DIRS.INFO The most relevant business & tech news

WTI's session low was $67.95 a barrel, lowest since March 24. On Wednesday afternoon, the Fed raised interest rates by a quarter of a percentage point, pressuring oil prices as traders worried that slower economic growth could hit energy demand. "The Fed going into a pause mode should be very supportive for the price of oil," said Phil Flynn, an analyst at Price Futures Group. Also pressuring oil prices, government data showed U.S. gasoline inventories (USOILG=ECI) unexpectedly rose by 1.7 million barrels last week. In China, data over the weekend showed April manufacturing activity fell unexpectedly in the world's largest energy consumer and top buyer of crude oil.

Both benchmarks fell 5% during the previous session, when they also recorded their biggest one-day percentage declines since early January. "The Federal Reserve is expected to deliver another quarter-point increase later today as part of its long-running battle against inflation," PVM Oil analyst Stephen Brennock said. Oil prices extended losses after government data showed U.S. gasoline inventories (USOILG=ECI) unexpectedly rose by 1.7 million barrels last week, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel drop. U.S. crude inventories (USOILC=ECI) fell by 1.3 million barrels in the week, compared with forecasts for a 1.1 million-barrel drop. China is the world's largest energy consumer and top buyer of crude oil.

May 3 (Reuters) - U.S. crude oil inventories fell for a third week in a row, while gasoline stockpiles unexpectedly rose last week as demand weakened, the Energy Information Administration said on Wednesday. Crude in the Strategic Petroleum Reserve declined 2 million to 364.9 million barrels, its lowest since October 1983. Levels dropped for the third week in a row as part of a congressionally mandated sale of 26 million barrels. Gasoline stocks (USOILG=ECI) rose by 1.7 million barrels to 222.9 million barrels, the EIA said, compared with forecasts for a 1.2 million-barrel drop. U.S. crude oil futures fell $2.93, or 4.1%, to $68.73 a barrel by 11:00 a.m.

☆ Oil rises but post weekly loss as economic uncertainty weighs
▼ + stars: | 2023-04-21 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate crude (WTI) rose 50 cents to $77.87 per barrel. Survey data from the euro zone and Britain lifted oil prices on Friday. In India, refiners' crude oil processing stayed near record peaks in March, provisional government data showed, catering to solid seasonal demand in the world's third biggest oil consumer. Oilfield services giant SLB (SLB.N) beat Wall Street estimates for first-quarter profit, as elevated crude prices and tight supplies increased demand for its services. However, economic uncertainty and the prospect of rising interest rates continued to hang over oil markets.

April 19 (Reuters) - U.S. crude oil inventories last week fell more than forecast as refinery runs and exports rose, while gasoline stockpiles jumped unexpectedly on disappointing demand, Energy Information Administration data showed on Wednesday. Crude in the Strategic Petroleum Reserve fell 1.6 million barrels last week to just under 368 million barrels, its lowest since October 1983. Meanwhile, crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures (USOICC=ECI) fell by 1.1 million barrels last week, the EIA said. Net crude imports (USOICI=ECI) fell by 1.74 million barrels per day, EIA said, while exports rose by 1.84 million bpd. Weaker demand allowed U.S. gasoline stocks (USOILG=ECI) to build unexpectedly by 1.3 million barrels in the week to 223.5 million barrels, the EIA said.

☆ US crude stockpiles fall sharply on strong export, refinery demand -EIA
▼ + stars: | 2023-04-05 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) fell by 970,000 barrels in the week, the EIA said. U.S. crude exports climbed to 5.2 million bpd, their second highest level on record. On a net basis, crude imports (USOICI=ECI) rose by 1.16 million bpd, the EIA said. Refinery crude runs (USOICR=ECI) fell by 198,000 bpd last week, edging down slightly from the highest level this year of 15.8 million bpd the week before, the EIA said. Distillate stockpiles (USOILD=ECI), which include diesel and heating oil, fell by 3.6 million barrels to 113.1 million barrels, far exceeding expectations for a 400,000-barrel drop, the EIA data showed.

☆ OPEC+ oil output cut contradicts its optimistic demand forecast, says consultancy
▼ + stars: | 2023-04-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC+ oil output cut contradicts its optimistic demand forecast, says consultancyAndy Lipow of Lipow Oil Associates says that may mean OPEC+ is "not seeing the demand materialize in China as [the country] reopens."

☆ Reaction: OPEC output cuts to roil markets
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +3 min

The OPEC move and Russia's extension through year-end of cuts was a coordinated effort that signaled the OPEC+ remains in charge of global markets. ANDY LIPOW, PRESIDENT, LIPOW OIL ASSOCIATES"It’s very significant that the majority of the production cuts are coming from the core OPEC members. "OPEC is clearly concerned about lower oil prices impacting on their individual government budgets. The 1 million barrel per day cut is likely to be from production quotas and result in an actual production cut of somewhat less. This is the biggest surprise since January 2021" when OPEC+ disclosed a gradual increase in output follow COVID cuts.

