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U.S. Federal Reserve officials on Wednesday suggested interest rates could be kept on hold this month and the U.S. House of Representatives passed a bill suspending the government's debt ceiling, improving the chance of averting a disastrous default. "Oil markets may have been oversold in the last two trading days," said CMC Markets analyst Tina Teng. "Sentiment rebounded amid the debt bill's passage in the House and (the) Fed's rate hike pause signal." Mixed demand indications from China, the world's biggest oil importer, have nonetheless weighed on the market, as has industry data showing a rise in U.S. crude inventories. Market sources citing American Petroleum Institute (API) figures on Wednesday said that U.S. crude inventories rose by about 5.2 million barrels last week.

Persons: Tina Teng, Tamas Varga, Alex Lawler, Rowena Edwards, Arathy Somasekhar, Andrew Hayley, David Goodman Organizations: Representatives U.S, U.S . Federal, U.S . House, Brent, West Texas, American Petroleum Institute, of, Petroleum, Reuters, Thomson Locations: China, OPEC, Russia, London, Houston, Beijing

BEIJING, June 1 (Reuters) - Oil prices rose on Thursday, reversing earlier losses, as a potential pause in U.S. interest rate hikes and the debt ceiling bill passing a crucial vote renewed optimism about further fuel demand growth in the world's biggest oil consumer. U.S. Federal Reserve officials on Wednesday pointed towards a potential rate hike "skip" in June that reversed market expectations of an imminent hike that could slow economic growth and weaken oil demand. "Oil markets may have been oversold in the last two trading days due to the sluggish Chinese data and debt ceiling concerns. Sentiment rebounded amid the debt bill’s passage in the House, and (the) Fed’s rate hike pause signal also offered a rebounding opportunity," said Tina Teng, a markets analyst at CMC Markets in Auckland. U.S. crude oil inventories rose by about 5.2 million barrels last week, according to market sources citing American Petroleum Institute (API) figures on Wednesday.

Persons: Brent, Tina Teng, Goldman Sachs, Arathy Somasekhar, Andrew Hayley, Sonali Paul, Christian Organizations: Brent, U.S, West Texas, . Federal, U.S . House, CMC Markets, P Global, American Petroleum Institute, Organization of, Petroleum, HSBC, Thomson Locations: BEIJING, Auckland, China, P Global China, U.S, Russia, Houston, Beijing

☆ Oil falls after large surprise build in US crude stocks
▼ + stars: | 2023-06-01 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

U.S. crude oil inventories rose by about 5.2 million barrels last week, according to market sources citing American Petroleum Institute figures on Wednesday. That compared with estimates in a Reuters poll for a drawdown of 1.4 million barrels. Market participants now await government data on U.S. crude stocks due later on Thursday. Meanwhile, Chinese data showed manufacturing activity contracted faster than expected in May, worrying markets about demand in the world's second-largest oil consumer. Analysts at HSBC and Goldman Sachs have said they do not expect OPEC+ to announce further cuts at this meeting.

Persons: Goldman Sachs, Arathy Somasekhar, Sonali Paul Organizations: Brent, U.S, West Texas, American Petroleum Institute, Investors, Organization of, Petroleum, HSBC, Thomson Locations: U.S, Russia

☆ Chevron shareholders reject proposals on climate at annual general meeting
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

HOUSTON, May 31 (Reuters) - Oil major Chevron Corp's (CVX.N) shareholders overwhelmingly voted against proposals on climate, including emissions. About 90.4% of preliminary votes cast were against a proposal to set a medium-term scope 3 greenhouse gas emissions reduction target. Shareholder voted in favor of reelecting all directors to the board at the annual general meeting. Reporting by Arathy Somasekhar in Houston and Sourasis Bose in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Arathy Somasekhar, Sourasis Bose Organizations: HOUSTON, Chevron, Thomson Locations: Houston, Bengaluru

☆ Exxon, Chevron shareholders soundly reject climate-related petitions
▼ + stars: | 2023-05-31 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

