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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 slips on weak China data and rate hike expectations
▼ + stars: | 2023-05-02 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Oil prices fell on Tuesday on weak economic data from China and expectations of interest rate hikes by the U.S. Federal Reserve and European Central Bank (ECB) this week. Brent crude fell 42 cents, or 0.53%, to to $78.89 a barrel by 1037 GMT while U.S. West Texas Intermediate (WTI) crude lost 46 cents, or 0.61% to $75.20. Price pressure followed official data on Sunday showing manufacturing activity in China, the world's top crude importer, fell unexpectedly in April. Investors will look for market direction from expected interest rate hikes by inflation-fighting central banks, which could slow economic growth and dent energy demand. A poll on Monday showed that U.S. crude oil stockpiles, meanwhile, are expected to have fallen for a third consecutive week, providing some oil price support.

☆ Oil slips on weak China demand fears, U.S. rate rise forecast
▼ + stars: | 2023-05-02 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

"The downside pressure on oil is that China's economic recovery is not really promising, clouding the demand outlook on fuel consumption," said Tina Teng, an analyst at CMC Markets. China's manufacturing activity unexpectedly fell in April, official data showed on Sunday, the first contraction since December in the manufacturing purchasing managers' index. China's industrial and economic recovery from the coronavirus pandemic was expected to boost demand this year. Despite China's weak manufacturing data, there are positive signs of recovery based on spending during the five-day Labour Day holiday in the world's largest oil importer, said analysts in an ANZ Research note. Interest rate increases by inflation-fighting central banks could impact oil by slowing economic growth and denting energy demand.

Brent crude was up by 7 cents to $79.38 a barrel by 0425 GMT, while U.S. West Texas Intermediate (WTI) crude rose 11 cents to $75.77 a barrel. China's manufacturing activity unexpectedly fell in April, official data showed on Sunday, the first contraction since December in the manufacturing purchasing managers' index. China's industrial and economic recovery from the coronavirus pandemic was expected to boost demand this year. "Crude oil fell after weak economic data from China raised concerns about a patchy recovery," said analysts in an ANZ Research note, referring to China's manufacturing activity data. Meanwhile, a Monday poll showed that U.S. crude oil stockpiles are expected to have fallen for a third consecutive week, providing some support to the market.

May 2 (Reuters) - Oil prices fell in thin early Asian trade on Tuesday as the market digests weak economic data from China and expectations of another U.S. interest rate hike. Brent crude fell by 2 cents to $79.29 a barrel by 0021 GMT, while U.S. West Texas Intermediate (WTI) crude fell 2 cents to $75.64. China's manufacturing activity unexpectedly fell in April, official data showed on Sunday, the first contraction since December in the manufacturing purchasing managers' index. Interest rate hikes often reduce demand. A Monday poll suggesting that U.S. crude oil stockpiles are expected to have fallen for a third consecutive week provided some support to the market.

☆ US Senator Tim Scott teases May 22 announcement on presidential bid
▼ + stars: | 2023-04-30 | by ( ) www.reuters.com time to read: +1 min

Senator Tim Scott plans to announce his decision on entering the 2024 presidential on May 22, according to media reports on Sunday, in a potential challenge to former President Donald Trump for the party's nomination. He made the announcement at a town hall in South Carolina on Sunday, according to media reports. Scott launched a presidential exploratory committee earlier this month, which allowed him to raise his national profile and continue fundraising with fewer regulatory limitations than a formal campaign. If Scott formally announces his intent to enter the presidential race, he will join former South Carolina Governor Nikki Haley in the quest for the Republican nomination. Former biotech executive Vivek Ramaswamy, conservative talk radio host Larry Elder and former Arkansas Governor Asa Hutchinson are also Republican contenders.

☆ Oil drops nearly 4% as recession fears outweigh US inventory draw
▼ + stars: | 2023-04-26 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Energy Information Administration (EIA) data showing U.S. crude inventories fell last week by 5.1 million barrels to 460.9 million barrels helped to limit the price fall, far exceeding analyst forecasts of a 1.5 million drop in a Reuters poll. Gasoline and distillate stocks also drew down, sinking by 2.4 million barrels to 221.1 million barrels and almost 600,000 barrels to 111.5 million barrels, respectively, the EIA said. A forecast of higher refinery activity, but lower crude exports, will continue a push and pull for weeks. Oil prices fell more than 2% on Tuesday as lingering economic concerns and expectations of further interest rate hikes that could curtail fuel demand growth countered signs of improving short-term consumption gains. "This (data) will add credence to claims that the U.S. economy is edging closer to a recession," said PVM Oil's Stephen Brennock.

☆ Oil slides as recession fears outweigh large US inventory draw
▼ + stars: | 2023-04-26 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude fell by $1.08, or 1.3%, to $79.69 a barrel by 10:54 a.m. EDT (1454 GMT). U.S. West Texas Intermediate crude fell 76 cents, or 1%, to $76.31. U.S. crude oil inventories fell last week by 5.1 million barrels to 460.9 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.5 million-barrel drop, the Energy Information Administration (EIA) said. Gasoline and distillate stocks also drew down by 2.4 million barrels to 221.1 million barrels and almost 600,000 barrels in to 111.5 million barrels, respectively, the EIA said. Russian Deputy Prime Minister Alexander Novak said on Wednesday that OPEC+ remains an efficient tool for coordination on global oil markets.

