- — Oil falls 1.5%, ends week lower on China demand fears
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at 7/26/24 3:00pmOil futures fell about 1.5% on Friday, finishing the week lower on declining Chinese demand and hopes of a Gaza ceasefire agreement that could ease Middle East tensions and accompanying supply concerns. Brent crude settled down $1.24, or 1.5%, at $81.13 a barrel. West Texas Intermediate crude ended $1.12, or 1.4%, lower at $77.16 a ...- — US crude oil prices retreat amid doubts about further stock draw
- at 7/26/24 3:00pmU.S. crude oil inventories have depleted faster than normal over the last four weeks – squeezing hedge funds running short positions, keeping spot prices firm and the futures curve in a steep backwardation. But with most short positions now repurchased this source of support has melted away and both spot prices and calendar spreads have ...
- — Middle East Crude-Dubai extends losses despite robust demand from PetroChina
- at 7/26/24 3:00pmMiddle East crude benchmark Dubai extended losses for a third session on Friday despite robust demand from PetroChina while Murbans premium slumped as most refiners have completed their purchases. IRANIAN CRUDE Imports of Iranian crude have been flowing into the port and refining city of Dalian since late last year, tanker tracking firms and trading ...
- — Eni accelerates buyback after Q2 net profit beats expectations
- at 7/26/24 3:00pmAfter reporting a smaller than expected drop in second-quarter net profit, Italian energy group Eni ENI.MI promised to accelerate its share buyback and hinted at the possibility of nudging it up in the coming months. A stronger than anticipated performance at the groups upstream and Gas LNG divisions supported results, while actions to streamline ...
- — Russia’s Novak says no friction with OPEC+ over exceeding production quotas
- at 7/25/24 3:00pmRussian President Vladimir Putins oil point man said on Thursday that there was no friction with OPEC+ due to Russia exceeding crude production quotas and that the worlds second largest oil exporter would compensate for its overpumping. Russia on Wednesday unexpectedly announced that itscrude oil production in June exceeded quotas set by the OPEC+ group ...
- — Middle East Crude-Benchmarks extend losses as trade slows
- at 7/25/24 3:00pmMiddle East crude benchmarks Oman, Dubai and Murban extended losses on Thursday as most refiners have completed their purchases for September loading cargoes. Indian refiner has bought 1 million barrels of Murban at $1.60-$1.70 a barrel via a tender in addition to the U.S. West Texas Intermediate crude it purchased earlier, traders said. SINGAPORE CASH ...
- — US Democrats launch bill holding oil firms accountable for any work with OPEC
- at 7/25/24 3:00pmDemocratic U.S. lawmakers on Wednesday introduced a bill to hold energy companies accountable if they are found by federal regulators to have colluded with the Organization of the Petroleum Exporting Countries to raise oil prices. The bill, introduced by Senator Edward Markey and Representative Nanette Barragan, says that if any energy company is found by ...
- — Second quarter and first half 2024 results With close to $10 billion adjusted net income in the first half, TotalEnergies advances its balanced transition strategy
- at 7/25/24 3:00pmThe Board of Directors of TotalEnergies SE, chaired by CEO Patrick Pouyanné, met on July 24, 2024, to approve the second quarter 2024 financial statements. On the occasion, Patrick Pouyanné said: “TotalEnergies generated robust financial results in the second quarter, with adjusted net income of $4.7 billion and cash flow of $7.8 billion resulting in ...
- — Oil falls on weak China demand concerns, Mideast ceasefire talks
- at 7/25/24 4:00amOil prices eased on Thursday as concerns over weak demand in China, the worlds largest crude importer, and expectations of a nearing ceasefire deal in the Middle East overcame gains in the previous session after draws in U.S. inventories. Brent crude futures for September fell 59 cents, or 0.7%, to $81.12 a barrel by 0630 ...
- — The Commodities Feed: Oil inventory draws
- at 7/25/24 4:00amEnergy – supportive EIA inventory report Oil prices rebounded yesterday due to supportive inventory numbers from the US. The EIA reported that US commercial crude oil inventories fell by 3.74m barrels over the last week. This leaves total commercial crude oil inventories at 436.49m barrels- the lowest since February. Crude oil imports fell 166k b/d ...