HOUSTON, May 31 (Reuters) - Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) shareholders on Wednesday overwhelmingly rejected calls for stronger measures to mitigate climate change, dismissing more than a dozen climate-related proposals at their annual meetings. His group, which represents some 9,500 shareholders in oil and gas companies, had requested Exxon set medium-term targets for meeting customer emissions reduction goals that seeks to keep global temperature increase below 1.5° Celsius. That resolution received less than half of the support 11% of vote cast compared with 27% from the group's emission reduction proposal last year. Exxon holders rejected all 12 shareholder proposals, the majority of which dealt with climate-related issues. Chevron investors also rejected proposals on customers' emissions reduction target, creating a board committee on decarbonization risk, and a report on worker and community impact from facility closures and energy transitions.

Persons: Mark van Baal, Darren Woods, Woods, Sabrina Valle, Arathy, Mrinalika Roy, Sourasis Bose, Jon Boyle, Marguerita Choy Organizations: HOUSTON, Exxon Mobil Corp, Chevron Corp, Shell PLC, BP PLC, Exxon, Chevron, Thomson Locations: Ukraine, Guyana, Houston, Bengaluru

☆ Oil ticks up as markets weigh U.S. debt deal, rate hike possibility
▼ + stars: | 2023-05-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

"The euphoria of the debt deal is wearing off as concern mounts for another rate hike by the Fed in June," brokerage Liquidity Energy LLC wrote in a note. U.S. President Joe Biden and House of Representatives Speaker Kevin McCarthy over the weekend forged an agreement to suspend the $31.4 trillion debt ceiling and cap government spending for the next two years. Still, analysts saw any boost in oil prices from it as short-lived. "Higher U.S. rates are a headwind for crude oil demand," IG Sydney-based analyst Tony Sycamore said. The dollar also nudged down on Monday as the debt ceiling deal lifted risk appetite in world markets and dented the greenback's safe-haven appeal.

☆ Oil dips as rate hike fears offset U.S. debt deal
▼ + stars: | 2023-05-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

HOUSTON, May 29 (Reuters) - Oil prices slipped on Monday as worries over further interest rate hikes that could curb energy demand trumped a tentative U.S. debt ceiling deal, possibly averting a default in the world's top oil consumer. "The euphoria of the debt deal is wearing off as concern mounts for another rate hike by the Fed in June," brokerage Liquidity Energy LLC wrote in a note. Still, analysts saw any boost in oil prices from the debt deal as short-lived, with earlier gains in the session now lost. "Higher U.S. rates are a headwind for crude oil demand," IG Sydney-based analyst Tony Sycamore said. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning towards leaving output unchanged.

☆ Oil slips as debt talks pause, Fed warns of high inflation
▼ + stars: | 2023-05-19 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent and U.S. crude nonetheless notched their first weekly gains in a month, with the both benchmarks rising about 2%. "It doesn't look they are going to get the debt deal done today... the chance of a 25 basis point (rate) increase in the June meeting is rising by the day... Following reports of the paused debt ceiling negotiations and Powell's comments, U.S. stocks, Treasury yields and the dollar all moved lower. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

☆ Oil edges lower as debt talks pause, Fed warns of high inflation
▼ + stars: | 2023-05-19 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. The less active U.S. crude contract for May , due to expire on Monday, eased 46 cents, or 0.6%, to $71.4. "It doesn't look they are going to get the debt deal done today.., the chances of a 25 basis point (rate hike) increase in the June meeting is rising by the day... Following reports of the debt ceiling negotiations and Powell's comments, U.S. stocks, Treasury yields and the dollar all moved lower. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

☆ Rare shipment of U.S. oil heads to South Africa for Glencore refinery
▼ + stars: | 2023-05-19 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

