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☆ Oil prices fall ahead of more central bank steers on interest rates
▼ + stars: | 2023-09-21 | by ( ) www.cnbc.com time to read: +1 min

This aerial photo shows the Enping 15-1 oil platform 200 km southwest of Shenzhen, south China, May 31, 2023. Oil prices fell in early Asian trade on Thursday after falling by the most in a month in the previous session on U.S. interest rate hike expectations, and ahead of a steer from other central banks on their rate outlooks. U.S. West Texas Intermediate crude fell 49 cents, or 0.6%, to $89.17. Federal Reserve policymakers still see the central bank's benchmark overnight interest rate peaking this year in the 5.50% to 5.75% range, just a quarter of a percentage point above the current range. Energy markets had little reaction to U.S. energy data on Wednesday showing crude inventories fell in line with expectations last week.

Persons: Brent, refiners Organizations: . West Texas, U.S . Federal Reserve, Federal Reserve, Bank of England, Energy, U.S . Energy, Administration Locations: Shenzhen, China, Indonesia, Philippines, Taiwan

REUTERS/Pedro Nunes/File Photo Acquire Licensing RightsSummaryCompanies Federal Reserve interest rate decision due at 1800 GMTNEW YORK, Sept 20 (Reuters) - Oil prices eased on Wednesday ahead of the U.S. Federal Reserve's interest rate decision, with investors uncertain when rates will peak and how that will affect energy demand. WTI crude futures for November , which will soon be the U.S. front-month, was up about 18 cents to $90.30. Investors were awaiting the Fed's interest rate decision at 2:00 p.m. EDT (1800 GMT) to assess the outlook for economic growth and fuel demand. The Fed is widely expected to keep interest rates steady, but the focus will be on its projected policy path. Interest rate hikes to tame inflation can slow economic growth and reduce oil demand.

Persons: Pedro Nunes, Brent, WTI, Edward Moya, refiners, Goldman Sachs, Robert Harvey, Yuka Obayashi, Emily Chow, Nicole Jao, Kim Coghill, Jason Neely, Louise Heavens, David Gregorio Our Organizations: REUTERS, U.S, U.S . Energy Information Administration, . West Texas, U.S . Energy, Administration, Bank of England, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, WTI, ., Japan, London, Tokyo, Singapore, New York

☆ Oil falls $1 ahead of Fed rate decision
▼ + stars: | 2023-09-20 | by ( Emily Chow | ) www.reuters.com time to read: +4 min

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Global benchmark Brent crude futures were last down 88 cents, or 0.9%, at $93.46 a barrel by 0650 GMT. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous that the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Pedro Nunes, Brent, Edward Moya, Moya, Goldman Sachs, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Anantharaman, Kim Coghill Organizations: REUTERS, Rights, U.S, Brent, . West Texas, American Petroleum Institute, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, Rights SINGAPORE, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Moya added that the oil market is still "very tight" and will remain so over the short-term. "Unless Wall Street grows nervous the Fed will kill the economy, the crude demand outlook should (only) gradually soften, but the oil market will easily have a supply deficit throughout winter." The Fed is widely expected to keep interest rates on hold, but the focus will be on its policy path, which is unclear. U.S. crude oil stockpiles fell last week by about 5.25 million barrels, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Pedro Nunes, Brent, Edward Moya, Moya, Hiroyuki Kikukawa, WTI, Yuka Obayashi, Emily Chow, Sonali Paul, Muralikumar Organizations: REUTERS, Rights, U.S, Brent, . West Texas, U.S . Federal Reserve, American Petroleum Institute, NS, Nissan Securities, Reuters, Exxon Mobil Corp, Thomson Locations: Lisbon, Portugal, U.S . Federal, U.S, Saudi Arabia, Russia, Nigeria, Tokyo, Singapore

☆ U.S. crude stocks fall as exports surge -EIA
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Bing Guan/File Photo Acquire Licensing RightsSept 20 (Reuters) - U.S. crude stocks fell last week, driven by strong crude oil exports, while gasoline and diesel inventories drew down as refiners began annual autumn maintenance, the Energy Information Administration said on Wednesday. Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) fell by 2.1 million barrels in the last week, EIA said, its lowest since July 2022. The drop in inventories was driven by a 2,000 barrel per day climb in crude oil exports, the EIA data showed. Net U.S. crude imports (USOICI=ECI) fell by 3.04 million barrels per day, EIA said. Refinery crude runs (USOICR=ECI) fell by 496,000 barrels per day in the last week, EIA said, while refinery utilization rates (USOIRU=ECI) fell by 1.8 percentage points in the week.

