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☆ Oil falls $1 ahead of Fed rate decision
▼ + stars: | 2023-09-20 | by ( Emily Chow | ) www.reuters.com time to read: +4 min

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Global benchmark Brent crude futures were last down 88 cents, or 0.9%, at $93.46 a barrel by 0650 GMT. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous that the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Pedro Nunes, Brent, Edward Moya, Moya, Goldman Sachs, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Anantharaman, Kim Coghill Organizations: REUTERS, Rights, U.S, Brent, . West Texas, American Petroleum Institute, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, Rights SINGAPORE, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." The Fed is widely expected to keep interest rates on hold, but the focus will be on its policy path, which is unclear. U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Pedro Nunes, Brent, Edward Moya, Moya, Hiroyuki Kikukawa, WTI, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Organizations: REUTERS, Rights, U.S, Brent, . West Texas, U.S . Federal Reserve, American Petroleum Institute, NS, Nissan Securities, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

"We've certainly seen Australia's reputation being affected as some existing buyers expressed interest in diversifying their suppliers for long-term supply," said Ryhana Rasidi, LNG analyst at analytics firm Kpler. "Australia is the closest gas supplier we can get. By far, Australia, U.S. and Qatar are the three pillars in LNG supply chain. As well as its political stability, its proximity to Asia might be Australia's saving grace, industry analysts say. "Ties are very strong between North Asia and Australia as a legacy supplier, so many participants are keen to continue the relationship," said Kaushal Ramesh, LNG analyst at Rystad Energy.

Persons: Inpex, Resources Madeleine King, We've, Ryhana, Jane Liao, Kaushal Ramesh, Emily Chow, Yuka Obayashi, Muyu Xu, Andrew Hayley, Joyce Lee, Lewis Jackson, Florence Tan Organizations: Reuters, Chevron, Handout, REUTERS, Rights, Workers, Japan's Kyushu Electric Power, Chevron's, Woodside Energy, West Shelf, South, Resources, Taiwan, Tohoku Electric Power, Kyushu Electric Power, Osaka Gas, Rystad Energy, Thomson Locations: Chevron, Barrow Island, Australia, Rights SINGAPORE, TOKYO, Qatar, United States, Western Australia, China, Japan, South Korea, Taiwan, Ukraine, Oman, U.S, Asia, Singapore, Tokyo, Beijing, Seoul, Sydney

Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled down 22 cents to $87.29. "Much of this reduced supply has simply served to offset a major slowdown in global oil demand," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. Meanwhile, Europe is expecting a light refinery maintenance season this autumn as refiners look to profit from high margins, which could support crude demand. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged.

Persons: Brent, Wally Adeyemo, Jim Ritterbusch, Ras Lanuf, Wood Mackenzie, Naeem Aslam, OPEC's, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, Emelia Sithole, Andrea Ricci, Chizu Organizations: cnsphoto, REUTERS, West Texas, Monday U.S, Ritterbusch, Associates, U.S, Zaye, European Central Bank, International Energy Agency, Organization of, Petroleum, IEA, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Saudi Arabia, Russia, United States, Galena , Illinois, U.S, Libya, Zueitina, Brega, Es Sidra, Europe

An aerial view shows tugboats helping a crude oil tanker to berth at an oil terminal, off Waidiao Island in Zhoushan, Zhejiang province, China July 18, 2022. cnsphoto via REUTERS/File Photo Acquire Licensing RightsLONDON, Sept 11 (Reuters) - Oil prices edged lower on Monday after fresh Saudi and Russian crude output cuts had driven prices to 10-month highs last week. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged. Among economic factors in the spotlight, the European Central Bank (ECB) is due to announce its monthly interest rate decision this week. Reporting by Robert Harvey, Natalie Grover, Florence Tan and Emily Chow Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, OPEC's, Naeem Aslam, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, David Goodman Organizations: cnsphoto, REUTERS, Saudi, U.S, West Texas, International Energy Agency, Organization of, Petroleum, IEA, European Central Bank, European Commission, Zaye, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi Arabia, Russia, United States

A general view of Chevron's Wheatstone LNG facility in Pilbara coast, Western Australia, as seen in this undated handout image obtained by Reuters on September 8, 2023. If there is still no deal by then, the unions will completely stop work for two weeks. Australia was the world's largest LNG exporter last year, shipping out 80.9 million metric tons of the fuel in 2022 versus 79 million tons in 2021, according to the International Gas Union. A prolonged strike could disrupt exports and raise prices of LNG, which is used for electricity generation. The same union alliance also secured agreements last year with Shell (SHEL.L) and Inpex (1605.T) at their LNG facilities in Western Australia.

