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Oil steadies as IEA hikes 2022 demand growth forecast

Oil prices steadied on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil. Brent crude futures slipped 7 cents, or 0.1%, to $97.33 a barrel by 0829 GMT, while U.S. West Texas Intermediate crude futures eased 9 cents, or 0.1%, to $91.84. “Natural gas and electricity prices have soared to new records, incentivising gas-to-oil switching in some countries,” the Paris-based agency said in its monthly oil report, in which it raised its outlook ...

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U.S. crude output and petroleum demand to rise in 2022 – EIA

U.S. crude production and petroleum demand will both rise in 2022 as the economy grows, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO). EIA projected that crude production will rise to 11.86 million barrels per day (bpd) in 2022 and 12.70 million bpd in 2023 from 11.25 million bpd in 2021. That compares with a record 12.29 million bpd in 2019. The agency also projected petroleum and other liquid fuels consumption would rise from 19.78 million bpd in 2021 to 20.34 million bpd in ...

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Iraq’s July oil output rises by around 70,000 bpd, SOMO data show

Iraq pumped 4.584 million barrels per day (bpd) of oil in July, up by 69,000 bpd from June, data from state-owned marketer SOMO seen by Reuters showed. According to the production figures, Iraq’s output was just above its OPEC+ quota of 4.580 mln bpd for July. OPEC+, a grouping of the Organization of the Petroleum Exporting Countries and allies led by Russia, uses an average of secondary source production figures to determine compliance with output quotas. Secondary sources placed Iraqi production at an average of 34,000 bpd below its quota ...

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Oil rises on renewed gasoline demand, weak dollar

Oil prices rose on Wednesday, rebounding from losses early in the session, helped by encouraging figures on U.S. gasoline demand and as lower-than-expected U.S. inflation data drove investors into riskier assets. Brent crude futures settled up $1.09, or 1.1%, to $97.40 a barrel, while U.S. West Texas Intermediate crude futures gained $1.43, or 1.6%, to $91.93. U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said, more than the expected increase of 73,000 barrels. However, U.S. gasoline stocks fell sharply ...

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ENGINE: East of Suez Bunker Fuel Availability Outlook

Singapore VLSFO and HSFO supply remains “super tight” for prompt dates in Singapore. Recommended lead times are around 11-15 days. Bunker demand has been robust in Singapore so far this week amid lower Brent crude and bunker prices. A series of VLSFO and LSMGO stems were fixed at the beginning of the week, while HSFO fixtures have been fewer. Last week, the Maritime and Port Authority of Singapore (MPA) temporarily banned one of Singapore’s top HSFO suppliers for two months after its name surfaced in a major HSFO organic chloride ...

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Turkey’s new drill ship to operate outside disputed waters in Mediterranean

Turkey resumed its hydrocarbon drilling operations in the eastern Mediterranean on Tuesday after a two year hiatus, though President Tayyip Erdogan said its new drill ship would operate outside waters also claimed by Cyprus. The Abdulhamid Han, Turkey’s fourth drill ship, will operate 55 kilometres off the Gazipasa region in the southern coastal province of Antalya, Erdogan said. “The survey and drilling work we are conducting in the Mediterranean are within our sovereign territory. We do not need to receive permission or consent from anyone for this,” he said, speaking ...

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EIA’s Weekly Petroleum Status Report provides a snapshot of petroleum balances

EIA’s Weekly Petroleum Status Report (WPSR) provides our most comprehensive data for weekly U.S. crude oil and refined petroleum product balances. Each week, WPSR provides detailed regional and national supply information on crude oil and major petroleum products used in the United States, including motor gasoline, distillate fuel oil, jet fuel, residual fuel, and propane. Our weekly estimates of inventories, refinery operations, and consumption are some of the most timely data series available anywhere to assess physical U.S. crude oil and petroleum product markets. We generate weekly estimates of U.S. ...

