API Reports Small Builds in Crude, Fuel Inventories – OilPrice.com
U.S. crude oil inventories rose by 509,000 barrels this week for the week ending May 3, according to the American Petroleum Institute (API). Analysts had expected 1.43 million barrels. API reported that crude oil inventories increased by 4.906 million barrels last week. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in […]
G7 Agrees To End Coal Use But Can It – OilPrice.com
The US, UK, Italy, France, Japan, Germany and Canada reached an agreement this week to stop using coal for power generation by 2035. The news was praised by some in the green lobby, but also by others. Greenpeace, called it “too little, too late.” Now, the biggest question is whether the G7 will turn its […]
Oil Prices Set for Another Weekly Loss – OilPrice.com
Oil prices edged higher early today, but continued to see further weekly declines due to the US Federal Reserve. signaled Again, there were no immediate plans to start cutting rates. The Energy Information Administration’s weekly oil inventory report also estimated a large increase in inventories, suggesting weak demand, as did the Fed’s interest rate policy, […]
Large Crude Inventory Build Rocks Oil Prices | OilPrice.com – OilPrice.com
Oil prices fell today following the US Energy Information Administration’s announcement. report Inventories increased by 7.3 million barrels for the week ending April 26. By comparison, prices briefly rose last week due to significant demand of 6.4 million barrels the previous week. For gasoline, officials reported that inventories rose by 300,000 barrels last week, compared […]
The Future of Plastics Will Determine the Future of Oil Demand – OilPrice.com
The United Nations is debating the future of plastics this week – on the surface it would seem that way. The United Nations’ Global Plastics Treaty negotiations aim to curb plastic pollution by substantially reducing the use of plastics around the world. And it looks like they’re going to fail. The goal is certainly a […]
Global Metals Markets Face Uncertainty as Russian Ban Takes Effect – OilPrice.com
via metal minor Anyone involved in the metals market now knows that the US and UK recently banned Consumption of Russian aluminum, copper and nickel produced after April 13th. Metals already listed on the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME) will remain consumable, but metals delivered after this date will not be […]
Oil Prices Climb as Bullish Catalysts Build | OilPrice.com – OilPrice.com
Oil prices are set to rise this week as falling inventories, a slowdown in U.S. manufacturing and escalating tensions in the Middle East combine to add to bullish sentiment. Friday, April 26, 2024 Although oil prices are heading for their first weekly rise since early April, they have so far failed to break above the […]
Oil Moves Down on Crude Inventory Build – OilPrice.com
Oil prices fell today following the Energy Information Administration’s announcement. report Inventories increased by 2.7 million barrels in the week ending April 12. That compares with the previous week’s hefty 5.8 million barrels of production and an estimated 4 million barrels of production for the week ending April 12, reported by the American Petroleum Institute […]
Trafigura AI Boom Could Spark a Copper Shortage – OilPrice.com
The chief economist at commodity trading giant Trafigura has warned that the copper market could become even tighter due to the impact of artificial intelligence. Speech in the Financial Times merchandise Speaking at the summit in Switzerland, Trafigura chief economist Saad Rahim said there had been a “sudden explosion” in growth as a result of […]
Is a Copper Crisis Coming? Prices Hit New Highs on Smelter Cuts | OilPrice.com – OilPrice.com
via metal minor By mid-March, copper prices had reached their highest since April 2023. Prices had previously bottomed out in early February, but strong upward momentum has since broken past all-time highs in a long-term sideways trend. Prices recorded a moderate decline of 1.74% month-on-month throughout February, but in the first two weeks of March […]