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☆ Oil prices ease, China Covid spike hurts demand outlook
▼ + stars: | 2022-12-29 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked down on Thursday as surging Covid cases in China dimmed hopes of a recovery in fuel demand in the world's second-biggest oil consumer. Brent futures for February delivery fell 42 cents, or 0.5%, to $82.84 a barrel, by 0123 GMT, while U.S. crude fell 50 cents, or 0.6%, to $78.46 per barrel. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. Also weighing on prices, pipeline operator TC Energy said it was working to restart the portion of the Keystone pipeline that was forced shut after a leak earlier this month. Germany said the ban has "no practical significance" as the country has been working since spring to replace Russian oil supplies and ensure security of supply.

☆ Oil prices ease, China COVID spike hurts demand outlook
▼ + stars: | 2022-12-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Dec 29 (Reuters) - Oil prices ticked down on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand in the world's second-biggest oil consumer. Brent futures for February delivery fell 42 cents, or 0.5%, to $82.84 a barrel, by 0123 GMT, while U.S. crude fell 50 cents, or 0.6%, to $78.46 per barrel. U.S. crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23, according to market sources citing American Petroleum Institute figures. Also weighing on prices, pipeline operator TC Energy said it was working to restart the portion of the Keystone pipeline that was forced shut after a leak earlier this month. Germany said the ban has "no practical significance" as the country has been working since spring to replace Russian oil supplies and ensure security of supply.

☆ Oil prices rise on hopes for China demand boost
▼ + stars: | 2022-12-28 | by ( ) www.cnbc.com time to read: +1 min

Oil prices climbed on Wednesday as markets were optimistic about fuel demand recovery as China continues to ease its Covid restrictions. Brent futures for February delivery rose 31 cents to $84.64 a barrel, a 0.4% gain, by 0117 GMT. Meanwhile U.S. crude oil stockpiles likely fell 1.6 million barrels with distillate inventories also seen down, a preliminary Reuters poll showed on Monday. Industry group American Petroleum Institute is due to release data on U.S. crude inventories at 4.30 p.m. EDT (2030 GMT) on Wednesday. The Energy Information Administration, the statistical arm of the U.S. Department of Energy, will release its own figures at 10.30 a.m. (1430 GMT) on Thursday.

☆ U.S. oil refiners restoring lost output, some outages to run into January
▼ + stars: | 2022-12-27 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

An Arctic blast sent temperatures well below freezing and led to power, instrumentation and steam losses at facilities along the U.S. Gulf Coast. Retail gasoline prices ticked up along the Gulf Coast this week, but nationwide prices have not been affected by the temporary outages. LyondellBasell Industries was in the early stages of resuming production at its Houston refinery, people familiar with plant operations said. read moreMarathon Petroleum, which operates the second-largest Gulf Coast facility after Motiva, aims to get production back by week's end, the people said. It was in the process of restarting its Port Arthur plant over the weekend, people familiar with the matter said.

☆ The CIO of a top-performing fund says 2023's stock market will be a tale of 2 halves. He shares the sectors he expects to outperform.
▼ + stars: | 2022-12-27 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

Mike Morey believe the stock market may retest its 2022 lows during the first half of the year. Despite the market chaos, there were two clear standouts that outperformed the broad market: the energy sector and defensive sectors, both of which fall under his area of expertise. The second fund, the Integrity Mid-North American Resources Fund (ICPAX), focuses on the energy sector. He favors defensive sectors such as healthcare, utilities, staples, and traditional telecommunications sectors, which are found in the IDIVX fund. ICPAX's top 10 holdings are Cheniere Energy, Diamondback Energy, OvintivInc., ExxonMobil Corp., Cactu, Nextier Oilfield., Halliburton, Enbridge, Champion, and Marathon Oil.

☆ $4 gas could return as soon as May, GasBuddy projects
▼ + stars: | 2022-12-27 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN Business —Gas prices will probably be significantly cheaper overall next year. Yet the national average could still climb back above the $4-a-gallon threshold as soon as May, according to GasBuddy projections shared exclusively with CNN. Why gas prices are droppingIn December 2021, before Russia amassed troops at Ukraine’s border, GasBuddy projected the national average for gas would be $3.41 a gallon in 2022. The national average is now about 20 cents below the same period of a year ago, according to AAA. Gas prices are not expected to return to $5 this summer – although GasBuddy isn’t ruling that out.