☆ Oil mixed as recession fears are tempered by U.S. inventories
▼ + stars: | 2023-04-26 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Analysts had expected crude inventories to fall by about 1.5 million barrels. Gasoline inventories fell by 1.9 million barrels last week while distillate inventories rose by 1.7 million barrels, the sources said. U.S. crude oil stockpiles have been falling since the middle of March as refineries have increased runs to produce more gasoline ahead of the peak summer demand period that starts in May. This has pushed WTI futures prices into backwardation, when prompt futures are higher than later-dated futures, reflecting the higher refinery demand.

Companies First Republic Bank FollowApril 26 (Reuters) - Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling U.S. crude oil and fuel inventories refocused investors on robust demand in the world's top oil consumer. Brent crude climbed by 30 cents, or 0.4%, to $81.07 a barrel by 0358 GMT. U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Analysts had expected crude inventories to fall by about 1.5 million barrels. Gasoline inventories fell 1.9 million barrels last week, while distillate inventories rose by 1.7 million barrels, the sources said the API reported.

Companies First Republic Bank FollowApril 26 (Reuters) - Oil prices rose in early Asian trade on Wednesday after a U.S. trade group reported a significant draw in crude oil stocks ahead of the government's data release. Brent crude rose by 16 cents, or 0.2%, to $80.93 a barrel by 0006 GMT. U.S. West Texas Intermediate crude rose 25 cents, or 0.3%, to $77.32 a barrel. Analysts had expected crude inventories to fall by about 1.5 million barrels. Crude oil settled more than 2% lower on Tuesday after U.S. consumer confidence dropped to a nine-month low in April, feeding worries about a recession.

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.

The U.S. dollar rose after U.S. jobs data pointed to a tight labor market, heightening expectations of another Federal Reserve rate hike. Dollar strength makes oil more expensive for other currency holders and can weigh on demand. Oil also drew support from a steeper-than-expected drop in U.S. crude inventories last week, as well as a decline in gasoline and distillate stocks, hinting at rising demand. In global financial markets, a U.S. inflation report to be released on Wednesday could help investors to gauge the near-term trajectory for interest rates. Also coming up are monthly reports from OPEC on Thursday and the International Energy Agency on Friday, which will update oil demand and supply forecasts.

☆ U.S. Supreme Court Justice Thomas defends trips financed by 'dearest friends'
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +2 min

In a statement, Thomas also said that he has always sought to comply with disclosure guidelines. U.S. Supreme Court justices and federal judges must make public more details about any free trips, meals or gifts they receive under new regulations adopted at the urging of lawmakers and judicial transparency advocates. In his statement, Thomas said he and his wife, Virginia "Ginni" Thomas, had long counted Harlan and Kathy Crow among their dearest friends. "As friends do, we have joined them on a number of family trips during the more than quarter century we have known them," Thomas said. In a statement to ProPublica, Crow said he had "never sought to influence Justice Thomas on any legal or political issue."

WHO IS HARLAN CROW? Crow, 74, is the chairman and former CEO of Crow Holdings, a Texas-based family real estate firm established to manage the capital of the Trammell Crow family. While his net worth is unclear, Crow Holdings had $19.6 billion in assets under management in 2020. Harlan Crow was pivotal in restructuring the company’s debt in the 1980s, saving it from bankruptcy, according to media reports. HARLAN CROW'S POLITICAL LEANINGSCrow has a history of donating to conservative causes.

REUTERS/Ramzi BoudinaHOUSTON/WASHINGTON, April 4 (Reuters) - Saudi Arabia and other OPEC+ oil producers announced over the weekend they would launch deep oil production cuts starting next month, a surprise move that sent oil prices surging. If refiners reduce capacity, the drain on stocks could lead to a sudden jump in retail fuel prices, he said. U.S. gasoline prices have climbed 11.6 cents a gallon from a month ago to $3.506, the AAA said on Monday. A 6% jump in oil prices would boost retail gasoline prices 10 cents a gallon, said Mark Finley, an expert in energy policy at Rice University's Baker Institute. OPEC's reason for cutting production - as a precautionary step - suggests it expects global oil demand to slow this year.

March 28 - Crude prices moved in a narrow range in early Asian trade on Tuesday after rallying in the previous session, with oil markets focused on developments in the banking crisis as well as on supply concerns and indications of strengthening demand. Brent crude futures fell 2 cents to $78.10 a barrel at 0018 GMT. Prices rose in the previous session after Turkey stopped pumping crude from Kurdistan via a pipeline following an arbitration decision that confirmed Baghdad's consent was needed to ship the oil. Oil prices also drew support from indications of strong Chinese demand. U.S. crude oil stockpiles were seen rising about 200,000 barrels last week, a preliminary Reuters poll showed on Monday.

