Forecasting the future of oil demand: five key questions answered
While the journey to net zero continues, the global demand for oil remains high. Wood Mackenzie has reported that demand is due to rise by 1.5 million barrels a day (b/d) this year, with a significant...
View ArticleOil investors regain poise after post-OPEC swoop
Portfolio investors had reverted to a broadly neutral position in petroleum last week after heavy selling triggered by the OPEC+ meeting at the start of June waned and buying took over. Hedge funds and...
View ArticleThe Commodities Feed: US gasoline demand trends higher
Energy – Little change in OPEC outlook Oil prices rallied yesterday following a constructive weekly inventory report from the EIA. US commercial crude oil inventories declined by 3.44m barrels over the...
View ArticleOil prices rise as crude, gasoline inventories ease
Oil prices gained on Thursday as crude stocks fell after U.S. refineries ramped up processing and as gasoline inventories eased, signalling stronger demand. Brent futures rose 62 cents, or 0.73% to...
View ArticleUS seeks up to 4.5 million barrels of oil for Strategic Petroleum Reserve
The U.S. Energy Department said this week it is offering to buy up to 4.5 million barrels of oil to help replenish the Strategic Petroleum Reserve (SPR), though oil prices are now higher than the...
View ArticleIndia’s ONGC seeks US waiver to lift Venezuela oil, industry source says
India’s Oil and Natural Gas Corp has sought a waiver from the U.S. Office of Foreign Assets Control to lift crude oil from Venezuela, an industry source said on Thursday. ONGC is optimistic of winning...
View ArticleTrading the trend: long Brent crude oil
Previous gold, USD basket and NY sugar trading outcomes In this week’s “Trading the trend” segment, Axel Rudolph reviews recent trading strategies and outcomes. The strategy of going long on spot gold,...
View ArticleMiddle East Crude-Benchmarks gain amid robust support from West, east-west...
Middle East crude benchmarks Oman, Dubai and Murban extended gains for a second straight session on Thursday, with the East-West arbitrage spread almost at a three-month high on strong performance in...
View ArticleOPEC cuts calls on OPEC+ crude for 2024, 2025
OPEC has revised its estimates of demand for OPEC+ crude by 100,000 b/d for both 2024 and 2025, it said July 10 in its closely watched monthly oil market report. Its estimates of the call on OPEC+...
View ArticleIEA: Global oil demand continues to slow as EVs and economic headwinds temper...
Highlights World oil demand continues to decelerate, with 2Q24 growth easing to 710 kb/d year-on-year – the slowest quarterly increase since 4Q22. Chinese consumption contracted, as the country’s...
View ArticleOil edges up as US inflation data raises rate cut hopes
Oil prices rose on Thursday with the Brent benchmark holding above $85 a barrel, as hopes rose for rate cuts in the United States after data showed a slowdown in inflation. Brent futures were up 27...
View ArticleSingapore’s middle distillates stocks little changed amid mixed net export...
Singapore’s middle distillates inventories were little changed from a week earlier, gaining by only 67,000 barrels, as a rise in diesel/gasoil net exports was offset by a decline in jet fuel/kerosene...
View ArticleIEA sees oil demand growth slowing as China’s share ebbs
Global oil demand growth will slow to just under a million barrels per day (bpd) this year and next, the International Energy Agency (IEA) said, as Chinese consumption contracted in the second quarter...
View ArticleThe Commodities Feed: US CPI provides support to the complex
Energy – China oil demand worries Oil prices edged higher yesterday supported by a weaker-than-expected US CPI print, which has boosted expectations of a Federal Reserve rate cut in September. This...
View ArticleOil rises as US inflation eases
Oil prices rose on Friday amid signs of easing inflationary pressures in the United States, the world’s biggest oil consumer, with Brent crude peaking above $86 though it was still set for a weekly...
View ArticleOil rises as US inflation eases
Oil prices rose on Friday amid signs of easing inflationary pressures in the United States, the world’s biggest oil consumer, though Brent crude was still set for a weekly decline. Brent crude futures...
View ArticleMiddle East Crude-Benchmarks firm further, east-west spread at five-month high
Middle East crude benchmarks Oman, Dubai and Murban closed the trading week firmer, with one China oil major being the biggest buyer for the week against a backdrop of mixed market expectations for...
View ArticleMonetary policies impact on oil market
In the key advanced economies, the consumer price index (CPI) has signalled an easing of inflation. In the US, it declined to 3.3% in May but remains above the US Fed’s target level of 2%. Similarly,...
View ArticleGlobal trade in liquefied natural gas continued to grow in 2023
Liquefied natural gas (LNG) trade increased 3.1% globally in 2023 to average 52.9 billion cubic feet per day (Bcf/d), an increase of 1.6 Bcf/d from 2022, according to a recently released report from...
View ArticleOil trades in narrow range since 2022 on OPEC+, sanctions and demand worries
Brent crude oil has been trading in a tight range of $75-$90 a barrel since late 2022 as OPEC+ cuts keep a floor under prices while sizeable spare capacity, demand uncertainty and sanctions policy...
View Article