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November Brent crude futures rose 28 cents to $90.92 a barrel at 0300 GMT, while U.S. West Texas Intermediate crude futures for October edged 35 cents higher to $87.64. The U.S. Federal Reserve is widely expected to leave interest interest rates unchanged at a policy meeting next week, though views are split over whether the Fed will raise rates or pause again in November. The European Commission on Monday forecast the euro zone to grow more slowly than previously expected in 2023 and 2024. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lackluster macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast for 2024 unchanged.

Persons: Nathan Frandino, Brent, Tina Teng, Teng, OPEC's, Jeslyn Lerh, Stephanie Kelly, Jamie Freed Organizations: Phillips, American West, REUTERS, bbl, Brent, U.S, West Texas, Traders, CMC, U.S . Federal Reserve, European Central Bank, European, Investors, International Energy Agency, Organization of, Petroleum, IEA, Thomson Locations: Rodeo , California, American, U.S, SINGAPORE, Europe, Saudi Arabia, Russia, China, OPEC, Singapore, New York

☆ Oil falls on concerns about China, winter demand
▼ + stars: | 2023-09-07 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. Brent crude futures fell 36 cents to $90.24 a barrel by 0645 GMT, after a nine-session winning streak. U.S. West Texas Intermediate crude (WTI) futures fell 37 cents to $87.17 a barrel after seven sessions of gains. Concerns about rising oil output from Iran and Venezuela, which could balance out a portion on cuts from Saudi and Russia, kept a lid on the market as well. Helping support prices, U.S. crude oil inventories were projected to have fallen by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures.

Persons: Agustin Marcarian, Brent, Leon Li, Li, Trixie Yap, Stephanie Kelly, Jacqueline Wong, Muralikumar Anantharaman, Edwina Gibbs Organizations: REUTERS, . West Texas, Markets, U.S, American Petroleum Institute, U.S . Energy, Administration, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, SINGAPORE, China, Saudi Arabia, Russia, Shanghai, Iran, Venezuela, Saudi, OPEC, Caracas, Singapore, New York

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. U.S. crude oil inventories were projected to fall by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures released after market settlement. Brent crude futures edged up 12 cents to $90.72 a barrel by 0019 GMT, while U.S. West Texas Intermediate crude (WTI) futures gained 11 cents to $87.65. Prices spiked on Tuesday after Saudi Arabia and Russia extended voluntary oil supply cuts to the year-end. The Saudi cuts were by 1 million barrels per day (bpd) while Russia has cut 300,000 bpd.

Persons: Agustin Marcarian, Stephanie Kelly, Jacqueline Wong Organizations: REUTERS, American Petroleum Institute, U.S . Energy, Administration, Brent, U.S, West Texas, Saudi, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, New York

Saudi Arabia has spearheaded efforts to support prices, making large voluntary output cuts as part of a production deal agreed by the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. Saudi Arabia's previous announcements have come ahead of its official selling prices, which typically emerge in the first week of the month. Russian Deputy Prime Minister Alexander Novak, meanwhile, has said that Moscow had agreed with OPEC+ partners on the parameters for continued export cuts in October. Saudi Arabia and Russia could withdraw the cuts at any point, said OANDA analyst Craig Erlam, "but I can't imagine they'll be in any rush and risk sending the price tumbling again." The oil market is vulnerable to price spikes due to low inventories and underinvestment in new oilfields, a senior official at global commodities trading firm Trafigura (TRAFGF.UL) said on Monday.

