Oil prices were higher today as the Russian government is curbing oil output. Moscow has ordered companies to reduce oil output in the second quarter to meet a production target of 9 million bpd by the end of June, in line with its pledges to the producer group OPEC+, three industry sources said on Monday. […]
Oil prices were higher today but underlying concerns remain, especially in the diesel market. A slump in U.S. refining activity and disruptions to global trade have tightened diesel supplies in recent weeks, dampening historically high U.S. diesel exports to Europe this month. U.S. diesel cracks briefly surged to a four-month high of more than $48 […]
Oil prices were higher today buoyed by hostilities in the Red Sea. Yemen’s Iran-aligned Houthis will escalate their attacks on ships in the Red Sea and other waters and have introduced “submarine weapons,” the group’s leader said on Thursday, as it keeps up attacks on shipping. On Thursday, the premium for front-month WTI crude futures […]
Oil prices were higher today as contracts fell further in backwardation. Also supporting the market, U.S. refineries are showing signs of returning from maintenance after slumping to their lowest operating rates since December 2022, spurring builds in crude stockpiles. “Recent refinery outages led to some crude oil builds across the globe but these could be […]
Oil prices were lower today with worries about global demand offsetting price support from Middle East tensions. China announced its biggest ever reduction in the benchmark mortgage rate, the largest since the reference rate was introduced in 2019 and far more than analysts had expected. “The fact that the crude market hasn’t responded more positively […]
Oil prices were higher today as Geopolitical tensions in the Middle East offset forecasts of slowing demand. Tensions continue to flare on the other side of the world and are showing no signs of slowing. Domestically, U.S. producer prices increased more than expected in January amid strong gains in the costs of services, which could […]
Oil prices were higher today as the dollar slid today after US retail sales fell more than expected. Retail sales dropped 0.8% last month, the Commerce Department’s Census Bureau said on Thursday. Data for December was revised lower to show sales rising 0.4% instead of 0.6%, as previously reported. The data prompted optimism around interest […]
Prices fell by over $1.00 today on surging US crude inventories and an otherwise bearish EIA report. “The refinery utilization rate is a pseudo disaster, down four to five weeks in a row at the end of winter” said Bob Yawger, director of energy futures at Mizuho, adding that refiners have kept activity slow even […]
Oil prices were higher today as geopolitical tensions in the Middle East Continued. Talks involving the U.S., Egypt, Israel and Qatar on a Gaza truce ended without a breakthrough as calls grew for Israel to hold back on a planned assault on the southern end of the enclave, crammed with over a million displaced people. […]
Oil prices were little changed today as concerns about interest rates and global demand caused the market to take a break after a strong week last week. “We will again note that global crude supply has yet to be significantly disrupted by the Mideast hostilities and that rerouted oil cargoes around the Red Sea have […]