South Africa gets most of its oil from West and Central Africa as well as Saudi Arabia, according to Kpler data. The last shipment of U.S. oil went to South Africa in May 2021, U.S. customs data showed. Glencore's majority-owned Astron Energy restarted production at its 100,000 barrel per day Cape Town refinery nearly three years after a deadly explosion shuttered operations and killed two workers. Astron, which has the second-largest retail fuel network in southern Africa, receives its oil from tankers discharging in Saldanha Bay and transports the oil to the Cape Town refinery via pipeline, according to the refiner's website. Reporting by Arathy Somasekhar in Houston, additional reporting by Wendell Roelf in Cape Town; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

SPR stocks drew for a seventh week in a row, falling by 2.4 million last week to 359.59 million barrels, their lowest since September 1983, due to last year's congressionally mandated release. Inventories at the Cushing, Oklahoma, delivery hub for U.S. crude futures (USOICC=ECI) rose by 1.5 million barrels last week, the EIA said. Brent and U.S. crude futures were trading just over 0.2% higher at $75.11 per barrel and $71.05 per barrel, respectively, by 10:39 a.m. Gasoline stocks (USOILG=ECI) fell by 1.4 million barrels in the week to 218.3 million barrels, the EIA said, compared with analysts' forecasts for a 1.1 million-barrel drop. U.S. crude oil imports rose 24% to 6.9 million barrels, while exports also climbed nearly 50% to 4.3 millions barrels.

☆ ONEOK shares drop on concerns over Magellan pipeline deal
▼ + stars: | 2023-05-15 | by ( Laura Sanicola | Arathy Somasekhar | ) www.reuters.com time to read: +2 min

(Reuters) - Shares of gas pipeline operator ONEOK Inc fell about 9% on Monday on questions about potential synergies from its deal to acquire oil pipeline operator Magellan Midstream Partners. FILE PHOTO: A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. REUTERS/Nick Oxford/File PhotoONEOK on Sunday said it would pay $18.8 billion in cash and stock for Magellan to diversify its natural gas and gas-liquids transportation business into oil and oil products. “The deferral of Oneok’s corporate cash taxes seems like a major deal component,” Mizuho analysts wrote in a research note. “ONEOK and Magellan have geographical overlap among their assets, but their primary businesses are very different,” Morris said.

☆ Oil recoups losses on plans for SPR refill, higher seasonal demand
▼ + stars: | 2023-05-09 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Companies Bank of America Corp FollowTOKYO, May 9 (Reuters) - Oil prices ticked up on Tuesday, reversing a more than 2% drop earlier in the session, as markets weighed U.S. government's plans to refill the nation's emergency oil reserve and anticipated higher seasonal demand. Brent crude settled 43 cents, or 0.6% higher, at $77.44 a barrel, while U.S. West Texas Intermediate (WTI) crude closed up 24 cents, or 0.3%, at $73.39. Biden administration plans to begin purchasing oil to replenish the Strategic Petroleum Reserve helped cover speculative short positions, said Robert Yawger, executive director of energy futures at Mizuho. A report from the Energy Information Administration (EIA) pointing to higher seasonal demand and lower-than-expected output also supported prices. "We expect the seasonal rise in oil consumption and a drop in OPEC crude oil production to put some upward pressure on crude oil prices in the coming months," the Energy Information Administration said in its Short-Term Energy Outlook.

☆ Oil heads for third straight weekly loss as economic worries persist
▼ + stars: | 2023-05-05 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

May 5 (Reuters) - Oil prices held steady in early trading on Friday, but were set for a third straight week of losses after markets witnessed dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand. For the week, Brent was set to close down 8.7%, while WTI was set to close 10.5% lower. Worries of a U.S. regional banking crisis persisted, worrying markets further, after PacWest Bancorp (PACW.O) said it planned to explore strategic options. Traders are now focused on the release of U.S. employment data for April later in the day, hoping it could help gauge the health of the economy, as well as comments on monetary policy from St. Louis Fed President James Bullard and Minneapolis Fed President Neel Kashkari at the Economic Club of Minnesota. Reporting by Arathy Somasekhar; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