Persons: Bing Guan, refiners, John Kilduff, Laura Sanicola, David Gregorio Our Organizations: Angeles Refinery, California Air Resources Board, Energy Information Administration, Cushing, . West Texas, Brent, U.S . Federal, Net, EIA, Thomson Locations: Angeles, California, Carson , California, U.S, Oklahoma, New York

Its startup could add as much as $2 per barrel to prices paid by U.S. Midwest oil refineries that sit along Canada's existing main oil-export route. "They will be competing for barrels that no longer transit through their region," said a Calgary-based oil trader. That has left Canadian oil producers vulnerable to deep price discounts or "blowouts" whenever pipelines become congested or rupture. The start-up of TMX could add a "buck or two" to the cost of a barrel for Midwest refiners, he estimates. So far this year, over 200,000 bpd of Canadian crude has been re-exported from the U.S. Gulf Coast, up from about 73,000 bpd in 2019, Kpler data showed.

Persons: Rory Johnston, Matt Smith, Smith, Stephanie Kelly, Nia Williams, Laura Sanicola, Marguerita Choy Organizations: U.S ., U.S, BP, Citgo Petroleum, Exxon Mobil, Koch Industries, Flint Hills Resources, Canadian, Energy, Administration, TC, Keystone, refiners, Americas, Thomson Locations: CALGARY, Alberta, Coast, U.S, U.S . Midwest, Gulf Coast, Midwest, Flint, Calgary, Canada, Pacific, U.S . West Coast, Asia, Gulf, China, Kpler

The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad, India, September 6, 2016. Russian President Vladimir Putin last year removed an Exxon Mobil subsidiary as operator of the Sakhalin-1 oil and gas project in Russia's Far East and transferred it to a new operator. Western governments have slapped sanctions on Russian oil over the war in Ukraine, which Russia calls a special military operation. It is difficult to secure insurance and shipping to transport Russian oil, Gupta said, and such shipments must abide by an international price cap. ONGC accounts for about two-thirds of India's oil production and about 58% of its gas output.

Persons: Amit Dave, ONGC Videsh, Vladimir Putin, Videsh, Rajarshi Gupta, ONGC, Gupta, Japan's, Rod Nickel, David Gregorio Our Organizations: Gas, REUTERS, Rights, Natural Gas Corp, Exxon Mobil, World Petroleum Congress, Thomson Locations: Ahmedabad, India, Rights CALGARY , Alberta, Sakhalin, Russia's Far, Calgary, Canada, Ukraine, Russia, Calgary , Alberta

☆ China's diesel exports surge in August, have nearly tripled so far in 2023
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +3 min

Total diesel exports for the first eight months of the year are up 197.2% versus the same period in 2022. Gasoline exports were up 23.7% to 1.38 million tons from 1.12 million tons in August last year. Jet fuel exports were 1.55 million tons, up 98.1% from 780,000 tons a year earlier. China's surging fuel exports have coincided with monthly refinery throughput rising to a record 15.23 million bpd in August. (This story has been corrected to say that domestic flight levels are around 17% above pre-pandemic levels, not 17% of pre-pandemic levels, in paragraph 7)Reporting by Andrew Hayley; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Stringer, refiners, Andrew Hayley, Christian Schmollinger Organizations: Dalian Airlines, REUTERS, Administration, Customs, Total, Domestic, Jet, Citi, Thomson Locations: Hohhot, Inner Mongolia, China, BEIJING

This was reversed in August as strong crude imports and steady domestic output outweighed the record refinery processing rates. This was up 19.6% from the same month in 2022 and also stronger than July's 14.87 million bpd. Crude imports were 12.43 million bpd in August, the third-highest daily rate on record and up 20.9% from July and 30.9% from August last year. Subtracting processing of 15.23 million bpd leaves a surplus of 1.32 million bpd that flowed into storage tanks. The question is how will China's refiners respond to the higher crude oil prices?