West Texas Intermediate U.S. crude futures fell 70 cents, or 1%, to $69.26 a barrel. Brent futures rose 2.8% in the week while U.S. crude futures rose 3.8%. The dollar rose 0.6% against other currencies, which also pressured oil, making crude more expensive to holders of other currencies. Goldman Sachs said commodities demand was surging in the world's biggest oil importer, with oil demand topping 16 million bpd. That means Russia aims to produce 9.7 million bpd between March and June, according to Novak, a much smaller output cut than Moscow previously indicated.

March 17 (Reuters) - Oil prices took a dive on Friday, reversing early gains of more than $1 a barrel and falling by more than $3, as banking sector fears set crude on course for its biggest weekly decline in months. Brent was on track for its biggest weekly fall since December at more than 10%, with WTI heading toward a loss of more than 11%, its biggest since last April. Pressure this week followed the collapse of Silicon Valley Bank (SVB) and Signature Bank and trouble at Credit Suisse and First Republic Bank. The drop in prices highlights "the continued fragile state of the market", said Ole Hansen, head of commodity strategy at Saxo Bank. Analysts still expect constrained global supply to support prices in the foreseeable future.

March 17 (Reuters) - Oil prices settled lower Friday, reversing early gains of more than $1 a barrel as banking sector fears caused both benchmarks to reach their biggest weekly declines in months. U.S. West Texas Intermediate crude fell $1.61, or 2.4%, at $66.74. Oil prices tracked equity markets lower, dogged by the banking sector crisis and worries about possible recession. Pressure stemmed from "the continued fragile state of the market", said Ole Hansen, head of commodity strategy at Saxo Bank. Analysts still expect constrained global supply to support oil prices in the foreseeable future.

Companies Credit Suisse Group AG FollowMarch 16 - Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse (CSGN.S) was thrown a financial lifeline by Swiss regulators. As of 0427 GMT, Brent crude futures were up 58 cents or 0.8% to $74.27 per barrel. West Texas Intermediate crude futures (WTI) rose 51 cents, also 0.8%, to $68.12 a barrel. OPEC's rosier outlook for China oil demand also supported oil prices, said Lim Tai An, analyst at Phillip Nova Pte. Higher interest rates can lead to depressed demand for oil as economic growth slows, but concerns about a widenening financial crisis for the banking sector could also weigh on oil demand.

March 16 (Reuters) - BP (BP.L) violated U.S. process safety rules and did not train workers properly at its Toledo, Ohio refinery in September, contributing to the death of two workers at the plant last year, U.S. federal investigators said Thursday. The two refinery workers died from their burns following an explosion in September 2022. Investigators said BP Products North America failed to properly train operators to identify the presence of naphtha, a flammable liquid hydrocarbon mixture, during an upset. BP Products North America is a Houston based subsidiary of BP and operated the 150,800 barrel-per-day Toledo, Ohio, refinery at the time of the explosion. BP Products North America has 15 business days to comply, request an informal conference with OSHA’s area director, or contest the findings before the independent Occupational Safety and Health Review Commission.

Feb 23 (Reuters) - Oil prices rose slightly in thin Asian trade on Thursday, with WTI pausing from a six-day losing streak fed by mounting concerns that more aggressive interest rate increases by central banks could pressure economic growth and fuel demand. Brent crude futures rose 2 cents to $80.62 per barrel by 0110 GMT. West Texas Intermediate crude futures (WTI) rose 9 cents, or 0.1%, to $74.04 a barrel. U.S. crude oil and fuel inventories rose by 9.9 million barrels last week, according to market sources citing American Petroleum Institute figures on Wednesday. U.S. oil inventories have climbed every week since mid-December, stoking investor worries about demand.

Feb 23 (Reuters) - Oil prices rose slightly in thin Asian trade on Thursday, pausing from a six-day losing streak fed by mounting concerns that more aggressive interest rate increases by central banks could pressure economic growth and fuel demand. Brent crude futures rose 2 cents to $80.62 per barrel by 0110 GMT. West Texas Intermediate crude futures (WTI) rose 9 cents, or 0.1%, to $74.04 a barrel. U.S. crude oil and fuel inventories rose by 9.9 million barrels last week, according to market sources citing American Petroleum Institute figures on Wednesday. U.S. oil inventories have climbed every week since mid-December, stoking investor worries about demand.

Brent crude futures fell by 82 cents, or 1%, to $85.79 per barrel by 0132 GMT, while U.S. crude futures fell by $1.04, or 1.3%, to $79.10 per barrel. The U.S. Department of Energy (DOE) said after the previous session ended that it would sell 26 million barrels of oil from the SPR, a release that had been mandated by Congress in previous years. The DOE had considered cancelling the fiscal year 2023 sale after U.S. President Joe Biden's administration last year sold a record 180 million barrels from the reserve. Ceyhan is for endpoint for pipelines that carry oil from Azerbaijan and Iraq and about 1 million barrels per day (bpd) of crude can be exported from there. Crude production in the shale basins will rise by about 75,000 bpd in March to a record 9.36 million bpd, the EIA projected.

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