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Summary Oil prices edge higher after steep lossesU.S. manufacturing contracts, prices decline in Dec -ISMChina COVID data shows under-reported deaths, WHO saysJan 5 (Reuters) - Oil prices rebounded on Thursday after opening the year down more than 9%, the worst yearly start in over three decades, as investors took advantage of the decline to buy futures on expectations long-term fuel demand will remain steady. Brent crude futures gained 59 cents to $78.43 a barrel at 0136 GMT, while U.S. West Texas Intermediate crude futures rose 69 cents to $73.53 a barrel. U.S. crude oil inventories rose by 3.3 million barrels last week along with gasoline stocks jumping 1.2 million barrels, while distillate stocks fell, according to market sources citing American Petroleum Institute figures. Concerns about the economic disruptions as COVID-19 works its way through China, the world's biggest oil importer, have added to the pessimism around crude prices. The Chinese government increased export quotas for refined oil products in the first batch for 2023, signaling expectations of poor domestic demand.

China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but said it plans to step up support for the economy in 2023. Brent crude gained 76 cents to settle at $79.80 a barrel, while U.S. West Texas Intermediate crude rose 90 cents to $75.19. Oil surged toward its record high of $147 a barrel earlier in the year after Russia invaded Ukraine in February. It has since unwound most of this year's gains as supply concerns were edged out by recession fears. "The prospect of further rate rises will hit economic growth in the new year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM.

The Biden administration's November proposal would make it possible for electric vehicles charged using power generated by biofuels to receive credits. The proposal would boost benefits for electric vehicle manufacturers such as Tesla (TSLA.O). Adding the electric vehicle industry to the standard will introduce a new set of stakeholders into an already unwieldy situation. The United States has been using biofuel credits to reduce carbon emissions for years, but its effect has been unclear. The Environmental Protection Agency (EPA), which administers the program, will sort through stakeholder comments in 2023 to finalize a rule.

TC Energy shut the pipeline after the spill was discovered late last Wednesday. The 622,000 barrel-per-day Keystone line ships heavy Canadian crude from Alberta to refiners in the U.S. Midwest and the Gulf Coast. Prices for sour crude grades in the U.S. Gulf of Mexico were strengthening on Monday, as the shutdown means more demand for heavier Gulf barrels. TC Energy said on Sunday that it has more than 250 people working on the leak, including third-party environmental specialists. The U.S. Environmental Protection Agency and pipeline regulator the Pipeline and Hazardous Materials Safety Administration (PHMSA) are also on the scene.

WASHINGTON, Kansas, Dec 9 (Reuters) - Emergency crews on Friday were preparing to labor through the weekend to clean up the largest U.S. crude oil spill in nearly a decade, with workers descending on this farming community from as far away as Mississippi. This is the third spill of several thousand barrels of crude on the pipeline since it opened in 2010. U.S. regulator Pipeline and Hazardous Materials Administration said the company shut the pipeline seven minutes after receiving a leak detection alarm. Workers quickly set up a containment area to restrict oil that had spilled into a creek from flowing downstream. Even once the pipeline starts operating again, the affected area will have to flow at reduced rates pending PHMSA approval.

"We could smell it first thing in the morning; it was bad," said Washington resident Dana Cecrle, 56. It was the third spill of several thousand barrels of crude on the 2,687-mile (4,324-km) pipeline since it opened in 2010. A previous Keystone spill had caused the pipeline to remain shut for about two weeks. The spill has not threatened the water supply or forced residents to evacuate, Washington County Emergency Management Coordinator Randy Hubbard told Reuters. Workers quickly set up a containment area to restrict oil that had spilled into a creek from flowing downstream.

Dec 9 (Reuters) - The effort to remove oil from the largest crude spill in the United States in nearly a decade will extend into next week, the U.S. Environmental Protection Agency said on Friday, making it likely that the Keystone pipeline shutdown will last for several more days. TC Energy (TRP.TO) shut the largest oil pipeline to the United States from Canada on Wednesday after it leaked 14,000 barrels of oil into a Kansas creek. This is the third spill of several thousand barrels of crude on the pipeline since it first opened in 2010. A previous Keystone spill had caused the pipeline to remain shut for about two weeks. The oil spill has not threatened the local water supply or forced local residents to evacuate, Washington County Emergency Management Coordinator Randy Hubbard told Reuters.

Dec 9 (Reuters) - TC Energy (TRP.TO) said on Friday it is evaluating plans to return its Keystone pipeline to service after it leaked 14,000 barrels of oil into a Kansas creek, the largest crude spill in the United States in nearly a decade. TC Energy was expected to restart flows on the segment of the pipeline extending to Patoka, Illinois, Bloomberg News reported earlier, citing sources. This is the third spill of several thousand barrels of crude on the pipeline since it first opened in 2010. TC Energy remained on site with around 100 workers leading the clean-up and containment efforts, and the EPA was providing oversight and monitoring, Ashford said. The oil spill has not threatened the local water supply or forced local residents to evacuate, Washington County Emergency Management Coordinator Randy Hubbard told Reuters.