Persons: shouldn't, China doesn't, China's, refiners, Sam Holmes Organizations: National Bureau of Statistics, Brent, Saudi, Reuters, Thomson Locations: LAUNCESTON, Australia, China, OPEC, pare, Iran, Russia, Venezuela

☆ Stocks making the biggest moves midday: Marathon Petroleum, Tesla, Moderna and more
▼ + stars: | 2023-09-18 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

Moderna — The pharmaceutical company lost more than 8% Monday, making it the biggest decliner in the S&P 500. Enphase Energy — Shares lost 2.6% after Citi lowered its price target on shares to $170 from $209 while keeping its buy rating. The new price target implies 41% upside from Friday's close. Analyst Chris Quintero highlighted the growth opportunity for the company following a strong investment cycle. The investment bank bumped up the stock's price target to $40 from $37, citing Simply Good Foods' diverse product offering and shifting consumer preferences to healthier choices as catalysts.

Persons: Bernstein, Needham, Noubar Afeyan, Moderna's, Goldman Sachs, Mark Delaney, PayP, Ralph Lauren —, Ralph Lauren's, TD Cowen, Cowen, Tenable, Morgan Stanley, Chris Quintero, Raymond James, ASGN, Wells Fargo, —, Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox Organizations: — Petroleum refiners Valero Energy, Marathon Petroleum, West Texas Intermediate, Brent, Energy, Arm, Nasdaq, Securities and Exchange Commission, Pharmaceutical, Pfizer, U.S, Tesla, PayPal, MoffetNathanson, Guggenheim, Enphase Energy, Citi, Tenable Holdings, Mizuho, Aldi, Lowe's, Micron Technology, Deutsche Bank, Paramount, Disney, Warner Bros Discovery, Iridium Communications, Iridium Locations: Valero Houston, Houston , Texas, U.S

☆ Geopolitics could drive oil prices over $100, Citi says
▼ + stars: | 2023-09-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Oil prices could rise to $100 a barrel in the short term thanks to the latest developments out of Saudi Arabia and Russia, according to Citi. That pushed U.S. crude oil prices top $90 a barrel for the first time since November 2022. "Geopolitics could push oil over $100 for a short while," Edward Morse, Citi's global head of commodities, said in a note Monday morning. "The Saudi appetite to withhold oil from market, supported by Russia maintaining a certain level of export constraint, points to higher prices in the short term." However, he also noted that higher near-term prices could mean more downside next year, and that the current $90 level prices look "unsustainable" with faster supply growth than demand.

Persons: Brent, Edward Morse, Morse, CNBC's Michael Bloom, Yun Li Organizations: Citi, West, Consumer Locations: Saudi Arabia, Russia, West Texas, Saudi, China

August throughput was also up from July's 14.87 million bpd. Year-to-date throughput gained 11.9% from a year earlier to 491.4 million tons, or 14.76 million bpd. The NBS data on Friday also showed China's domestic crude oil production in August gained 3.1% from a year earlier to 17.47 million metric tons, or 4.11 million bpd. The year-to-date volume rose 2.1% from a year earlier to 139.85 million tons, or 4.2 million bpd. Natural gas production last month rose 6.3% from a year earlier to 18.1 billion cubic metres (bcm), the NBS said.

Persons: Andrew Hayley, Chen Aizhu, Christian Schmollinger Organizations: Air, National Bureau of Statistics, NBS, Thomson

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. Cushing crude stocks have depleted by 18 million barrels (-42%) since the end of June compared with just 14 million barrels (-3%) elsewhere. In consequence, the net position in WTI climbed to 225 million barrels (42nd percentile for all weeks since 2013) up from a record low of just 46 million barrels. It is possible Cushing inventories are being liquidated to make up for reduced flows from Saudi Arabia and other Middle East exporters. Related columns:- Depleting U.S. crude stocks draw in hedge funds (September 11, 2023)- Hedge funds buy U.S. crude as stocks fall (September 4, 2023)- Depleting U.S. crude inventories lift oil prices (August 31, 2023)John Kemp is a Reuters market analyst.