☆ One year into Ukraine war, US gas prices are lower. Here’s what to expect ahead
▼ + stars: | 2023-02-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

Why prices shot up, then fellA number of factors have coincided to bring prices steadily lower since then. Now, a year after the start of the war, crude oil prices on global markets and the retail price of regular gas across most of the United States are below pre-war levels. OPIS expects the average price throughout the course of 2023 to come in around $3.45, down from $3.96 last year. Few things take a bite out of gas prices like a recession, or even just the fear of one. The average price of a gallon of regular gas hit a then-record of $4.11 in early July 2008, according to OPIS data.

☆ Russian oil has moved from Europe to Asia, says consultancy
▼ + stars: | 2023-02-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRussian oil has moved from Europe to Asia, says consultancyAndy Lipow of Lipow Oil Associates says a lot of the crude oil that Asia was buying — whether from the Middle East, South America or the United States — has been redirected back into Europe.

☆ Gas prices have surged 40 cents in a month
▼ + stars: | 2023-01-27 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

But something unusual is happening this year: Gas prices are rocketing higher. Although that’s a far cry from the record of $5.02 a gallon last June, gas prices have increased by 12 cents in the past week and 40 cents in the past month. AAA says some states have experienced much bigger gains over the past month, including Colorado (95 cents), Georgia (68 cents), Delaware (63 cents), Florida (60 cents) and Ohio (59 cents). That helps explain why gas prices in Colorado have surged by nearly $1 a gallon over the past month. Oil prices bounce off lowsBeyond the refinery problems, oil prices have crept higher, helping to drive prices at the pump northward.

☆ A European recession could 'tip the balance' in the oil market, consultancy
▼ + stars: | 2023-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA European recession could 'tip the balance' in the oil market, consultancyAndy Lipow of Lipow Oil Associates says that could "drag down other parts of the world," affecting China's economic growth and demand for oil.

☆ Consultancy discusses impact of extreme U.S. weather and oil market
▼ + stars: | 2022-12-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil market: Extreme weather in U.S. will have the 'biggest impact' on diesel fuel, consultancy saysAndy Lipow of Lipow Oil Associates says gasoline supplies are in "pretty good shape."

☆ China reopening will increase oil prices by $5-7 per barrel, says Lipow Oil Associates' Andy Lipow
▼ + stars: | 2022-12-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina reopening will increase oil prices by $5-7 per barrel, says Lipow Oil Associates' Andy LipowAndy Lipow, Lipow Oil Associates president, joins 'Power Lunch' to discuss what he sees with China and oil demand, how much oil the country will consume once it reopens and what it'll mean for U.S. consumers at the gas pump.

☆ Turkey is stopping oil not under Russian sanctions, raising global energy market supply concerns
▼ + stars: | 2022-12-08 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

Cargo ships and vessels transit the Bosphorus Strait, a body of water connecting the Black Sea to the Marmara and Mediterranean Seas through Istanbul, Turkey. Above, the Russia-flagged vessel Volga River Taganrog oil tanker passes south through the Bosphorus Straits in October 2022. "It appears that all but one of the roughly twenty loaded crude tankers waiting to cross the straits are carrying Kazakh-origin oil," a price cap official told CNBC. If delays mount, refiners will seek alternative supplies from other countries or they will reduce operating capacity because they don't have enough oil, which impacts the supply of gasoline and diesel, said Andrew Lipow, president of Lipow Oil Associates. "If this continues for another week we will begin to see an impact on the oil market," Lipow said.

☆ EU sanctions, Russian oil price cap cause tanker bottleneck as crude moves through Turkey
▼ + stars: | 2022-12-07 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

Buddhika Weerasinghe | Bloomberg | Getty ImagesNew Turkish insurance rules on oil tankers carrying Russian crude continue to slow down the movement of tankers off the coast of Turkey and between Russia's Black Sea ports and the Mediterranean. Sixteen vessels (none Russian-flagged) are waiting for insurance clearance, according to MarineTraffic, and that number is expected to grow. Zoom In Icon Arrows pointing outwards"The majority of crude is going to Turkey, followed by Greece, Italy, and India," Ashiq said. Andy Lipow, president of Lipow Oil Associates, tells CNBC that concerns about the age and quality of the shadow fleet carrying Russian crude oil through the Bosphorus will only grow. "As the EU sanctions take hold, these transit delays will impact Chinese and Indian refiners who remain the largest and grow in importance for Russian oil sales," Lipow said.