Persons: Alexander Novak, Craig Erlam, Brent, Russell Hardy, Xi, John Evans, Stephanie Kelly, Paul Carsten, Natalie Grover, Mohi Narayan, Yousef Saba, Andrew Hayley, Jason Neely, David Goodman, Mike Harrison Organizations: Companies, U.S . Federal, of, Petroleum, Saudi, . West Texas, . U.S, Federal, Thomson Locations: Companies Saudi Arabia, Russia, Saudi Arabia, OPEC, Moscow, India, Kuwait, Jizan, Oman, China, ., New York, London, New Delhi, Dubai, Beijing

Consumers purchase gasoline at a gas station as a plane approaches to land at the airport in San Diego, California October 8, 2012. National retail gasoline prices will average $3.90 a gallon this month, predict analysts at Goldman Sachs. Jones said he was relieved prices were not close to the $5 a gallon level of last summer. Total U.S. gasoline stocks this month fell to 216.4 million barrels, the fifth decline in six weeks, according to U.S. government data. Reporting by Laura Sanicola and Shariq Khan; editing by Stephanie Kelly and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Goldman Sachs, Martin Jones, Jones, Irving Oil's, Patrick De Haan, Laura Sanicola, Shariq, Stephanie Kelly, Aurora Ellis Organizations: REUTERS, Consumers, American Automobile Association, Toyota Corolla, Washington , D.C, U.S . Midwest, Total U.S, U.S . National Oceanic, Atmospheric Administration, NOAA, Hurricanes, Thomson Locations: San Diego , California, California, Washington, Massachusetts, Washington ,, U.S, Ohio, Michigan, Whiting , Indiana, New Brunswick, Canada, Trainer ,, Texas, Gulf

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File PhotoSummary OPEC flags healthy oil market fundamentals in second halfUS consumer prices rise moderately in JulyChina tips into deflation as efforts to stoke recovery falterBEIJING, Aug 11 (Reuters) - Oil prices fell marginally on Friday as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China. Brent crude fell 15 cents to $86.25 a barrel at 0515 GMT, while U.S. West Texas Intermediate crude futures were down 13 cents at $82.69 a barrel. Market sentiment was also lifted by Thursday's U.S. consumer prices data for July, which fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle. Data this week also showed China's consumer prices fell into deflation and factory gate prices extended declines in July, raising concerns about fuel demand in the world's second-largest economy.

Persons: Dado, Brent, Tina Teng, Teng, Baden Moore, Moore, Stephanie Kelly, Andrew Hayley, Shri Navaratnam, Simon Cameron Organizations: REUTERS, China, U.S, West Texas, CMC Markets, The, of Petroleum Exporting, Thursday's U.S, Federal Reserve, National Australia Bank, bbl, Thomson Locations: China, BEIJING, OPEC, Auckland, June's, Saudi Arabia, Russia, Ukraine, Baden, 2H23, New York, Beijing

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File PhotoSummary OPEC flags healthy oil market fundamentals in second halfUS consumer prices rise moderately in JulyChina tips into deflation as efforts to stoke recovery falterBEIJING, Aug 11 (Reuters) - Oil prices were largely unchanged in Asian morning trade as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China. In 2024, "solid" economic growth amid continued improvements in China is expected to boost oil consumption, it added. Market sentiment was also lifted by Thursday's U.S. consumer prices data for July, which fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle. However, Teng also noted that "China’s sluggish economic data and the retreat on Wall Street weighs on risk sentiment, and a strengthened USD also pressured commodity prices".

Persons: Dado, Brent, Tina Teng, Teng, Baden Moore, Moore, Stephanie Kelly, Andrew Hayley, Shri Navaratnam, Simon Cameron Organizations: REUTERS, China, U.S, West Texas, CMC Markets, The, of, Petroleum, Thursday's U.S, Federal Reserve, National Australia Bank, bbl, Thomson Locations: China, BEIJING, OPEC, Auckland, June's, Saudi Arabia, Russia, Ukraine, Baden, 2H23, New York, Beijing

Summary OPEC flags healthy oil market fundamentals in second halfUS consumer prices rise moderately in JulyChina tips into deflation as efforts to stoke recovery falterAug 11 (Reuters) - Oil prices edged higher on Friday on optimism from the OPEC producer group that oil demand will be robust in 2024 as it also nudged up its expectations for global economic growth. Brent crude rose 7 cents to settle at $86.47 a barrel at 0017 GMT, while U.S. West Texas Intermediate crude futures gained 12 cents at $82.94 a barrel. The Organization of the Petroleum Exporting Countries said on Thursday it expects world oil demand to rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023. In 2024, "solid" economic growth amid continued improvements in China is expected to boost oil consumption, it added. Also lifting market sentiment, Thursday's U.S. consumer prices data for July fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle.