Persons: Chevron, Wheatstone, Baden Moore, NAB's Moore, Emily Chow, Lewis Jackson, Florence Tan, Tony Munroe, Miral Organizations: Reuters, Chevron, Handout, REUTERS Acquire, Rights, NEXT, Unions, International Gas Union, National Australia Bank, NAB, Woodside Energy Group, WHAT'S, Woodside, North West Shelf, Shell, Thomson Locations: Wheatstone, Western Australia, Rights SINGAPORE, SYDNEY, Australia, Japan, South Korea, China, Taiwan, Asia, Europe, Ukraine, Inpex, Woodside

A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSYDNEY, Sept 6 (Reuters) - Workers at Chevron's (CVX.N) liquefied natural gas facilities in Australia have agreed to pause planned strike action for one day, hours before they were due to begin industrial action in an ongoing dispute that has rattled gas markets. Chevron confirmed the pause in an emailed statement minutes later and said unions had advised it of the roughly one-day delay. The Dutch October natural gas contract fell as much as 7.2% to 31.45 euros per megawatt hour (MWh) after news of the pause. Australia is the world's biggest LNG exporter and the ongoing dispute has stoked volatility in natural gas markets, as traders worry about the risk of long-term disruption.

Persons: Dado Ruvic, Chevron, Saul Kavonic, Australia's, Lewis Jackson, Emily Chow, Nick Zieminski, Tony Munroe Organizations: Chevron, REUTERS, Rights, Reuters, Fair, Thomson Locations: Australia, Perth, Chevron Australia, Sydney, Singapore

The weather system is not expected to hit major oil producing platforms in the U.S. Gulf of Mexico. However, oil major Chevron Corp (CVX.N) evacuated some staff from three platforms in the region. Expectations of a steep decline in U.S. crude oil stockpiles have also benefited oil prices, UBS analyst Giovanni Staunovo said. U.S. crude oil inventories are expected to have dropped by 3.3 million barrels in the latest week, according to an extended Reuters poll on Tuesday. "Even with the potential for some demand destruction (from hurricane Idalia), the coming crude oil supply squeeze is becoming more painfully obvious," said Price Futures Group analyst Phil Flynn.

Persons: Hurricane Idalia, Idalia, Robert Yawger, Yawger, Giovanni Staunovo, Baker Hughes, Phil Flynn, Shariq Khan, Natalie Grover, Emily Chow, Josie Kao, Nick Zieminski Organizations: Kyodo, REUTERS Acquire, Companies, Florida U.S, Hurricane, Brent, U.S, West Texas, Federal Reserve, Hurricane Center, Labor, Chevron Corp, Chevron, UBS, American Petroleum Institute, Futures, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, BENGALURU, Florida, Miami, U.S . Gulf of Mexico, Mexico, Gulf of Mexico, Bengaluru, London, Singapore, Houston

Mandatory credit Kyodo/via REUTERS Acquire Licensing RightsBENGALURU, Aug 29 (Reuters) - Oil prices edged higher on Tuesday as Hurricane Idalia intensified as it headed towards Florida's Gulf Coast, threatening to hit crude oil supplies in an already tightening market. Brent crude oil futures rose 34 cents, or 0.4%, to $84.76 a barrel by 11:44 a.m. EDT [1544 GMT], while the U.S. West Texas Intermediate futures rose 36 cents, or 0.5%, to $80.46 a barrel. U.S. crude oil inventories are expected to have dropped in the latest week, according to a preliminary Reuters poll on Monday. On the demand front, investors are monitoring data from major economies for further clues on interest rates this year and next. Federal Reserve Chair Jerome Powell on Friday said the U.S. central bank may need to raise interest rates further to cool stubborn inflation.

