demand for oil as economic growth slows, but concerns about a widenening financial crisis for the banking sector could also weigh on oil demand.

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