Persons: Cushing, Long, WTI, John Kemp, Mark Potter Organizations: REUTERS, European Commission, U.S . Commodity Futures Trading Commission, refiners, Thomson, Reuters Locations: Cushing , Oklahoma, U.S, Cushing, Oklahoma, United States, Gulf, Europe, Saudi Arabia, North America, Asia

Brent crude futures rose 36 cents, or 0.4%, to $92.24 a barrel at 0300 GMT. Elsewhere, the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday retained its forecasts for robust growth in global oil demand in 2023 and 2024. "The oil market looks decidedly tight over the next two to three quarters as supply constraints persist amid robust demand," said analysts at ANZ Research. U.S. crude inventories rose by 4 million barrels last week, confounding analysts' expectations in a Reuters poll for a 1.9 million-barrel drop. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

Persons: Priyanka Sachdeva, Phillip Nova, refiners, buoying, Arathy Somasekhar, Leslie Adler Organizations: Kyodo, REUTERS Acquire, Rights, Brent, . West Texas, International Energy Agency, Organization of, Petroleum, ANZ Research, Reserve, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Rights SINGAPORE, Saudi Arabia, Houston, Singapore

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024. Both benchmarks climbed to 10-month highs on Wednesday before data showed a surprise build in U.S. crude and fuel inventories that worried markets about demand. U.S. crude inventories rose by 4 million barrels last week, confounding analysts' expectations in a Reuters poll for a 1.9 million-barrel drop. Fuel inventories also rose more than expected as refiners stepped up activity. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

Persons: refiners, buoying, Arathy Somasekhar, Leslie Adler Organizations: Brent, U.S, West Texas, International Energy Agency, of, Petroleum, Reserve, Thomson Locations: Saudi Arabia, Houston

☆ Biden vows to cut US gasoline prices
▼ + stars: | 2023-09-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +1 min

U.S. President Joe Biden delivers remarks on his economic agenda at Prince George's Community College in Largo, Maryland, U.S. September 14, 2023. REUTERS/Jonathan Ernst Acquire Licensing RightsLARGO, Maryland, Sept 14 (Reuters) - President Joe Biden vowed on Thursday to get U.S. gasoline prices down, one day after a report showed consumer inflation surged by the most in 14 months due to higher energy costs. KEY QUOTE"I'm going to get those gas prices down again, I promise you," Biden told an audience in Largo, Maryland, during a speech on the economy. Consumer prices rose 3.7% over the last year, though the rate of inflation has slowed in recent months. * Gasoline prices jumped 10.6% in August after climbing 0.2% in July, accounting for more than half the increase in the Consumer Price Index.

Persons: Joe Biden, Jonathan Ernst, Biden, Andrea Shalal, Jarrett Renshaw, Trevor Hunnicutt, Leslie Adler, Jonathan Oatis Organizations: Prince George's Community College, REUTERS, AAA, U.S . Energy Department, Biden, Strategic Petroleum Reserve, Thomson Locations: Largo , Maryland, U.S, LARGO , Maryland, United States

A general view of a crude oil importing port in Qingdao, Shandong province, November 9, 2008. Many of the newer, complex refineries in Asia prefer medium sour crude as it offers a higher yield of middle distillates such as diesel and jet fuel. ALTERED FLOWSThe higher prices for medium crude grades is impacting the ways in which crude is flowing around the world. China's imports from Brazil are expected to reach 29.07 million barrels in September, which would be the highest in three years, according to Kpler. While Saudi Arabia may have been successful in boosting oil prices, it is also disrupting the markets and altering physical crude flows.