☆ Japanese shares end higher on Wall Street gains, financials weigh
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

The Nikkei share average (.N225) rose 0.65% to close at 26,405.87, while the broader Topix (.TOPX) edged up 0.24% at 1,902.52. "Japanese shares rose because U.S. equities gained at the end of last week, but the trading is very quiet with most participants in the U.S. and Europe away for holidays," said Shuji Hosoi, senior strategist at Daiwa Securities. Heavyweight Fast Retailing (9983.T), owner of the Uniqlo brand, rose 2.0% and chip-making equipment maker Tokyo Electron (8035.T) gained 2.22%. "The 10-year government bond yield hovers below the top end of the Bank of Japan's (BOJ) policy band, which prompted a sell-off of banking shares," Hosoi said. The volume of shares traded on the Tokyo bourse's main board was 0.85 billion, compared to the average of 1.25 billion in the past 30 days.

☆ Mexico's newest oil refinery now seen working at half capacity in mid-2023
▼ + stars: | 2022-12-24 | by ( Adriana Barrera | ) www.reuters.com time to read: +2 min

The Olmeca oil refinery, being built next to the Dos Bocas port, is set to be Pemex's eighth when it comes on line. It is key to Mexican President Andres Manuel Lopez Obrador's plan to make the country self-sufficient in gasoline and diesel, ending longstanding heavy dependence on imports, mainly from U.S. refiners. By September 15, the day before Mexican Independence Day, it would process its full capacity of 340,000 bpd and yield 280,000 bpd of gasoline and diesel, Lopez Obrador said, posting on Twitter. The Olmeca refinery has been one of the leftist president's signature public works projects since he took office in late 2018. Reporting by Adriana Barrera; Writing by David Alire Garcia; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ Russia is ready to cut its oil output by 7% early next year to hit back at the EU-led price cap
▼ + stars: | 2022-12-23 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Russia could slash its oil output by up to 700,000 barrels a day, its deputy prime minister said. The US and its allies capped Russian crude prices at $60 a barrel earlier this month. "We are ready to partially cut our production early next year," Alexander Novak told state TV Friday. "We are ready to go for a partial reduction in production," Novak said in an interview with the state-run Rossiya-24 TV channel, per Tass. Read more: Russian oil exports crater by 54% in the first full week of the EU's embargo amid a shortage of tankers willing to carry cargoes

☆ Oil prices rise over $2 on drawdown in U.S. crude stocks
▼ + stars: | 2022-12-21 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude futures for February delivery were up by $2.23, or 2.8%, at $82.22 a barrel by 12:20 p.m. U.S. West Texas Intermediate (WTI) crude futures gained $2.03, or 2.7%, to $78.26. U.S. crude inventories fell by 5.89 million barrels, according to data from the U.S. Energy Information Administration (EIA), compared with estimates for a drop of 1.66 million barrels. Distillate inventories fell by 242,000 barrels, according to EIA data, compared with analyst estimates for a build of 336,000 barrels. Overall, Russian oil exports fell by 11% month on month for Dec. 1-20 after the European Union's embargo on Russian oil came into force, the Kommersant daily reported.

Brent crude futures were up 93 cents, or 1.15%, at $80.92 a barrel by 1040 GMT. U.S. crude inventories fell by about 3.1 million barrels in the week to Dec. 16, said market sources, citing data from the American Petroleum Institute. Worries about surging COVID-19 cases in China as the country begins dismantling its zero-COVID policy kept oil prices from moving higher. Overall, Russian oil exports fell by 11% month on month for Dec. 1-20 after the European Union's embargo on Russian oil came into force, the Kommersant daily reported. Reporting by Shadia Nasralla and Dmitry Zhdannikov; Additional reporting by Isabel Kua in Singapore Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices little changed as U.S. crude drawdown offsets China COVID worries
▼ + stars: | 2022-12-21 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

Companies United States of America FollowSINGAPORE, Dec 21 (Reuters) - Oil prices were little changed on Wednesday as a larger-than-expected draw in U.S. crude stocks offset worries about rising COVID-19 cases in top oil importer China. Gasoline inventories rose by about 4.5 million barrels, while distillate stocks rose by 828,000 barrels, according to the sources, who spoke on condition of anonymity. "A larger-than-expected draw in U.S. inventories, coupled with U.S. plans to refill their Strategic Petroleum Reserve have supported oil prices," said Serena Huang, head of APAC analysis at Vortexa. Oil prices were boosted by these comments which suggest that OPEC+ may continue to keep supply tight to support oil prices, CMC Markets analyst Tina Teng said. Growing worries about a surge in COVID-19 cases in China as the country begins dismantling its strict zero-COVID policy kept oil prices from moving higher.

