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☆ Oil prices mixed amid uncertain demand, supply concerns
▼ + stars: | 2022-10-20 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

REUTERS/Nick Oxford/File PhotoSINGAPORE, Oct 20 (Reuters) - Oil prices were mixed on Thursday as investors balanced caution over tightening supply against concerns that a global slowdown could curb demand. "Oil prices are being whipsawed by a number of drivers in Q4 2022," said Commonwealth Bank commodities analyst Vivek Dhar in a note. Upward pressure though is coming from OPEC+ supply cuts and imminent EU sanctions on seaborne imports of Russian oil and refined production." Global recession concerns and the potential for another aggressive U.S. rate hike were clouding the outlook for oil prices, said CMC Markets analyst Leon Li. "Therefore, oil prices would return to a downtrend after a short-term rebound," he said.

REUTERS/Nick Oxford/File PhotoOct 20 (Reuters) - Oil prices opened mixed in early Asian trade on Thursday as investors balanced caution over tightening supply against lower demand projections. In remarks Wednesday, U.S. president Joe Biden said he plans to sell 15 million barrels of crude oil from the Strategic Petroleum Reserve and repurchase oil if prices fall enough. The reserve release would be the last sale from the planned sale of 180 million barrels of oil announced shortly after Russia invaded Ukraine in February. U.S. crude inventories fell unexpectedly last week - down 1.7 million barrels, weekly government data showed, against expectations for a build of 1.4 million barrels. SPR levels fell 3.6 million barrels to just over 405 million, the lowest since May 1984.

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.

President Joe Biden's announcement is expected this week as part of the response to Russia's war on Ukraine, one of the sources said. The sale would market the remaining 14 million barrels from Biden's previously announced, and largest ever, release from the reserve of 180 million barrels that started in May. Biden said last week gasoline prices are too high and that he would have more to say about lowering costs this week. Gasoline prices hit a record average above $5.00 in June. It suggested then that deliveries would be linked to lower oil prices and lower demand, likely after fiscal year 2023, which ends Sept. 30 next year.

☆ Biden admin talks with energy firms as it seeks to balance oil prices-sources
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterBiden said last week gasoline prices are too high and that he would have more to say about lowering the costs this week. The Energy Department still has about 14 million barrels of SPR oil left to sell from the 180 million barrel release, which was slowed in July by holidays and hot weather. Gasoline prices hit a record average above $5.00 in June. The White House and the DOE did not immediately respond to requests for comment about the talks with energy companies. It suggested then that deliveries would be linked to lower oil prices and lower demand, likely after fiscal year 2023, which ends Sept. 30 next year.

Oct 13 (Reuters) - Oil prices struggled to find a footing on Thursday after easing in the previous session on a weakening global demand outlook. "While the OPEC+ production cuts may provide somewhat of a floor for oil prices, upside may seem limited as economic conditions will run the risks of further moderation as a trade-off to further Fed's tightening process," Yeap said. The U.S. Energy Department lowered its expectations for both production and demand in the United States and globally. Worsening demand for crude oil is contributing to inventory builds. U.S. crude oil stockpiles rose by about 7.1 million barrels for the week ended Oct. 7, according to market sources citing API data.

Oct 13 (Reuters) - Oil prices struggled to find their footing in Asian trade on Thursday after easing in the previous session on the back of a weakening global demand outlook. "While the OPEC+ production cuts may provide somewhat of a floor for oil prices, upside may seem limited as economic conditions will run the risks of further moderation as a trade-off to further Fed's tightening process," Yeap added. The U.S. Energy Department lowered its expectations for both production and demand in the United States and globally. Worsening demand for crude oil is contributing to inventory builds. U.S. crude oil stockpiles rose by about 7.1 million barrels for the week ended Oct. 7, according to market sources citing API data.

Oct 13 (Reuters) - Oil prices struggled to find their footing in early Asian trade on Thursday after a weakening global demand outlook depressed the market in the last session. Both OPEC and the U.S. Energy Department cut their demand outlooks. The U.S. Energy Department lowered its expectations for both production and demand in the United States and globally. read moreWorsening demand for crude oil is contributing to inventory builds. The energy market is under pressure as well from the dollar, which has rallied broadly, including against low-yielding currencies like the yen.

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.

