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ETNEW YORK, Nov 15 (Reuters) - Oil prices rose on Tuesday along with major stock indexes, after U.S. data signaled that inflation could be starting to subside, which would be a positive for oil demand. U.S. West Texas Intermediate crude rose $1.18, or 1.4%, to $87.05. "The inflation data was positive in a way. In U.S. supply, crude oil stocks are expected to have dropped by about 300,000 barrels in the week to Nov. 11, a Reuters poll showed on Monday ahead of reports from the American Petroleum Institute due at 4:30 p.m. Investment bank JPMorgan cut its quarterly and full-year forecasts for economic growth in China.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy prices could be horrific this winter, says Again Capital's John KilduffAmrita Sen, founder and director of research at Energy Aspects, and John Kilduff, Again Capital founder and a CNBC contributor, join CNBC's 'Squawk Box' to break down their expectations for energy prices this winter.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJohn Kilduff and Amrita Sen break down forecasts for global energy prices and demandAmrita Sen, founder and director of research at Energy Aspects, and John Kilduff, Again Capital founder and a CNBC contributor, join CNBC's 'Squawk Box' to break down their expectations for energy prices ahead of the winter months. "We're going into the crunch," Kilduff tells CNBC. "The winter... it could be horrific in terms of prices."
The dollar's weakness added support, as the greenback's strength of late has been a notable factor inhibiting oil market gains. U.S. West Texas Intermediate (WTI) crude rose $2.59, or 3%, to $87.91. Crude exports rose to 5.1 million barrels a day, the most ever, dropping net U.S. crude imports to their lowest in history. Oil analysts anticipate supply will tighten in coming months after that move, and as Europe is expected next month to ban oil imports from Russia and restrict Russian shippers from the global shipping insurance industry. "Until 2024 we believe oil price will be strongly influenced by the availability of tankers that are willing to transport Russian oil rather than global supply-demand fundamentals, keeping oil price elevated," JP Morgan analysts wrote.
Brent crude futures were up $2.43, or 2.6%, to $95.95 a barrel by 12:31 p.m. EDT (1631 GMT). U.S. West Texas Intermediate (WTI) crude rose $2.86, or 3.3%, to $88.18. U.S. crude stocks rose 2.6 million barrels last week, according to weekly government data, more than anticipated, but that was lower than industry figures, which showed a 4.5 million-barrel build. In addition, crude exports rose to 5.1 million barrels a day, the most ever, dropping U.S. crude imports on net to their lowest in history. Traders attributed the surge in exports to the widened WTI-Brent spread , which, coming into Wednesday's trade, was at more than $8 per barrel.
NEW YORK, Oct 26 (Reuters) - Oil prices surged on Wednesday as U.S. crude exports hit an all-time high and as the nation's refiners operated at higher-than-usual levels for this time of year. Brent crude futures for December were up $2.16, or 2.3%, at $95.68 a barrel as of 11:01 a.m. EDT (1501 GMT). A 0.9% drop in the U.S. dollar also added to bullishness, making oil cheaper for holders of other currencies. "OPEC production cuts effective November and the new EU sanctions on Russian oil to be enforced from December should be positive" for prices, said Stephen Innes, managing partner at SPI Asset Management. In addition, crude exports rose to 5.1 million barrels a day, the most ever, dropping U.S. crude imports on net to their lowest in history.
Singh notes there could be a significant drop in Russian oil in coming months as European restrictions on imports of oil and refined products, like diesel, take hold. Barclays expects about 1 million barrels of Russian oil to come off the market, but Singh said his estimate is low compared with others. He noted that China and India have increased their purchases of Russian oil, but so have other countries, like Turkey. We also believed the government in the U.S. was going to put a floor under oil prices by refilling the SPR," said Blanch. There's going to be a very large spread between European energy prices and U.S. energy prices."
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDiesel fuel and heating oil are the problem children of the petroleum complex, says Again Capital's KilduffJohn Kilduff, Again Capital founding partner, joins 'Squawk on the Street' to discuss Kilduff's thoughts on diesel prices, what would remedy the problems in the petroleum complex and more.