☆ Factbox: Russian gold taken out of exchange-traded fund stockpiles
▼ + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com time to read: +4 min

In an analysis about investors shunning Russian gold, Reuters examined lists of gold bars owned by eleven large funds. By late November, the proportion of Russian gold in the stockpiles of eight had fallen. SPDR Gold MiniShares, whose gold is stored by ICBC Standard, saw an almost 50% fall in the amount of Russian gold it holds. Russian gold bars refined before March 7 this year are still eligible to own and trade, it said. GRANITESHARESGraniteShares said it did not distinguish between different brands of good delivery gold including pre-war Russian gold, and that it had not asked its custodian, ICBC Standard, to reduce its holdings of Russian bullion.

☆ Oil prices up as U.S. crude stocks seen falling, dollar eases
▼ + stars: | 2022-12-21 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

SummarySummary Companies API shows U.S. crude stocks down, fuel inventories up -sourcesU.S. dollar easesSurging COVID-19 cases in China limit gainsDec 21 (Reuters) - Oil prices rose in early Asian trade on Wednesday as U.S. crude stocks were seen falling last week, while the dollar weakened, making oil less expensive for non-American buyers. Brent crude futures rose 8 cents to $80.07 per barrel by 0126 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 6 cents to $76.29. U.S. crude oil inventories fell by about 3.1 million barrels in the week ended Dec. 16, according to market sources citing American Petroleum Institute figures. Gasoline inventories rose by about 4.5 million barrels, while distillate stocks rose by 828,000 barrels, according to the sources, who spoke on condition of anonymity. Oil prices, which came close to the all-time high of $147 a barrel in March after Russia invaded Ukraine, have unwound most of their 2022 gains.

☆ Oil prices steady after drawdown in U.S. crude stocks
▼ + stars: | 2022-12-21 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Wednesday as a larger-than-expected draw in U.S. crude stocks offset worries about rising Covid-19 cases in top oil importer China. Brent crude futures rose 7 cents, or 0.1%, to $80.06 per barrel by 0404 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 4 cents, or 0.1%, to $76.27. Gasoline inventories rose by about 4.5 million barrels, while distillate stocks rose by 828,000 barrels, according to the sources, who spoke on condition of anonymity. Oil prices were boosted by these comments which suggests that OPEC + may continue to keep supply tight to support oil prices, Teng added. However, growing worries about a surge in Covid-19 cases in China as the country begins dismantling its strict zero-Covid policy kept oil prices from moving higher.

☆ U.S. poised to become net exporter of crude oil in 2023
▼ + stars: | 2022-12-19 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +4 min

The United States is also the leading liquefied natural gas (LNG) exporter, where growth is expected to soar in coming years. But the United States consumes 20 million barrels of crude a day, the most in the world, and its output has never exceeded 13 million bpd. Last month, U.S. government data showed net U.S. crude oil imports fell to 1.1 million barrels per day (bpd), the lowest since record keeping began in 2001. To become a net exporter of crude, the United States needs either to boost production or curtail consumption. The U.S. exported an average of 3.1 million bpd of fuels through September this year, EIA data showed, down from the 3.2 million bpd in the same period in 2019.

☆ U.S. Scores $4 Billion Windfall on Oil-Reserve Sales
▼ + stars: | 2022-12-19 | by ( David Uberti | ) www.wsj.com time to read: 1 min

The Energy Department sold the crude to U.S. refiners, foreign trading houses and major oil producers. Volatile energy markets have made 2022 a big year for commodity traders. One of the biggest and perhaps most unlikely winners: The U.S. government. Emergency releases from the U.S. Strategic Petroleum Reserve are slated to end this month, concluding an unusual attempt to lower gas prices after Russia’s invasion of Ukraine sent oil prices soaring.

☆ Oil climbs on optimism over China's demand recovery
▼ + stars: | 2022-12-19 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Companies TC Energy Corp FollowSINGAPORE, Dec 19 (Reuters) - Oil prices reclaimed ground on Monday after tumbling more than $2 a barrel in the previous session as optimism from China's reopening and oil demand recovery outweighed concerns of a global recession. China, the world's top crude oil importer and No. 2 oil consumer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions. "Despite a surge in COVID cases, the reopening optimism and accommodative policy improve oil's demand outlook," CMC Markets analyst Tina Teng said. An announcement by the U.S. Energy Department on Friday that it will begin repurchasing crude oil for the Strategic Petroleum Reserve also supported outlook for stronger prices.

