Category: Petroleum Daily

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Oil rose on Friday as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the U.S. and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group.  U.S. West Texas Intermediate (WTI) crude futures climbed 66 cents to close at $72.68 […]

Oil prices gained 1% cent today after Iran seized an oil tanker off the coast of Oman, raising the prospect of escalating conflict in the Middle East.  U.S. West Texas Intermediate crude rose 65 cents per barrel, to settle at $72.02 per barrel. Brent futures rose 61 cents to close at US$77.41 per barrel. Earlier […]

Oil prices fell again today after a surprise jump in crude inventories. Prices were higher earlier in the session but reversed course after the EIA report was released. Crude inventories rose by 1.3MM/bbls compared to a forcasted drop of 700K/bbls. Gasoline stocks rose by 8MM/bbls while distillate stocks jumped by 6.5MM/bbls. “Part of the explanation […]

Oil prices climbed around 2% on Tuesday as the Middle East crisis and a Libyan supply outage pared the previous day’s heavy losses. “The more attractive alternative for (oil tankers) right now is to make a dash for the United States, where crude oil is cheaper than Brent,” said Bob Yawger, director of energy futures at […]

Oil prices tanked today as Saudi Arabia cut its sale price. On Sunday, rising supply and competition from rival producers prompted Saudi Arabia to cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. “That’s raising concerns about demand in China and global […]

Oil prices settled higher today closing out higher for the first week of the year. Both contracts rebounded from losses yesterday on large refined products builds. “With the tensions in the Middle East, the geopolitical trading premium has to get pushed higher,” said John Kilduff, partner at Again Capital LLC. “It’s hard for traders to […]

Oil was lower today in a choppy session as a massive build in gasoline and distillate stocks sent prices downward. Gasoline stocks rose by 10.9 MM/bbls, the highest weekly rise in 30 years. Distillate stocks rose 10.1 M/bbls. Todays EIA report also showed low fuel demand. “The key Northeast region is still indicating relatively mild […]

Oil had a strong session today settling up about 3% as tensions in the Middle East continue to mount. Tensions are flaring from Gaza to Lebanon and the Red Sea prompting concerns that a wider Middle East conflict could develop and close crucial oil transport waterways. Federal Reserve officials appeared increasingly convinced inflation was coming […]

Oil prices were lower today settling down as expectations for interest cuts waned. “The market is correcting itself in so far as there have been no supply disruptions and they think it is unlikely that the Iranian warship will engage with American warships,” said Andrew Lipow, president of Lipow Oil Associates. On Sunday, U.S. helicopters […]