Persons: Brent, Stephanie Kelly, Shri Navaratnam Organizations: U.S, West Texas, of, Petroleum, Federal Reserve, Thomson Locations: China, OPEC, Saudi Arabia, Russia, Ukraine, U.S

Phillips declined to make an executive available for comment and both ADM and Phillips 66 declined to comment. TECH LINED UPAxens SA, which provides technology to convert oil and biomass to lower-carbon fuels, in May agreed to provide its ethanol-to-fuels conversion technology to Phillips, ADM or a joint venture. ADM already formed a joint venture in 2021 with top U.S. oil refiner Marathon Petroleum Corp (MPC.N) to churn out renewable diesel from soybeans. Top oilseed processor Bunge (BG.N) and Chevron (CVX.N) last year formed Bunge Chevron Ag Renewables to make renewable fuels from soybeans and canola. As part of one deal, Chevron invested $600 million in the joint venture, helping double processing capacity at two Bunge soybean crushing facilities.

Persons: Nathan Frandino, refiner Phillips, Phillips, Axens, Gevo, Stephanie Kelly, Karl Plume, Jarrett Renshaw, Erwin Seba, Marguerita Choy Organizations: Phillips, American West, REUTERS, Daniels, Midland, ADM, Renewable Fuels Association, TECH, Axens SA, Gevo Inc, Marathon Petroleum Corp, Bunge, Chevron, Bunge Chevron Ag Renewables, Thomson Locations: Rodeo , California, American, U.S, Peoria , Illinois, Columbus , Nebraska, Cedar Rapids , Iowa, Houston, , California, California, Paris, North Dakota, Bunge Chevron, New York, Chicago, Washington

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of 2023 were $2.17 billion, versus $2.36 billion a year before. That was partially offset by higher revenues from increased volumes on its natural gas liquids, natural gas and crude oil businesses, it said. Enterprise sees natural gas liquids pricing and ethane pricing as constructive in the second half of 2023. During the quarter, the company saw operational records for natural gas pipeline volumes and natural gas liquids fractionation volumes. It brought online new projects including the 400 million cubic feet per day expansion of its Haynesville Extension of the Acadian natural gas pipeline system, and its Poseidon cryogenic natural gas processing plant in the Midland Basin.

Persons: Gary McWilliams, Stephanie Kelly, Jan Harvey, Andrea Ricci Organizations: Enterprise Products Partners, REUTERS, Reuters Connect Companies Enterprise Products, Enterprise, Oil, Thomson Locations: Houston , Texas, U.S, Corpus Christi , Texas, Midland, Chambers County , Texas, Delaware, Texas

LONDON/HOUSTON/SINGAPORE, July 31 (Reuters) - Oil inventories are beginning to fall in some regions as demand outpaces supply constrained by deep production cuts from OPEC leader Saudi Arabia, providing support for prices which are expected to rise in coming months. JP Morgan analysts said this month that oil inventories - which include crude and fuel products - now play a bigger role in determining oil prices than the U.S. dollar because Western sanctions on Russia have accelerated oil trading in other currencies. Stock declines have been geographically uneven so far, with inventory falls in the United States and Europe offset by increases in China and Japan. Weekly stocks of diesel, jet fuel and fuel oil in the five regions are also currently below their five-year averages. Crude inventories in Japan have added 25 million barrels, or 8%, since April to stand at their highest in nearly two years, according to Kayrros.

