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Crudeoil

All articles tagged with #crudeoil

energy1 month ago•17 min saved

EIA Signals Big Draw as U.S. Crude Stocks Drop 8 Million Barrels

The EIA reported an 8.0-million-barrel decline in U.S. crude inventories for the week ending May 29, lowering stockpiles to 433.7 million and 3% below the five-year average. API had flagged a 6.75-million-barrel draw the day before. In early trading, Brent rose to about $98.24/b and WTI to $95.99/b. Gasoline stocks rose 3.4 million barrels and distillates 1.5 million, while overall demand (Total Products Supplied) averaged 20.4 million bpd over the past four weeks, up 3% year over year.

via Crude Oil Prices Today | OilPrice.com|

#crudeoil #eia #energy

world4 months ago•21 min saved

Iran unleashes its heaviest missile barrage as Hormuz tensions rise

Iran fires its strongest missile barrage since the conflict began, with Israel saying missiles were fired from Iran, Saudi Arabia intercepting drones headed for an oil field, and Bahrain sounding air-raid sirens. Trump warned of a military response “at a level never seen before” after the US said it destroyed more than a dozen Iranian mines in the Strait of Hormuz, and US Central Command later said 16 mine-laying vessels were eliminated, underscoring the risk to shipping and crude oil through the Strait.

via The Independent|

#bahrain #crudeoil #donald-trump

business1 year ago•1 min saved

OPEC+ Faces Challenges Amid Stagnant Oil Prices and Market Uncertainty

Oil prices remained steady after a recent drop as OPEC+ plans to reintroduce barrels to the market starting April 2025, delaying the increase by three months. This decision comes amid expectations of an oversupplied market next year, with US crude production hitting record levels. The market is also influenced by factors like fluctuating Chinese demand and potential changes in US energy policy under a possible second Trump presidency.

via Yahoo Finance|

#business #crudeoil #energypolicy

energygeopolitics2 years ago•2 min saved

"Geopolitical Tensions Propel U.S. Crude Oil Prices Above $87 Amid Inflation Concerns"

U.S. crude oil prices surged above $87 a barrel amid reports of Israel preparing for a potential direct attack by Iran this weekend, leading to the highest Middle East tensions since last October. The West Texas Intermediate contract for May delivery rose to $87.34, while June Brent futures reached $91.86. Concerns over a possible Iranian strike on Israel have led to heightened geopolitical tensions, with potential for further escalation and impact on oil prices, with analysts warning of a spike to $100 or even $120-130 per barrel if the situation worsens.

via CNBC|

#crudeoil #energygeopolitics #geopolitics

business-and-economy2 years ago•0 min saved

"Saudi Arabia Slashes Asian Oil Prices Amid Sustained Market Slump"

Saudi Arabia has announced a reduction in crude oil prices for buyers in Asia and other regions for February, responding to a market characterized by weak demand and a potential surplus fueled by strong global supply. This decision comes as oil consumption typically dips during this time of the year due to refinery maintenance, and follows the OPEC+ group's strategy to maintain output cuts to manage market stability.

via Bloomberg|

##asia #business-and-economy

business-and-economy2 years ago•1 min saved

"Oil Prices Dip as U.S. Fuel Inventory Surge Outweighs Crude Drawdown"

U.S. crude oil inventories experienced a significant draw of 7.418 million barrels, surpassing analyst predictions, while gasoline and distillate inventories saw substantial builds. Despite the draw in crude oil, overall inventories have built up over 13 million barrels in 2023. The Strategic Petroleum Reserve also increased slightly, and oil prices showed a slight decrease from the previous week. The data suggests a mixed picture for oil supply and demand dynamics.

via OilPrice.com|

##apireport #business-and-economy

business-and-finance2 years ago•2 min saved

"2024 Oil Market Fluctuates: Prices Swing Amid Supply Shifts and Geopolitical Tensions"

Crude oil experienced its first annual decline since 2020, dropping more than 10% in 2023 despite OPEC+ production cuts and geopolitical tensions. The decrease in oil prices was attributed to rising supply growth outside of OPEC+, with the International Energy Agency expecting non-OPEC+ production to exceed demand growth in 2024. The energy sector was one of the worst performers on the S&P 500 for the year, while certain energy and natural resources companies saw significant gains or losses in their stock prices.

via Seeking Alpha|

##business-and-finance #commodities