Crude inventories (USOILC=ECI) fell by 5.2 million barrels in the week to Dec. 2 to 413.9 million barrels, a decline that far exceeded analysts' expectations in a Reuters poll for a 3.3 million-barrel drop. Meanwhile, U.S. crude production rose to 12.2 million barrels per day, highest since August. Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) fell by 373,000 barrels in the last week, EIA said. Refinery crude runs (USOICR=ECI) fell by 53,000 barrels per day in the last week, EIA said. Net U.S. crude imports (USOICI=ECI) rose by 1.49 million barrels per day, EIA said.

Brent crude futures gained 38 cents to $83.06 a barrel by 0458 GMT. Crude futures on Monday recorded their biggest daily drop in two weeks, after U.S. service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path. In China, more cities are easing COVID-19-related curbs, prompting optimism for increased demand in the world's top oil importer. The country is set to announce a further relaxation of some of the world's toughest COVID curbs as early as Wednesday, sources said. But the oil price gains could prove fragile, as it would take time to confirm a sustained recovery in Chinese consumption, as well as the supply impact of Russian sanctions.

Summary Oil futures edge higher after falling more than 3% last sessionG7 price cap on Russian oil kicks inOPEC+ keeps steady policy amid weakening economyDec 6 (Reuters) - Oil prices edged higher on Tuesday, after a G7 price cap on Russian seaborne oil came into force on Monday on top of a European Union embargo on imports of Russian crude by sea. The Group of Seven price cap comes as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production. read moreThe price cap, to be enforced by the G7 nations, the European Union and Australia, comes on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain. The Group of Seven (G7) countries and Australia last week agreed on a $60 a barrel price cap on seaborne Russian oil. In China, more cities eased COVID curbs over the weekend, prompting optimism for increased demand in the world's top oil importer.

Brent crude futures were down $2.18, or 2.6%, at $83.39 a barrel by 1:23 p.m. EST (1823 GMT). read moreThe news caused oil and stock markets to pare gains. The data challenges hopes that the Fed might slow the pace and intensity of its rate hikes amid recent signs of ebbing inflation. The Group of Seven (G7) countries and Australia last week agreed on a $60 a barrel price cap on seaborne Russian oil. At the same time, in a positive sign for fuel demand in the world's top oil importer, more Chinese cities eased COVID curbs over the weekend.

The EPA is expected to announce multiple years of renewable fuel obligations, Reuters has previously reported. The agency is also expected to include in the announcement a request for comment for provisions regarding electricity use under the law, the U.S. Renewable Fuel Standard (RFS), the sources said. Under the RFS, oil refiners are required to blend billions of gallons of biofuels into the nation's fuel mix, or buy tradeable credits from those that do. Reuters previously reported that the EPA is expected to propose that electric vehicles be eligible for renewable fuel credits, according to sources. Earlier this year, the EPA set biofuel blending mandates for 2022 at 20.63 billion gallons and retroactive volume mandates for 2021 at 18.84 billion gallons and for 2020 at 17.13 billion gallons.

The governors' proposal raised oil industry concerns about fuel regulations differing from state to state. "We have good support," Fischer told Reuters. The legislation also has the support of Senator Kevin Cramer from North Dakota, a co-sponsor of the bill. Cramer's support is significant, as North Dakota is one of the top oil-producing states, Fischer said. Organizations including the API, the Renewable Fuels Association (RFA) and the National Farmers Union wrote to congressional leaders this month to urge them to adopt legislation to expand nationwide E15 sales.

NEW YORK, Nov 28 (Reuters) - The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. On Dec. 5, a European Union ban on Russian crude imports is set to start, along with a plan by the G7 nations to force shippers to comply with a price cap on Russian oil sales. In the last week, crude futures contracts have flipped in and out of contango, where the prompt price of a commodity is lower than the future price, which suggests short-term weakness. Offers of Angolan and other West African crude oil to China, a main customer, are a barometer of physical crude demand from the country. In addition, European refiners have found themselves oversupplied with crude as an expected shortage owing to the looming EU ban on Russian oil has yet to materialise.

Summary Brent, WTI fall for third consecutive weekEU delays talks on Russian oil price cap until next weekPoland seeks German support for EU sanctions on pipelineNEW YORK, Nov 25 (Reuters) - Oil prices fell 2% on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures settled down $1.71, or 2%, to trade at $83.63 a barrel, having retraced some earlier gains. U.S. West Texas Intermediate (WTI) crude futures were down $1.66, or 2.1%, at $76.28 a barrel. This is starting to hit fuel demand, with traffic drifting down and implied oil demand around 1 million barrels per day lower than average, an ANZ note showed. Meanwhile, G7 and European Union diplomats have been discussing a Russian oil price cap between $65 and $70 a barrel, but an agreement has still not been reached.