Persons: Morgan, Christopher Haines, Cushing, Kayrros, Antoine Halff, Macquarie, Vikas Dwivedi, JP Morgan, Dwivedi, we've, Muyu Xu, Stephanie Kelly, Simon Webb, Kirsten Donovan Organizations: U.S, Energy, International Energy Agency, Organization of, Petroleum, OECD, OPEC, UBS, U.S . Energy Information Administration, Reuters Graphics Reuters, FGE Energy, United Arab, Reuters Graphics, Macquarie, Thomson Locations: HOUSTON, SINGAPORE, Saudi Arabia, Russia, United States, Europe, China, Japan, Saudi, Oklahoma, Singapore, Fujairah, United Arab Emirates, Mideast, Ukraine, Portugal, Reuters Graphics China, Iran, Venezuela, North Africa, Asia, New York

Bolstered by supply cuts from the OPEC+ alliance announced earlier this month, both oil benchmarks gained nearly 5% for the week - a fifth straight week of gains. The benchmarks are on track to gain over 13% for the month. In an interview on Friday, Exxon Mobil (XOM.N) chief Darren Woods said he expected record oil demand this year and next. On the supply side, U.S. oil rigs fell by one to 529 this week, their lowest since March 2022, energy services firm Baker Hughes (BKR.O) said on Friday. Saudi Arabia is expected to extend the voluntary oil output cut for another month to include September, five analysts said, to provide additional support for the oil market.

Persons: Brent, Phil Flynn, Jerome Powell's, Tamas Varga, Darren Woods, Baker Hughes, Stephanie Kelly, Natalie Grover, Laura Sanicola, Andrew Hayley, Deepa Babington, Kirsten Donovan Organizations: drillers, U.S . Federal Reserve, European Central Bank, U.S, West Texas, Price Futures, Federal, Exxon Mobil, Thomson Locations: France, Spain, China, OPEC, United States, U.S, Saudi, Saudi Arabia, New York, London, Washington, Beijing

Summary China to step up policy adjustments amid tortuous recoveryPOLL-US crude, product inventories seen down last weekComing up: API data on U.S. crude stocks at 4:30 p.m. ETJuly 25 (Reuters) - Oil prices edged higher for the third straight session on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world's second-biggest economy lifted sentiment. Still, bearish data in the euro zone and U.S. underlined weakness across the global economy. Later on Tuesday, industry data on U.S. crude inventories is expected. Four analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to July 21.

Persons: Brent, Edward Moya, Jerome Powell, Christine Lagarde, Stephanie Kelly, Shri Navaratnam, Stephen Coates Organizations: U.S, West Texas, Organization of, Petroleum, Energy, OANDA, Fed, European Central Bank, ECB, Reuters, Thomson Locations: China, Russia, OPEC, U.S

Brent futures rose $1.13, or 1.4%, to settle at $79.63 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.60, or 2.2%, to settle at $75.75. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. Energy traders expect "the oil market will remain tight as Russian shipments drop and as China prepares to provide more support to households," said Edward Moya, senior market analyst at data and analytics firm OANDA. Looking ahead, the oil market is waiting for U.S. oil inventory data from the American Petroleum Institute (API), an industry group, on Tuesday and the EIA on Wednesday. Analysts in a Reuters poll forecast a 2.4-million barrel draw from U.S. crude stocks during the week ended July 14.

Persons: Edward Moya, Kristalina Georgieva, Gelber, Natalie Grover, Stephanie Kelly, Andrew Hayley, David Holmes, Jan Harvey, Jonathan Oatis Organizations: . Federal, U.S, West Texas, ING, Energy, Monetary, U.S . Energy Information Administration, American Petroleum Institute, Associates, World Meteorological Organization, Thomson Locations: China, U.S, Europe, Asia, London, New York, Beijing

Summary U.S. dollar falls to 15-month low against basket of currenciesU.S. oil output to decline in August - EIA outlookUpcoming - U.S. oil inventory data from API and EIANEW YORK, July 18 (Reuters) - Oil prices climbed more than 1% on Tuesday as a weaker U.S. dollar and expected decline in U.S. output outweighed softer-than-expected Chinese economic data. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. CRUDE DEMAND STILL A CONCERNComments that global economic growth activity is slowing helped keep crude price gains in check. In the U.S., shale oil production will likely decline in August for the first time since December, projections from the EIA show. Global supplies are expected to see a boost from the resumption of output at two of three Libyan fields that were shuttered last week.