- — Russia exceeded OPEC+ oil output quota in June, pledges to reach target in July
- at 7/25/24 4:00amRussian crude oil production in June exceeded quotas set by the OPEC+ group but the energy ministry pledged on Wednesday to stick to the required output level in July. It said the production level was assessed by independent sources certified by the OPEC+ deal. These include international consultancies. The ministry said Russia had sent its ...
- — Natural gas storage injections remain below five-year average so far this summer
- at 7/25/24 4:00amInjections into natural gas storage in the Lower 48 states since April 1 have totaled 950 billion cubic feet (Bcf), according to our July 18 Weekly Natural Gas Storage Report. So far this injection season (April 1–October 31), the amount of natural gas injected into storage (less withdrawals) is 15% (166 Bcf) less than the ...
- — Hurricane Beryl affects USGC, Midwest margins in opposite ways
- at 7/25/24 4:00amRefining margins in the two largest US refining centers—the US Gulf Coast and the US Midwest—illustrate how weather and storms can have diametrically opposite reactions on refining margins and regional crack spreads, a July 23 analysis from SP Global Commodity Insights showed. Hurricane Beryl swept through the US Gulf Texas Coast, making landfall in Matagorda, ...
- — China’s natural gas demand seen growing 6.5%-7.7% in 2024, NEA says
- at 7/25/24 4:00amChinas natural gas demand is expected to grow between 6.5% and 7.7% this year to reach 420 billion to 425 billion cubic metres, the National Energy Administration said in an industry update. The growth is slightly higher than a previous forecast by state energy giant CNPC which pegged the growth at 6.1%. The agency also ...
- — India’s Reliance gets US nod to import oil from Venezuela, source says
- at 7/24/24 3:00pmIndias Reliance Industries (RELI.NS), opens new tab has received approval from the United States to resume importing oil from Venezuela despite Washingtons sanctions, a source familiar with the matter said on Wednesday. The United States in April re-imposed sanctions on Venezuelas oil sector in response to President Nicolas Maduros failure to meet his election commitments, ...
- — US oil stockpiles fall across the board on higher exports, demand, EIA says
- at 7/24/24 3:00pmU.S. oil inventories fell across the board last week on higher crude exports and gasoline demand, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.7 million barrels to 436.5 million barrels in the week ended July 19, the EIA said, compared with analysts expectations in a Reuters poll for a 1.6 million-barrel ...
- — Russia produces crude close to OPEC+ quota: Novak
- at 7/24/24 3:00pmRussia is producing close to its crude production cut target under the OPEC+ agreement, Deputy Prime Minister Alexander Novak said July 23, as Russia struggles to comply with a deeper cut from the second quarter. We have almost reached it, are close to it, we have not fully implemented it, Novak, who is Russias lead ...
- — Brussels ready to mediate between Hungary and Ukraine in spiralling oil dispute
- at 7/24/24 3:00pmHungary and Slovakia are threatening to take Ukraine to court over the countrys decision to restrict the oil supplies of the Lukoil company. The European Commission is prepared to mediate in the spiralling dispute between Hungary and Slovakia, on one side, and Ukraine, on the other, over the latters decision to strengthen sanctions against Lukoil, ...
- — Iraq to offset 1.184 million bpd Jan-June overprodcution – OPEC
- at 7/24/24 11:00amThe OPEC Secretariat said on Wednesday it had received a plan from Iraq to make up for overproduction in the first half of the year and said it would offset it by Sept. 2025. Iraqs overproduced volumes between January and June totaled about 1.184 million barrels per day, the de facto Saudi-led Organization of the ...
- — Oil prices hover near lowest in six weeks
- at 7/24/24 3:00amOil prices traded around their lowest level in six weeks on Wednesday, as the northern hemisphere gets deeper into summer with limited signs of the expected fuel consumption surge the period usually sees. Wednesday saw only a slight reprieve, as prices snapped three straight sessions of decline on falling U.S. crude inventories and growing supply ...
- — API shows weekly US crude, fuel stockpiles fell, market sources say
- at 7/24/24 3:00amU.S. crude oil, gasoline and distillate inventories fell last week, according to market sources citing American Petroleum Institute figures on Tuesday. The API figures showed crude stocks were downby 3.9million barrels in the week ended July 19, the sources said, speaking on condition of anonymity. Gasoline inventories fellby 2.8 million barrels, and distillates fellby 1.5 ...
As of 7/26/24 10:57pm. Last new 7/26/24 4:05pm.
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