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OPEC+ crude oil output makes biggest gain in five months, but gap with quotas grows: Platts survey

OPEC and its nine allies posted their highest monthly crude oil production rise in five months in July, led by gains in Saudi Arabia and Kazakhstan, the latest Platts survey by S&P Global Commodity Insights showed. The OPEC+ alliance hiked output by a hefty 490,000 b/d from June—although that is still short of the 648,000 b/d promised when the group agreed to accelerate their quota increases for July and August to help meet rising demand. OPEC produced 29.08 million b/d, up 250,000 b/d from June, as almost all of its ...

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U.S. crude stocks up, distillate inventories also rise

U.S. crude stocks and distillate inventories rose while gasoline inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.5 million barrels in the week to August 5 to 432 million barrels, compared with analysts’ expectations in a Reuters poll for a 73,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 723,000 barrels in the last week, EIA said. Refinery crude runs rose by 728,000 barrels per day in the last week, EIA said. Refinery utilization rates rose by 3.3 percentage points in the ...

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U.S. crude oil inventories up last week: API

The American Petroleum Institute (API) on Tuesday reported an increase of 2.156 million barrels of crude oil in U.S. inventories for the week ending Aug. 5. Analysts expected a hike of about 73,000 barrels for this week. The API reported a surge of 2.165 million barrels in the previous week. Oil prices declined on Tuesday, over rising prospects of more Iranian oil exports due to the progress in Iran nuclear talks. The West Texas Intermediate for September delivery dipped 26 cents, or 0.29 percent, to settle at 90.50 U.S. dollars ...

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Oil is back on the menu as energy majors return to exploration

It is fitting that Italian oil company Eni would go hunting for massive oilfields, known as “elephants” in industry jargon, in Côte d’Ivoire, until now a distinctly second-tier West African oil producer. Success at the deep-water Baleine field in September 2021, which the company now says holds 2.5 billion barrels of oil and 3.3 trillion cubic feet of gas, won it “Explorer of the Year” from consultancy Wood Mackenzie. Not just a matter of one lucky corporation and nation, this shows a trend in petroleum exploration: the super-majors are back. ...

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The Commodities Feed: Druzhba pipeline concerns

Energy Quite a bit which has changed in the oil market over the past two weeks. Two weeks ago sentiment was fairly negative, given the continued demand concerns. This negative sentiment appears to have only intensified, with Brent last week trading to as low as US$92.78/bbl- its lowest levels since February and Russia’s invasion of Ukraine. However, what is noticeably different from the flat price weakness seen in June and early July compared to early August is that previously the timespreads held up relatively well. This time around, the weakness ...

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Oil slips as U.S. crude stockpiles rise, eyes on U.S. inflation data

Oil prices fell on Wednesday ahead of a key U.S. report on inflation and after industry data showed U.S. crude inventories unexpectedly rose last week, signaling a potential hiccup in demand. Brent crude futures fell 74 cents, or 0.8%, to $95.57 a barrel at 0651 GMT. U.S. West Texas Intermediate crude futures fell as much as $1.13 to $89.37. It was last down 88 cents, or 1%, at $89.62 a barrel. “The oil price and the Asian market all showed a weak trend,” said Leon Li, a Shanghai-based analyst at ...

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European refiners try to optimize amid gas crisis, North Sea decline

Europe’s oil refiners are grappling with the combined impact of North Sea decline and rocketing prices for natural gas used in their operations, even as they enjoy higher margins on the back of the pandemic recovery. Refiners have said they are doing their best to reduce use of natural gas as the market is squeezed by Russian supply shutoffs stemming from the conflict in Ukraine. It comes as European refineries are expected to remain stretched going into winter when it comes to supplying diesel, partly due to sanctions on Russian ...

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How Europe can cut a third of its oil demand by 2030

At the time of Russia’s illegal invasion of Ukraine, it typically supplied one out of every four barrels of crude oil that the European Union imported. These imports contributed significantly to funding Putin’s military aggression against Ukraine. To cut this funding stream, the European Commission has agreed a ban on imports before the end of the year and a ban on EU ships transporting Russian oil. The UK has also announced a ban on Russian oil imports to fully take effect by the end of the year. Transport is responsible ...

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