Persons: Brent, Kristalina Georgieva, Jun Rong Yeap, Natalie Grover, Stephanie Kelly, Andrew Hayley, Jason Neely, David Holmes, Jan Harvey Organizations: U.S, West Texas, U.S ., . Federal, American Petroleum Institute, U.S . Energy Information Administration, Monetary Fund, IG, Thomson Locations: China, U.S, Singapore, London, New York, Beijing

☆ Oil steadies as investors eye US crude supplies
▼ + stars: | 2023-07-18 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Summary Both benchmarks dip more than 1.5% on MondayInvestors eye US crude, product inventories dataChina's frail growth raises urgency for policy supportLONDON, July 18 (Reuters) - Oil prices were little changed on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Both benchmark contracts had fallen more than 1.5% on Monday following lacklustre economic data from China, the world’s largest oil importer, as well as the partial restart of some Libyan oilfields. Brent crude was up 26 cents at $78.76 a barrel by 1151 GMT, while U.S. West Texas Intermediate (WTI) crude rose 28 cents to $74.43 a barrel in relatively muted trading, with the contract set to expire on Thursday. Market participants were awaiting industry data later on Tuesday that is expected to show U.S. crude oil stockpiles and product inventories fell last week. Still, global supplies are expected to see a boost from the resumption of output at two of three Libyan fields that were shuttered last week.

Persons: Brent, Rong Yeap, John Evans, Evans, Natalie Grover, Stephanie Kelly, Andrew Hayley, Jason Neely, David Holmes Organizations: Investors, U.S, West Texas, Energy, Administration, IG, Thomson Locations: China, U.S, Singapore, Saudi Arabia, London, New York, Beijing

☆ Oil steadies as investors digest China gloom, eye US crude supplies
▼ + stars: | 2023-07-18 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Summary Both benchmarks dip more than 1.5% on MondayInvestors eye US crude, product inventories dataChina's frail growth raises urgency for policy supportLONDON, July 18 (Reuters) - Oil prices were little changed on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Brent crude was down 1 cent at $78.49 a barrel by 0753 GMT, while U.S. West Texas Intermediate crude edged up 1 cent to $74.16 a barrel. Both contracts fell more than 1.5% on Monday, following lacklustre Chinese data and the partial restart of some Libyan oilfields. Market participants were awaiting industry data later on Tuesday that is expected to show U.S. crude oil stockpiles and product inventories fell last week. Still, global supplies are expected to see a boost from the resumption of output at two of three Libyan fields that were shuttered last week.

Persons: Brent, Rong Yeap, John Evans, Natalie Grover, Stephanie Kelly, Andrew Hayley, Lincoln, Jason Neely Organizations: Investors, U.S, West Texas, IG, Energy, Administration, Saudi, Thomson Locations: China, Singapore, U.S, London, New York, Beijing

Summary Market claws back some of Monday's lossesUS crude, product inventories seen down last weekChina's frail growth raises urgency for policy supportJuly 18 (Reuters) - Oil prices edged higher in early trade on Tuesday after sinking in the previous session on weaker-than-expected Chinese economic growth, as investors eyed a possible tightening of U.S. crude supplies. Brent crude gained 11 cents to $78.61 a barrel by 0017 GMT, while U.S. West Texas Intermediate crude rose 15 cents to $74.30 a barrel. Investors awaited industry data later on Tuesday that was expected to show U.S. crude oil stockpiles and product inventories likely fell last week. Still, global supplies could see a boost from the resumption of output at two of three Libyan fields that were shut last week. Output had been halted by a protest against the abduction of a former finance minister.