Persons: Idalia, Phil Flynn, Jerome Powell, Shariq Khan, Natalie Grover, Emily Chow, Louise Heavens, David Goodman, Mike Harrison Organizations: Kyodo, REUTERS Acquire, Rights, Brent, U.S . West Texas, Chevron, Marathon Petroleum, American Petroleum Institute, Futures, Federal, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Gulf, U.S, Florida, Cuba, Mexico, Garyville , Louisiana, United States, Beijing, Bengaluru, London, Singapore, Houston

☆ Oil slips as demand worries outweigh supply concerns
▼ + stars: | 2023-08-29 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

Mandatory credit Kyodo/via REUTERS Acquire Licensing RightsSINGAPORE, Aug 29 (Reuters) - Oil prices slipped on Tuesday as worries that further possible U.S. interest rate hikes could pull down demand outweighed concerns that a tropical storm off the U.S. Gulf Coast may impact supply. Investors await key U.S. economic data later this week that will help determine the path of interest rates this year and next. FEDWATCH"It may be difficult for oil prices to maintain the strong bull trend (seen) in July at this stage. The U.S. and European economies will face downward pressure in the fourth quarter until interest rates peak," said CMC Markets analyst Leon Li. "So there might be a concern about demand, which puts pressure on oil prices.

Persons: Brent, Jerome Powell, Leon Li, Idalia, Emily Chow, Arathy, Tom Hogue Organizations: Kyodo, REUTERS Acquire, Rights, U.S, West Texas, Federal, National Australia Bank, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, U.S, Gulf, Beijing, WTI, Cuba, Florida, Singapore, Houston, Lincoln

☆ Oil trades flat as supply concerns offset worries over demand
▼ + stars: | 2023-08-29 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

Mandatory credit Kyodo/via REUTERS Acquire Licensing RightsSINGAPORE, Aug 29 (Reuters) - Oil prices traded flat on Tuesday as worries that further possible U.S. interest rate hikes could pull down demand were countered by concerns a tropical storm off the U.S. Gulf Coast may impact supply. Investors await key U.S. economic data later this week that will help determine the path of interest rates this year and next. FEDWATCH"It may be difficult for oil prices to maintain the strong bull trend (seen) in July at this stage. The U.S. and European economies will face downward pressure in the fourth quarter until interest rates peak," said CMC Markets analyst Leon Li. "So there might be a concern about demand, which puts pressure on oil prices.

Meanwhile, Hurricane Idalia is expected to strengthen into a major hurricane with maximum sustained winds of 125 miles per hour (201 kilometers per hour) before hitting the northwest coast of Florida early on Wednesday, according to the U.S. National Hurricane Center (NHC). The weather system is not expected to hit major oil producing platforms in the U.S. Gulf of Mexico. However, oil major Chevron Corp (CVX.N) evacuated some staff from three platforms in the region. Production was continuing at Chevron-operated Gulf of Mexico oil and gas facilities. U.S. crude oil inventories are expected to have dropped in the latest week, according to a preliminary Reuters poll on Monday.

Persons: Brent, Hurricane Idalia, Idalia, Robert Yawger, Yawger, Shariq Khan, Natalie Grover, Emily Chow, David Goodman, Mike Harrison, Josie Kao Organizations: Kyodo, REUTERS Acquire, bbl U.S, Hurricane, . West Texas, Brent, U.S, Federal Reserve, National Hurricane Center, Labor, Chevron Corp, Chevron, Marathon Petroleum, American Petroleum Institute, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Florida, BENGALURU, U.S . Gulf of Mexico, Mexico, Gulf of Mexico, Garyville , Louisiana, United States, Bengaluru, London, Singapore, Houston

Zhang Yaoyu, PCI's global head of LNG trading, declined to comment on the company's traded volume, but said trading was part of the company's overall strategy. By 2026, Chinese companies are expected to have contracted LNG supplies of more than 100 million tons a year. That could mean a surplus of up to 8 million tons that year, according to consultancy Poten & Partners, or a deficit of 5 million to 6 million tons based on estimates from pricing agency ICIS. Qatar, which will be China's largest supplier for 2026, however, offers traditional LNG contracts that are restricted to a single destination or country. These openings in the market and a more liberalised domestic gas market have also prompted smaller Chinese gas distributors and importers to expand into the trading space.

