Oil prices eased today after traders learned that prolonged supply disruptions from Hurricane Beryl were unlikely after oil producing hubs suffered less damage than originally feared. Although some offshore U.S. production sites were evacuated, ports closed and refining slowed, major refineries along the country’s Gulf Coast appeared to sustain minimal impact after Beryl weakened into […]
Oil prices fell to a one-week low, with Brent futures falling 79 cents (0.9%) to $85.75 a barrel and U.S. West Texas Intermediate (WTI) crude decreasing 83 cents (1.0%) to $82.33. This decline was influenced by Hurricane Beryl, which shut down refineries and ports along the Gulf of Mexico, and optimism over a potential ceasefire […]
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Oil prices settled lower on Friday as the rising possibility of a ceasefire deal in Gaza outweighed strong summer fuel demand and potential supply disruptions from Gulf of Mexico hurricanes. On the supply side, Hurricane Beryl, a Category 2 storm, made landfall in Mexico, after killing least 11 people in the Caribbean, tearing through buildings […]
Oil prices were higher today gaining about 1% on a larger than expected decline in crude inventories. Crude inventories fell by 12.2 MM/bbls vs a 680K/bbls forecasted draw. “Strong exports, a slight drop in imports, and a rebound in refinery runs colluded to draw crude inventories by a whopping 12 million barrels,” said Kpler oil […]
Oil prices were lower today after hitting multi-month highs earlier in the session. Fears of Hurricane Beryl are fading and some of that premium has been taken out of the market. “Markets came to the realization that Beryl is not going to shut down any major amounts of offshore oil production,” Flynn said. “We may […]
Oil had a strong session today on geopolitical tensions, a storm brewing and summer driving season here in the US. “The (energy) complex is beginning this new week in strong fashion as it continues to acquire support from … increasing geopolitical risk premium related to Israel-Hezbollah tensions (and) bullish demand expectations for this month with […]
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Oil prices were mostly flat for the day today. U.S. oil production and demand rose to a four-month high in April, despite that, demand for gasoline fell to 8.83 million barrels per day, its lowest since February, “The monthly report from the EIA suggested the gasoline demand was pretty poor,” said Phil Flynn, analyst at […]
Oil prices were higher today as middle east tensions continue to mount. Cross-border strains between Israel and Lebanon’s Hezbollah have been escalating, fanning fears that a widening war could draw in other countries including major oil producer Iran. In Europe, Russia is considering a possible downgrade of relations with the West due to deeper involvement […]