Organizations including the American Petroleum Institute (API), Renewable Fuels Association and the National Farmers Union wrote to congressional leaders to urge them to adopt legislation that would effectively lift restrictions on E15 sales. API's support is a win for the biofuel and farm groups because the oil industry has at times resisted efforts to expand the market for ethanol. The governors' proposal raised oil industry concerns about fuel regulations differing from state to state. Expanding national sales of E15 would also resolve long-standing differences among the groups about the fuel regulations, the letter said. Reporting by Stephanie Kelly; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

LONDON, Nov 18 (Reuters) - European refiners have found themselves oversupplied with crude as an expected shortage owing to the looming EU ban on Russian oil has yet to materialise. The front-month Brent crude futures spread narrowed sharply this week, reflecting better supply in the physical oil market as fears over the EU embargo on Russian crude begin to subside. Reuters Graphics"There's too much oil around," one European crude trader said. A G7 price cap on Russian crude also comes into effect on Dec. 5. ALTERNATIVES SOURCESTraders said refiners have adjusted to living without Russian crude, which had been a mainstay of Europe's refining system.

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.

SummarySummary Companies Russia's Transneft: notified by Ukraine of oil supply suspension to Hungary via Druzhba - RIASlower U.S. producer price growth prompts inflation optimismChina reports increase in COVID-19 infectionsComing up: API data on US crude stocks at 4:30 p.m. ETNEW YORK, Nov 15 (Reuters) - Oil prices rose on Tuesday more than 1% after news that oil supply to Hungary via the Druzhba oil pipeline has been temporarily suspended due to a fall in pressure. Brent crude futures rose $1.38, or 1.5%, to $94.52 a barrel at 2:22 p.m. EST (1922 GMT). U.S. West Texas Intermediate crude rose $1.60, or 1.9%, to $87.47. Russia's state-owned pipeline monopoly Transneft (TRNF_p.MM) has been notified by Ukraine that oil supply to Hungary via the Druzhba oil pipeline is temporarily suspended due to a fall in pressure, the RIA news agency quoted Transneft as saying on Tuesday.

NEW YORK, Nov 10 (Reuters) - A Republican U.S. senator plans to submit federal legislation with the support of a major oil industry trade group that would expand national sales of E15, a higher ethanol-gasoline blend. If the bill passed, it would be a win for U.S. corn farmers and the ethanol industry. The governors' proposal raised oil industry concerns about fuel supplies. The bill would represent just the latest push to win nationwide, year-round sales. A federal appeals court last year struck down the Trump's administration approval of year-round E15 sales, arguing it did not have the authority.

Mandatory credit Kyodo/via REUTERSSummarySummary Companies Oil prices rise to highest levels since late AugustWSJ: China weighs gradual Zero-COVID exit without timelineChina's crude oil imports rebound amid refinery rolloutsNEW YORK, Nov 7 (Reuters) - Oil prices fell on Monday, paring gains after rising to more than two-month highs, on mixed signals over China, the world's top crude importer, potentially relaxing its strict COVID-19 restrictions. Brent crude futures fell 65 cents to settle at $97.92 a barrel. Earlier in the session, they rose to a session high of $99.56 a barrel, the highest since Aug. 31. However, weighing on futures, Chinese health officials at the weekend reiterated their commitment to strict COVID containment measures. Meanwhile, China's imports and exports contracted unexpectedly in October, but its crude oil imports rebounded to the highest level since May.

The move to expand sales of E15 would be a win for the ethanol industry, which wants to increase sales of the corn-based fuel and which argues the product would reduce gasoline prices by expanding the volume of available supply. However, critics of the idea - including those in the refining industry - have voiced concerns that a piecemeal approach to growing E15 sales could introduce logistical distribution challenges. The EPA could start seeking comment as soon as this month, said the sources. In April, governors from major corn-producing Midwestern states including Iowa, Nebraska and Illinois requested that the EPA effectively lift the ban in their states. The biofuel industry has faced legal hurdles in expanding U.S. E15 sales in the past.

U.S. West Texas Intermediate (WTI) crude rose $1.60, or 1.85%, to $88.13 after falling 1.6% in the previous session. The OPEC+ cuts and record U.S. oil export data also support oil price fundamentals, said CMC Markets analyst Tina Teng. Tamas Varga of oil broker PVM, meanwhile, said that dwindling oil supply, a possible halt to release of oil from the Strategic Petroleum Reserve (SPR) and reinvigotated oil demand growth could also send crude back above $100 a barrel. OPEC raised its forecasts for world oil demand in the medium and longer term on Monday, saying that $12.1 trillion of investment is needed to meet this demand. In a further cap to price gains, U.S. crude oil stocks are likely to rise in the week to Oct. 28, a preliminary Reuters poll showed.

☆ U.S. oil production nears 12 mln barrels/day, at pre-pandemic high
▼ + stars: | 2022-10-31 | 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. President Joe Biden has called on oil companies to boost production to reduce fuel prices. A little over two years after the pandemic wrecked havoc on demand and slashed profits, four of the five largest global oil companies brought in roughly $50 billion in net income in the most recent quarter. Crude production rose 0.9% to 11.98 million bpd in August, highest since March 2020, the U.S. Energy Information Administration (EIA) said in monthly figures. In top oil producing states, monthly output rose 1.6% to 5.10 million bpd in Texas and 0.6% to a record 1.58 million bpd in New Mexico, but fell 0.5% to 1.06 million bpd in North Dakota.

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