☆ There's a 'really big reshuffling' of oil supplies around the world, consultancy says
▼ + stars: | 2022-12-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's a 'really big reshuffling' of oil supplies around the world, consultancy saysAndy Lipow of Lipow Oil Associates discusses the price cap on Russian oil.

☆ US gas is cheaper than before Russia invaded Ukraine
▼ + stars: | 2022-12-01 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

That is down about 12 cents in the past week and 29 cents in the past month. Gas prices were climbing in January and February as investors worried about disruptions from a Russian invasion of Ukraine. A range of factors have led to the drop in gas prices – and not all of them are positive. Although gas prices are still relatively high for this time of the year, they have also completely reversed the spike caused by the war in Ukraine. Looking ahead, some forecasters see gas prices continuing to dip, although there remains uncertainty over where oil prices go from here due to questions about OPEC policy and China’s Covid lockdowns.

☆ A market mystery: Energy stocks are still riding high even as crude oil tumbles
▼ + stars: | 2022-11-30 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Traders are watching oil vs. oil stocks and thinking something has to give. Energy bulls insist supplies will remain tight and oil prices will likely be higher in 2023. Variable dividends Lower oil prices are not just a threat to profits: many oil companies have instituted variable dividends, where the variable portion of the payouts are dependent on cash flow. Companies with a variable dividend include Pioneer (PXD), ConocoPhillips (COP), Devon Energy (DVN), Diamondback Energy (FANG), and Coterra Energy (CTRA). The downside: No one is sure what the total payout (the fixed dividend plus the "variable" dividend) will be from quarter to quarter.

☆ Consumers demanding the energy industry to lower prices: Consultancy
▼ + stars: | 2022-11-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumers are demanding the energy industry to 'do whatever it can' to lower prices: ConsultancyAndy Lipow of Lipow Oil Associates says the problem with the oil industry is that "nothing is ever quick."

The market was supported by another decline in U.S. oil inventories as refineries picked up activity ahead of the winter heating season. The oil market held its rally even as stocks fell and the dollar rallied after Federal Reserve Chair Jerome Powell said it was premature to think about pausing rate increases. U.S. crude oil stocks fell about 3.1 million barrels on the week, according to federal data. Gasoline inventories while distillate stocks rose only marginally ahead of the key heating season, when demand is expected to pick up. The ban, a reaction to Russia's invasion of Ukraine, will be followed by a halt on oil product imports in February.

Brent crude rose $1.74, or 1.8%, to $96.39 as of 12:01 p.m. EDT (1601 GMT), while U.S. West Texas Intermediate (WTI) crude was up $1.95, or 2.2%, to $90.31 per barrel. U.S. crude oil stocks fell about 3.1 million barrels on the week, according to federal data. "That is why we are seeing oil prices being supported." China's zero-COVID policy has been a main factor in keeping a lid on oil prices as repeated lockdowns have slowed growth and pared oil demand. Therefore, expect oil prices to close out this year heading into triple-digit territory," PVM analyst Stephen Brennock said.

☆ The diesel market is in a perfect storm as prices surge, supply dwindles ahead of winter
▼ + stars: | 2022-10-30 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

watch nowNew England's diesel supply issues were made worse when a Canadian refinery in Newfoundland shut down in 2020 as the pandemic impacted on demand. A couple of farmers told me diesel supply via their local vendor is day to day." According to MarineTraffic, the 56 Jones Act tankers are being used. For example, a Jones Act tanker carrying 300,000 barrels of diesel from Houston to Boston costs approximately 16 cents per gallon. This is one of the reasons why energy traders favor using foreign flag tankers versus Jones Act tankers.

☆ Wave of LNG tankers is overwhelming Europe in energy crisis and hitting natural gas prices
▼ + stars: | 2022-10-24 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

Two LNG vessels that came from the U.S. are underway to Spain's Huelva port. The underlying infrastructure issue is a lack of European regasification capacity due to a shortage of regasification plants and pipelines connecting countries that have regasification facilities. As a result, the amount of LNG on the water — floating storage — increases and in turn drives down the price of natural gas . Energy experts tell CNBC they are keeping an eye on an EU LNG price cap. Russia, which supplies a large portion of natural gas to Europe, cut gas supplies as a response to sanctions after the country's war with Ukraine.

☆ Biden can’t do much to bring down gas prices. But a recession can
▼ + stars: | 2022-10-23 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN Business —There is one surefire cure for high gas prices. “There is now a perceived huge downward risk tied to recession,” said Tom Kloza, chief energy analyst for OPIS, which tracks gas prices for AAA. And it’s not just US economic worries that’s putting downward pressure on gas prices. It doesn’t take a severe economic downturn to take a bite out of gas prices. The nine-month recession of 2001 ended with prices down 37% at the end of that year from their peak.

Search resuls for: "Lipow"

25 mentions found