HOUSTON, April 28 (Reuters) - Chevron Corp (CVX.N) has stepped up sales of Venezuelan crude oil to rival U.S. refiners, adding PBF Energy Inc (PBF.N) and Marathon Petroleum Corp (MPC.N) to its list of customers for the crude, vessel tracking and loading schedules showed. Chevron, the last big U.S. oil producer still operating in U.S.-sanctioned Venezuela, has increased exports of the crude since January. So far in April, it has loaded about 148,000 barrels per day (bpd) of oil at Venezuelan ports, with cargoes going to at least three other U.S. refiners, besides Chevron's own refinery. In mid-April, Chevron sold about 550,000 barrels of Venezuelan crude to PBF for its 185,000-bpd Chalmette refinery, near New Orleans, U.S. Customs data on Refinitiv Eikon showed. Chevron has sent Venezuelan crude to its 369,000-bpd Pascagoula, Mississippi, refinery and this month shipped a cargo to a Bahamas oil-storage terminal, PDVSA's schedules showed.

☆ Oil slips on economy worries, despite upbeat China data
▼ + stars: | 2023-04-18 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Crude was also pressured by the Iraq federal government and Kurdistan Regional Government (KRG) taking a step towards a resumption in northern oil exports from the Turkish port of Ceyhan after they were halted last month. Brent crude fell by 18 cents, or 0.2%, to $84.58 a barrel by 1336 GMT, giving up early gains. "As things stand, it's all systems go in China, much to the relief of those betting on higher oil prices," said Stephen Brennock of oil broker PVM. But the prospect of another increase to U.S. interest rates, which has been supporting the U.S. dollar, remained a drag on sentiment. Analysts expect U.S. crude inventories to fall by about 2.5 million barrels and also forecast declines in gasoline and distillates.

☆ Oil prices steady as strong China data offsets US rate worries
▼ + stars: | 2023-04-18 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

2 oil consumer China offset concerns that possible increases in U.S. interest rates could dampen growth in the top consuming country. China's economy grew by a faster-than-expected 4.5% in the first quarter while oil refinery throughput rose to record levels in March, data showed. The dollar eased on Tuesday after the upbeat China data. Most traders, however, believe that the recent crude price rally is in need of a correction, said Dennis Kissler, senior vice president of trading at BOK Financial. Crude prices posted gains for the last four weeks, a streak not seen since June 2022.

☆ Oil rises 2% on lower-than-expected US inflation data
▼ + stars: | 2023-04-12 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +4 min

Prices rose about 2% on Tuesday. The CPI rose 6% year-on-year in February. Markets shrugged off a small build in U.S. crude oil stocks, attributing it in part to a congressionally mandated release of oil from the U.S. emergency reserve and lower exports at the start of the month. Meanwhile, the global oil market could see tightness in the second half of 2023, which would push oil prices higher, said Fatih Birol, executive director of the International Energy Agency. In a negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates.

☆ Oil edges up as market awaits key US inflation data
▼ + stars: | 2023-04-12 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Oil prices edged up on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve's policy on future interest rate hikes. The U.S. consumer price index is expected to show March core inflation rose 0.4% on a monthly basis (USCPF=ECI) and 5.6% year-on-year (USCPFY=ECI), according to a Reuters poll of economists. In another negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates. In addition to the inflation data, the market is waiting for more clarity on oil demand and supply with monthly reports from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency due on Thursday and Friday respectively. The U.S. Energy Information Administration on Tuesday cut its forecast for oil production by OPEC countries by 0.5 million barrels-per-day for the rest of 2023 and cut its 2023 world oil demand growth forecast by 40,000 bpd.

