Petroleum Daily Report 10-25-2023

Oil prices rose about 2% today despite a rise in crude inventories. Middle east tensions continue to capture headlines but gains are capped by gloomy economic prospects both here and abroad. US crude inventories rose by 1.4MM/bbls, exceeding the forecasted rise of 240K/bbls. The EIA data “is more bearish because it’s a big switch from […]

Petroleum Daily Report 10-19-2023

Oil prices settled higher today as traders remained nervous that Israel’s military campaign in Gaza could escalate to a regional conflict.  Israeli Defense Minister Yoav Gallant told troops gathered at the Gaza border that they would soon see the Palestinian enclave “from inside,” suggesting an expected ground invasion could be nearing. U.S. West Texas Intermediate […]

Petroleum Daily Report 10-18-2023

Oil was up 2% today on the back of a big U.S. crude storage draw and continued Middle East tensions.  The U.S. Energy Information Administration said energy firms pulled 4.5 million barrels of crude from stockpiles during the week ended October 13, 2023.  Supplies declined 800,000 barrels at Cushing to its lowest level since October […]

Petroleum Daily Report 10-17-2023

Oil prices were mostly flat today. Both benchmarks have been rallying since tensions flared up in the Middle East. “Oil prices are wavering as energy traders await to see if the U.S. diplomatic efforts will be successful in preventing the Israel-Hamas conflict from turning into a wider regional war,” said Edward Moya, senior market analyst […]

Petroleum Daily Report 10-16-2023

Oil prices were lower today as expectations are rising that the US and Venezuela will reach a deal easing sanctions on their crude exports. “The reported deal … would help to raise the country’s oil output from very depressed levels,” said William Jackson, chief emerging markets economist for Capital Economics. “But the sector requires enormous […]