Persons: Brent, Stephanie Kelly, Sonali Paul Organizations: U.S, West Texas, Energy, Administration, Thomson Locations: U.S

NEW YORK, July 12 (Reuters) - A bipartisan group of U.S. lawmakers introduced legislation this week directing the Biden administration to allow oil refiners to purchase compliance credits for U.S. biofuel blending laws at a lower, fixed cost compared to the open market. The proposal would reduce rising compliance costs associated with the U.S. Renewable Fuel Standard (RFS) and aim to help struggling refineries stay afloat at a time of great flux in the global energy markets, lawmakers said. Oil refiners argue the mandates are pricey, while biofuel proponents like ethanol producers and corn farmers like the obligations because it increases the market for their products. Renewable fuel credits traded at $1.54 each on Tuesday after the bill came out, down from $1.56 prior, traders said. Credits traded on Wednesday between $1.55 and $1.56 each amid U.S. government data release.

Persons: Biden, refiners, ”, Chris Coons, Bob Casey, Brian Fitzpatrick, Joe Biden's, Stephanie Kelly, Susan Heavey Organizations: YORK, U.S . Renewable, Democratic, Republican U.S, Republican, Thomson Locations: U.S

Oanda analyst Craig Erlam said prices were mainly at the mercy of "the ever-changing expectations for interest rates". European Central Bank President Christine Lagarde said on Tuesday that stubbornly high inflation will require the bank to avoid declaring an end to rate hikes. Higher interest rates can weigh on economic activity and oil demand. But the upbeat data suggested the Federal Reserve will likely have to continue raising interest rates to slow demand in the overall economy. The U.S. central bank, which has raised its policy rate by 500 basis points since March 2022, signaled this month that two additional rate hikes were warranted this year.

Persons: Brent, Craig Erlam, Christine Lagarde, Phil Flynn, Wagner, PVM's Tamas Varga, Saudi Arabia's, Li Qiang, Stephanie Kelly, Shadia Nasralla, Trixie Yap, Jan Harvey, David Goodman, Ed Osmond, Deepa Babington, Mark Heinrich Our Organizations: Brent, . West Texas, European Central Bank, Price Futures, Reserve, American Petroleum Institute, Reuters, Saudi, Thomson Locations: contango, Europe, United States, U.S, Russia, China

Summary Oil prices rise early in second sessionPolitical instability in Russia adds to supply concernsHopeful expectations for summer driving season demand remainJune 27 (Reuters) - Oil prices edged higher on Tuesday, spurred by worries about political instability in Russia and possible supply disruptions, as well as U.S. demand hopes ahead of the summer driving season. Following the weekend's events, ANZ analysts said, the complacency among traders about Russian oil continuing to seep into the international market could no longer be assumed to the same extent. The challenge has fed questions about President Vladimir Putin's grip on power and some concern about possible disruption of Russian oil supply, although loadings have kept on schedule. Oil fell about 3.6% last week on worries that further interest rate hikes by the U.S. Federal Reserve could sap demand as China's economic recovery disappoints investors. Traders were also watching for signs of a pickup in demand for transport fuels, such as gasoline, in the United States ahead of the peak summer driving season.

Persons: Brent, Wagner, Vladimir Putin's, Saudi Arabia's, Morgan, Stephanie Kelly, Trixie Yap, Muralikumar Anantharaman, Clarence Fernandez Organizations: Brent, U.S, West Texas, ANZ, Saudi, BMI Research, U.S . Federal, Traders, American Automobile Association, Global, American Petroleum Institute, Energy Information Administration, Thomson Locations: Russia, Moscow, Russian, Rostov, Saudi Arabia, United States, U.S

Companies Tesla Inc FollowNEW YORK, June 23 (Reuters) - A U.S. Democratic lawmaker plans to reintroduce a bipartisan bill next month that would allow electricity generated from renewable biomass to qualify for credits under the nation's biofuel blending program. The new EV pathway would be a major overhaul of that program by expanding it to include stakeholders in the electric vehicle industry. Garamendi originally introduced the bill in 2021, with bipartisan cosponsors including Representative Jack Bergman, a Republican from Michigan, and Representative Mariannette Miller-Meeks, a Republican from Iowa. Groups including the Renewable Fuel Standard Power Coalition, the Biomass Power Association and the American Loggers Council have endorsed the impending bill. The bill would also make biomass removed from federal forestlands eligible under the RFS as renewable biomass.