☆ Oil steady as market awaits key US inflation data
▼ + stars: | 2023-04-12 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Oil prices were mostly steady on Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve's policy on future interest rate hikes. The U.S. consumer price index is expected to show March core inflation rose 0.4% on a monthly basis (USCPF=ECI) and 5.6% year-on-year (USCPFY=ECI), according to a Reuters poll of economists. In another negative for oil demand, the International Monetary Fund on Tuesday trimmed its 2023 global growth outlook, citing the impact of higher interest rates. In addition to the inflation data, the market is waiting for more clarity on oil demand and supply with monthly reports from the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency due on Thursday and Friday respectively. The U.S. Energy Information Administration on Tuesday cut its forecast for oil production by OPEC countries by 0.5 million barrels-per-day for the rest of 2023 and cut its 2023 world oil demand growth forecast by 40,000 bpd.

☆ Oil steady after surprise build in U.S. crude stocks
▼ + stars: | 2023-04-12 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Oil prices were little changed in early trading on Wednesday after industry data showed an unexpected build in U.S. crude and gasoline inventories, offsetting concerns about tightening supply ahead of output cuts by OPEC producers. In a sign of market tightness, U.S. crude futures have flipped into backwardation, with the front month contract trading 6 cents higher than the second month. Brent crude fell 5 cents at $85.57 a barrel by 0029 GMT, while U.S. West Texas Intermediate fell 6 cents to $81.48 a barrel. Prices had risen about 2% on Tuesday on hopes that the Federal Reserve might slow its policy tightening after U.S. consumer prices data releases on Wednesday. Philadelphia Federal Reserve Bank President Patrick Harker said he feels the U.S. central bank may soon be done raising interest rates, while Minneapolis Federal Reserve Bank President Neel Kashkari said he believes inflation, now at a rate of 5% by the Fed's preferred measure, will get to "the mid-threes" by the end of this year.

☆ Oil stocks rise unexpectedly on SPR release, weak exports
▼ + stars: | 2023-04-12 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) fell by 409,000 barrels in the week to April 7, EIA said. Stocks of crude oil in the Strategic Petroleum Reserve declined 1.6 million barrels, the first drawdown this year, as part of a congressionally mandated sale of 26 million barrels. Exports of crude oil fell 2.5 million barrels per day (bpd), the largest drop on record, to 2.7 million bpd. Net U.S. crude imports (USOICI=ECI) rose by 1.56 million barrels per day to 3.5 million bpd, EIA said. Gasoline and distillate inventories fell less-than-expected in week to April 7, the Energy Information Administration said on Wednesday.

Total non-OPEC liquid fuels production is expected to grow by 1.9 million barrels per day (bpd) in 2023 and by 1 million bpd in 2024, the EIA said in its Short Term Energy Outlook. OPEC output will fall by 500,000 bpd in 2023, then rise by 1 million bpd in 2024, after the group's output agreement expires, EIA forecast. U.S. crude production set to rise 5.5% to 12.54 million bpd this year and another 1.7%, to 12.75 million bpd, in 2024. Liquid fuels consumption will rise by 1.4 million bpd in 2023 and by 1.8 million bpd in 2024, EIA said. U.S petroleum and other liquid fuels consumption would tick up 0.5% to 20.4 million bpd in 2023 and rise 1.6% to 20.7 million bpd in 2024, EIA added.

☆ 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.

☆ Oil dips on profit taking, markets debate supply tightness
▼ + stars: | 2023-03-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude closed 37 cents, or 0.5%, lower at $78.28 a barrel, while West Texas Intermediate crude fell 23 cents, or 0.3%, to $72.97. On the supply side, worries of tightness after an unexpected draw in U.S. oil stockpiles and a halt to some Iraqi Kurdistan oil exports were partially offset by a smaller-than-expected output cut in Russia. U.S. crude oil stockpiles fell unexpectedly last week, the Energy Information Administration said, as refineries ramped up operations after maintenance season and U.S. imports fell to a two-year low. Supply concern were, however, eased by reports that Russian oil production fell by around 300,000 bpd in the first three weeks of March, less than the targeted cuts of 500,000 bpd. A stronger greenback hurts oil demand as crude becomes more expensive for buyers who hold foreign currencies.

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