Persons: Brent, China doesn't, Simon Cameron, Moore Organizations: United Arab Emirates, Moscow, Kpler, Reuters, Thomson Locations: Qingdao, Shandong province, LAUNCESTON, Australia, Asia, Saudi Arabia, OPEC, Russia, East, Kuwait, Brent, Dubai, Ukraine, India, Iraq, China, Iran, Islamic Republic, United States, Brazil

The focus is shifting to a new front: Synthetic graphite, an element developed in the late 19th century, but only redirected toward EVs in the past decade. Synthetic graphite could account for nearly two-thirds of the EV battery anode market by 2025, estimates Benchmark Mineral Intelligence. "It’s easier to set up a synthetic graphite production facility than it is to commission new mining sites for natural graphite” because producers can take advantage of incentives in last year's U.S. Inflation Reduction Act to build synthetic graphite capacity in the U.S. or Free Trade Agreement partners, she said. Other experts note synthetic graphite is generally higher purity and offers better and more predictable performance than natural graphite. Still, the construction of new production facilities for synthetic graphite, even with federal incentives, requires a staggering investment, said Novonix's Burns.

Persons: Simon Dawson, ”, Victoria Hugill, It's, Chris Burns, Norway's, Vianode, Hans Erik Vatne, Vatne, Bob Galyen, China’s CATL, Novonix's Burns, “, Fastmarkets, Burns, Paul Lienert, Nick Carey, Timothy Gardner Organizations: REUTERS, Mineral Intelligence, EV, U.S, Trade, Infrastructure Investment, Jobs Act, Norsk Hydro, Hydro, Galyen Energy, Thomson Locations: London, Britain, United States, Europe, China, U.S, Bainbridge , Georgia, Chattanooga , Tennessee, North America, Detroit

Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled down 22 cents to $87.29. "Much of this reduced supply has simply served to offset a major slowdown in global oil demand," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. Meanwhile, Europe is expecting a light refinery maintenance season this autumn as refiners look to profit from high margins, which could support crude demand. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged.

Persons: Brent, Wally Adeyemo, Jim Ritterbusch, Ras Lanuf, Wood Mackenzie, Naeem Aslam, OPEC's, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, Emelia Sithole, Andrea Ricci, Chizu Organizations: cnsphoto, REUTERS, West Texas, Monday U.S, Ritterbusch, Associates, U.S, Zaye, European Central Bank, International Energy Agency, Organization of, Petroleum, IEA, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Saudi Arabia, Russia, United States, Galena , Illinois, U.S, Libya, Zueitina, Brega, Es Sidra, Europe

While domestic travel has rebounded, thereby lifting demand for gasoline and jet fuel, there are other factors at work driving China's crude imports. The question then becomes why did crude imports drop in July even though refinery processing rates remained robust? This means that China's crude imports in September may be robust, but arrivals from October onwards would have been bought at higher prices. The strength in coal imports is being driven by factors largely unrelated to the state of the economy. With crude oil, coal and iron ore all having dynamics separate to the overall state of China's economy, the commodity that appears most correlated with the outlook is copper.

Persons: Aly, Refiners, refiners, Brent, China's, Russia's, Christian Schmollinger Organizations: REUTERS, Rights, Administration of Customs, Imports, Reuters, Thomson Locations: Zhuhai, China, Rights LAUNCESTON, Australia, COVID, Saudi Arabia, OPEC, Russia, Ukraine, Beijing

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. A bigger-than-expected draw in U.S. crude oil inventories lent muted support to oil prices. Crude inventories fell by 6.3 million barrels, triple the 2.1 million-barrel drop that analysts expected. Despite its pledge to maintain supply cuts, Russia is expected to boost its oil exports in September as Russian refineries start seasonal maintenance, Reuters calculations based on sources' data show, which is also curbing price gains. Reporting by Yuka Obayashi and Muyu Xu; Editing by Jamie Freed and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nick Oxford, Brent, Priyanka Sachdeva, Phillip Nova, Tatsufumi Okoshi, WTI, Yuka Obayashi, Muyu Xu, Jamie Freed, Miral Organizations: Midland , Texas U.S, REUTERS, Rights, U.S, West Texas, Investors, Nomura Securities, Energy, Thomson Locations: Midland , Texas, Rights TOKYO, SINGAPORE, Saudi Arabia, Russia, China

☆ Oil prices ease on demand concerns, still headed for weekly gain
▼ + stars: | 2023-09-08 | by ( ) www.cnbc.com time to read: +2 min

An oil pump jack is seen in the Loco Hills region, New Mexico, U.S., April 6, 2023. Oil prices fell for a second session on Friday, weighed down by lingering concerns over slower global demand, but were still headed for a second consecutive weekly gain amid expectations of tightening supplies. For the week, Brent and WTI were still on track for about a 1% gain. A bigger-than-expected draw in U.S. crude oil inventories lent muted support to oil prices. Crude inventories fell by 6.3 million barrels, triple the 2.1 million-barrel drop that analysts expected.