Persons: Biden, John Garamendi, Garamendi, Jack Bergman, Mariannette Miller, Meeks, Stephanie Kelly, Alistair Bell Organizations: Tesla, U.S, Democratic, U.S . Renewable Fuels, . Environmental Protection Agency, Reuters, Republican, Standard Power Coalition, Biomass Power Association, Thomson Locations: California, Michigan, Iowa

☆ US crude inventories post surprise draw, fuel stocks rise, EIA says
▼ + stars: | 2023-06-22 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Crude inventories (USOILC=ECI) fell by 3.8 million barrels to 463.3 million barrels in the week to June 16, compared with analysts' expectations in a Reuters poll for a 300,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) fell 98,000 barrels, EIA said. U.S. crude oil exports climbed to 4.5 million barrels per day last week, while imports fell about 50% to 1.6 million barrels per day. "A rebound in crude exports, dip in imports, and ongoing strength in refining activity have encouraged a draw to crude inventories," said Matt Smith, a lead oil analyst at Kpler. Refinery crude runs (USOICR=ECI) fell by 116,000 barrels per day in the last week, EIA said.

Persons: Andrew Lipow, Matt Smith, Arathy Somasekhar, Stephanie Kelly, Jan Harvey Organizations: Energy Information Administration, Cushing, . West Texas, Brent, Lipow Oil Associates, EIA, Thomson Locations: Oklahoma, Houston . U.S, U.S, Houston, New York

NEW YORK, June 21 (Reuters) - U.S. crude oil inventories at the Cushing, Oklahoma, storage hub have risen to their highest in two years, as outages at Midwestern refiners crimp demand and higher flows from Canada add to supply. Stockpiles at Cushing, the delivery point for U.S. crude oil futures, have climbed for eight consecutive weeks after falling earlier this year. Overseas demand for U.S. crude and an end to refinery outages should reverse the build, said analysts. "We're going to be sending more (oil exported) abroad," said Phil Flynn, an analyst at Price Futures Group. Canadian crude may have been sent toward Cushing as feedstock for a restart of the Toledo refinery, which had a fire last year, said Matt Smith, lead oil analyst for the Americas at Kpler.

Persons: Phil Flynn, Hillary Stevenson, Cushing, Stevenson, Enbridge, Flanagan, John Coleman, Wood Mackenzie, Matt Smith, Stephanie Kelly, Nia Williams, Arathy, Jonathan Oatis Organizations: YORK, Cushing, Price Futures, Energy, IIR Energy, BP, Phillips, North, Americas, Kpler, Thomson Locations: Oklahoma, Canada, Cushing, U.S, Toledo, Ohio, Texas, Wood

[1/2] Choices at the gas pump including ethanol or no ethanol gas are seen in Des Moines, Iowa, U.S., January 29, 2020. The U.S. Environmental Protection Agency plans to finalize biofuel blending volumes at 20.94 billion gallons in 2023, 21.54 billion gallons in 2024 and 22.33 billion gallons in 2025, the sources said. That compares with the initial proposal announced in December of 20.82 billion in 2023, 21.87 billion in 2024, and 22.68 billion in 2025. But the finalized volumes include just 15 billion gallons of conventional biofuels like corn-based ethanol in all three years, plus a 250 million-gallon supplemental amount for 2023, the sources said. Ethanol producers and corn farmers like the mandates because they provide a market for their products, while the oil industry finds the requirements too pricey.

Persons: Brian Snyder, Biden, Emily Skor, Stephanie Kelly, Jarrett Renshaw, Matthew Lewis Organizations: REUTERS, Reuters, The, Environmental Protection Agency, Congress, Growth Energy, EPA, U.S . Renewable, EV, Thomson Locations: Des Moines , Iowa, U.S, The U.S, New York, Philadelphia

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