☆ Oil drops on dollar strength, but OPEC+ talks offer support
▼ + stars: | 2022-09-29 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

LONDON, Sept 29 (Reuters) - Oil prices fell on Thursday, with a stronger dollar paring the previous day's more than $3 gain, though losses were capped by indications that the OPEC+ producer group might cut output. Goldman Sachs cut its 2023 oil price forecast on Tuesday, citing expectations of weaker demand and a stronger U.S. dollar, but said global supply disappointments reinforced its long-term bullish outlook. Meanwhile, leading OPEC+ members have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters. read moreOne source from the Organization of the Petroleum Exporting Countries (OPEC) said a cut looks likely but gave no indication of volumes. Reuters reported this week that Russia is likely to propose that OPEC+ reduces oil output by about 1 million barrels per day (bpd).

Sept 29 (Reuters) - Oil prices fell on Thursday after gaining more than $3 in the prior session, with a strong dollar capping oil demand and concerns over the faltering global economic outlook clouding market sentiment. Register now for FREE unlimited access to Reuters.com RegisterHowever, the dollar index trended upward again on Thursday, dampening investor risk appetite and stoking fears of a global recession. Goldman Sachs cut its 2023 oil price forecast on Tuesday, citing expectations of weaker demand and a stronger U.S. dollar, but said global supply disappointments reinforced its long-term bullish outlook. Citi economists have lowered their China GDP forecast from 5% year-on-year growth to 4.6% for the fourth quarter of 2022. "Stringent zero-COVID measures and a weak property sector continue to cloud growth prospects," Citi analysts wrote in a note on Wednesday.

Sept 29 (Reuters) - Oil prices fell in early Asian trade on Thursday as a strong dollar and economic woes outweighed optimism over consumer demand. Brent crude futures fell 59 cents, or 0.7%, to $88.73 per barrel by 0016 GMT while U.S. crude futures fell by 54 cents, or 0.7%, to $81.59. Both benchmarks rebounded in the prior two sessions amid volatile trade after reaching nine-month lows this week. A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies. Register now for FREE unlimited access to Reuters.com RegisterReporting by Laura SanicolaOur Standards: The Thomson Reuters Trust Principles.

☆ BP lays off most contractors at Ohio refinery after explosion -sources
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: 1 min

Sept 28 (Reuters) - BP Plc laid off most contractors at the 185,000 barrel per day Toledo, Ohio, refinery it owns with Cenovus Energy (CVE.TO), according to sources familiar with the matter on Wednesday, indicating the plant will experience a prolonged shutdown following last week's explosion and fire. The explosion killed two United Steelworkers members, the company said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Laura Sanicola; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Sept 28 (Reuters) - BP Plc laid off most contractors at the approximately 160,000 barrel-per-day Toledo, Ohio, refinery it owns with Cenovus Energy Inc (CVE.TO), according to sources familiar with the matter on Wednesday, indicating that the plant will experience a prolonged shutdown following last week's explosion and fire. The more than 100-year-old refinery has been offline since the middle of last week following the explosion and could be shut for several months. Leaking fumes from a crude unit may have caused the ignition in another unit at the facility, a source told Reuters. In August, Cenovus said it would buy the remaining 50% stake it does not already own in the BP-Husky Toledo Refinery. In 2008, Husky Energy Inc formed a joint venture with BP by acquiring a 50% stake in the Toledo refinery.

Model of Oil barrels are seen in front of rising stock graph in this illustration, July 24, 2022. REUTERS/Dado Ruvic/IllustrationSept 22 (Reuters) - Oil prices edged lower in early Asian trade on Thursday after the U.S. Federal Reserve raised interest rates significantly to curb inflation, with fears for the global economy casting a shadow over future fuel demand. Brent crude futures fell 16 cents, or 0.2%, to $89.67 per barrel by 0013 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 15 cents to $82.79 per barrel. The Fed raised its target interest rate on Wednesday by 75 basis points for the third time, to a 3.00-3.25% range, and signalled more large increases to come. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Laura Sanicola; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Fire crews rush to douse blaze at BP's Ohio refinery
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSept 20 (Reuters) - Fire crews responded to fire and smoke at BP (BP.L) and Cenovus Energy's 150,800 barrel-per-day Toledo, Ohio, oil refinery on Tuesday, according to a source familiar with the matter. Register now for FREE unlimited access to Reuters.com Register"No details were provided on burn injuries reported to two people at the site," local media said. Workers finished a maintenance turnaround at the facility in recent weeks and the plant had resumed operating, according to the source. In August, Cenovus (CVE.TO) said it will buy the remaining 50% stake it does not already own in the BP-Husky Toledo Refinery. In 2008, Husky Energy Inc formed a joint venture with BP by acquiring a 50% stake in the Toledo refinery.

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