☆ Citi's global commodities chief explains his oil price forecast for 2023 as sanctions choke Russia - and breaks down the 'stunning' state of America's oil industry
▼ + stars: | 2022-12-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

In an interview with Insider, Citi's Ed Morse said he expects Brent crude to finish 2023 around $76 a barrel. Next year, energy markets will see both a supply uptick and an easing of global demand, Morse said. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. In February 2023, Russia will face new sanctions on Russian refined fuels, such as diesel, which raises some concerns, Morse said, but worries are easing as other nations ramp up production. "The drop in revenue from natural gas exports being lost to Europe had no replacement whatsoever because there was no other place to sell the gas to, so revenue from gas exports plummeted," he said.

Dec 15 (Reuters) - Californian regulators voted Thursday to approve a plan to reduce the state's carbon-dioxide emissions by 85% by 2045, reaching carbon neutrality then, including by cutting petroleum usage to one-tenth of the current level. The state has also angered its fuelmakers, which argue its policies hurt fuel consumers. Policy updates approved on Thursday were in the 2022 edition of a document called the Scoping Plan, which is revised every five years. Many California residents and lobbyists from oil and transportation companies said in public comments on Thursday that they welcomed the changes in the plan. CARB will continue evaluating how refiners can continue to operate to export fuel, said CARB spokesperson Dave Cleghern.

☆ Oil drops by over $2 per barrel, bogged down by recession fears
▼ + stars: | 2022-12-16 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures fell by $2.17, or 2.7% to $79.04 a barrel. U.S. West Texas Intermediate crude futures slipped $1.82, or 2.4%, to $74.29 a barrel. The U.S. Federal Reserve indicated it will raise interest rates further next year, even as the economy slips toward a possible recession. On Thursday, the Bank of England and the European Central Bank raised interest rates to fight inflation. However, while the Keystone outage is supportive for prices of heavier crude oil grades, it is "doing nothing" for lighter global benchmarks, such as WTI and Brent, said Matt Smith, lead oil analyst at Kpler.

☆ India cuts windfall tax on crude, aviation fuel
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 16 (Reuters) - India has cut windfall tax on crude oil and aviation turbine fuel (ATF) and reduced export tax on diesel, according to a government order dated Dec. 15. It cut the tax on locally produced crude oil steeply to 1,700 rupees ($20.52) per tonne from 4,900 rupees, effective Friday, the order said. The federal government also cut export tax on diesel to 5 rupees per litre from 8 rupees, while slashing the windfall tax on ATF to 1.5 rupees per litre from 5 rupees, the document showed. Meanwhile, Reuters had reported that India has bought Russian crude barrels at well below a $60 price cap agreed by the West. On July 1, India imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after private refiners sought overseas markets to gain from robust refining margins, instead of selling at lower-than-market rates in the country.

Marathon, and Valero's market valuations reached record highs in 2022; while Phillips 66 and PBF's are near highs reached in 2019. LESS CAPACITY, MORE PROFITSWhen the pandemic hit, big U.S. refiners closed numerous facilities that were less profitable than other operations. Processing capacity is expected to increase by 1 million bpd per day in 2022 and 1.6 million bpd in 2023, mostly in Africa, Asia and the Middle East. The margins to produce gasoline were consistently higher throughout 2022 than in the last several years as a result of the Ukraine war. A series of closures have caused U.S. processing capacity to decline even as refiners have become more profitable.

The Biden administration's November proposal would make it possible for electric vehicles charged using power generated by biofuels to receive credits. The proposal would boost benefits for electric vehicle manufacturers such as Tesla (TSLA.O). Adding the electric vehicle industry to the standard will introduce a new set of stakeholders into an already unwieldy situation. The United States has been using biofuel credits to reduce carbon emissions for years, but its effect has been unclear. The Environmental Protection Agency (EPA), which administers the program, will sort through stakeholder comments in 2023 to finalize a rule.

Dec 15 (Reuters) - Oil prices were largely unchanged in early Asian trade on Thursday as traders weighed optimism over China's demand outlook against the possibility of further interest rate hikes from global central banks. The market was bolstered by projections from the International Energy Agency seeing Chinese oil demand recovering next year after a 400,000-bpd contraction in 2022. The agency raised its 2023 oil demand growth estimate to 1.7 million bpd for a total of 101.6 million bpd. The U.S. Federal Reserve raised its benchmark overnight interest rate by 50 basis points on Wednesday, a downshift from the 75-basis-point hikes it had delivered at its previous four policy meetings. The central bank signalled that more interest rate hikes were to be expected.

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