Oil Prices Perk Up on Crude Draw – OilPrice.com
Crude oil prices rose today following the release of the U.S. Energy Information Administration. report Inventories fell by 3.4 million barrels in the week ending July 5. This compares with a much larger drop of 12.2 million barrels the previous week. The American Petroleum Institute reported on Tuesday that inventories were estimated to have fallen […]
It Turns Out That Western Sanctions On Russia’s Booming Oil Industry May Be Falling Flat
The West has sought to crack down on Russia’s oil sector through crippling sanctions in response to the country’s invasion of Ukraine, but new data indicates that a key goal of the sanctions is not being achieved, Bloomberg News reported Monday. The price for Russian Ural crude oil deliveries from a major Black Sea port […]
Oil little changed as investors eye impact of storm Beryl on Texas By Reuters – Investing.com
Investing.com — Gold prices edged lower in Asian markets on Monday as traders awaited further clues on U.S. interest rates from testimony by Federal Reserve Chairman Jerome Powell and the release of key inflation measures this week. However, bullion prices remained near one-month highs and looked set to rise back above $2,400 an ounce amid […]
Oil prices muted as markets watch for storm Beryl impact By Investing.com – Investing.com
Investing.com — Oil prices were flat in Asian markets on Monday as traders closely monitored the impact of Tropical Storm Beryl on crude production in the Gulf of Mexico, but also remained focused on further signs of robust summer demand. Oil prices have recorded four straight weeks of big gains on hopes of stronger summer […]
Big Oil to Buy Stakes in UAE's New LNG Project | OilPrice.com – OilPrice.com
International oil and gas giants Shell, BP and Total Energies as well as Japan’s Mitsui & Co. have agreed to buy 10 percent each in a new LNG project in the United Arab Emirates, according to anonymous sources familiar with the plans. Bloomberg on friday. Big oil companies continue to bet on rising demand for […]
Strong Fundamentals Suggest Oil Prices Will Continue to Climb – OilPrice.com
Analysts predict that oil prices are likely to rise further this week, and the rally could continue into the coming weeks. The question on everyone’s mind is: how far will OPEC allow prices to rise before tapering its production cuts? “Strong market fundamentals are propelling oil prices higher this week, on track to rise for […]
The Future of Oil Demand Is Increasingly Clear as Trends Solidify – OilPrice.com
In June, the International Energy Agency (IEA) forecast Oil demand growth is expected to peak within six years. Later that month, the Energy Institute said demand was still growing and only slightly declining. While the two reports paint quite different pictures, they offer a glimpse into the real future of oil demand and supply, especially […]
Oil Trading Giants Are Buying Big Oil's Refineries – OilPrice.com
The oil trading giant, which has amassed huge profits over the past two years, is rushing to buy refineries that are being sold by the largest international oil and gas producers as part of a strategic portfolio restructuring. “Traders see an opportunity to finally get a plant that can process a range of crudes,” said […]
Oil Jumps on Significant Crude Inventory Draw – OilPrice.com
U.S. crude oil inventories fell by 9.163 million barrels in the week to June 28, according to the American Petroleum Institute. Analysts had been expecting a fall of 150,000 barrels. API reported that crude oil inventories increased by 914,000 barrels last week. On Tuesday, the U.S. Department of Energy (DoE) announced that crude oil inventories […]
Trans Mountain Oil Pipeline Off to a Solid Start | OilPrice.com – OilPrice.com
The Trans Mountain Pipeline transported 20 tanker loads of crude oil from Canada’s Pacific coast during the expanded link’s first month of operation, slightly below the company’s expectations, Reuters reported. report The announcement was made on Monday, citing data from tanker tracking providers LSEG, Vortexa and Kpler. The Trans Mountain Pipeline expansion increased the capacity […]