Persons: Dado Ruvic, Toby Copson, Copson, it's, Zhang Yaoyu, Zhang, Jason Feer, Feer, Chen Aizhu, Emily Chow, Marwa Rashad, Yuka Obayashi, Tom Hogue Organizations: REUTERS, 2026 Companies, Shell, BP, International Energy Agency, Offshore Oil Corp, China Gas Holdings, HK, Qatar, Trident LNG, Sinochem, PetroChina International, Poten, Partners, Rystad Energy, Reuters Graphics Reuters, Reuters, PCI, U.S, Beijing Gas, Zhejiang Energy, JOVO Energy, Thomson Locations: Qatar, US, Europe, Asia SINGAPORE, London, Singapore, U.S, Oman, Canada, Mozambique, Shanghai, China, Japan, Beijing, Central Asia, Russia, Southeast Asia, South Korea, Ukraine, ENN, Tokyo

Key hurdles for the two projects include the country's caps on domestic gas prices, limits on gas exports and the high costs for carbon capture and storage - required for new gas projects to help fight global warming. Last month, Shell (SHEL.L) said it would sell its holding in the Masela project to Indonesia's Pertamina and Malaysia's Petronas, while Chevron (CVX.N) agreed to sell its stake in the IDD project to Italy's Eni (ENI.MI). Reuters GraphicsNEW TERMS NEEDEDOnce one of the world's top five liquefied natural gas (LNG) exporters, Indonesia's LNG exports have halved in the past decade, Kpler data showed. The country has not approved a major oil or gas project since 2016 - the expansion of BP's (BP.L) Tangguh LNG plant. The current formula for splitting revenue between the government and investors in gas projects sets the base rate at 48% for companies.

Persons: magnifier, Dado Ruvic, Benny Lubiantara, Andrew Harwood, Wood Mackenzie, SKK Migas, Benny, Prateek Pandey, Takayuki Ueda, Naing, Inpex's Ueda, Fransiska Nangoy, Bernadette Christina Munthe, Emily Chow, Yuka Obayashi, Florence Tan, Sonali Paul Organizations: REUTERS, Indonesia, Shell, Chevron, Indonesia Deepwater Development, Petronas, Eni, Essential Services, Reuters, Indonesia Petroleum Association, Rystad Energy, BMI Research, Fitch Group, Tcf, Thomson Locations: Indonesia, JAKARTA, Jakarta, Chevron, Tokyo, Masela, Singapore

A stronger dollar makes crude more expensive for investors holding other currencies. PVM analyst Tamas Varga noted that for months, predictions have been made that global oil demand will grow in the second half of 2023 versus the first half, in tandem with supply cuts to reduce global oil inventories. The latest figures from the U.S.- the world's biggest fuel consumer - showed fuel demand rose the highest level since August 2019. A Reuters poll also estimated U.S. crude oil and gasoline stockpiles were expected to have declined last week. In a conference on Monday, BP (BP.L) chief Bernard Looney presaged oil demand growth continuing into next year and OPEC+ being increasingly disciplined.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Dennis Kissler, Tamas Varga, group's, Bernard Looney, Arathy somasekhar, Natalie Grover, Emily Chow, Christian Schmollinger, Sonali Paul, David Evans, Nick Macfie, Jan Harvey Organizations: Reuters Connect, HOUSTON, Brent, . West Texas, BOK, Reuters, Thomson Locations: North, ., U.S, OPEC, Saudi Arabia, Houston, London, Singapore

☆ Oil holds near three-month high on signs of tightening supply
▼ + stars: | 2023-08-01 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

SINGAPORE, Aug 1 (Reuters) - Oil prices slipped on Tuesday but were still near a three-month high reached in the previous session on signs of tightening global supply, as producers implement output cuts, and strong demand in the United States, the world's biggest fuel consumer. A private sector survey also showed on Tuesday that China's factory activity swung to contraction in July, with supply, demand and export orders all deteriorating amid sluggish market conditions. In June, OPEC+ agreed on a broad deal to limit oil supply into 2024, and Saudi Arabia pledged an additional voluntary cut of 1 million barrels per day for July. National Australia Bank analysts said they expect Saudi Arabia to extend its voluntary 1 million barrels per day (bpd) supply cut into September. U.S. crude oil and gasoline stockpiles were expected to have declined last week, according to a Reuters poll which estimated on average that crude inventories fell by about 900,000 barrels in the week to July 28.