Persons: Brent, WTI, Tatsufumi Okoshi Organizations: Brent, U.S, West Texas, Investors, Nomura Securities, Energy Locations: New Mexico, U.S, Saudi Arabia, Russia, China

REUTERS/Dado Ruvic/Illustration/Files Acquire Licensing RightsSummary Crude imports jump 30.9% from last year to 12.43 million bpdNatural gas imports up 22.7% from last yearRefined fuel exports rise month-on-monthBEIJING, Sept 7 (Reuters) - China's crude oil imports surged in August, customs data showed on Thursday, as refiners built inventories and increased processing to benefit from higher profits from exporting fuel. China's imports have increased from last year since domestic fuel demand is no longer being suppressed by widespread curbs to tackle the COVID-19 pandemic. However, the broader outlook for China's economy remains gloomy, with a weaker property sector and sluggish domestic consumption weighing on fuel demand. read moreAt the same time, oil product exports are rising as refiners cash in on rising profit margins from selling fuel overseas. Refined fuel exports last month rose to 5.89 million tons, customs said, up from 5.31 million tons in July and 23.3% than a year earlier.

Persons: Dado Ruvic, Xu Peng, Xu, Andrew Hayley, Tom Hogue Organizations: REUTERS, Administration, Customs, Citi, Thomson Locations: BEIJING, China, Beijing

☆ Oil edges lower as markets shrug off supply jitters
▼ + stars: | 2023-09-06 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +3 min

NEW DELHI, Sept 6 (Reuters) - Oil prices reversed course on Wednesday after rising over 1% in the previous session, as investors shrugged off jitters arising from supply cuts from Saudi Arabia and Russia and a firm dollar capped the upside. A stronger dollar can weigh on oil demand by making the fuel more expensive for holders of other currencies. "Iran is producing close to 3.1 million barrels per day (bpd) and plans to pump around 3.4 million bpd. Reflecting supply concerns in the near term, the front-month Brent futures traded near 9-month highs at $4.13 a barrel above prices in six months. Sachdeva, however, added that the annual refinery maintenance period in the U.S. from September to October could limit demand for crude and potentially act as a restraining factor on rising oil prices.

Persons: Alexander Novak, Novak, Sachdeva, Mohi Narayan, Arathy Somasekhar, Christopher Cushing, Stephen Coates, John Stonestreet Organizations: Brent, . West Texas, Rystad Energy, ING Economics, ING, REUTERS, U.S, Saudi, Acme Investment Advisors, Thomson Locations: DELHI, Saudi Arabia, Russia, Iran, Volgograd, U.S, New Delhi, Houston

☆ Oil gains on supply woes after OPEC+ output cuts
▼ + stars: | 2023-09-06 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +3 min

Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected. "These bullish moves significantly tighten the global oil market and can only result in one thing: higher oil prices worldwide," Jorge Leon, senior vice president at consultancy Rystad Energy, said in a note. The Saudi and Russian voluntary cuts are on top of the April cut agreed by several OPEC+ producers, which extends to the end of 2024. "The decision to prolong output cuts underscores their dedication to price stability in a challenging market environment," Sugandha Sachdeva, executive director and chief strategist at Acme Investment Advisors, said. Sachdeva, however, added that the annual refinery maintenance period in the U.S. from September to October could limit demand for crude and potentially act as a restraining factor on rising oil prices.

Persons: Jorge Leon, Leon, Alexander Novak, Novak, Sachdeva, Mohi Narayan, Arathy Somasekhar, Christopher Cushing, Stephen Coates Organizations: REUTERS, Brent, . West Texas, Rystad Energy, Saudi, Acme Investment Advisors, Thomson Locations: Volgograd, Russia, DELHI, Saudi Arabia, West, U.S, New Delhi, Houston

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