Register now for FREE unlimited access to Reuters.com RegisterBrent crude settled at $93.50 a barrel, up $1.12, or 1.2%. U.S. West Texas Intermediate crude (WTI) settled at$85.05 a barrel, up 54 cents, 0.6%. Swings in the U.S. dollar, which typically moves inversely with oil prices, added to choppy trade. China, the world's largest crude importer, has stuck to strict COVID-19 curbs this year, weighing heavily on business and economic activity and reducing demand for fuel. U.S. oil rigs rose two to 612 this week, their highest since March 2020, while gas rigs were unchanged at 157.
Oct 18 (Reuters) - Oil prices settled lower on Tuesday on fears of higher U.S. supply combined with an economic slowdown and lower Chinese fuel demand. Brent crude futures settled down $1.59, or 1.7%, to $90.03 per barrel, while U.S. West Texas Intermediate (WTI) crude settled down $2.64, or 3.1%, to $82.82 per barrel. Oil prices were also pressured by reports that the U.S. government would continue releasing crude oil from reserves. The Biden administration plans to sell oil from the Strategic Petroleum Reserve in an effort to cool fuel prices before next month's congressional elections, sources told Reuters on Monday. In addition, U.S. crude oil stocks were expected to have risen for a second consecutive week, a preliminary Reuters poll showed on Monday.
Oct 18 (Reuters) - Oil prices fell by more than 3% in volatile trade on Tuesday on fears of higher U.S. supply amid an economic slowdown and lower Chinese fuel demand. Brent crude futures fell by $2.37, or 3.6%, to $89.25 a barrel by 12:29 p.m. EDT (1629 GMT). Oil prices were also pressured by reports that the U.S. government would continue releasing crude oil from reserves. The Biden administration plans to sell oil from the Strategic Petroleum Reserve in an effort to cool fuel prices before next month's congressional elections, sources told Reuters on Monday. In addition, U.S. crude oil stocks were expected to have risen for a second consecutive week, a preliminary Reuters poll showed on Monday.
Brent crude settled down $1.90, or 2%, to $94.29 a barrel while U.S. West Texas Intermediate crude settled down $1.78, or 2%, to $89.35. Register now for FREE unlimited access to Reuters.com Register"There is growing pessimism in the markets now," said Craig Erlam of brokerage OANDA. U.S. crude oil stockpiles were expected to have risen last week after having fallen the prior two weeks, a preliminary Reuters poll showed on Tuesday. A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite. President Joe Biden is re-evaluating the U.S. relationship with Saudi Arabia after OPEC+ announced last week it would cut oil production, White House national security spokesman John Kirby said on Tuesday.
World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation remained a continuing problem. Brent crude was down $1.62, or 1.7%, to $94.57 a barrel by 12:14 p.m. EDT (1614 GMT). Oil also came under pressure from a strong dollar, which hit multi-year highs on worries about interest rate increases and escalation of the Ukraine war. A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite. President Joe Biden is re-evaluating the U.S. relationship with Saudi Arabia after OPEC+ announced last week it would cut oil production, White House national security spokesman John Kirby said on Tuesday.
Both benchmarks had risen over the previous week largely on expectations of tightening global supply. Oil prices fell amid comments from U.S. Federal Reserve officials about rising interest rates and their effect on the economy. Oil prices also struggled under a strengthening U.S. dollar , which rose for a fourth session. The prospect of tightening OPEC+ oil supplies limited declines in prices. read moreThe complicated new sanctions package could end up shutting in considerable supplies of Russia crude, analysts have warned.
Brent crude futures fell 96 cents, or 1%, to $96.96 a barrel by 11:31 a.m. EDT (1531 GMT). EU sanctions on Russian crude and oil products will take effect in December and February respectively. read moreThe complicated new sanctions package could end up shutting in considerable supplies of Russia crude, analysts have warned. "A recessionary economic outlook will lead to lower oil demand," Fitch Ratings said on Monday. Those political factors could alter supply patters and cause greater price volatility, Fitch said.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDon't buy into the 'sky is falling' narratives out there regarding nat gas, says John KilduffAgain Capital's John Kilduff join CNBC's Frank Holland and the 'CNBC Special: Markets in Turmoil' to discuss opportunities the energy markets, even as oil falls below $80 a barrel.
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