Persons: Brent, Tina Teng, Teng, Christian Schmollinger, Sonali Paul Organizations: Brent, . West Texas, CMC Markets, Organization of Petroleum Exporting, National Australia Bank, NAB, Energy, Administration, Thomson Locations: SINGAPORE, United States, ., OPEC, Saudi Arabia, Saudi

The new market-based pricing system will also encourage distributors like ENN and China Gas that are expanding into global gas trading to look at importing LNG. "The policy will help the whole (gas) distribution sector and restore utilities' profitability," said Tan Yuwei, general manager of capital management at China Gas Holdings. Shares for listed gas utility companies briefly reversed this year's trend downwards after the policy was announced, but they remain under pressure from lacklustre industrial demand and China's struggling economy. China in recent years has liberalized natural gas prices by allowing distributors to pass costs on to industrial and commercial customers, although Beijing maintained tight control over household prices to avoid a consumer backlash. "This policy reform will result in more reasonable downstream gas prices in China, which will encourage city gas utilities to increase purchases from upstream importers," said Yi Cui, an analyst with consultancy Rystad Energy, referring to Chinese national oil companies.

Persons: COVID, Tan Yuwei, Tan, Yi Cui, Chen Aizhu, Emily Chow, Andrew Hayley, Tom Hogue Organizations: ENN Energy Holdings, HK, China Gas Holdings, China Resources Gas, Shanghai Gas, Chongqing Gas, Changchun Gas, China Gas, National Development, Reform Commission, China Gas Association, Rystad Energy, Beijing, Thomson Locations: SINGAPORE, BEIJING, China, Changchun, Qingdao, Nanjing, Shijiangzhuang, Lanzhou, Hubei, Guizhou, Shaanxi, Beijing, Hebei, Singapore

NEW YORK, July 24 (Reuters) - Oil prices climbed about 2% to a near three-month high on Monday on tightening supply, rising U.S. gasoline demand, hopes for Chinese stimulus measures and technical buying. The 200-day moving average had been a key point of technical resistance for both benchmarks since August 2022. Strong demand and worries about supply issues boosted U.S. gasoline futures to their highest level since October 2022. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. Analysts at Deutsche Bank said demand for oil in China "is now surpassing expectations," which "helps to add confidence in the ability of China to make up (two-thirds) of oil demand growth this year."

Persons: Brent, Bob Yawger, isn’t, Edward Moya, Jerome Powell, Christine Lagarde, Scott Disavino, Noah Browning, Florence Tan, Emily Chow, Susan Fenton, Matthew Lewis Organizations: YORK, U.S, West Texas, WTI, Mizuho Bank, Organization of, Petroleum, Citi Research, Fed, European Central Bank, ECB, Reuters, Deutsche Bank, Thomson Locations: Brent, Russia, OPEC, Europe, U.S, China, New York, London, Singapore

☆ Oil prices rise as tight supply counters expected rate hikes
▼ + stars: | 2023-07-24 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

LONDON, July 24 (Reuters) - Oil prices rose on Monday as tightening supply and hopes for Chinese stimulus underpinned Brent at well above $80 a barrel, even as traders expected more rate hikes from U.S. and European central banks. Brent crude futures rose 44 cents, or 0.6%, to $81.51 a barrel by 11 GMT. The benchmarks rose 1.5% and 2.2% respectively last week, their fourth straight of week of gains, as supply is expected to tighten following OPEC+ cuts. Fighting also escalated last week in Ukraine after Russia withdrew from a U.N.-brokered safe sea corridor agreement for grain exports. Market participants expect Beijing to implement targeted stimulus measures to support its flagging economy, likely boosting oil demand in the world's No.

Persons: Brent, Jerome Powell, Christine Lagarde, Florence Tan, Emily Chow, Tom Hogue, Sharon Singleton, Louise Heavens Organizations: . West Texas, Citi Research, National Australian Bank, Federal Reserve, European Central Bank, Thomson Locations: Ukraine, Russia, China, Beijing

Vietnam targets LNG-sourced gas generating up to 22.4 gigawatts (GW) of power by 2030, enough to power 20 million households and account for nearly 15% of national power supply. Complicating LNG efforts, much of Vietnam's planned gas power investment is directed to the south of the country despite the under-served north's greater vulnerability to blackouts. Reuters GraphicsThe first plant due to come online, the Nhon Trach 3 facility being built by state-run PetroVietnam Power (PV Power) (POW.HM) near Ho Chi Minh City, is scheduled to begin operation in late 2024. Takafumi Akino of Tokyo Gas, which is building an LNG terminal and a gas plant in northern Quang Ninh province, predicted "hard negotiations". PV Gas said this month it was in talks with U.S. energy giant ExxonMobil and Russia's Novatek on LNG cooperation.

Persons: Thi, Kaushal Ramesh, EVN, Japan's Marubeni, Takafumi, Rystad's Ramesh, Francesco Guarascio, Khanh, Emily Chow, Florence Tan, Phuong Nguyen, Tony Munroe, William Mallard Organizations: European Chamber of Commerce, Reuters, Energy, Tokyo Gas, Industry, Plant, Foreign, Delta Offshore Energy, Gulf International Holdings, Delta Offshore, Gulf Energy Development, Buyers, PV Gas, ExxonMobil, Russia's, Gas, Thomson Locations: Vietnam, Hanoi, HANOI, China, Thailand, Singapore, Philippines, Ho Chi Minh City, Oslo, U.S, Tokyo, Quang Ninh, South, Southeast Asia, Asia, Khanh Vu

☆ Oil steady as demand woes from weak economic data offset by OPEC+ cuts
▼ + stars: | 2023-07-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

HOUSTON, July 10 (Reuters) - Oil prices were little changed on Monday in choppy trading as demand woes after weak economic data from top consumers the United States and China were offset by expected crude supply cuts from Saudi Arabia and Russia. "Oil traders may be cautious ahead of the U.S. CPI (Consumer Price Index) and China's slew of economic data later this week," CMC Markets analyst Tina Teng said of inflation data due on Wednesday. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. However, crude prices could rebound after producer group OPEC+ announced plans to reduce supply further, Teng added. Money managers stepped up net long positions in oil futures and options contracts in the latest weekly data.

Persons: Brent, Tina Teng, Loretta Mester, Teng, Ole Hansen, Hansen, Arathy Somasekhar, Noah Browning, Florence Tan, Emily Chow, Alexander Smith, David Goodman, Peter Graff Organizations: . West Texas, U.S . CPI, Consumer, CMC, U.S . Federal Reserve, Federal Reserve Bank, Cleveland, OPEC, International Energy Agency, Saxo Bank, Money, Thomson Locations: United States, China, Saudi Arabia, Russia, ., Saudi, WTI, Brent

SINGAPORE, July 10 (Reuters) - Oil prices dipped in Asian trade on Monday as investors tread cautiously ahead of fresh economic data from top consumers the United States and China this week, though expected crude supply cuts from Saudi Arabia and Russia limited losses. "Oil traders may be cautious ahead of the U.S. CPI and China's slew of economic data later this week," CMC Markets analyst Tina Teng said. However, crude prices could rebound after OPEC+ announced plans to further reduce supply, she said. "The presence of economic slowdowns in China adds to the prevailing uncertainty in the oil market," said Mukesh Sahdev, head of downstream and oil trading at Rystad Energy. U.S. oil rigs fell by five to 540 last week, lowest since April 2022, according to a Baker Hughes report on Friday.

Persons: Tina Teng, China's, Mukesh Sahdev, Morgan, Tony Sycamore, Baker Hughes, Florence Tan, Emily Chow, Tom Hogue, Stephen Coates Organizations: Brent, U.S . West Texas, U.S . CPI, CMC, Rystad Energy, OPEC, Federal Reserve, U.S . Commodity Futures Trading Commission, Thomson Locations: SINGAPORE, United States, China, Saudi Arabia, Russia, U.S, Saudi, Ain Sukhna, OPEC

SINGAPORE/LONDON, July 7 (Reuters) - Thailand's largest energy company, state-controlled PTT (PTT.BK), is in advanced talks with Qatar for a 15-year liquefied natural gas (LNG) supply deal, four trading sources told Reuters. The Gulf energy giant has been in negotiations with several other Asian buyers this year and has so far signed three LNG supply deals with Asian buyers, with more expected later this year. PTT also signed a nine-year deal with Oman LNG at the start of the year, which will see it receive 800,000 tons of LNG per year beginning 2026. Thailand, a net oil and gas importer, needs to increase imports of LNG to offset a steep production fall at its gas fields. So far, the country has imported around 6 million tons of LNG this year versus 8.7 million tons in 2022, according to data firm Kpler.

Persons: Maha El, Mark Potter Organizations: Qatar, Reuters, PTT, LNG, Oman LNG, Thomson Locations: SINGAPORE, LONDON, Qatar, Ukraine, Europe, Russia, Oman, Thailand, Maha El Dahan, Dubai, Chayut, Bangkok

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